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HomeMy Public PortalAboutResolution - 03-08- 20030312 - Hunt Purchase RESOLUTION NO. 03-08 RESOLUTION OF THE BOARD OF DIRECTORS OF THE MIDPENINSULA REGIONAL OPEN SPACE DISTRICT AUTHORIZING EXECUTION OF THE PROPERTY ACQUISITION AGREEMENT, AUTHORIZING OFFICER TO EXECUTE CERTIFICATE OF ACCEPTANCE OF GRANT TO DISTRICT, AND AUTHORIZING GENERAL MANAGER TO EXECUTE ANY AND ALL OTHER DOCUMENTS NECESSARY OR APPROPRIATE TO CLOSING OF THE TRANSACTION(BEAR CREEK REDWOODS OPEN SPACE PRESERVE-LANDS OF HUNT) The Board of Directors of Midpeninsula Regional Open Space District does resolve as follows: Section One. The Board of Directors of Midpeninsula Regional Open Space District does hereby accept the offer contained in that certain Property Acquisition Agreement between P. NRCHAEL HUNT AND SHERRY L. HUNT AS CO-TRUSTEES OF TBE HUNT LIVING TRUST DATED FEBRUARY 14, 1996, and the Midpeninsula Regional Open Space District, a copy of which is attached hereto and by this reference made a part hereof, and authorizes the President or appropriate officers to execute the Agreement on behalf of the District. Section Two. The President of the Board of Directors, or other appropriate officer, is authorized to execute a Certificate of Acceptance for the Grant Deed on behalf of the District. Section Three. The General Manager of the District shall cause to be given appropriate notice of acceptance to seller. The General Manager is further authorized to execute any and all other documents in escrow necessary or appropriate to the closing of the transaction. Section Four. The General Manager of the District is authorized to expend up to $15,000 to cover the cost of title insurance, escrow fees, bond counsel fees and other miscellaneous costs related to this transaction. Section Five. The General Manager and General Counsel are further authorized to approve any technical revisions to the attached Agreement and documents which do not involve any material change to any term of the Agreement or documents, which are necessary or appropriate to the closing or implementation of this transaction. Section Six. It is intended, reasonably expected, and hereby authorized that the District's general fund will be reimbursed in the amount of the purchase from the proceeds of the next long-term District note issue. This Section of this Resolution is adopted by the Board of Directors of Midpeninsula Regional Open Space District solely for purposes of establishing compliance with the requirements of Section 1.103-18 of the Treasury Regulations. The reimbursement of this payment expenditure is consistent with the District's budgetary and financial circumstances. There are no funds or sources of moneys of the District that have been, or are reasonably expected to be, reserved or allocated on a long-term basis, or otherwise set aside to pay the costs of this open space land acquisition project which are to be paid or reimbursed out of proceeds of indebtedness to be issued by the District. The Board of Directors hereby declares the District's official intent to use proceeds of indebtedness to reimburse itself for this open space land acquisition project expenditure. RESOLUTION No. 03-08 PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space District on March 12, 2003, at a Regular Meeting thereof, by the following vote: AYES: N. Hanko, P. Siemenz, L. Ho-uett, M. Davey, J. CyA, K. N.ctz, D. Lithe NOES: none ABSTAIN: none ABSENT: none ATTEST: APPROVED: §06 resident oard of Directors Board of Directors I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify that the above is a true and correct copy of a resolution duly adopted by the Board of Directors of the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly held and called on the above day. Dis ' erk Purchase Agreement Page 1 PURCHASE AGREEMENT This Agreement is made and entered into by and between P. MICHAEL HUNT and SHERRY L. HUNT, as Co-Trustees of the Hunt Living Trust dated 2-14-96 hereinafter called "Seller" and the MIDPENINSULA REGIONAL OPEN SPACE DISTRICT, a Public District formed pursuant to Article 3 of Chapter 3 of Division 5 of the California Public Resources Code, hereinafter called "District." RECITALS WHEREAS, Seller is the owner of certain real property which has open space and recreational value, located within an unincorporated area of the County of Santa Clara, and being more particularly described within the body of this Agreement; and WHEREAS, District was formed by voter initiative to solicit and receive conveyances of real property by purchase, exchange, gift, or bargain purchase for public park, recreation, scenic and open space purposes; and WHEREAS, District desires to purchase said property for open space preservation and as part of the ecological, recreational, and aesthetic resources of the midpeninsula area; and WHEREAS, Seller wishes to sell and convey the entirety of said property to District, and District wishes to purchase said property upon the terms and conditions set forth herein. AGREEMENT NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises and covenants herein contained, the parties hereto agree as follows: 1. Purchase and Sale. Seller agrees to sell to District and District agrees to purchase from Seller, Seller's real property located within an unincorporated area of the County of Santa Clara, State of California, containing approximately seventy-four and twenty- nine hundredths (74.29) acres, more or less, and commonly referred to as Santa Clara County Assessor's Parcel Numbers 544-35-035 and 544-56-020. Said property is further described in the Legal Description attached to the Third Amended Preliminary Report dated as of August 15, 2002 (Order number 536481) from Old Republic Title Company ("Preliminary Report"). A copy of said Preliminary Report is attached hereto as Exhibit "A", and incorporated herein Purchase Agreement Page 2 by this reference. Except as provided in section 3.C. (ii), said property is to be conveyed together with any easements, rights of way, or rights of use which may be appurtenant to the aforesaid lands, and any and all improvements attached or affixed thereto. All of said real property and appurtenances shall hereinafter be called the "Property". 2. Purchase Price. The total purchase price("Purchase Price") for the Property shall be Two Million, Five Hundred Thousand and no/100ths Dollars ($2,500,000.00), which shall be payable as follows: A. Initial Payment. An initial payment of One Million and No/100 Dollars ($1,000,000.00) which shall consist of the offer consideration in the amount of Ten Thousand and No/100 Dollars ($10,000.00) to be paid into escrow in accordance with Section 15 of this Agreement and an additional payment of Nine Hundred Ninety Thousand and No/100 Dollars ($990,000.00) to be disbursed to Seller at close of escrow as set out in Section IG herein and; B. Promissory Note. District shall deposit into escrow an Unsecured Promissory Note ("Note") in the principal amount of One Million Five Hundred Thousand and No/100 Dollars ($1,500,000.00) payable to Seller in the form and subject to the terms and conditions attached hereto as Exhibit "B" and which is incorporated herein by this reference. 3. Escrow. Promptly upon execution of this Agreement, in accordance with Section 15 herein, an escrow shall be opened at Old Republic Title Company, 1900 The Alameda, San Jose, CA, (408) 557-8400, Escrow number 536481-NM, (hereinafter "Escrow Holder") through which the purchase and sale of the Property shall be consummated. A fully executed copy of this Agreement shall be deposited with Escrow Holder to serve as escrow instructions to Escrow Holder; provided that the parties shall execute such additional supplementary or customary escrow instructions as Escrow Holder may reasonably require. This Agreement may be amended or supplemented by explicit additional escrow instructions signed by the parties, but the printed portion of such escrow instructions shall not supersede any inconsistent provisions contained herein. Escrow Holder is hereby appointed and instructed to deliver, pursuant to the terms of this Agreement, the documents and monies to be deposited into the escrow as herein provided, with the following terms and conditions to apply to said escrow: A. The time provided for in the escrow for the close thereof shall be on or before April 15, 2003, provided however, that the parties may, by written agreement, extend the time for Closing. The term "Closing" as used herein shall be deemed to be the date when Escrow Holder causes the Grant Deed (as defined below) to be recorded in the Office of the County Recorder of Santa Clara County. B. Seller and District shall, during the escrow period, execute any and all documents and perform any and all acts reasonably necessary or appropriate to consummate the purchase and sale pursuant to the terms of this Agreement. Purchase Agreement Page 3 C. Seller shall deposit into the escrow at least one business day before the Closing: (i) An executed and recordable Grant Deed, covering the Property in the form attached hereto as Exhibit "C". (ii) The Grant Deed shall reserve to Grantor an easement over the Property for the operation and maintenance of the existing water well serving 21111 Old Well Road, in the form attached hereto as Exhibit "C". The existing well equipment and water pipes and power lines are not being conveyed to the District and are not part of the Property. (iii) The Brush Road Corporation Hunt Parcel Agreement, fully executed and notarized in the form attached hereto as Exhibit D. D. District shall deposit into the escrow, at least one business day before the Closing: (i) The required Certificate of Acceptance for the Grant Deed, duly executed by District and to be dated as of the Closing; (ii) A fully executed Unsecured Promissory Note as provided in Section 2.13 hereof; (iii) An irrevocable permit valid for the lifetime of P. Michael Hunt and Sherry L. Hunt executed and issued by the District to P. Michael Hunt and Sherry L. Hunt for access to and from and use of the "valley overlook area" on the Property, in the form attached hereto as Exhibit "E". (iv) An executed copy of the Final Opinion of Bond Counsel in the form attached hereto as Exhibit F. (v) An executed copy of the opinion of Legal Counsel in the form attached hereto as Exhibit G. E. District shall pay the escrow fees, transfer taxes if any, the CLTA Standard Policy of Title Insurance, if required by District, and all recording costs and fees. Seller shall not be responsible for transfer taxes on this transaction. All other costs or expenses not otherwise provided for in this Agreement shall be apportioned or allocated between District and Seller in the manner customary in Santa Clara County. All current property taxes on the Property shall be pro-rated through escrow between District and Seller as Purchase Agreement Page 4 of the Closing based upon the latest available tax information using the customary escrow procedures. F. As a condition of the District's obligation to complete this transaction and close escrow, Old Republic Title Company, or other title company acceptable to District and Seller, shall have prepared and committed to deliver to District, a CLTA Standard Policy of Title Insurance, dated as of the Closing, insuring District in the amount of$2,500,000.00 for the Property showing title to the Property vested in fee simple in District, subject only to: (i) current real property taxes, (ii) Preliminary Report Exception numbers 5 through 11, 13 through 32, 35 through 38 and (iii) such additional title exceptions as may be approved in writing by District prior to the Closing as determined by District in its sole discretion. G. Escrow Holder shall, when all required funds and instruments have been deposited into the escrow by the appropriate parties and when all other conditions to Closing have been fulfilled, cause the Grant Deed and attendant Certificate of Acceptance to be recorded in the Office of the County Recorder of Santa Clara County. Upon the Closing, Escrow Holder shall cause to be delivered to District the original of the policy of title insurance required herein and to Seller the Initial Payment of One Million and No/100 Dollars ($1,000,000.00) and the Promissory Note as applicable for the full purchase price of the Subject Property, as described in Section 2 herein, and to District or Seller, as the case may be, all other documents or instruments which are to be delivered to them. In the event the escrow terminates as provided herein, Escrow Holder shall return all monies, documents or other things of value deposited in the escrow to the party depositing the same. 4. Rights and Liabilities of the Parties in the Event of Termination. In the event this Agreement is terminated and escrow is canceled for any reason, all parties hereto shall be jointly and severally liable to Escrow Holder for payment of its title and escrow cancellation charges (subject to rights of subrogation against any party whose fault may have caused such termination of escrow), and each party expressly reserves any other rights and remedies which it may have against any other party by reason of a wrongful termination or failure to close escrow.5. Leases or Occupancy of Premises. Seller warrants that there exist no oral or written leases or rental agreements affecting all or any portion of the Property. Seller further warrants and agrees to hold District free and harmless and to reimburse District for any and all costs, liability, loss, damage or expense, including costs for legal services, occasioned by reason of any such lease or rental agreement of the Property being acquired by District, including, but not limited to, claims for relocation benefits and/or payments pursuant to California Government Code Section 7260 et seq. Seller understands and agrees that the provisions of this paragraph shall survive the close of escrow and recordation of any Grant Deed(s). Purchase Agreement Page 5 6. Seller's Representations and Warranties. For the purpose of consummating the sale and purchase of the Property in accordance herewith, Seller makes the following representations and warranties to District, which shall survive close of escrow, each of which is material and is being relied upon by District. A. Authority. Seller has the full right, power and authority to enter into this Agreement and to perform the transactions contemplated hereunder. B. Valid and Binding Agreements. This Agreement and all other documents delivered by Seller to District now or at the Closing have been or will be duly authorized and executed and delivered by Seller and are legal, valid and binding obligations of Seller sufficient to convey to District the Property described therein, and are enforceable in accordance with their respective terms and do not violate any provisions of any agreement to which Seller is a party or by which Seller may be bound or any articles, bylaws or corporate resolutions of Seller. C. To the best of Seller's knowledge, the owner of the adjacent property know as Santa Clara Assessor's Parcels numbered 544-35-008 and 544-35-009 has not made a claim of right of access to or across the Property, and to the best of Seller's knowledge, except as disclosed in the Preliminary Report, there are no easements, licenses, or other agreements concerning the Property that are appurtenant to the adjacent property known as Santa Clara Assessor's Parcels numbered 544-35-008 and 544-35-009. 7. District's Representations and Warranties. For the purpose of consummating the sale and purchase of the Property in accordance herewith, District makes the following representations and warranties to Seller, which shall survive close of escrow, each of which is material and is being relied upon by Seller. A. Authority. District has the full right, power and authority to enter into this Agreement and to perform the transactions contemplated hereunder. B. Valid and Binding Agreements. This Agreement and all other documents delivered by District to Seller now or at the Closing have been or will be duly authorized and executed and delivered by District and are legal, valid and binding obligations of District, are enforceable in accordance with their respective terms, and do not violate any provisions of any agreement to which District is a party or by which District may be bound or any articles, bylaws or corporate resolutions of District. 8. Integrity of Property. Except as otherwise provided herein or by express written permission granted by District, Seller shall not, between the time of Seller's execution hereof and the close of escrow, make any physical changes on the Property. Such changes shall include but not be limited to grading, excavating or other earthmoving activities, cutting Purchase Agreement Page 6 or removing trees, shrubs, brush or other vegetation, and damaging or demolition of improvements or structures on the Property. 9. Hazardous Waste. A. Definitions. The term "Hazardous Waste," as used herein, means any substance, material or other thing regulated by or pursuant to any federal, state or local environmental law by reason of its potential for harm to human health or the environment because of its flammability, toxicity, reactivity, corrosiveness or carcinogenicity. The term "Hazardous Waste" also includes without limitation, polychlorinated biphenyls, benzene, asbestos, petroleum, petroleum by-products, gas, gas liquids and lead. The term "Hazardous Waste" excludes substances of the type and quantity customarily used in and around residential property (such as cleaning supplies, fertilizer, or garden pesticides) or contained in or emitted from motor vehicles or gasoline operated equipment typically used in or around residential property. The term "Environmental Law" as used herein includes, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. Section 9601 et seq.) and the Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.) B. Representations and Warranties. For the purpose of consummating the sale and purchase of the Property, Seller makes the following representations and warranties to District, to the best of Seller's knowledge without independent investigation, which shall survive close of escrow, each of which is material and is being relied upon by District: (i) The Property does not contain any Hazardous Waste or underground storage tanks; (ii) Seller and the Property are in compliance with all applicable federal, state and local laws, statutes, ordinances, orders, guidelines, rules and regulations pertaining to Hazardous Waste or underground storage tanks; (iii) At the time Seller acquired the Property, Seller did not know that any Hazardous Waste was present, used, manufactured, handled, generated, stored, treated, discharged, buried or disposed of on, under or about the Property, or had been transported to or from the Property; (iv) Seller has not undertaken, permitted, authorized or suffered, and will not undertake, permit, authorize or suffer the presence, use, manufacture, handling, generation, storage, treatment, discharge, release, burial or disposal on, under or about the Purchase Agreement Page 7 Property of any Hazardous Waste, or the transportation to or from the Property, of any Hazardous Waste; (v) There is no pending or threatened litigation or proceedings before any administrative agency in which any person or entity alleges the presence, release, threat of release, placement on, under or about the Property, or the use, manufacture, handling, generation, storage, treatment, discharge, burial or disposal on, under or about the Property, or the transportation to or from the Property, of any Hazardous Waste; (vi) Seller has not received any notice and has no knowledge that any governmental authority or any employee or agent thereof has determined, or threatens to determine, that there is a presence, release, threat of release, placement on, under or about the Property, or the use, manufacture, handling, generation, storage, treatment, discharge, burial or disposal on, under or about the Property, or the transportation to or from the Property, of any Hazardous Waste; (vii) Except for communications to District concerning this Agreement, there have been no communications or agreements with any governmental authority or agency (federal, state or local) or any private entity, including, but not limited to, any prior owners of the Property, relating in any way to the presence, release, threat of release, placement on, under or about the Property, or the use, manufacture, handling, generation, storage, treatment, discharge, burial or disposal on, under or about the Property, or the transportation to or from the Property, of any Hazardous Waste. C. Indemni . Seller shall indemnify, defend and hold harmless District for, and Seller shall be solely and completely responsible for, responding to and complying with any administrative notice, order, request, or demand, or any third party claim or demand relating to potential or actual Hazardous Waste contamination on or in the Property, including any and all costs of remediation and cleanup, except when such contamination was caused solely by District. In addition to any remedies provided in this subsection, in the event Hazardous Waste is found to exist on the property, District may exercise its right to bring an action against Seller to recover any cleanup, repair or remediation costs from Seller and/or any other person or persons determined to have responsibility for the presence of Hazardous Waste on the Property. 10. "AS-IS" Purchase and Sale. Closing of escrow for the transaction contemplated herein shall constitute District's representation that it has examined and inspected the Property and knows and is satisfied with the physical condition, quality, and state of repair of the Property in all respects and has determined that the same is acceptable to District "as is", and "with all faults" condition, and further accepts and agrees to bear all risks regarding all physical conditions and/or defects, latent, patent, or otherwise of the Property except as to the representations and the warranties of Sellers contained in this Agreement. District agrees and Purchase Agreement Page 8 acknowledges that, except as set forth in this Agreement, no other representations, statements or warranties, express or implied, including any warranties of habitability, merchantability, suitability and fitness for intended purpose have at any time been made by Sellers or their agents, as to the physical condition, quality, value, desirability, or state of repair of the Property. 11. Disclosure of Property Related Documents. A. Within ten (10) days of Seller executing this Agreement, Seller shall have furnished to District or made available for review by District (with the right to photocopy the same) all documents in Seller's possession or control, or reasonably obtainable from Seller's consultants, attorneys or agents, which consist of the following types of documents excluding documents which are privileged as confidential attorney-client communications or as a result of the attorney work product privilege: (i) Reports, studies, audits, investigations, inspections, appraisals, tests, and other inquiry materials concerning any physical condition of the Property, or any improvement, structure, facility, road, utility, or water facilities thereupon, including, but not limited to, the environmental or geotechnical condition of the Property and such improvements; (ii) Environmental impact reports, CEQA documents, zoning, land use or development applications or documents relating to the Property; (iii) Government licenses, permits, entitlements or certificates applicable to ownership, use, operation or occupancy of the Property; If Seller has actual knowledge of the existence of any of the foregoing types of documents and such documents are not in Seller's possession or control or reasonably obtainable from Seller's consultants, attorneys or agents, within ten (10) days of Seller executing this Agreement, Seller shall identify in writing all such documents and provide District with a list of the same. The foregoing shall be collectively referred to as the "Property Related Documents". After the delivery of any and all such documents, District shall have thirty (30) days to review any and all such documents and complete any investigation or inspection of the Property required by it to satisfy itself regarding any concerns District may have related to these Property Related Documents or to the physical condition of the Property including without limitation environmental, geologic, flood or safety conditions. B. If during the thirty (30) day investigation period, District determines there is a condition unsatisfactory to the District, as solely determined by the District, the District shall have the right, within such thirty (30) day period, to terminate this Agreement. Purchase Agreement Page 9 Alternatively, within such thirty (30) day period District may request Seller to cure or remedy any condition at issue. Seller shall have the option, but not the obligation, to remedy the condition to District's satisfaction within such period of time and upon such terms as are agreed to by District. C. Within five (5) days of the date of District's written request to cure or remedy, Seller shall notify the District in writing whether it elects to cure or remedy said condition or conditions. If Seller notifies the District in writing of Seller's refusal to remedy any of such conditions to District's satisfaction, and if District does not notify Seller within five (5) days after the date of such notice that it is withdrawing such request, then this Agreement shall terminate at that time. D. The boundary lines of the Property are depicted on a drawing by Westfalls Engineers entitled "Easements" and dated March 6, 2001 ( hereafter the "Drawing") which does not necessarily set forth all easements. Not all boundary lines of the Property have been surveyed by Westfall Engineers. District is advised to rely only on District's own surveyor, and Seller shall not be liable for any errors in the Drawing. In the event of any discrepancy between the Drawing provided to District and the legal description of the Property set forth in Exhibit A, the legal description of the Property set forth in Exhibit A shall control. E. District acknowledges receipt of the documents enumerated in the Preliminary Report as exceptions to coverage identified as Numbers 5 through 24, inclusive, and the rights and obligations associated therewith, including the obligation to pay certain assessments associated therewith. District acknowledges that Seller has provided to District the following documents relating to Brush Road Corporation and District agrees to take title to the Property subject to such documents and the rights of the Road Association: (i) Brush Road Corporation Agreement, dated as of March 25, 1994, and recorded at Book N 410, page 1831 et seq. of the Official Records of Santa Clara County. (ii) By-laws of Brush Road Corporation. F. District acknowledges that Seller has provided to District the By-laws of Brush and Old Well Mutual Water Company and District agrees to take title to the Property subject to such documents and the rights of the Water Company. 12. Waiver of Relocation Benefits and Statutory Compensation. Seller and District understand and agree that Seller may be entitled to receive certain relocation benefits and the fair market value of the Property described in Exhibit "A", as provided for by the Federal Uniform Relocation Assistance and Real Property Acquisition Act of 1970 (Public Law 91- 646), the Uniform Relocation Act Amendments of 1987 (Public Law 100-17, Title IV of the Purchase Agreement Page 10 Surface Transportation and Uniform Relocation Assistance Act of 1987 (101 Statutes, 246-256) (42 U.S.C. '4601 et seq.), and the California Relocation Assistance Act, Government Code Section 7260 et seq. Seller hereby waives any and all existing and/or future claims or rights Seller may have to any relocation assistance, benefits, procedures, or policies as provided in said laws or regulations adopted there under and to any other compensation, except as provided in this Agreement. Seller has been advised as to the extent and availability of such benefits, procedures, notice periods, and assistance, and freely and knowingly waives such claims, rights and notice periods except as set forth in this Agreement, including the fair market value of said Property, as provided for by said Federal Law and any similar California Law. 13. Charitable Contribution. District and Seller acknowledge and agree that Seller may seek a tax benefit for the charitable contribution of the difference between the purchase price being paid by the District and the Property's fair market value being donated to the District as part of this transaction. District expresses no opinion as to whether Seller will receive any deduction for federal or state income tax purposes as result of this transaction. Seller acknowledges and agrees that Seller is relying solely upon the advice of its own attorneys, accountants and other professional advisors with respect to all such matters, and to the tax consequences of this Agreement in general, excepting only the Final Opinion of Bond Counsel attached hereto as Exhibit F. Without limitation of the foregoing, if such contribution is not deductible for federal and state income tax purposes, in whole or in part, such non- deductibility or non-treatment will not relieve Seller of any of its obligations under this Agreement or otherwise affect this Agreement in any way or require the payment of any additional or substitute consideration by District for the purchase of the Subject Property or entitle Seller to any remedies against District as a result thereof. District agrees to provide Seller with an executed IRS Form 8283 as evidence of the Bargain Sale price accepted by Seller thereunder. 14. Miscellaneous Provisions. A. Access for Investigations. From the date Seller delivers an executed copy of this Purchase Agreement to District and until the Closing, District and District's agents, lender, contractors, engineers, consultants, employees, subcontractors and other representatives (the "District Parties") may, upon the giving of reasonable advance verbal notice to Seller, enter upon the Property for the purpose of inspecting, testing and evaluating the same; provided, however, that District may not perform any physical work on the Property without Seller's prior written consent, which shall not be unreasonably withheld or delayed and further provided that District shall give Seller at least 24 hours prior notice of each proposed entry by District. District shall indemnify, protect, defend and hold Seller free and harmless from and against any and all liability or loss, including, without limitation, reasonable attorney's fees and mechanic's liens arising out of the activities of District Parties while upon the Property prior to the Closing; provided, however, the foregoing indemnity shall not cover Purchase Agreement Page 11 or include any claims, damages or liens resulting from District's discovery of any Hazardous Waste or other pre-existing adverse conditions pursuant to its inspections, testing or evaluation. District's inspections shall be at District's sole expense. District shall repair any damage to the Property that may be caused by the District Parties while on the Property performing its inspections. B. Choice of Law. The internal laws of the State of California, regardless of any choice of law principles, shall govern the validity of this Agreement, the construction of its terms and the interpretation of the rights and duties of the parties. C. Attorneys' Fees. If either party hereto incurs any expense, including reasonable attorneys' fees, in connection with any action, proceeding or arbitration instituted by reason of any default or alleged default of the other party hereunder, the party prevailing in such action or proceeding shall be entitled to recover from the other party costs of litigation including reasonable attorneys' fees and expert witness fees, in the amount determined by the Court, whether or not such action, proceeding or arbitration goes to final judgment. In the event of a final judgment in which neither party is awarded all of the relief prayed for, the prevailing party as determined by the Court shall be entitled to recover from the other party reasonable expenses costs of litigation and attorneys' fees. D. Amendment and Waiver. The parties hereto may by mutual written agreement amend this Agreement in any respect. Any party hereto may in writing: (i) extend the time for the performance of any of the obligations of the other party; (ii) waive any inaccuracies in representations and warranties made by the other party contained in this Agreement or in any documents delivered pursuant hereto; (iii) waive compliance by the other party with any of the covenants contained in this Agreement or the performance of any obligations of the other party; or (iv) waive the fulfillment of any condition that is precedent to the performance by such party of any of its obligations under this Agreement. The General Manager is authorized to agree to an extension of the time for the performance of any obligations on the part of District or Seller pursuant to this Agreement, and to take any actions and execute any documents necessary or appropriate to closing escrow and completing this conveyance, including execution of any documents which may allow Seller to accomplish a tax deferred exchange of property as permitted by law; provided, however that the District shall not take title to any third party property other than the Property. Any agreement on the part of any party for any such amendment, extension or waiver must be in writing. E. Rights Cumulative. Each and all of the various rights, powers and remedies of the parties shall be considered to be cumulative with and in addition to any other rights, powers and remedies which the parties may have at law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any right, power or remedy shall neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such party. Purchase Agreement Page 12 F. Notices. Whenever any party hereto desires or is required to give any notice, demand, or request with respect to this Agreement (or any Exhibit hereto), each such communication shall be in writing and may be served, given or delivered at the time stated below if deposited in the United States mail, registered or certified and return receipt requested, with proper postage prepaid, or sent by facsimile transmission by telex, telecopy, telegraph or cable or other similar electronic medium, addressed as indicated as follows: If to Seller: P. Michael Hunt C/o: CBIZ, Hunt & Associates 1999 South Bascom Avenue, Suite 500 Campbell, CA 95008 (408) 371-2810 FAX: (408) 371-6467 With a copy to: Richard G. Burt, Esq. 10 Almaden Boulevard, I I' Floor San Jose, CA 95113 If to District: Midpeninsula Regional Open Space District 330 Distel Circle Los Altos, CA 94022 Attn: L. Craig Britton, General Manager (650) 691-1200 FAX: (650) 691-0485 If sent by telegraph, facsimile copy or cable, a confirmed copy of such telegraphic, facsimile or cabled notice shall promptly be sent by mail (in the manner provided above) to the addressee. Notice transmitted by a nationwide private courier service, such as Federal Express, shall be deemed delivered for the purpose of this agreement on the second business day after deposit with such courier provided the courier is duly instructed that the notice is to be delivered on the next business day (with the sender paying the charges and whether or not a signature is required for delivery) and provided such courier has a record of having delivered such notice to the address specified for the notice within the next two business days following deposit with the courier. Either party hereto may from time to time, by notice in writing served upon the other as aforesaid, designate a different mailing address or a different person to which such notices or demands are thereafter to be addressed or delivered. Nothing contained in this Agreement shall excuse either party from giving oral notice to the other when prompt notification is appropriate, but any oral notice given shall not satisfy the requirement of written notice as provided in this Section. The method of giving notice provided by the preceding section is not the exclusive method by which notice may be delivered, but notice transmitted by a nationwide private courier service, under the conditions described above, is Purchase Agreement Page 13 the only method of giving notice that is effective for the purpose of this agreement without regard to actual receipt of notice by the recipient. Written notice actually received is effective however it was delivered. Notice to a party is not effective unless all persons listed above to receive notice to that party are delivered a copy of the notice, except those listed as receiving copies only. G. Severability. If any of the provisions of this Agreement are held to be void or unenforceable by or as a result of a determination of any court of competent jurisdiction, the decision of which is binding upon the parties, the parties agree that such determination shall not result in the nullity or unenforceability of the remaining portions of this Agreement. The parties further agree to replace such void or unenforceable provisions which will achieve, to the extent possible, the economic, business and other purposes of the void or unenforceable provisions. H. Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed as an original, and when executed, separately or together, shall constitute a single original instrument, effective in the same manner as if the parties had executed one and the same instrument. I. Waiver. No waiver of any term, provision or condition of this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or be construed as, a further or continuing waiver of any such term, provision or condition or as a waiver of any other term,.provision or condition of this Agreement. J. Entire Agreement. This Agreement is intended by the parties to be the final expression of their agreement; it embodies the entire agreement and understanding between the parties hereto; it constitutes a complete and exclusive statement of the terms and conditions thereof, and it supersedes any and all prior correspondence, conversations, negotiations, agreements or understandings relating to the same subject matter. K. Time of Essence. Time is of the essence of each provision of this Agreement. L. Survival of Covenants. All covenants of District or Seller which are expressly intended hereunder to be performed in whole or in part after the Closing, and all representations and warranties by either party to the other, shall survive the Closing and be binding upon and inure to the benefit of the respective parties hereto and their respective heirs, successors and permitted assigns. M. Assignment. Except as expressly permitted herein, neither party to this Agreement shall assign its rights or obligations under this Agreement to any third party without the prior written approval of the other party. Purchase Agreement Page 14 N. Further Documents and Acts. Each of the parties hereto agrees to execute and deliver such further documents and perform such other acts as may be reasonably necessary or appropriate to consummate and carry into effect the transactions described and contemplated under this Agreement. O. Binding on Successors and Assigns. This Agreement and all of its terms, conditions and covenants are intended to be fully effective and binding, to the extent permitted by law, on the successors and permitted assigns of the parties hereto. P. Broker's Commission. Each party represents and warrants to the other that it has not entered into any agreement or economic relationship or incurred any obligation which might result in the obligation of the other party to pay to any person or entity a sales commission, brokerage commission or finder's fee on account of this Agreement or the purchase and sale of the Property. Each party shall indemnify and defend the other from any liability and hold the other harmless from loss (including reasonable attorney's fees) arising by reason of any breach of the foregoing representation and warranty. Q. Captions. Captions are provided herein for convenience only and they form no part of this Agreement and are not to serve as a basis for interpretation or construction of this Agreement, nor as evidence of the intention of the parties hereto. R. Pronoun References. In this Agreement, if it be appropriate, the use of the singular shall include the plural, and the plural shall include the singular, and the use of any gender shall include all other genders as appropriate. S. Mediation of Disputes. If a dispute arises out of or relates to this Agreement or the performance or breach thereof, excepting a default in payment of interest or principal due on the Note, the parties agree first to participate in non-binding mediation in order to resolve their dispute prior to filing or commencing litigation to resolve their dispute. T. No Third-Party Beneficiaries. This Agreement is made for the benefit of the parties hereto and is not intended to benefit any third party beneficiaries. 15. Acceptance. Provided that this Agreement is executed by Seller and delivered to District on or before March 5, 2003, District shall have until midnight March 12, 2003 to accept and execute this Agreement, and during said period this instrument shall constitute an irrevocable offer by Seller to sell and convey the Property to District for the consideration and under the terms and conditions herein set forth. Said offer shall remain irrevocable during this period without the necessity of execution and acceptance of this Purchase Agreement by District. As consideration for said irrevocable offer, Seller acknowledges that District has paid 1 Purchase Agreement Page 15 into escrow the sum of Ten Thousand Dollars and No/100 ($10,000.00), which shall be disbursed as set forth in Section 2 hereof. Exhibits: A Preliminary Report F. Bond Counsel Letter B. Promissory Note G. Legal Counsel Letter C. Grant Deed D. Hunt Parcel Brush Road Agreement E. Irrevocable Permit IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers or representatives to be effective as of the date of final execution by District in accordance with the terms hereof. DISTRICT: SELLER: MIDPENINSULA REGIONAL OPEN P. MICHAEL HUNT and SHERRY L. SPACE DISTRICT HUNT, as Co-Trustees of the HtwY Living T s 2- -9 ACCEPTED FOR RECOMMENDATION: P. ael tnt Michael C. Williams, Real Property Date ' Representative Sherry L. nt I Date APPROVED AS TO FORM: -3 5 103 Susan M. Schectman, District Counsel Da RECOMMBfDED FOR APPROVAL: L. Craig Britton Date General Manager Purchase Agreement Page 16 APPROVED AND ACCEPTED: 3 President, Board of Directors Date ATTEST: District C19or Date e ; Exhibit A Preliminary Report *OLD REPUBLIC TITLE COMPANY 1900 THE ALAMEDA • SAN JOSE,CA • 95126 408 557-8400 • Fax:(408)249-2314 PRELIMINARY REPORT THIRD AMENDED Issued for the sole use of: Our Order No. 536481-NM Midpeninsual Regional Open Space Dis. Reference 330 Distel Circle Los Altos, California 94022 When Replying Please Contact: Attention: Tom Fischer Nicole Monsees Buyer: Midpeninsula Regional Open Space District Property Address: In response to the above referenced application for a policy of title insurance, OLD REPUBLIC TITLE COMPANY hereby reports that it is prepared to issue, or cause to be issued, as of the date hereof, a Policy or Policies of Title Insurance describing the land and the estate or interest therein hereinafter set forth, insuringagainst loss which may be sustained by reason of any defect, lien or encumbrance not shown or or not excluded from coverage pursuant to the tinted Sc hedules, referred to as an Exception belowg p p , Conditions and Stipulations of said policy olio forms. The printed Exceptions and Exclusions from the coverage of said Policy or Policies may be set forth in Exhibit A attached. Copies of the Policy forms should be read. They are available from the office which issued this report. Please read the exceptions shown or referred to below and the exceptions and exclusions set forth in Exhibit A of this report carefully. The exceptions and exclusions are meant to provide you with notice of matters which are not covered under the terms of the title insurance poliycy and should be carefully considered. It is important to note that this preliminary report is not a written representation as to the condition of title and may not list all liens, defects, and encumbrances affecting title to the land. This report (and any supplements or amendments hereto) is issued solely for the purpose of facilitating the issuance of a policy of title insurance and no liability is assumed hereby. If it is desired that liability be assumed prior to the issuance of a policy of title insurance, a Binder or Commitment should be requested. Dated as of August 15th 2002 , at 7:30 A.M. OLD REPUBLIC TITLE COMPANY I For Exceptions Shown or Referred to,See Attached Page 1 of 27 Pages ORT 3157-A (Rev. 5/1/00) OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED The form of policy of title insurance contemplated by this report is: a CLTA Standard Coverage (1990) Owner's Policy; AND an ALTA Loan Policy. A specific request should be made if another form or additional coverage is desired. The estate or interest in the land hereinafter described or referred to covered by this Report is: a FEE as to Parcels 1 and 2 and EASEMENTS as to Parcels 3 through 25. Title to said estate or interest at the date hereof is vested in: P. MICHAEL HUNT and SHERRY L. HUNT, as Co-Trustees of the Hunt Living Trust dated 2-14-96 Page 2 of 2 7 Pages ORT 3157-A1 (Rev 1-1.95) OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED The land referred to in this Report is situated in the County of Santa Clara , in the unincorporated area, State of California,and is described as follows: PARCEL ONE: The North half of the Southwest quarter of Section 8, Township 9 South, Range 1 West, Mount Diablo Base and Meridian, according to the United States Government Survey therof. EXCEPTING THEREFROM the following described parcels of land: A: Beginning at a 3/4" iron pipe found at the South East corner of Parcel C, as shown on that certain Parcel Map recorded on July 17, 1973 in Book 326 of Maps at page 43, Santa Clara County Recorded; Thence North 88 Degrees 44 minutes 00 Seconds West a distance of 20.07 feet to the true Point of Beginning of this Exception; thence South 43 Degrees 49 Minutes 48 Seconds East a distance of 28.33 feet thence South 02 Degrees 47 Minutes 22 Seconds East a distance of 108.09 feet; thence North 82 Degrees 36 Minutes 00 Seconds West a distance of 120.00 feet; thence North 50 Degrees 47 Minutes 39 Seconds West a distance of 87.83 feet; thence North 23 Degrees 23 Minutes 22 Seconds West a distance of 67.12 feet; thence South 88 Degrees 44 Minutes 00 Seconds East a distance of 188.87 feet; to the True Point of Beginning of this Exception. B: Beginning at the Southeasterly corner of Parcel A, as shown on the certain Parcel Map recored July 17th 1973 in book 326 of Maps at page 43, Santa Calra County Records; thence along the South line of that certain 1.53 acre tract of land as described in the Deed recorded in Book K 444 page 200, official records of Santa Clara County, South 88 Degrees 44 Minutes 00 Seconds East a distance of 291.33 feet; thence South 10 Degrees 21 Minutes 00 Seconds West a distance of 250.25 feet; thence South 74 Degrees 12 Minutes 00 Seconds West a distance of 265.40 feet; thence North 01 Degrees 36 Minutes 00 Seconds East a distance of 325.00 feet to the point of begining of Parcel 3 as described in Certifacate of Compliance recorded October 21, 1997, under Recorder's Series No. 13904080, Official Records. C: Beginning at the Southeast corner of the Northeast quarter of the Southwest quarter of Section 8, Township 9 South, Range I West, M.D.B.&M. , thence West 256 feet; thence North 6* 45' West a disance of 700 feet; thence North 58* 20' East, a distance 101 feet; thence North l' 10' East a distance of 188 feet; thence North 77* 301 East a distance of 254 feet; thence South a distance of 993 feet to the point of beginning. (544-35-35) TOGETHER WITH the following Parcel: Beginning at a 3/411 iron pipe found in the center line of cul-de-sac of Old Well Road said point also being the most Northerly corner of Parcel C, as shown on that certain parcel Map recorded on July 17, 1973 in Book 326 of Maps at page 43, Santa Clara County Records. Page 3 of 27 Pages ORT 3157-C OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED Thence South 05 Degrees 58 Minutes 03 Seconds West a distance of 42.00 feet; thence South 43 Degrees 19 Minutes 27 Seconds West a distance of 53.23 feet; thence South 53 Degrees 03 Minutes 39 Seconds West a distance of 102.88 feet; thence South 57 Degrees 22 Minutes 48 Seconds West a distance of 139.52 feet; thence South 13 Degrees 30 Minutes 46 Seconds West a distance of 192.14 feet; thence South 17 Degrees 35 Minutes 58 Seconds East a distance of 84.31 feet; thence North 88 Degrees 44 Minutes 00 Seconds West a distance of 75.00 feet' to a found 3/4" iron pipe; thence North 13 Degrees 30 Minutes 46 Seconds East a distance of 291.14 feet to a found 3/4" iron pipe; thence North 53 Degrees 09 Minutes 56 seconds East a distance of 333.58 feet to the Point of Beginning of this portion of land described herein, as described on the Certificate recorded August 23, 1995 in Book N970, Official Records, Page 2043. PARCEL TWO INTENTIONALLY OMITTED: PARCEL THREE: A NON-EXCLUSIVE EASEMENT APPURTENANT TO PARCEL ONE ABOVE, FOR INGRESS AND EGRESS AND INSTALLATION AND MAINTENANCE OF UTILITIES OVER A PARCEL OF LAND DESCRIBED AS FOLLOWS: BEGINNING ON THE NORTHERLY LINE OF PARCEL 3, AS SHOWN ON THE PARCEL 1971 BOOK 289 OF MAPS AT PAGE 38 MAP FILED SE PTEMBER 10 , SANTA CLARA COUNTY RECORDS, DISTANT THEREON SOUTH 85' 10' 40" WEST 58.39 FEET FROM THE NORTHEASTERLY CORNER THEREOF, THENCE SOUTH 85* 10' 40" WEST 68.94 FEET; THENCE SOUTH 63* O1' 30" WEST 256.15 FEET; THENCE ALONG A TANGENT CURVE TO THE LEFT WITH A RADIUS OF 42 FEET, THROUGH A CENTRAL ANGLE OF 99* 43' 50" FOR AN ARC DISTANCE OF 73.11 FEET; THENCE NORTH 53* 17' 40" EAST 42 FEET; THENCE NORTH 26' 58' 30" WEST 16 FEET; THENCE NORTH 63' Oil 30" EAST 320 FEET TO THE POINT OF BEGINNING. PARCEL FOUR: AN EASEMENT FOR ROAD AND UTILITY PURPOSES OVER LAND CONVEYED TO ELSIE JANET MCCORD BY DEED FILED OCTOBER 14, 1971 IN BOOK 9545 OF OFFICIAL RECORDS, PAGE 244, SANTA CLARA COUNTY RECORDS, DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHEASTERLY CORNER OF THAT PORTION OF THE AFORESAID LANDS DESIGNATED AS PARCEL 2 ON A PARCEL MAP FILED IN BOOK 289 OF MAPS, PAGE 38; THENCE ALONG THE SOUTHERLY LINE OF SAID PARCEL 2 SOUTH 85' 10' 40" WEST 127.33 FEET; THENCE LEAVING SAID SOUTHERLY LINE NORTH 63' O1' 30" EAST 78.33 FEET; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 45.00 FEET THROUGH A CENTRAL ANGLE OF 65" 10' 00" 51.18 FEET; THENCE NORTH 87' 51' 30" EAST 30.00 FEET TO THE EASTERLY LINE OF SAID PARCEL 2; THENCE ALONG SAID EASTERLY LINE SOUTH 2* 08' 30" EAST 72.28 FEET TO THE POINT OF BEGINNING. PARCEL FIVE: A NON-EXCLUSIVE RIGHT OF WAY FOR INGRESS AND EGRESS AND FOR THE INSTALLATION AND MAINTENANCE OF PUBLIC UTILITIES OVER AND ALONG ALL THAT PORTION OF THE 7.68 ACRE TRACT OF LAND DESCRIBED IN THE DEED TO JOHN C. VAN BENTHEM, ET UX, RECORDED JUNE 8, 1956 IN BOOK 3517 OF OFFICIAL RECORDS, PAGE 357, LYING WITHIN A STRIP OF LAND 20 FEET WIDE THE CENTERLINE OF WHICH IS DESCRIBED AS FOLLOWS: BEGINNING AT A Page 4 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED 3/4 INCH PIPE IN THE ONE-QUARTER SECTION LINE RUNNING NORTH AND SOUTH THROUGH THE CENTER OF SECTION 8 TOWNSHIP 9 SOUTH, RANGE 1 WEST, MOUNT DIABLO BASE AND MERIDIAN, AT THE MOST SOUTHERLY CORNER OF THE 1.052 ACRE TRACT OF LAND CONVEYED TO HUGH B. PORTER, ET UX, TO DEED RECORDED IN BOOK 1112 OF OFFICIAL RECORDS, PAGE 293; SAID POINT OF BEGINNING BEING SOUTH 225.40 FEET FROM A 4" x 6" POST A ONE-SIXTEENTH SECTION CORNER BETWEEN THE NORTHWEST QUARTER AND THE NORTHEAST QUARTER OF SAID SECTION 8, IN SAID ONE QUARTER SECTION LINE; THENCE ALONG THE CENTER LINE OF A 20 FOOT RIGHT OF WAY, NORTH 68- 39' WEST 57.85 FEET; THENCE ON A CURVE TO THE LEFT WITH A RADIUS OF 125.00 FEET, THROUGH A CENTRAL ANGLE OF 40* 05' FOR A DISTANCE OF 87.45 FEET; THENCE SOUTH 71' 16' WEST 33.76 FEET; THENCE ON A CURVE TO THE RIGHT WITH A RADIUS OF 105.00 FEET, THROUGH A CENTRAL ANGLE OF 48+ 53' FOR A DISTANCE OF 89.58 FEET; THENCE NORTH 59* 51' WEST 68.52 FEET TO A 1/2 INCH IRON BAR; THENCE NORTH 67' 44' WEST 83.72 FEET; THENCE ON A CURVE TO THE LEFT, WITH A RADIUS OF 35.00 FEET, THROUGH A CENTRAL ANGLE OF 52' 27' FOR A DISTANCE OF 32.04 FEET; THENCE ON A CURVE TO THE LEFT WITH A RADIUS OF 38.31 FEET, FROM A TANGENT WHICH BEARS SOUTH 59' 49' WEST THROUGH A CENTRAL ANGLE OF A 60* 54' FOR A DISTANCE OF 40.72 FEET; THENCE SOUTH 1' 25' 20" EAST 126.96 FEET TO A 3/4 INCH PIPE; THENCE SOUTH 23 20' EAST 58.39 FEET TO A 3/4 INCH PIPE; THENCE SOUTH 9' 21' WEST 58.32 FEET TO A 3/4 INCH PIPE; THENCE SOUTH 6' 19' EAST 55.31 FEET TO A POINT THAT BEARS NORTH 6' 19' WEST 11.84 FROM A ONE INCH PIPE IN THE SOUTHEASTERLY LINE OF THE HEREIN DESCRIBED 20 FOOT RIGHT OF WAY; THENCE CONTINUING ALONG THE CENTER LINE OF SAID 20 FOOT RIGHT OF WAY, SOUTH 51' 18' 30" WEST 64.87 FEET TO THE SOUTHERLY TERMINUS OF THE CENTERLINE OF THE HEREIN DESCRIBED 20 FOOT RIGHT OF WAY. PARCEL SIX: A NON-EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS AND THE INSTALLATION AND MAINTENANCE OF UTILITIES APPURTENANT TO PARCEL ONE ABOVE OVER A PARCEL OF LAND DESCRIBED AS FOLLOWS: BEGINNING AT A 3/4 INCH IRON PIPE SET IN THE WESTERLY LINE OF SAID LANDS OF SCHLITTERS, DISTANT THEREON NORTH 2' 08' 30" WEST 704.17 FEET FROM THE SOUTHWESTERLY CORNER OF SAID LANDS; THENCE ALONG SAID WESTERLY LINE AND ITS PROLONGATION NORTH 2* 08' 30" WEST 75.00 FEET AND NORTH 51' 18' 30" EAST 71.02 FEET TO A POINT IN THE WESTERLY LINE OF LANDS CONVEYED TO EDMOND T. DOOLEY, ET UX, BY DEED FILED IN BOOK 654 OF OFFICIAL RECORDS, PAGE 278, SANTA CLARA COUNTY RECORDS; THENCE ALONG THE WESTERLY AND SOUTHERLY LINE OF SAID LANDS OF DOOLEY SOUTH 5* 18' EAST 23.95 FEET; THENCE SOUTH 51' 18' 30" WEST 47.77 FEET; SOUTH 2* 08' 30" EAST 66.12 FEET AND SOUTH 88* 44 ' EAST 1.05 FEET; THENCE ALONG A CURVE CONCAVE TO THE NORTHWEST FROM A TANGENT BEARING SOUTH 7' 09' 20" WEST HAVING A RADIUS OF 72 FEET, THROUGH A CENTRAL ANGLE OF 36* 43' 10" AN ARC DISTANCE OF 46.14 FEET TO A POINT IN THE WESTERLY LINE OF SAID LANDS OF SCHLITTERS; THENCE ALONG SAID WESTERLY LINE NORTH 2' 08' 30" WEST 41.43 FEET TO A POINT OF BEGINNING. PARCEL SEVEN: A RIGHT OF WAY AS GRANTED BY L.A. HEBARD TO J.S. LOGAN BY DEED RECORDED OCTOBER 30, 1899 IN BOOK 224 OF DEEDS, PAGE 247, DESCRIBED AS FOLLOWS: COMMENCING AT Page 5 of 2 7 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED THE LINE BETWEEN THE PROPERTY OF THE PARTIES ABOVE NAMED AND AT THE POINT WHERE THE ROAD CROSSES SAID LINE AND RUNNING IN A NORTHEASTERLY DIRECTION AND OVER THE COURSE HERETOFOR AGREED UPON BY THE PARTIES ABOVE NAMED 1065 FEET TO THE PLACE WHERE SAID ROAD CROSSES THE LINE BETWEEN THE PROPERTY OF SAID L.A. HEBARD AND LEVY, SAID PROPERTY TO BE USED AS A RIGHT OF WAY WITH THE INCIDENTS THEREUNTO BELONGING, SAID RIGHT OF WAY TO BE TEN FEET WIDE. NOTE: Parcel SEVEN herein described is only being included so as to avoid the Company being the cause of excluding it from deeds or encumbrances, but NO INSURANCE is to be provided as to said parcel. Anything to the contrary in the policy or endorsements thereto notwithstanding, said parcel is NOT INSURED even though it may be included as part of the description of the land described or referred to in the policy. The Company requires that the insured(s) acknowledge in writing that they understand this. Should a request, however, be made for insurance in this regard, it must be referred to the Title Department for an appropriate response. PARCEL EIGHT: ALSO TOGETHER WITH RIGHT OF WAY AS RESERVED IN THE DEED FROM E.W. BIDDLE, ET UX, RECORDED MAY 2, 1913 IN BOOK 399 OF DEEDS, PAGE 483 (THE SAID DEED CONVEYS THE NORTH 1/2 OF THE NORTHWEST 1/4 OF SECTION 8 TOWNSHIP 9 SOUTH RANGE 1 WEST, MOUNT DIABLO BASE AND MERIDIAN) AS DESCRIBED AS FOLLOWS, TO WIT: RESERVING, HOWEVER, UNTO THE PARTIES OF THE FIRST PART, THEIR HEIRS, ASSIGNS AND GRNATEES, THE RIGHT TO USE, AS HERETOFOR THE WAGON ROAD OR RIGHT OF WAY, LOCATED LEADING FROM WHAT IS KNOWN AS THE HEBARD PLACE, THROUGH THE LANDS HEREBY CONVEYED TO THE LAND AND RESIDENCE OF THE PARTIES OF THE FIRST PART SITUATED IMMEDIATELY SOUTH OF AND ADJOINING THE LAND HEREBY CONVEYED. NOTE: Parcel EIGHT herein described is only being included so as to avoid the Company being the cause of excluding it from deeds or encumbrances, but NO INSURANCE is to be provided as to said parcel. Anything to the contrary in the policy or endorsements thereto notwithstanding, said parcel is NOT INSURED even though it may be included as part of the description of the land described or referred to in the policy. The Company requires that the insured(s) acknowledge in writing that they understand this. Should a request, however, be made for insurance in this regard, it must be referred to the Title Department for an appropriate response. PARCEL NINE: Page 6 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED An easement and right of way for ingress and egress and including the installation of public utilities and water pipe lines, over, along and within a strip of land 20 feet, wide, the Westerly lines of which are described as follows: Beginning at the Southwesterly corner of that certain 3.33 acre parcel of land conveyed by E.W.Biddle, et ux, to W.J.Schoonmaker by Deed dated September 11, 1927 and recorded September 28, 1977 in Book 350. of Official Records, at page 192, Santa Clara County Records, said corner being at a point on the South line of the South half of the Northwest quarter of Section 8, Township 9 South, Range 1 West, Mount Diablo Base and Meridian, distant thereof 138 West from the center of said Section 8; thence along the Westerly bounderies of said 3.33 acre parcel of land the following courses and distances North 1' East 24 feet, North 30` West 96 feet; North 31' East 128 feet, North 9' West 61 feet, North 17' West 206 feet, North 25* East 131 feet, North 15' 30' West 122 feet, North 27' West 143 feet, North 12' East 118 feet, North 73* East 119 feet and North 50* East 87 feet to the Northerly corner of said 3.33 acre parcel of land in the one-quarter section line and running Northerly and Southerly through the center of said Section 8. AND AS RESERVED BY INSTRUMENT 14867952. PARCEL TEN: An easement and right of way for ingress and egress and including the installation of public utilities and water pipe lines, as granted by Spencer Brush and Anna F. Brush, his wife, to Adelaide M. Alford Scott, formerly Adelaide M. Alford, by Deed dated December 22, 1951 and recorded March 27, 1952 in Book 2390 of Official Records, at page 482, Recorder's File No. 786533, over and within a strip of land 20 feet wide, the center line of which is described as follows: Beginning at a point in the Northwesterly line of that certain 3.33 acre tract of land conveyed by W. J. Schoonmaker to Adelaide M. Alford as recorded in Book 988 of Official Records, at page 532, records of Santa Clara County, California, distant thereon S. 50' 00' W. 24.68 feet from the most Northerly corner of said 3.33 acre tract of land, and running thence N. 36' 48' 30" E. 31.55 feet to the West line of the North half of the Southwest quarter of the Northeast quarter of Section 8, T. 9 S.R. 1 W. , M.D.B. & M. , said last mentioned point being South 26.00 feet from a one inch pipe at the most Southerly corner of that certain 1.052 acre tract of land conveyed by Fred Lewis Foster to Hugh B. and Frances L. Porter as recorded in Book 1112 of Official Records, at page 293; thence continuing on same course N. 36' 48' 30" E. 37.42 feet to a nail and tin at one of the angle points in the Southeasterly line of said 1.052 acre tract of land, said last mentioned point being N. 79' 59' E. 22.77 feet from a one inch pipe at the Southwest corner of the within mentioned 1.052 acre tract of land; thence along the Southeasterly line of said 1.052 acre tract of land N. 57' 27' E. 84.20 feet to a barrow tooth; thence N. 66' 13' E. 177.0 feet to a nail and tin found; thence N. 52- 25' E. 77.47 feet to a one inch pipe found at the I Page 7 of 27 Pages ORT 315?-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED Northeasterly earner of said 1.052 acre tract of land; thence continuing along the same course N. 52' 25' E. 16.35 feet to a nail and tin found; thence N. 60' 40' E. 79.81 feet to a 3/4 inch pipe in the North line of the North line of the North half of the Southwest quarter of the Northeast quarter of Section 8, T. 9 S. R. 1 W., M.D.B. & M. ; thence continuing on the same course N. 60' 40' E. 77.45 feet to a harrow tooth; thence N. 76' 42' E. 40.98 feet to a harrow tooth; thence S. 88* 10' E. 38.18 feet to a harrow tooth; thence S. 75* 45' E. 45.40 feet to a harrow tooth; thence S. 63' 45' E. 91.85 feet to a 3/4 inch pipe in the North line of the North half of the Southwest quarter of the Northeast quarter of Section 8; thence continuing on same course S. 63* 45' E. 87. 15 feet to a harrow tooth; thence S. 53' 19' E. 59.39 feet to a harrow tooth; thence S. 45' 11' E. 42.85 feet to a harrow tooth; thence S. 39' 02' E. 115.00 feet to a harrow tooth; thence S. 48' 04' E. 47.10 feet to a harrow tooth; thence S. 63' 22' E. 41.15 feet to a harrow tooth; thence S. 71' 40' E. 124.09 feet to a harrow tooth; thence S. 61' 10' E. 47.57 feet to a harrow tooth; thence S. 45* 03' E. 64.09 feet to a harrow tooth; thence S. 35' 40' E. .55.48 feet to a harrow tooth; thence S. 24' 32' E. 78.43 feet to a harrow tooth; thence S. 31' 07' E. 117.22 feet to a 3/4 inch pipe in the East line of the North half of the Southwest quarter of the Northeast quarter of Section 8, from which a 4" x 4" stake marked "BR-246" in said East line bears N. 0' 16' E. 27.7 feet; thence running S. 31' 07' E. 33.04 feet to a harrow tooth; thence S. 11' 55' E. 29.07 feet; thence S. 32' 27' W. 21.50 feet to a harrow tooth; thence S. 74' 26' W. 12.37 feet to a 3/4 inch pipe in the East line of the North half of the Southwest quarter of the Northeast quarter of Section 8, from which a one inch pipe at the Southeast corner of the North half of the Southwest quarter of the Northeast quarter of said Section 8, bears S. 0' 16' W. 15.32 feet; thence running S. 74' 26' W. 11.71 feet to a harrow tooth; thence N. 65' 43' W. 25.69 feet to a harrow tooth; thence N. 41' 48' W. 78.33 feet to a harrow tooth; thence N. 55' 50' W. 35.25 feet to a harrow tooth; thence N. 72' 14' W. 31.55 feet to a harrow tooth; thence S. 77' 56' W. 46.45 feet to a harrow tooth; thence S. 53' 55' W. 30.71 feet to a harrow tooth; thence S. 25' 54' W. 32.72 feet to a 1/2 inch iron bar; thence S. 5' 54 ' W. 25.69 feet to a 1/2 inch iron bar; thence S. 6' 00' E. 23.58 feet to a 3/4 inch pipe in the South line of the North half of the Southwest quarter of the Northeast quarter of said Section 8, said last mentioned 3/4 inch pipe being N. 88' 56' W. 230.21 feet from the one inch pipe at the Southeast corner of the North half of the Southwest quarter of the Northeast quarter of said Section 8, and said last mentioned 3/4 inch pipe being the terminus of the center line of the herein described 20 foot right of way. Except from said 20 foot strip of land all that portion thereof lying outside the boundaries of the North half of the Southwest quarter of the Northeast quarter and the South half of the Northwest quarter of Section 8, Township 9 South Range 1 West, Mount Diablo Base and Meridian. We note in this connection that the Deed granting said right of way recits that said first parties do not own the land over which said excepted portions cross and grant only what interest therein they might own. PARCEL ELEVEN: Page 8 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED An easement for utility purposes as provided in Easement Agreement recorded January 31, 1994 in Book N 275, page 1781 over that portion of land described as ' follows: Beginning at the South East corner of Parcel C, as shown on that certain Parcel Map recorded on July 17, 1973 in Book 326 of Maps at page 43, Santa Clara County Records; thence North 88' 44' 00" West a distance of 20.07 feet; thence North 05' 58' 03" East a distance of 165.64 feet; thence South 84' 01' 57" East a distance of 20.00 feet; thence South 05' 58' 03" West a distance of 164.00 feet to the point of beginning of this description. I PARCEL TWELVE: An easement for Slope purposes as provided in Easement Agreement recorded January 31, 1994 in Book N 275, page 1781 over that portion of land described as follows: Beginning at the center line of cul-da-sac or Old Well Road said point also being the most Northerly corner of Parcel C, as shown on that certain Parcel Map recorded on July 17, 1973 in Book 326 of Maps at page 43, Santa Clara County Records. Thence South 05 degrees 58 minutes 03 seconds West a distance of 42.00 feet; thence South 43 degrees 19 minutes 27 seconds, West a distance of 53.23 feet to the true point of beginning of this description; thence South 37 degrees 54' minutes 24 seconds West a distance of 49.73 feet; thence South 53 degrees 03' minutes 39 seconds West a distance of 55.37 feet; thence South 57 degrees 22 minutes 48 seconds West a distance of 35.49 feet; thence South 88* degrees 30 minutes 57 seconds West a distance of 25.14 feet; thence North 57 degrees 22 minutes 48 seconds East a distance of 56.52 feet; thence North 53 degrees 03 minutes 39 seconds East a distance of 102.88 feet to the true point of beginning of this description. PARCEL THIRTEEN: An easement for water drainage as granted in that certain document recorded 7 more particularly described as in Book P118 Page 9 1 being o e December 8, 1995 g g P y follows: Beginning at a point on the Westerly line of that certain 7.68 acre tract of land conveyed by Marion B. Hollis, et ux, to John C. Van Benthem, et ux, by Deed dated May 24, 1956 and recorded June 8, 1956 in Book 3517 of Official Records, page 357, Santa Clara County Records, distant thereon North 2' 08' 30" West a distance of 704.17 feet from a point at the Southwesterly corner of said 7. 68 acre tract of land in the one-quqrter section line, running Easterly and Westerly through the center of S?r.tion 8, Township 9, South, Range 1 West, Mount Diablo Base and Meridian; running thence South 88` 44' 00" East a distance of 288.38 feet to the Westerly line of that certain 3.33 acre parcel of land and described in a Deed recorded in Book 988 of Official Records, at page 532, Santa Clara County Records; thence along the Westerly line of said Page 9 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED 3,33 acre parcel of land South 25` 14 ' 00" East a distance of 6. 92 feet; thence South 13' 44' 00" East a distance of 9.12 feet; thence North 88' 44' 00" West a distance of 263.83 feet; thence South 31' 45' 20" West a distance of 52.10 feet to the westerly line of said 7.68 acre tract of land; thence North 02' 08' 30" West a distance of 60.00 feet to the point of beginning of this description. i PARCEL FOURTEEN: A non-exlusive easement to install underground utilities as granted in that certain Utilities Easement recorded April 9, 1999 under Recorder's Series No. 14744052, Official Records, described as follows: Commencing at the Southwesterly corner of Parcel B, as shown on that certain Parcel Map recorded in Book 326 of Maps, at page 43, Official Records of Santa Clara County, California; Thence along the line between Parcels B & C as shown on said Parcel Map North 06 Degrees 08 Minutes 15 Seconds East a distance of 164.00 feet to the Point of Beginning of the description of this description; thence North 06 degrees 08 minutes 15 seconds East a distance of 15.00 feet; thence South 83 degrees 51 minutes 45 seconds East a distance of 15.00 feet; thence South 06 degress 08 minutes 15 seconds West a distance of 15 feet; thence North 83 degrees 51 minutes 45 seconds West a distance of 15.00 feet to the True Point of Beginning of this description. PARCEL FIFTEEN: A non-exclusive easement for underground utilities and for drainage, as granted in that certain Utilites Easement recorded April 9, 1999 under Recorder's Series No. 14744053, Official Records, described as follows: Beginning at the most Northerly corner of Parcel C, as shown on that certain Parcel Map recorded in Book 326 of Maps, at page 43, Official Records of Santa Clara County, California: thence South 35 degrees 47 minutes 52 seconds East a distance of 65.00 feet; thence North 88 degrees 44 minutes 00 seconds West a distance of 43.60 feet; thence North 06 degrees 08 minutes 15 seconds East a distance of 52.06 feet to the Point of Beginning of this description. PARCEL SIXTEEN: A non-exclusive easement to prune or trim plant life as granted in that certain Pruning and Access Easement recorded April 9, 1999 under Recorder's Series No. 14744054, Official Records, described as follows: Beginning at the Southeasterly corner of Parcel B, as shown on that certain Parcel Map recorded in Book 326 of Maps, at page 43, Official Records of Santa Clara County, California; Page 10 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED thence North 88 degrees 44 minutes 00 seconds West a distance of 50.00 feet; thence North 27 degrees 44 minutes 05 seconds East a distance of 44.57 feet; thence South 35 degrees 47 minutes 50 seconds East a distance of 50.00 feet to the Point of Beginning of this description. PARCEL SEVENTEEN: A non-exclusive easement to prune and trim plant life as granted in that certain Pruning Easement recorded April 9, 1999 under Recorder's Series No. 14744055, Official Records, described as follows: Beginning at the Southeasterly corner of Parcel B, as shown on that certain Parcel Map recorded in Book 326 of Maps, at page 43, Official Records, Santa Clara County, California; thence North 88 degrees 44 minutes 00 seconds West a distance of 160.00 feet; thence North 27 degrees 44 minutes 05 seconds East a distance of 142. 62 feet; thence South 35 degrees 47 minutes 50 seconds East a distance of 160.00 feet to the Point of Beginning of this description. PARCEL EIGHTEEN: An easement for the installation of Pacific Gas and Electric Company utilities and water lines; as granted in that certain Easement Deed recorded May 4, 1992 under Recorder's Series No. 11344717, Official Records. Said easement being 5 feet in width, the centerline of which is described as follows: Beginning at a point in the Westerly line of that certain 7.68 acre tract of land described as Parcel One in the Deed from Marion B. Hollis, et vir, to Walter S. Easelye, Jr., et ux dated May 28, 1962, recorded June 6, 1962 in Book 5598 Official Records at page 188, Santa Clara County Records, distant thereon North 2' 08' 30" West 334.20 feet from the Southwesterly corner thereof; thence from said point of beginning South 87' 51' 30" West, 3.50 feet; thence South 20* 00' 00" West, 30.51 feet to a point in the Easterly line of that certain 2.57 acre tract of land as described in the deed recorded in Book 912 Official Records, page 702, Santa Clara County Records and the terminus of this description. PARCEL NINETEEN: A non-exclusive private right of way to pass over the following described property for recreational and emergency access, as granted in that certain Grant of Private Right of Way recorded April 7, 1998 under Recorder's Series No. 14128166, described as follows: Beginning at the North-Easterly corner of that certain 7.68 acre tract of land as shown on that certain Record of Survey recorded in Book 74 of Maps, at page 28, Santa Clara County Official Records, said point being South, a distance of 225.40 feet from a 1116 Section corner, as shown on said Record of Survey; Page 11 of 27 Pages ORT 3157-E S- OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED thence South 00 degrees 00 minutes 00 seconds East a distance of 35.54 feet; thence South 50 degrees 01 minutes 10 seconds West a distance of 87.20 feet; thence South 73 degrees 01 minutes 10 seconds West a distance of 119.00 feet; thence South 11 degrees 58 minutes 10 seconds West a distance of 118.10 feet; thence South 25 degrees 21 minutes 50 seconds East a distance of 136.08 feet to the True Point of Beginning of this description; thence as follows: South 25 degrees 21 minutes 50 seconds East a distance of 6.92 feet; thence South 13 degres 44 minutes 00 seconds East a distance of 122.00 feet; thence South 26 degrees 46' minutes 00 seconds West a distance of 131.00 feet; thence South 15 degrees 14 minutes 00 seconds East a distance of 206.00 feet; thence South 07 degress 14 minutes 00 seconds East a distance of 20.00 feet to the South-East corner of Lands of Conlon as described in a grant deed from Charles H. Oddo and Cheryl Oddo to Janice L. Conlon, recorded on June 27, 1996 in Book P 393 at page 2180 et seq. , Santa Clara County Official Records; thence along the Southerly line of said lands of Conlon North 88 degrees 44 minutes 00 seconds West a distance of 25.28 feet; thence Northerly as follows: North 07 degrees 14 minutes 00 seconds West a distance of 14.52 feet; thence North 15 degrees 14 minutes 00 seconds West a distance of 213.85 feet; thence North 26 degrees 46 minutes 00 seconds East a distance of 131.37 feet; thence North 13 degrees 44 minutes 00 seconds West a distance of 110.23 feet; thence North 25 degrees 21 minutes 50 seconds West a distance of 16. 91 feet to the Northerly line of said lands of Colon; thence South 88 degrees 44 minutes 00 seconds East a distance of 27. 97 feet to the Point of Beginning of this description. PARCEL TWENTY: A non-exclusive private right of way to pass over the following described property for recreational and emergency access, as granted in that certain Grant of Private Right of Way recorded April 7, 1998 under Recorder's Series No. 14128167, described as follows: Beginning at the North-Easterly corner of that certain 7.68 acres tract of land as shown on that certain Record of Survey recorded in Book 74 of Maps, at page 28, Santa Clara County Official Records, said point being South, a distance of 225.40 feet from a 1/16 Section corner, as shown on said Record of Survey; thence South 00 degrees 00 minutes 00 seconds East a distance of 9.44 feet to the True Point of Beginning of this description; thence as follows: South 00 degrees 00 minutes 00 seconds East a distance of 26. 10 feet; thence South 50 degrees 01 minutes 10 seconds West a distance of 87.20 feet; thence South 73 degrees 01 minutes 10 seconds West a distance of 119.00 feet; thence South 11 degrees 58 minutes 10 seconds West a distance of 118.10 feet; thence South 25 degrees 21 minutes 50 seconds East a distance of 136.08 feet to the South-East corner of lands of Halpin described as Parcel One in Exhibit "I" to the grant deed form Anthony Edward Scott and Carolyn Rose Lehr to David Halpin and Lynne Halpin, recorded on September 4, 1996, Document No. 13431072, Santa Clara County Official Records; thence along the Southerly line of said lands of Page 12 of 27 Pages ORT 3157-E -- J OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED Halpin North 88 degrees 44 minutes 00 seconds West a distance of 22.37 feet; thence Northerly as follows: North 25 degrees 21 minutes 50 seconds West a distance of 132.81 feet; thence North 11 degrees 58 minutes 10 seconds East a distance of 136. 65 feet; thence North 73 degrees 01 minutes 10 seconds East a distance of 126.72 feet; thence North 50 degrees 01 minutes 10 seconds East a distance of 99.90 feet to the True Point of Beginning of this description. PARCEL TWENTY-ONE: A non-exclusive easement over the "Hunt Use Easement" as said easement is defined and reserved in that certain Grant Deed recorded April 13, 1998, under Recorder's Series No. 14134480. Said easement is described as follows: I Beginning at the Southeasterly corner of Parcel A, as shown on that certain Parcel Map recorded July 17, 1973 in Book 326 of Maps at page 43, Official Records, Santa Clara County Records, California; thence as follows: North 02 degrees 08 minutes 30 seconds West a distance of 60.00 feet; thence South 88 degrees 48 minutes 24 seconds East a distance of 40.00 feet; thence South 00 degrees 38 minutes 43 seconds East a distance of 100.00 feet; thence North 88 degrees 44 minutes 00 seconds West a distance of 40.00 feet; thence North 01 degrees 36 minutes 00 seconds East a distance of 40.00 feet the Point of Beginning of this description. PARCEL TWENTY-TWO: A non-exclusive easement over the "Johnson Property right of way" as said easement is defined in that certain Grant Deed recorded April 13, 1998 under Recorder's Series No. 14134480. Said easement is described as follows: A 10 foot wide strip of land that runs from the True Point of Beginning as described below to the terminus of the description, the centerline of which is described as follows: Beginning at the Northeasterly corner of the property conveyed to Paul Joseph Normandin and Lisa Johnson Normandin by Grant Deed recorded April 13, 1998 under Recorder's Series No. 14134480; thence North 88 degrees 44 minutes 00 seconds West a distance of 5.00 feet to the True Point of Beginning of this description; thence as follows: South 11 degrees 47 minutes 11 seconds West a distance of 40.16 feet; thence South 29 degrees 19 minutes 17 seconds West a distance of 60.68 feet; thence South 20 degrees 24 minutes 51 seconds West a distance of 42.57 feet; thence South 16 degrees 31 minutes 57 seconds East a distance of 56. 62 feet; thence South 33 degrees 03 minutes 01 seconds East a distance of 45.82 feet to a point on the Easterly line of the subject property, and the terminus of this description. i Page 13 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED PARCEL TWENTY-THREE: An easement for underground utility wires, as reserved in that grant deed recorded July 24th, 1998 under Series No. 14301707. The area covered by said easement is 20 feet wide and shall be located on the property herein described below as grantor determines. Beginning at a 3/4" iron pipe found at the Southeast corner of Parcel C, as shown on that certain Parcel Map recorded on July 17, 1973 in Book 326 of Maps at page 43, Santa Clara County Records. Thence North 88 degrees 44 minutes 00 seconds West a distance of 20.07 feet to the True Point of Beginning of this description; thence South 43 degrees 49 minutes 48 seconds East a distance of 28.33 feet; thence South 02 degrees 47' minutes 22 seconds East a distance of 108.09 feet; thence North 82 degrees 36 minutes 00 seconds West a distance of 120.00 feet; thence North 50 degrees 47 minutes 39 seconds West a distance of 87.83 feet; thence North 23 degrees 23 minutes 22 seconds West a distance of 67.12 feet; thence South 88 degrees 44 minutes 00 seconds East a distance of 188.87 feet to the True Point of Beginning of this description. PARCEL TWENTY-FOUR: DRAINAGE EASEMENT rights as set forth in that certain document entitled Easement, recorded 1-31-94 in Book N275-Official Records Page 1781, as they pertain to Parcel Two hereinabove described. NOTE: Parcel TWENTY-FOUR herein described is only being included so as to avoid the Company being the cause of excluding it from deeds or encumbrances, but NO INSURANCE is to be provided as to said parcel. Anything to the contrary in the policy or endorsements thereto notwithstanding, said parcel is NOT INSURED even though it may be included as part of the description of the land described or referred to in the policy. The Company requires that the insured(s) acknowledge in writing that they understand this. Should a request, however, be made for insurance in this regard, it must be referred to the Title Department for an appropriate response. PARCEL TWENTY-FIVE: DRAINAGE EASEMENT rights as set forth in that certain document entitled Grant Deed, recorded 6-23-99, under Series No. 14867952, as they pertain to the "Johnson Property" described therein. NOTE: Parcel TWENTY-FIVE herein described is only being included so as to avoid the Company being the cause of excluding it from deeds or encumbrances, but NO Page 14 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED INSURANCE is to be provided as to said parcel. Anything to the contrary in the policy or endorsements thereto notwithstanding, said parcel is NOT INSURED even though it may be included as part of the description of the land described or referred to in the policy. The Company requires that the insured(s) acknowledge in writing that they understand this. Should a request, however, be made for insurance in this regard, it must be referred to the Title Department for an appropriate response. 544-35-035, 544-56-020, 80007, D/Cl/AG/RT A 544-35-x18 amd/ml/08/27/02 amd/dot/8-29-2002 Page 15 of 27 Pages ORT 3157-E i OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED At the date hereof exceptions to coverage in addition to the Exceptions and Exclusions in said policy form would be as follows: 1. Taxes and assessments, general and special, for the fiscal year 2002-2003 a lien, but not yet due or payable. 2. Taxes for the fiscal year 2001-02. Bill No. : 544-35-035, Code Area: 80007 First Installment: $1,030.61, has been paid Second Installment: $1,030. 61, has been paid The above installments include a property tax exemption of NONE (Affects Parcel One) 3. Taxes for the fiscal year 2001-02. Bill No. : 544-56-020, Code Area: 80007 First Installment: $321.22, has been paid Second Installment: $321.22, has been paid The above installments include a property tax exemption of NONE 4. The lien of supplemental taxes, if any, assessed pursuant to the provisions of Section 75, et seq., of the Revenue and Taxation Code of the State of California. 5. An easement affecting that portion of said land and for the purposes stated herein and incidental purposes as provided in the following instrument: y Res me Lambertsen Reserved b Verne e For The right to take water from any tank, together with an easement and right of way for pipeline Recorded October 14th, 1971 in Book 9545 of Official Records, Page 244 Affects The exact location connot be determined of record 6. Terms and provisions as contained in an instrument Entitled Agreement to construct land development improvements Executed by: Elsie Janet McCord, also known as Elsie J. McCord, also known as Elsie J. Lambertsen and the County of Santa Clara Recorded July 3rd, 1973 in Book 0454 of Official Records, Page 425 7. THE RIGHT TO TAKE WATER FROM ANY TANK SITUATE ON THE HEREIN DESCRIBED PREMISES, TOGETHER WITH AN EASEMENT AND RIGHT OF WAY FOR A PIPELINE TO CONVEY SAID WATER AS RESERVED IN THE DEED FROM VERNE LAMBERTSEN TO ELSIE JANET MCCORD, RECORDED OCTOBER 14, 1971 IN BOOK 9545 PAGE 244, REFERENCE TO WHICH IS HEREBY MADE TO THE RECORD THEREOF FOR FULL AND FURTHER PARTICULARS. 0. ThE Er r ECT OF THE "NOTES" AS SHOWN ON' THE PARCEL MAP OF SAID LAND HEREINAFTER REFERRED TO. (PARCEL TWO) Page 16 of 27 Pages ORT 3157-D i f - OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED 9. Irrevocable Offer of Dedication, Dedicated to: The County of Santa Clara C For Public street and road purposes Recorded July loth, 1973 in Book 0462 of Official Records, Page 295 Affects That portion of Parcel Two lying within the bounds of Old Well Road ("PARCEL ONE. . .TOGETHER WITH. . .") . 10. An easement affecting that portion of said land and for the purposes stated herein and incidental purposes as provided in the following instrument: Reserved by: Elsie Janet McCord, dealing with my sole and separate property For A non-exclusive easement for ingress and egress and the installation and maintenance of utilities appurtenant thereto Recorded August 27th, 1973 in Book 0535 of Official Records, Page 351 Affects The Northerly corner of said land ("PARCEL ONE. . .TOGETHER WITH. . .") . 11. An Agreement, affecting said land, for the purposes stated herein and subject to the terms, covenants, conditions, restrictions, and easements, if any, contained therein For Brush Road Association Agreement and Rigth of Way Easement Dated None shown Executed by: Brush Road Association, etal Recorded : May 18, 1988 in Book K539, page 317, Official Records The above agreement was amended by an instrument recorded May 18, 1988 in Book K 539, page 316. By instrument executed by David Halvorson and Chris Halvorson and recorded April 25, 1994 in Book N410, page 1825, Official Records, a portion of the herein described property was confirmed to be a memeber of Brush Road Corporation, successor to Brush Road Association. 12. A Notice as follows: Entitled Notice of Permission to Use Real Property By Sherry Hunt and P. Michael Hunt Recorded August 6th, 1992 in Book M316 of Official Records, Page 1743 Page 17 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED I 13. An Agreement, affecting said land, for the purposes stated herein and subject to the terms, covenants, conditions, restrictions, and easements, if any, contained therein For Easement Agreement Dated January 27th, 1994 Executed by: Daniel C. Fitch and Jacqueline D. Fitch, and P. Michael Hunt, a married man Recorded January 31st, 1994 in Book N275, page 1781, Official Records Amendment thereto: July 24, 1998 in instrument No.#154301708. 14. Terms and provisions as contained in an instrument Entitled Drainage Easement Executed by: Cheryl Oddo and P. Michael Hunt and Sherry Hunt Recorded December 8th, 1995 in Book P118 of Official Records, Page 0971 15. Terms and provisions as contained in an instrument Entitled Water Company Easements Executed by: P. Michael Hunt, et. ux. Recorded April 7th, 1998 in Official Records under Recorder's Serial Number 14128172 16. An easement affecting that portion of said land and for the purposes stated herein and incidental purposes as provided in the following instrument: Granted to Brush and Old Well Road Mutual Water Company, a California mutual benefit non-profit corporation For Installation, maintenance, replacement, and removal of water tanks, pumping, testing and monitoring equipment, and water pipelines Recorded April 7th, 1998 in Official Records, under Recorder's Serial Number 14128172 Affects As follows: Corrected on June 9th, 1999 under Series No. 14848977. Page 18 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED PARCEL ONE: A NON-EXCLUSIVE private R.O.W. and the right to build & maintain a road for water co. purposes: A 10-foot wide strip of land that runs from the True Point of Beginning as described below to the terminus of the description, the centerline of which is described as follows: Beginning at the center of Seciton 8 T9S, R1W, M.D.M. and running thence West 138 feet along the quarter section line running East and West through said Section 8; thence South 88 degrees 44 minutes 00 seconds East a distance of 8.00 feet to the True Point of Beginning of this description; thence on following courses and distances as follows: South 13 degrees 48 minutes 07 seconds West a distance of 39.02 feet; thence South 18 degrees 27 minutes 41 seconds East a distance of 41.00 feet; thence South 05 degrees 30 minutes 57 seconds East a distance of 93.94 feet; thence South 15 degrees 51 minutes 50 seconds West a distance of 28.56 feet; thence South 27 degrees 45 minutes 57 seconds West a distance of 49. 64 feet; thence South 07 degrees 34 minutes 12 seconds West a distance of 45.26 feet; thence South 28 degrees 50 minutes 55 seconds West a distance of 45.35 feet; thence South 44 degrees 46 minutes 27 seconds West a distance of 32. 67 feet; thence South 40 degrees 43 seconds 27 seconds West a distance of 100.68 feet; thence South 02 degrees 12 minutes 53 seconds East a distance of 121.26 feet; thence South 13 degrees 57 minutes 42 seconds West a distance of 50.75 feet; thence South 50 degrees 45 minutes 35 seconds West a distance of 90.24 feet; thence South 64 degrees 04 minutes 33 seconds West a distance of 106.49 feet; thence South 41 degrees 29 minutes 31 seconds West a distance of 69.38 feet; thence South 10 degrees 48 minutes 17 seconds West a distance of 72. 64 feet; thence South 04 degrees 29 minutes 00 seconds East a distance of 265.36 feet; thence South 29 degrees 45 minutes 23 seconds West a distance of 33.39 feet; thence South 84 degrees 07 minutes 48 seconds West a distance of 37.03 feet; thence North 40 degrees 51 minutes 43 seconds West a distance of 42.86 feet; thence North 17 degrees 50 minutes 20 seconds West a distance of 87.88 feet; thence North 38 degrees 08 minutes 56 seconds West a distance of 72.27 feet; thence North 36 degrees 39 minutes 37 seconds West a distance of 107.49 feet; thence North 87 degrees 43 minutes 54 seconds West a distance of 129.73 feet; thence North 74 degrees 02 minutes 52 seconds West a distance of 70.09 feet; thence North 43 degrees 17 minutes 15 seconds West a distance of 84.42 feet; thence North 18 degrees 26 minutes 08 seconds West a distance of 155. 68 feet; thence North 09 degrees 48 minutes 57 seconds West a distance of 87.88 feet; thence North 49 degrees 38 minutes 48 seconds West a distance of 85.19 feet; thence North 33 degrees 04 minutes 15 seconds West a distance of 114.76 feet; thence North 33 degrees 04 minutes 15 seconds West a distance of 50.00 feet more or less to the terminus of this description. PARCEL TWO: For Underground Pipeline & Hydrants Page 19 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED A 15 foot wide strip of land that runs from the True Point of Beginning as described below to ther terminus of the description, the centerline of which is described as follows: Beginning at a point on a dividing line between Lands of Hunt, as described on Exhibit A to the Certificate of Compliance recorded August 23, 1995 at Book N970, page 2043, at seq., of the Official Records of Santa Clara County, California, and lands of Halvorson as described on Exhibit B to the aforementioned Certificate of Compliance , said point bears North 88 degrees 44 minutes 00 seconds West a distance of 38.14 feet; South 15 degrees 23 minutes 25 seconds West a distance of 20.06 feet, South 41 degress 58 minutes 45 seconds West a distance of 68.20 feet, and South 35 degrees 56 minutes 05 seconds West a distance of 49.51 feet from the South-easterly corner of Parcel C, as shown on that certain Parcel Map recorded in Book 326 of Maps, at page 43, Santa Clara County Official Records, said point on a dividing line between the aforementioned lands of Hunt and Lands of Halvorson being the True Point of Beginning of this description; thence running from said True Point of Beginning on following courses and distances: South 35 degrees 56 minutes 05 seconds West a distance of 58.69 feet; thence South 46 degrees 06 minutes 30 seconds West a distance of 210.00 feet to the terminus of this description. PARCEL THREE: For Underground Pipelines & Hydrants A 15 foot wide strip of land that runs from the True Point of -Beginning as described below to the terminus of the description, the centerline of which is described as follows: Beginning at the South-easterly corner of Parcel C, as shown on that certain Parcel Map recorded in Book 326 of Maps, at page 43, Santa Clara County Official Records; thence running on following courses and distances: North 88 degrees 44 minutes 00 seconds West a distance of 38.14 feet; thence South 15 degrees 23 minutes 25 seconds West a distance of 20.06 feet; thence South 41 degrees 58 minutes 45 seconds West a distance of 68.20 feet; thence South 35 degrees 56 minutes 05 seconds West a distance of 49.51 feet; thence South 35 degrees 56 minutes 05 seconds West a distance of 58. 69 feet; thence South 46 degrees 06 minutes 30 seconds West a distance of 210.00 feet; thence South 70 degrees 42 minutes 53 seconds West a distance of 62.34 feet; and South 02 degrees 10 minutes 29 seconds West a distance of 29.95 feet to the True Point of Beginning of this description; thence running from said True Point of Beginning on following courses and distances: North 41 degrees 36 minutes 15 seconds West a distance of 58.00 feet; thence North 64 degrees 55 minutes 15 seconds West a distance of 52.58 feet; thence North 55 degrees 48 minutes 00 seconds West a distance of 57.30 feet; thence North 4E degrees 31 minutes 15 seconds West a distance of 77.10 feet; thence North 34 degrees 07 minutes 15 seconds West a distance of 55.27 feet; thence North 46 degrees 58 minutes 00 seconds West a distance of 65.03 feet; thence North 38 degrees 56 minutes 20 seconds West a distance of 61. 60 feet; thence South 13 degrees 42 minutes 55 seconds West a distance of 29.15 feet; thence Page 20 of 27 Pages ORT 3157-E I OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED I South 00 degrees 31 minutes 50 seconds West a distance of 105.30 feet; thence South 15 degrees 22 minutes 10. seconds East a distance of 62.45 feet; thence South 03 degrees 28 minutes 05 seconds West a distance of 54.80 feet; thence South 02 degrees 13 minutes 45 seconds West a distance of 100.76 feet; thence South 02 degrees 14 minutes 50 seconds East a distance of 100.43 feet; thence South 13 degrees 56 minutes 45 seconds East a distance of 94.07 feet; thence South 00 degrees 24 minutes 35 seconds East a distance of 219.37 feet; thence South 59 degrees 56 minutes 30 seconds West a distance of 43.30 feet; thence South 88 degrees 49 minutes 15 seconds West a distance of 39.20 feet; thence North 79 degrees 18 minutes 55 seconds West a distance of 124.79 feet; thence South 78 degrees 09 minutes 00 seconds West a distance of 95.50 feet; thence South 78 degrees 30 minutes 30 seconds West a distance of 90.70 feet; thence South 55 degrees 35 minutes 45 seconds West a distance of 136. 65 feet; thence South 41 degrees 10 minutes 50 seconds West a distance of 49.90 feet; thence South 27 degrees 59 minutes 55 seconds West a distance of 46.80 feet; thence South 26 degrees 29 minutes 40 seconds West a distance of 57.85 feet; thence South 07 degrees 19 minutes 25 seconds West a distance of 47.44 feet; thence South 29 degrees 53 minutes 55 seconds West a distance of 28.55 feet; thence South 72 degrees 51 minutes 10 seconds West a distance of 27.20 feet; thence North 76 degrees 21 minutes 15 seconds West a distance of 40.25 feet; thence South 89 degrees 57 minutes 55 seconds West a distance of 66.10 feet; thence North 79 degrees 12 minutes 30 seconds West a distance of 83.10 feet; thence South 57 degrees 01 minutes 55 seconds West a distance of 70.00 feet; thence South 44 degrees 54 minutes 50 seconds West a distance of 127. 63 feet to a point on the Northerly line of Parcel 3 as shown on that certain Parcel Map recorded in Book 465 of Maps at page 41, Santa Clara County Official Records and the Southerly line of lands of Hunt, said point bears South 88 degree 57 minutes 00 seconds East a distance of 207.25 feet from the Northwesterly corner of Parcel 3, as shown on that certain Parcel Map recorded in Book 465 of maps at page 41, Santa Clara County Official Records and the terminus of this description. PARCEL FOUR: Construction & Maintenance of a Water Storage Tank Beginning at the South-easterly corner of Parcel C, as shown on that certain Parcel Map recorded in Book 326 of Maps at page 43, Santa Clara County Official Records; thence running on following courses and distances: North 88 degrees 44 minutes 00 seconds West a distance of 38.14 feet; thence South 15 degrees 23 minutes 25 seconds West a distance of 20.06 feet; thence South 41 degrees 58 minutes 45 seconds West a distance of 68.20 feet; thence South 35 degrees 56 minutes 05 seconds West a distance of 49.51 feet; thence South 35 degrees 56 minutes 05 seconds West a distance of 58.69 feet; feet, and South 46 degrees 06 minutes 30 seconds West a distance of 210.00 feet to the True Point of Beginning of this discription; thence as follows: South 39 degrees 24 minutes 28 seconds East a distance of 33.22 feet; thence South 13 degrees 34 minutes 48 seconds West a distance of 27.18 feet; thence South 66 degrees 37 minutes 49 seconds West a distance of 47.16 feet; thence North 57 degrees 09 minutes 04 seconds West a distance of 37.37 feet; thence Page 21 of 2 7 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED North 02 degrees 10 minutes 29 seconds East a distance of 29.95 feet; thence North 70 degrees 42 minutes 53 seconds East a distance of 62.34 feet to the True Point of Beginning of this description. (Parcel One) 17. An easement affecting that portion of said land and for the purposes stated herein and incidental purposes as provided in the following instrument: Granted to Paul Joseph Normandin and Lisa Johnson Normandi For Trail Easement Recorded April 13th, 1998 in Official Records, under Recorder's Serial Number 14134480 Affects A 10 foot wide strip of land that runs from the True Point of Beginning as described below to the terminus of the description, the centerline of which is described as follows: Beginning at a Point which bears South 36 Degrees 57 Minutes 30 Seconds West a distance of 304.25 feet to the center of Section 8 T9S. R1W, M.D.M; thence South 74 Degrees 12 Minutes 00 Seconds West a distance of 6.00 feet to the True Point of Beginning of this description; thence as follows: South 24 degrees 17 minutes 31 seconds East a distance of 26.29 feet; thence South 18 degrees 56 minutes 50 seconds West a distance of 44.03 feet; thence South 03 degrees 32 minutes 11 seconds East a distance of 36.77 feet; thence South 27 degrees 29 minutes 30 seconds East a distance of 39.97 feet; thence South 13 degrees 29 minutes 02 seconds West a distance of 40.03 feet; thence South 39 degrees 52 minutes 25 seconds West a distance of 58.80 feet; thence South 25 degrees 27 minutes 01 seconds West a distance of 43.65 feet; thence South 15 degrees 45 minutes 03 seconds West a distance of 27.12 feet; thence running in generally Easterly direction along an existing trial lying North of A.P.N. 544-35-008 as follows: North 58 degrees 49 minutes 44 seconds East a distance of 41.42 feet; thence North 70 degrees 46 minutes 07 seconds East a distance of 94. 94 feet; thence North 79 degrees 05 minutes 32 seconds East a distance of 45.92 feet; thence running North 84 degrees 14 minutes East a distance of 77 feet more or less, to a point on the Easterly line of South West quarter of Section 8, T89S, R1W. , M.D.B.&M. , said point being also distant 5 feet North from the North-easterly corner of said A.P.N. 544-35-008, and the terminus of this description. NOTE: A portion of said trail Easement appears to lie outside the bounds of the subject property i Page 22 of 27 Pages ORT 3157-E i OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED 18. Terms and provisions as contained in an instrument Entitled Grant Deed Recorded April 13th, 1998 in Official Records under Recorder's 5erial,Number 14134480 Which, among other things, provides: Reference is hereby made to the record for further particulars. 19. Terms and provisions as contained in an instrument Entitled Grant Deed Recorded July 24th, 1998 in Official Records under Recorder's Serial Number 14301707 Which, among other things, provides: Information regarding utility installation. 20. Terms and provisions as contained in an instrument Entitled Grant Deed Recorded July 24th, 1998 in Official Records under Recorder's Serial Number 14301708 Which, among other things, provides: Reference to the record. 21. An easement affecting that portion of said land and for the purposes stated herein and incidental purposes as provided in the following instrument: Reserved by: David halvorson and Chris Halvorson, husband and wife For Access purposes Recorded July 24th, 1998 in Official Records, under Recorder's Serial Number 14301708 Affects As follows: Commencing at the most Northerly corner of Parcel C, as shown on that certain Parcel Map recorded in Book 326 of Maps, at page 43, Santa Clara County Records; thence South 05' 58' 03" West a distance of 42.00 feet to the True Point of Beginning of this description; thence South 43' 19' 27" West a distance of 12.02 feet; thence North 06' 47' 19" West a distance of 11.00 feet to the beginning of a 42.00 foot non-tangent curve, concave to the North, a radial to said beginning bears South 19* 31' 48" West; thence Easterly, along said curve, through a central angle of 13' 23' 33" an arc distance of 9.82 feet to the True Point of Beginning of this description. (Parcel Two) Page 23 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED 22. Any charges or assessment against said land, assessed by the Brush and Old Well Mutual Water Company Disclosed by: Resolution of the Board of Directors of Brush and Old Well Mutual Water Company Recorded November 23, 1998, under Recorder's Series No. 14517612, Official Records 23. An easement affecting that portion of said land and for the purposes stated herein and incidental purposes as provided in the following instrument: Granted to Kurt B. Anslinger and Judy H. Anslinger, husband and wife, as joint tenants For The non -exclusive right to use the surface of Parcel and to remove or trim the plant life Recorded April 9th, 1999 in Official Records, under Recorder's Serial Number 14744056 Affects As follows: Beginning at the Southwesterly corner of Parcel B, as shown on that certain Parcel Map recorded in Book 326 of Maps, at page 43, Official Records of Santa Clara County, California; thence North 88 degrees 44 minutes 00 seconds West a distance of 20.00 feet; thence South 43 degrees 49 minutes 48 seconds East a distance of 28.32 feet; thence South 02 degrees 47 minutes 22 seconds East a distance of 108.09 feet; thence North 43 degrees 35 minutes 47 seconds East a distance of 172.89 feet; thence North 88 degrees 44 minutes 00 seconds West a distance of 125.00 feet; to the point of beginning of this description. (Parcel One) 24. Terms and provisions as contained in an instrument Entitled Grant Deed Recorded June 23rd, 1999 in Official Records under Recorder's Serial Number 14867952 Which, among other things, provides: Reference is hereby made to the. record of particulars. 25. Any unrecorded and subsisting leases. 26. Any facts, rights, interests or claims which are not shown by the public records, but which could be ascertained by making inquiry of the lessors in the lease or leases described or referred to herein. 27. The terms, covenants and conditions of the lease or leases described or referred to herein and the effect of any failure to comply therewith. Page 24 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED 28. Any liens or charges for upkeep and maintenance as provided in the instrument(s) creating the easement(s) described or referenced to in Schedule A. 29. Any terms or provisions contained in the instrument(s) creating the easement(s) described or referred to in Schedule A which limit the use thereof, anything contained in the policy or endorsements thereto to the contrary notwithstanding. 30. Any facts, rights, interest or claims which an accurate survey would show of the easement(s) described or referred to in Schedule A, anything contained in the policy or endorsements thereto to the contrary notwithstanding. 31. Facts which would be disclosed by an accurate survey of the premises herein described. Any use of the land for the purposes stated in the easements referred to above by persons NOT granted such use in said easements. 32. The lack of a right of access recorded in insurable form to and from said land to a Brush Road. However, the affirmative coverage set forth in paragraph 3 or 4 of the insuring provisions is given due to existing "physical" or "actual" access as of the date hereof across Brush Road. 33. The requirement that a Certification of Trustee be furnished in accordance with Probate Code Section 18100.5 34. The requirement that this Company be provided with an opportunity to inspect the land (the Company reserves the right to make additional exceptions and/or requirements upon completion of its inspection) . 35. NOTE: Parcel SEVEN herein described is only being included so as to avoid the Company being the cause of excluding it from deeds or encumbrances, but NO INSURANCE is to be provided as to said parcel. Anything to the contrary in the policy or endorsements thereto notwithstanding, said parcel is NOT INSURED even though it may be included as part of the description of the land described or referred to in the policy. i The Company requires that the insured(s) acknowledge in writing that they understand this. Should a request, however, be made for insurance in this regard, it must be referred to the Title Department for an appropriate response. Page 25 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED 36. NOTE: Parcel EIGHT herein described is only being included so as to avoid the Company being the cause of excluding it from deeds or encumbrances, but NO INSURANCE is to be provided as to said parcel. Anything to the contrary in the policy or endorsements thereto notwithstanding, said parcel is NOT INSURED even though it may be included as part of the description of the land described or referred to in the policy. The Company requires that the insured(s) acknowledge in writing that they understand this. Should a request, however, be made for insurance in this regard, it must be referred to the Title Department for an appropriate response. 37. NOTE: Parcel TWENTY-FOUR herein described is only being included so as to avoid the Company being the cause of excluding it from deeds or encumbrances, but NO INSURANCE is to be provided as to said parcel. Anything to the contrary in the policy or endorsements thereto notwithstanding, said parcel is NOT INSURED even though it may be included as part of the description of the land described or referred to in the policy. The Company requires that the insured(s) acknowledge in writing that they understand this. Should a request, however, be made for insurance in this regard, it must be referred to the Title Department for an appropriate response. 38. NOTE: Parcel TWENTY-FIVE herein described is only being included so as to avoid the Company being the cause of excluding it from deeds or encumbrances, but NO INSURANCE is to be provided as to said parcel. Anything to the contrary in the policy or endorsements thereto notwithstanding, said parcel is NOT INSURED even though it may be included as part of the description of the land described or referred to in the policy. The Company requires that the insured(s) acknowledge in writing that they understand this. Should a request, however, be made for insurance in this regard, it must be referred to the Title Department for an appropriate response. Page 26 of 27 Pages ORT 3157-E OLD REPUBLIC TITLE COMPANY ORDER NO. 536481-NM THIRD AMENDED -------------------- Informational Notes -------------------- 1. The last recorded instrument(s) conveying record title to the premises is/are: A deed executed by Sven Bernt Johnson, as sole Trustee by instrument recorded October 3, 1990 Book L498 page 0641, Official Records, of the Selma E. Johnson and Sven Bernt Johnson Trust as established under the will and codicil of Sven F. Johnson deceased, setforth in the decreeof distribution made on February 20, 1981 in the Superior Court of Santa Clara County, Probate No. 223487 recorded on March 12, 1981 in Book F956 of Official Records, page 524 to P. Michael Hunt, a married man, recorded August 2nd, 1991 in Book L810 of Official Records, Page 1038 A deed executed by P. Michael Hunt, a married man to P. Michael Hunt and Sherry L. Hunt, as Co-Trustees of the Hunt Living Trust dated 2-14-96, recorded August 6th, 1996 in Official Records, under Recorder's Serial Number 13398940 The last conveyance affecting said land recorded within the last two years, prior to the date of this Report are: NONE 2. County recorder will charge an additional $ 10.00 "Monument User Fee" to record a Grant Deed using the legal description in this report. 3. The applicable rate(s) for the policy(s) being offered by this report or commitment appears to be section(s) 3.1. 4. Short Term Rate ("STR") does not apply. Page 27 of 27 Pages ORT 3157-E CALIFORNIA LAND TITLE ASSOCIATION HOMEOWNER'S POLICY OF TITLE INSURANCE•1998 EXCLUSIONS In addition to the Exceptions in Schedule 8,You are not insured against loss,costs,attorneys'fees,and expenses resulting from: 1. Governmental police power, and the existence or violation of any law or government regulation. This includes ordinances, laws and regulations concerning: a. building b. zoning C. Land use d. improvements on the Land e. Land division f. environmental protection This Exclusion does not apply to violations or the enforcement of these matters If notice of the violation or enforcement appears in the Public Records at the Policy Date. This Exclusion does not limit the coverage described in Covered Risk 14, 15, 16, 17 or 24. 2. The failure of Your existing structures, or any part of them, to be constructed in accordance with applicable building codes. This Exclusion does not apply to violations of building codes if notice of the violation appears in the Public Records at the Policy Date. 3. The right to take the Land by condemning it,unless: a. a notice of exercising the right appears in the Public Records at the Policy Date;or b. the taking happened before the Policy Date and is binding on You if You bought the Land without Knowing of the taking. 4. Risks: a. that are created,allowed,or agreed to by You,whether or not they appear in the Public Records; b. that are Known to You at the Policy Date, but not to Us,unless they appear in the Public Records at the Policy Date; C. that result in no loss to You;or d. that first occur after the Policy Date-this does not limit the coverage described in Covered Risk 7,8.d, 22,23,24 or 25. 5. Failure to pay value for Your Title. 6. Lack of a right: a. to any Land outside the area specifically described and referred to in paragraph 3 of Schedule A; and b. in streets,alleys,or waterways that touch the Land. This Exclusion does not limit the coverage described In Covered Risk 11 or 18. CALIFORNIA LAND TITLE ASSOCIATION STANDARD COVERAGE POLICY—1990 EXCLUSIONS The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building or zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating (I) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (M)a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations,except to the extent that a notice of the enforcement thereof or a notice of a defect,lien,or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.- (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recurcled in the public records at Dale of Policy, but not,excluding fi-C'm coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects,liens,encumbrances,adverse claims or other matters: (a) whether or not recorded in the public records at Date of Policy,but created,suffered,assumed or agreed to by the insured claimant; (b) not known to the Company,not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy;or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the insured mortgage or for the estate or interest insured by this policy. 4. Unenforceability of the lien of the insured mortgage because of the inability or failure of the insured at Date of Policy,or the inability or failure of any subsequent owner of the indebtedness,to comply with the applicable doing business laws of the state in which the land Is situated. S. Invalidity or unenforceability of the lien of the insured mortgage, or claim thereof, which arises out of the transaction evidenced by the insured mortgage and is based upon usury or any consumer credit protection or truth in lending law. 6. Any claim,which arises out of the transaction vesting in the insured the estate of interest insured by this policy or the transaction creating the interest of the insured lender,by reason of the operation of federal bankruptcy,state insolvency or similar creditors'rights laws. EXCEPTIONS In addition to the Exclusions,you are not insured against loss,costs,attorney's fees,and expenses resulting from: 1. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by a public agency which may result in taxes or assessments,or notices of such proceedings,whether or not shown by the records of such agency or by the public records. 2. Any facts,rights,interests or claims which are not shown by the public records but which could be ascertained by an inspection of the land or which may be asserted by persons in possession thereof. 3. Easements,liens or encumbrances,or claims thereof,which are not shown by the public records. 4. Discrepancies,conflict in boundary lines,shortage in area,encroachments,or any other facts which a correct survey would disclose,and which are not shown by the public records. S. (a)Unpatented mining claims; (b)reservations or exceptions in patents or in Acts authorizing the issuance thereof;(c)water rights,claims or title to water,whether or not the matters expected under(a),(b)or(c)are shown by the public records. AMERICAN LAND TITLE ASSOCIATION OWNER'S POLICY(1992) SCHEDULE OF EXCLUSIONS FROM COVERAGE 1. (a)Any law,ordinance or governmental regulation(including but not limited to building and zoning laws,ordinances,or regulations)restricting, regulating,prohibiting or relating to(i)the occupancy,use,or enjoyment of the land;(it)the character,dimensions or location of any improvement now or hereafter erected on the land;(III)a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part;or(iv)environmental protection,or the effect of any violation of these laws,ordinances or governmental regulations,except to the extent that a notice of the enforcement thereof or a notice of a defect,lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b)Any governmental police power not excluded by(a)above,except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy,but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects,liens,encumbrances,adverse claims,or other matters(a)created,suffered,assumed or agreed to by the insured claimant;(b)not known to the Company,not shown by the public records but known to the insured claimant either at Date of Policy or at the date such claimant acquired an estate or interest insured by this policy and not disclosed in writing by the insured claimant to the Company prior to the date such insured claimant became an insured hereunder; (c)resulting in no loss or damage to the insured claimant; (d)attaching or creating subsequent to Date of Policy;or(e)resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim,which arises out of the transaction vesting in the insured the estate or interest insured by this policy,by reason of the operation of federal bankruptcy,state insolvency,or similar creditor's rights laws. AMERICAN LAND TITLE ASSOCIATION RESIDENTIAL TITLE INSURANCE POLICY(1987) EXCLUSIONS In addition to the exceptions in Schedule B,you are not insured against loss,costs,attorney's fees and expenses resulting from: 1. Governmental police power,and the existence or violation of any law or governmental regulation. This includes building and zoning ordinances and also laws and regulations concerning: land use improvements on the land land division environmental protection This exclusion does not apply to violations or the enforcement of these matters which appear in the public records at Policy Date. This exclusions does not limit the zoning coverage described in Items 12 and 13 of Covered Tide Risk 2. The right to take the land by condemning it,unless: I 3. Tide Risks: that are created,allowed,or agreed to by you that are known to you,but not to us,on the Policy Date—unless they appear in the Public Records. That result in no loss to you That first affect you tide after the Policy Date—this odes not limit the labor and material lien coverage in Item 8 of Covered Tide Risks. 4. Failure to pay value for your tide. 5. Lack of a right: to any land outside the area specifically described and referred to Item 2 of Schedule A or in street,alleys,or waterways that touch your land. This exclusion does not limit the access coverage in Item 5 of Covered Tide Risks. AMERICAN LAND TITLE ASSOCIATION RESIDENTIAL TITLE INSURANCE POLICY(1987)WITH REGINAL EXCEPTIONS EXCLUSIONS i In addition to the exceptions in Schedule 8,you are not insured against loss,costs,attorneys'fees and expenses resulting from: 1. Governmental police power,and the existence or violation of any law or governmental regulation. This includes building and zoning ordinances and also laws and regulation concerning: land use improvements on the land land division environmental protection This exclusion does not apply to violations or the enforcement of these matters which appear in the public records at Policy Date. This exclusion does not limit the zoning coverage described In Item 12 and 13 of Covered Tide Risks. 2. The right to take the land by condemning it,unless: a notice of exercising the right appears in the public records on the Policy Date. the taking happened prior to the Policy Date and is binding on you if you bought the land without knowing of the taking. 3. Tide Risks: that are created,allowed,or agreed to by you that are known to you,but not to us,on the Policy Date—unless they appear in the public records. that result in no loss to you that first affect your tide after the Policy Date—this does not limit the labor and material lien coverage in Item 8 of Covered Tide Risks. 4. Failure to pay value for you tide. 5. Lack of a right: to any land outside the area specifically described and referred to in Item 3 of Schedule A or in streets,alleys,or waterways that touch your land. This exclusion does not limit the access coverage in Item 5 of Covered Tide Risks. REGIONAL EXCEPTIONS In addition to the Exclusions,you are not insured against loss,costs,attorney's fees,and expenses resulting from 1. Any facts,rights,interests or claims which are not shown by the Public Records but which could be ascertained by making inquiry of parties in possession of the land. 2. Any liens or easements not shown oy the Public Records. however,this does not limit tie affirmative coverage Ir.Item 8 of Covered Mite Risks. 3. Any facts about the land not shown by the Public Records which a correct survey would disclose. However,this odes not limit the affirmative coverage in Item 12 of Covered Tide Risks. 4. (a) Any water rights or claims or tide to water in or under the land; (b)unpatented mining claims;(c)reservations or exceptions in patents or in acts authorizing the issuance thereof. MAY 7,2001 OLD REPUBLIC TITLE COMPANY Privacy Policy Notice PURPOSE OF THIS NOTICE Title V of the Gramm-leach-Bliley Act (GLBA) generally prohibits any financial institution, directly or through its affiliates, from sharing nonpublic personal information about you with a nonaffiliated third party unless the institution provides you with a notice of its privacy policies and practices, such as the type of information that it collects about you and the categories of persons or entities to whom it may be disclosed. In compliance with the GLBA, we are providing you with this document, which notifies you of the privacy policies and practices of Old Republic Title Company. We may collect nonpublic personal information about you from the following sources: Information we receive from you such as on applications or other forms. information about your transactions we secure from our files,or from [our affiliates or]others. Information we receive from a consumer reporting agency. Information that we receive from others involved in your transaction, such as the real estate agent or lender. Unless it is specifically stated otherwise in an amended Privacy Policy Notice, no additional nonpublic personal information will be collected about you. We may disclose any of the above information that we collect about our customers or former customers to our affiliates or to nonaffiliated third parties as permitted by law. We also may disclose this information about our customers or former customers to the following types of nonaffiliated companies that perform marketing services on our behalf or with whom we have joint marketing agreements. Financial service providers such as companies engaged in banking,consumer finance,securities and insurance. Non-financial companies such as envelope stuffers and other fulfillment service providers. WE DO NOT DISCLOSE ANY NONPUBLIC PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT SPECIFICALLY PERMITTED BY LAW. We restrict access to nonpublic personal information about you to those employees who need to know that information in order to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information. i CRT 287•C 5107101 O F F I C E O F C O U N T Y A S S E S S O R S A N T A C L A R A COUNTY, C A L I F 0 n N I A 544 BOOK PAGE T 9S.-RAW W. 0 W 24 ad na. Ot� 3.40A& Ln BRusH a'^+s�n .*'.� S w ' i14.94 AC. f ...............:L 7.7]K Hhll i u nAT't w 1 = 400' kf 4 A&1a AC l !oa 10 CFO, 5t3 .t1 �( 14 Aa A4 .21 4 f 3 Wa.s' 12 SANTA Muz aas at & au.N 73.80 AC. PLAN. COUNTY OF SANTA CLARA 302Y AC. i 73.70 AC.y csOM GULCtf 49 � Q v ty, "%*EWZ E.STOrfI-lSSESSpt Gd�A�nrf Ir rawwl pAw rF L ewe.Sa.3n, MOTIM This k saw*? it plat MT a movef. h r fMIA04 ~Of of a convonienae le sW rev • 6046e9 the land indicated hereon with ftfwome I la BFfoRb and other land. No 6abft i BBB/ �rBsryr of !any rofinnere h.raelry, . O F F I C E O F C O U N T Y A S S E S S O R S A N Y A C L A R A C O U N T Y, C A l l FFD.R P4hAM•26___ PORTION SEC. 8 T.9S. R.IW. F--.......... _ LEM PCL.A a.t3 AC. OR. _ S.a5 AC. NET 33 3X O I ° �-J rrur .i RO.S 328-k7•5 Isn CN.'10. .°t ••• )H.i••• -•-�iG.��q IMnI M PCL.�L..I T» 1 ' 9CL. B 4 1.03 AC.aR 21.079 AC GR. 20.79 AC.NET •P r^ TO /♦° YCL. Ii ^0 tt �ii �f" 19 NOVITIATE OF LOS GAT03181-W-20 ^ J r LOT 19 2.34 AC.NET ,+ I / t /OLD p P 70 —evxsr L. 99 a !•tj1�I PO" ION-r \ ° F° I ` i 4 � ♦+'p' dtt'� I �� i• 1 1 � ]10 AC.MET \ I .ttf 50.00 AC. sit\g I � 0 4r\ _ � of 1.65 AC- PLAN. \ - 2.92 AC. \ c PTN. I PCL. 8 \ - y°. FCL. c I I �a I2.7" CM.-1040.• ... aTt w vq V1D,V i ,�n.77 \ Bi.70 _10 P M. 326-M-43 2t177 35 1.75 AC.PLIN• `sue t7ryt�t^w�b+oKa.h>.a 177 d 14 1s5 iO n�:.t^fa Fs ones^♦�I W>nµ..ry . CO—V.For R.a^V—1999-2000 ' WREMCE E.STONE- ASSESSOR mona`; T%;, Is no"hs► a phi, n•r • mom • ;s IYrnishsd mfrraty ►s • coft�on/ana• to aid T"` locating At land indichfed horson with re""s to shoots and 9%og land. No Kab&ty M uNrnt•/ by MOSM Of any r*AaM9 hsrstht, Exhibit B Promissory Note I [FORM OF NOTE] UNITED STATES OF AMERICA STATE OF CALIFORNIA COUNTIES OF SANTA CLARA, SAN MATEO AND SANTA CRUZ MIDPENINSULA REGIONAL OPEN SPACE DISTRICT 2003 PROMISSORY NOTE No. R-1 $1,500,000 Dated: April 1, 2003 Date of Delivery: April _, 2003 The MIDPENINSULA REGIONAL OPEN SPACE DISTRICT a regional open space district located in the Counties of Santa Clara, San Mateo and Santa Cruz, State of California (the "District"), hereby acknowledges itself indebted and for value received promises to pay to the order of P. Michael Hunt and Sherry L. Hunt, as co- trustees of the Hunt Living Trust dated February 14, 1996, or registered assigns, on April 1, 2023 (subject to prior redemption as hereinafter provided), the principal sum of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000) together with interest thereon at the rate of five and one-half per cent (5-1/2%) per annum from the date of delivery hereof until April 1, 2013, or the prior redemption hereof(if redeemed prior to such date), and thereafter at the rate of five per cent (5%) per annum from such date until the maturity or the prior redemption hereof, payable on October 1, 2003, and semiannually thereafter on April I and October I of each year and on the maturity or prior redemption of this Note. All interest on this Note shall be computed on the basis of a 360-day year of twelve (12) thirty-day calendar months and shall be payable in lawful money of the United States of America by the Treasurer of the District (the "Treasurer") at the office of the District in Los Altos, California, by check mailed by such officer on each interest payment date payable to the order of the registered owners hereof, or registered assigns, except that the final payment of such interest is payable only on presentation and surrender of this Note to the Treasurer at the office of the District in Los Altos, California, at the maturity or the prior redemption hereof, and the principal of this Note is payable in like lawful money on the maturity date or prior redemption date hereof upon surrender of this Note to the Treasurer at the office of the District in Los Altos, California. This Note is the sole note of a duly authorized issue of promissory notes of the District aggregating one million five hundred thousand dollars ($1,500,000), and is authorized to be issued pursuant to the conditions and terms of a resolution adopted by the affirmative vote of at least two-thirds (2/3) of the members of the Board of Directors of the District duly and regularly passed and adopted on March 12, 2003, under and by authority of Section 5544.2 of the Public Resources Code of the State of California. The registered owners of this Note may, at their option, require the District to prepay this Note in full on any date on or after April 1, 2008, upon thirty (30) days' prior written notice delivered to the Treasurer at the office of the District in Los Altos, California, at a price of one hundred per cent (100%) of the outstanding principal amount of this Note, plus the accrued interest thereon, less a discount of nine-tenths of one per cent (9/10 of 1%) of the outstanding principal amount of this Note for each whole year remaining between the date of redemption and April 1, 2013 (and prorated for any partial year remaining in such period) if the redemption is on or prior to April 1, 2013, or with no discount if the redemption is after April 1, 2013; provided, that if at any time the interest payable on this Note is determined not to be excluded from gross income for federal income tax purposes or to be a specific preference item for purposes of federal income taxes under the Internal Revenue Code of 1986 or not to be exempt from State of California personal income taxes by any federal or state court or any ruling or regulation (final, temporary or proposed) or official statement on behalf of the United States Treasury Department, the Internal Revenue Service or other federal or state authority affecting the federal or state tax status of the District or the interest on municipal bonds or notes, the registered owners of this Note may, at their sole option, require the District to prepay this Note in full on any date upon thirty (30) days' prior written notice delivered to the Treasurer at the office of the District in Los Altos, California, at a price of one hundred per cent (100%) of the principal amount of this outstanding principal amount of this Note, plus the accrued interest thereon. This Note, together with the accrued interest thereon, shall become due and payable on any date designated by the registered owners of this Note not earlier than ten (10) days after notice thereof is given by the registered owners of this Note to the District, upon the occurrence of either of the following two events: (a) a default by the District in the payment of any interest on or principal of this Note when due which has not been cured within ten (10) days of written notice of such default by the registered owners of this Note to the District; or (b) a default in the performance by the District of any obligation or covenant of the District contained herein which has not been cured within ten(10) days of written notice of such default by the registered owners of this Note to the 'District; and in any such event, such delinquent payments shall bear interest from the date they became due until paid at the then applicable rate of interest on this Note, plus five per cent (5%) per annum. It is hereby certified, recited and declared that this Note is issued and delivered in strict conformity with the Constitution and laws of the State of California now in force and with the proceedings of the Board of Directors of the District authorizing the same, and that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance and delivery of this Note have existed, happened and been performed in regular and due time, form and manner as required by law, and that this Note, together with all indebtedness and obligations of the District, does not exceed any limit prescribed by the Constitution or statutes of the State of California, and that the interest on and principal of this Note is payable from limited ad valorem property taxes levied upon all taxable property within the District by the Board of Supervisors of Santa Clara County and by the Board of Supervisors of San Mateo County that are allocated to the District under applicable law; provided, that the repayment of this Note shall be junior and subordinate to all outstanding and subsequent notes, bonds, leases or other obligations secured by property tax revenues of the District or subsequent pledges of revenues created by the District for the purpose of financing the District's purposes or operations. IN WITNESS WHEREOF, the District has caused this Note to be signed by the President of its Board of Directors and attested by the Secretary of its Board of Directors, and has caused the seal of the District to be affixed thereto, and has caused this Note to be dated April 1, 2003. President of the Board of Directors of Midpeninsula Regional Open Space District [SEAL] Attest: Secretary of the Board of Directors of Midpeninsula Regional Open Space District [FORM OF ASSIGNMENT TO APPEAR ON NOTE] For value received the undersigned do hereby sell, assign and transfer unto the within Note and do hereby irrevocably constitute and appoint attorney to transfer the same on the note register of the District, with full power of substitution in the premises. Dated: SIGNATURE GUARANTEED BY: Note: The signatures to this Assignment must correspond with the names as written on the face of the within Note in every particular, without alteration or enlargement or any change whatsoever, and the signatures must be guaranteed by an eligible guarantor institution. Social Security Numbers, Taxpayer Identification Numbers or other identifying number of Assignees: i Exhibit C Grant Deed with Water Well Reserved Easement i WHEN RECORDED MAIL TO: Midpeninsula Regional Open Space District 330 Distel Circle Los Altos, CA 94022 Attention: M. Williams GRANT DEED DULY RECORDED WITHOUT FEE NO TRANSFER TAX DUE Pursuant to Government Code PUBLIC AGENCY ACQUIRING TITLE, WITH RESERVATION Sections 6103, 27383. CALIFORNIA REVENUE AND TAXATION CODE SECTION 11922 OF EASEMENTS BY: i For a Valuable Consideration, P. MICHAEL HUNT AND SHERRY L. HUNT AS CO-TRUSTEES of THE HUNT LIVING TRUST DATED FEBRUARY 14, 1996 Hereby GRANTS to MIDPENINSULA REGIONAL OPEN SPACE DISTRICT, a Public District formed pursuant to Article 3 of Chapter 3 of Division 5 of the California Public Resources Code Fee title to that certain real property in the unincorporated area in the County of Santa Clara, State of California which is more particularly described on Exhibit A attached hereto and made a part hereof. Attachment One and Exhibit B attached hereto are made a part hereof. A.P.N. 544-35-035 and 544-56-020 COUNTY OF On before me, Personally appeared G personally known to me-OR-G proved to me on the basis of satisfactory evidence P. Michael Hunt as Co-Trustee of the Hunt STATE OF CALIFORNIA to be the person(s)whose panels) is/are subscribed to the within Living Trust Dated February 14, 1996 instrument and acknowledged to me that he/she/they executed the sane in his/dter/their authorized capacity(ies). and that by his/her/their signature(s) on the instru rent the persor(s),or the entity uponbehalf of ecwhich the Sherry L. Hunt as Co-Trustee of the Hunt persons)acted,executed the J instrument. Living Trust Dated February 14, 1996 WITNESS my hand and ofllcial seal. fomF�Draft Do(\,FIUNTtExhib l C Grant Deed 2-26-03-RGB C Iean.dut 'ri(3?:?:1 t�\E�E E�rx NtrrrtkE�l»#>i4 F (�rrtrtt E�erf4 �F>E}'-� ec4h+nrJ ti#e�c E ATTACHMENT ONE [Grant Deed From Seller to District] Part I (DEFINITIONS AND CLAUSES OF GENERAL APPLICATION) The following terms have the meaning given here when the following terms are used in this deed: A. The "subject property" is the real property described on Exhibit A to this deed. B. The "Hunt Residence" is the real property conveyed to Grantor by the quitclaim deed (trust transfer) recorded August 6, 1996 in Book P 453, Page 0101 et seq. in the Official Records, Santa Clara County, California. C. The "Access Parcel" is the real property described on Exhibit A to the grant deed from Halvorson to Hunt recorded July 24, 1998 in the Official Records, Santa Clara County, California, as document no. 14301708. The term "Access Parcel" is not otherwise used in this Attachment One but is used in Exhbit B to this deed. D. "this deed"consists of the Grant Deed with Reservation of Easements that this attachment is made part of, this attachment, and all exhibits expressly made a part of either(or both) of the foregoing. E. References to "Grantor"are references to Grantor's successors in interest if the original Grantor no longer owns the subject property. PART 11 (RESERVATION FROM GRANT) Grantor reserves from the grant to Grantee an exclusive easement at the area described on Exhibit B to this deed as the"Well Location"to maintain, replace, improve, and remove a well, for water pipes, power lines, and related equipment and to draw water from such well. Grantor's exclusive easement shall be limited to the "Well Location" area as described on Exhibit B to this deed. Grantee shall possess all rights of the fee owner of the servient tenement as provided by law, except that the well shall be for the exclusive use of Grantor. That part of the water pipes and power lines in the area described on Exhibit B to this deed as the "Well Location"that is more than five feet from the well must be below the surface of the earth. The improvements permitted within the the area described on Exhibit B to this deed as the "Well Location"may have a height above the earth of no more that five feet, and the length and width of such improvements above the surface of the earth may not exceed eight feet for each such dimension. The well is for the exclusive use of Grantor. If Grantor wishes to drill a new well, Grantor is permitted to drill anywhere within the area described on Exhibit B to this deed as the "Well Location." Grantee may not drill a well or otherwise draw water from the earth within 220 feet of Grantor's well. Grantor further reserves from the grant to Grantee a fifteen-foot wide non- exclusive easement at the area described on Exhibit B to this deed as the"Water Pipe and Power Line Location"to maintain,replace, improve, improve, and remove water pipes and power lines to and from the well. The water pipes and power lines in the area described on Exhibit B to this deed as the"Water Pipe and Power Line Location"must be below the surface of the earth. Grantor further reserves from the grant to Grantee a non-exclusive right of ingress and egress at the area described on Exhibit B to this deed as the "Ingress and Egress Location"for the purpose of maintaining, replacing, improving, and removing a well or water pipes or power lines or related equipment (or any combination thereof). Grantor may enter the subject property personally or through agents or independent contractors. The reservations from the grant set forth in this deed run with the land and are for the benefit of, and are appurtenant to, the Hunt Residence. Exhibit A [GRANT DEED FROM SELLER TO DISTRICT] [LEGAL DESCRIPTION OF SUBJECT PROPERTY] All that certain real property situate in the unincorporated area of Santa Clara County, California, described as follows" PARCEL ONE: The North half of the Southwest quarter of Section 8, Township 9 South, Range 1 West, Mount Diablo Base and Meridian, according to the united States Government Survey therof. EXCEPTING THEREFROM the following described parcels of land: A: Beginning at a 3/4" iron pipe found at the South East corner of Parcel C, as shown on that certain Parcel Map recorded on July 17, 1973 in Book 326 of Maps at page 43, Santa Clara County Recorded; Thence North 88 Degrees 44 Minutes 00 Seconds West a distance of 20.07 feet to the true Point of Beginning of this Exception; thence South 43 Degrees 49 Minutes 48 Seconds East a distance of 28.33 feet thence South 02 Degrees 47 Minutes 22 Seconds East a distance of 108.09 feet; thence North 82 Degrees 36 Minutes 00 Seconds West a distance of 120.00 feet; thence North 50 Degrees 47 Minutes 39 Seconds West a distance of 87.83 feet; thence North 23 Degrees 23 Minutes 22 Seconds West a distance of 67.12 feet; thence South 88 Degrees 44 Minutes 00 Seconds East a distance of 188.87 feet; to the True Point of Beginning of this Exception. B: Beginning at the Southeasterly corner of Parcel A, as shown on the certain Parcel Map recored July 17th 1973 in book 326 of Maps at page 43, Santa Calra County Records; thence along the South line of that certain 1.53 acre tract of land as described in the Deed recorded in Book K 444 page 200, official records of Santa Clara County, South 89 Degrees 44 Minutes 00 Seconds East a distance of 291.33 feet; thence South 10 Degrees 21 Minutes 00 Seconds West a distance of 250.25 feet; thence South 74 Degrees 12 Minutes 00 Seconds West a distance of 265.40 feet; thence North 01 Degrees 36 Minutes 00 Seconds East a distance of 325.00 feet to the point of begining of Parcel 3 as described in Certifacace of Compliance recorded October 21, 1997, under Recorder's Series No. 13904080, Official Records. C: Beginning at the Southeast corner of the Northeast quarter of the Southwest quarter of Section 8, Township 9 South, Range 1 West, M.D.B.&M., thence West 256 feet; thence North 6' 45' West a disance of 700 feet; thence North 58' 20' East, a distance 101 feet; thence North 1' 10' East a distance of 188 feet; thence North 77' 30' East a distance of 254 feet; thence South a distance of 993 feet to the point of beginning. (544-35-35) TOGETHER WITH the following Parcel: Beginning at a 3/4°" iron pipe found in Ltie can''er line of Gui-de-3ac of old Weli Road said point also being the most Northerly corner of Parcel C, as shown on that certain parcel Map recorded on July 17, 1973 in Book 326 of Maps at page 43, Santa Clara County Records. Thence South 05 Degrees 58 Minutes 03 Seconds West a distance of 42.00 feet; :hence South 43 Degrees 19 Minutes 27 Seconds West a distance of 53.23 feet; thence South 53 Degrees 03 Minutes 39 Seconds West a distance of 102.88 feet; thence South 57 Degrees 22 Minutes 48 Seconds West a distance of 139.52 feet; thence South 13 Degrees 30 Minutes 46 Seconds West a distance of 192.14 feet; thence South 17 Degrees 35 Minutes 58 Seconds East a distance of 84.31 feet; thence North 88 Degrees 44 Minutes 00 Seconds West a distance of 75.00 feet' to a found 3/4" ircn pipe; thence North 13 Degrees 30 Minutes 46 Seconds East a distance of 291.14 feet to a found 3/4" iron pipe; thence North 53 Degrees 09 Minutes 56 seconds East a distance of 333.58 feet to the Point of Beginning of this portion of land described herein, as described on the Certificate recorded August 23, 1995 in Boole N970, Official Records, Page 2043. Sent By: Richard G. Burt, Esq. ; 408 286 7342;, Feb•27 5:42PM; Page 2 Floc®ive,a. 2127103 4.35PM; 408 8497 8281 -r Richard O. E ESQ.; Pago d Feb 2? 03 05: 52p Westfall Engineers. Inc. 408-867-6261 p. 2 EXHIBIT B (GRANT DEED FROM SELLER TO DISTRICT) WELL LOCATION The Well Location" consists of all that certain real property situate in the unincorporated area of Santa Clara County. California, described as follows: Beginning at the south west corner of Parcel C, as shown on that certain Parcel Map recorded in Book 326 of Maps at page 43, Santa Clara County Records; thence along the southerly boundary of Parcel C South 88 Degrees 44 Minutes 00 Seconds East a distance of 45.00 feet; thence South 20 Degrees 26 Minutes 50 Seconds East a distance of 121.63 feet, thence South 51 Degrees 51 Minutes 48 Seconds East a distance of 50.00 feet to the True Point of Beginning; The area referred to in this deed as the "Well Location" is a circle whose center is the True Point of Beginning and whose diameter is 50.00 feet. WATER PIPE AND POWER LINE LOCATION The"Water Pipe and Power Line Location" consists of all that certain real property situate in the unincorporated area of Santa Clara County, California, described as follows: A fifteen-foot wide strip of land, the centerline of which begins at the center of the circle identified above on this exhibit as the Well Location," thence North 60 Degrees 02 Minutes 54 Seconds East a distance of 38.59 feet; thence South 82 Degrees 09 Minutes 05 Seconds East a distance of 130.86 fee!; thence North 29 Degrees 52 Minutes 38 Seconds East a distance of 100.24 feet, thence North 81 Degrees 53 Minutes 04 Seconds East a distance of 141.09 feet; thence South 9 the n uth $$ Degrees 44 Mi nutes 00 Seconds East a distance of 217.00 feet to the f h' description, said point bears South 01 Degrees 16 Minutes 00 Seconds terminus o this P A P West a distance of 27.00 feet from the south east corner of Parcel A as shown on said Parcel Map recorded in Book 326 of Maps, page 43, Santa Clara County Records. q AN No.4963 Expires 12/31/05 1 Se6t By: ,Pi".arc,! G, Burt, Esq, ; 408 286 7342; Feb-27 5:43PM; Page 3/ A*oolvoJ; 2127/03 4:35PM; 40e 9$37 62,31 -- R1,,-Pa,c9 Q. FOCI. Pago 3 Feb 27 03 05:53p Uestrall Engineers. Inc. 408-8G7-626I P. 3 A4 INGRESS AND EGRESS LOCATION The"Ingress and Egress Location"consists of the areas referred to in this deed as the "Well Location" and the"Water Pipe and Power Line Location" TOGETHER WITH all that certain real property situate in the unincorporated area of Santa Clara County, California, described as follows: A fifteen-foot wide strip of land lying within and adjacent southeasterly to the northwesterly boundary or the Access Parcel (as that term is defined in Attachment One to this deed)and running from the center of the cul-de-sac of Old Well Road to the end of the Access Parcel at the south line of Parcel C as shown on that certain Parcel Map recorded in Book 326 of Maps at page 43, Santa Clara County Records, being more particularly described as follows.. Beginning at the center of the cul-de-sac of Old Well Road, said point being the most northerly comer of Parcel C, as shown on that certain Parcel Map recorded in Book 326 of Maps at page 43, Santa Clara County Records, thence along the northwesterly line of said Access Parcel South 53 Degrees 17 Minutes 40 Seconds West a distance of 336.00 feet; thence South 13 Degrees 20 Minutes 10 Seconds West a distance of 230.00 feet: thence leaving westerly line of said Parcel C and running South 20 Degrees 26 Minutes 50 Seconds East a distance of 62.65 feet to a point on the southerly line of said Parcel C, said point bears South 88 Degrees 44 Minutes East a distance of 35.62 feet from the south-west corner of said Parcel C. TOGETHER VV!TH a fifteen-foot wide strip of land, the centerline of which is described as follows: Beginning at the south west corner of Parcel C, as shown on that certain Parcel Map recorded in Book 326 of Maps at page 43, Santa Clara County Records; thence along southerly line of said Parcel C South 88 Degrees 44 Minutes 00 Seconds East a distance of 45.00 feet to the True Point of Beginning of this description; thence South 20 Degrees 26 Minutes 50 Seconds East a distance of 121.63 feet; thence South 51 Degrees 51 Minutes 48 Seconds East a distance of 50.00 feet to the center of existing water well. No,4953 Expires 1213IM5 1_5P Page 2 of Exhibit 8 to Grant Deed Sort By: Richard G. Burt, Esq. ; n09 29B 73421:• Feb-27 5:43PM; Page 4/4 meceiveo: 2127103 4:a5 W; .^9 e57 @391 -> F1^_na^d G , Fea. ; Pale a Feb 27 03 05: 53p Westfall EnFgineers. Inc. 408-867-6261 p. 4 fLA r To ACCG MP.9NY �� LEGAL DESCR/�T/ON e /�y�L r0 3SG2 DOC: /4130/70A Off"rc%.rL .PECO,Pps i Tcre /0 8 �( BuRK� 5" —.Ste —49 21 - 39.57�? H6�aB�rE ¢9rG � /v Z 9'S2 ANS L/lV(9lC R S44 - S6 -oa7 OL D o Lp,NO SL Roll v t a JAC rf.0v � 3' HUNT No. 4953 Expires 12131M5 27 T ioo L'pnILUN 23 I ti Exhibit D The Brush Road Corporation Hunt Parcel Agreement EXHIVIT D BRUSH ROAD CORPORATION HUNT PARCEL AGREEMENT This agreement is entered into by P. Michael Hunt and Sheryl L. Hunt as Co-Trustees of the Hunt Living Trust dated February 14, 1996 (hereafter referred to as"Owner")who owns the land formerly known as the Johnson Property now described as Santa Clara County Assessor's Parcel Numbers 544-35-035 and 544-56-020 (referred to as"Owner's Land"), and by Brush Road Corporation,a California mutual benefit non-profit corporation, which has superceded and been assigned all rights and obligations of the Brush Road Association as set forth in that certain"Brush Road Association Agreement and Right of Way Easement"document recorded May 18, 1988 in Book K539 Page 317 Official Records of Santa Clara County. A copy of the assignment thereto is attached herein as Exhibit A. The parties agree as follows: A. Owner is a member of Brush Road Corporation. B. Owner's Land abuts or accesses Brush Road so as to entitle Owner to membership in the Brush Road Corporation,with all rights and obligations thereof. C. Owner's membership in Brush Road Corporation is appurtenant to Owner's Land and such membership may be conveyed by Owner,upon transfer of title to Owner's Land,to Owner's transferee of title.Owner approves of and agrees to the by-laws of Brush Road Corporation,as they may be duly amended from time to time. The benefits and burdens of the by-laws of Brush Road Corporation shall inure to the benefit of and shall run with Owner's Land. In witness whereof, the parties have signed and delivered this agreement as of November. , 2002. BRUSH ROAD CORPORATION OWNER By: President P. MIC14AEL HUNT and SHERRY L. HUNT,as Co-Trustee of the Hunt Living Trust dated 2-14-96 By: Treasurer SHERRY L. HUNT,as Co-Trustee of the Hunt Living Trust dated 2-14-96 COUNTY OF On before me, Personally appeared Clpersonally known to me-OR- Cproved to me on the basis of satisfactory evidence STATE OF CALIFORNIA to be the person(s)whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s),or the entity upon behalf of which the person(s)acted,executed the instrument. WITNESS my hand and official seal. COUNTY OF On before me, Personally appeared ❑personally known to me-OR- Cproved to me on the basis of satisfactory evidence STATE OF CALIFORNIA to be the person(s)whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s),or the entity upon behalf of which the person(s)acted,executed the instrument. WITNESS my hand and otTlcial seal. COUNTY OF On before me, Personally appeared D personally known to me-OR- 4roved to me on the basis of satisfactory evidence STATE OF CALIFORNIA to be the person(s)whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s),or the entity upon behalf of which the person(s)acted,executed the instrument. WITNESS my hand and official seal. COUNTY OF On before me, Personally appeared ❑personally known to me-OR- Cproved to me on the basis of satisfactory evidence STATE OF CALIFORNIA to be the person(s)whose names) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signatures) on the instrument the person(s),or the entity upon behalf of which the person(s)acted,executed the instrument. WITNESS my hand and official seal. Exhibit E Irrevocable Permit r 1 EXHIBIT E BEAR CREEK REDWOODS OPEN SPACE PRESERVE FORMER HUNT PROPERTY HUNT IRREVOCABLE PERMIT "Valley Overlook Area" The goal of this permit system is to provide P. Michael Hunt, Sherry L. Hunt and their immediate family,whose members are identified below("the Permittees"),to have a limited,controlled and accountable method for pedestrian and vehicle access to the former Hunt property"valley overlook area"of Bear Creek Redwoods Open Space Preserve following acquisition by the Midpeninsula Regional Open Space District. This is an Irrevocable Permit effective during the life of P. Michael Hunt and Sherry L.Hunt whichever is the later to die. The geographic area covered by this Permit is the dirt road and lookout area located on the former Hunt property within the Bear Creek Redwoods Open Space Preserve, as depicted on the attached map labeled"Exhibit I",which area shall be called the"Valley Overlook Area". Use of one four-wheel drive vehicle is permitted only during the lifetime of P. Michael Hunt. Bicycle use and dog access are specifically prohibited under this permit. Permit Holders P. Michael Hunt and Sherry L. Hunt Address: Phone: Day: ( ) Residence: ( ) Fax: ( Z Family Members: Name: Name: Address: Address: Phone: Day: ( ) Phone: Day: ( ) Residence: ) Residence:S ) Fax:- ) Fax: ( ) Name: Name: Address: Address: Phone: Day: ) Phone: Day: ( ) Residence: ) Residence: (, ) Fax: ( ) Fax: ( ) The District shall not be held responsible for any accident,illness, fire,or theft. Use of all trails and roads will be at Permit Holder's risk. Hunt"Valley Overlook Area"Rules Obey all District Ordinances attached as Exhibit li,as now in effect or as modified by District from time to time. (This Permit shall fall under the provisions of Section 200.4 of said Ordinances.) One four-wheel drive vehicle is allowed on the designated road at any one time. Vehicle use shall be prohibited after P.Michael Hunt is deceased. No dogs are allowed on trails,roads or preserve areas,as it is a wildlife sanctuary and their scent disturbs wildlife. For fire safety,smoking is prohibited. Drive safely and do not exceed speed limit of 10 mph at any time. Notify District Field Staff at(650)691-2165 immediately of any unsafe condition or practice. For emergencies dial 911. For your safety and to prevent trail damage,trails and roads may be temporarily closed by the District due to trail or road conditions. I/we will not go into the Preserve or ride on trails before sunrise or one-half hour after sunset. RELEASE AND WAIVER OF LIABILITY I/we further acknowledge that pedestrian and four-wheel drive related activities contain inherent risks of injury and damage to me personally and to my equipment. Knowing these facts,I/we freely assume all risks of being permitted four-wheel drive and pedestrian use on the Bear Creek Redwoods Creek Open Space Preserve as shown on the attached map and waive, release,discharge and hold harmless the Midpeninsula Regional Open Space District from any and all right,claim,or liability for damages or for any and all Injuries that might be sustained by me or from any and all claims of any kind or nature that I/we might have as a result of participation In any activity on the Preserve. I/we further agree that I/we will defend,protect, indemnity and hold harmless the Midpeninsula Regional Open Space District(including its employees,directors,officers and agents),against all claims,demands,and causes of action,including court costs and attorney's fees,directly or indirectly arising from any action or other proceedings brought by or prosecuted for my benefit contrary to this release. Attachment: Exhibit 1:Map Exhibit II:District Ordinances READ AND AGREED Date: P. Michael Hunt Date: Sherry L.Hunt Family Members: Date: Date: Date: Date: APPROVED Date: L.Craig Britton,General Manager EXHIBIT I MAP HUNT IRREVOCABLE PERMIT �r _ .- oa ,500 BEAR/CREEK RED ODDS O.S.P. (MROSD) `7► ' — / - - ieoo ,tioc �. IT .;, •�,, .ter� 1 , ''� r♦ Valley Overlook t t � i 1 1 1 I % i� 1 ♦ 1 � ♦ + f + ♦ / ♦��/ / ,�� 1 1 —'- ��'d ♦ ��.�.� /ice i �� i f MOODY GULCH (S.C. COUNTY) Ummit Roaa �I - ----- Permitted Route to and ----- Existing Unpaved aved Feet e from Hunt Residence Road 0 125 250 500 to "Valley Overlook Area" i.e.,creek as«ooar,N„rn i e.rm,,,m.,pxf EXHIBIT F Final Opinion of Bond Counsel 2003 Board of Directors Midpeninsula Regional Open Space District Los Altos, California Mr. and Mrs. P. Michael Hunt Midpeninsula Regional Open Space District 2003 Promissory Note (Final Opinion) Ladies and Gentlemen: We have acted as bond counsel in connection with the issuance by the Midpeninsula Regional Open Space District (the "District"), a regional open space district duly organized and existing under the laws of the State of California, of its Midpeninsula Regional Open Space District 2003 Promissory Note (the "Note") in the principal amount of $1,500,000 under and by authority of Article 3 of Chapter 3 of Division 5 of the Public Resources Code of the State of California, and all laws amendatory thereof or supplemental thereto (the "Law"), and Resolution No. _ (the "Resolution") adopted by two-thirds of the members of the Board of Directors of the District on —, 2003, and all capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Resolution. In such connection, we have reviewed the Resolution, the Tax Certificate of the District dated the date hereof (the "Tax Certificate"), an opinion of counsel to the District, certifications of the District and such other documents and matters to the extent we deemed necessary to render the opinions set forth herein. Certain agreements, requirements and procedures contained or referred to in the Resolution, the Tax Certificate and other relevant documents may be changed and certain actions may be taken or omitted under the circumstances and subject to the terms and conditions set forth in such documents, and no opinion is expressed herein as to the Note or the interest thereon if any such change occurs or such action is taken or omitted upon the advice or approval of counsel other than ourselves. The opinions expressed herein are based on an analysis of existing laws, regulations, rulings and court decisions and cover certain matters not directly addressed by such authorities. Such opinions may be affected by actions taken or omitted or events occurring after the date hereof, and we have not undertaken to determine, or to inform any person, whether any such actions are taken or omitted or such events do occur or any other matters come to our attention after the date hereof Our engagement with respect to the Note has concluded with its execution and delivery, and we disclaim any obligation to update this opinion. We have assumed the genuineness of all documents and signatures presented to us (whether as originals or copies) and the due and legal execution and delivery thereof by, and validity against, any parties other than the District, and we have not undertaken to verify independently, and have assumed, the accuracy of the factual matters represented, warranted or certified in the documents, and of the legal conclusions contained in the opinion, referred to in the first paragraph hereof. Furthermore, we have assumed compliance with all agreements and covenants contained in the Resolution and the Tax Certificate, including (without limitation) agreements and covenants compliance with which is necessary to assure that future actions, omissions or events will not cause interest on the Note to be included in gross income for federal income tax purposes or not to be exempt from State of California personal income taxes. In addition, we call attention to the fact that the rights and obligations under the Note, the Resolution and the Tax Certificate and their enforceability may be subject to bankruptcy, insolvency, reorganization, arrangement, fraudulent conveyance, moratorium and other laws relating to or affecting creditors' rights, to the application of equitable principles, to the exercise of judicial discretion in appropriate cases and to the limitations on legal remedies against open space districts in the State of California. Based on and subject to the foregoing, and in reliance thereon, as of the date hereof,we are of the following opinions: 1. The District is a regional open space district duly organized and existing under and by virtue of the laws of the State of California. 2. The Note has been duly authorized, executed and delivered by the District, and constitutes a valid and binding limited obligation of the District, and the interest on and the principal of the Note shall, as authorized by and subject to the Law, be paid only from limited ad valorem taxes levied upon all taxable property within the District by the Board of Supervisors of San Mateo County and by the Board of Supervisors of Santa Clara County, and allocated to the District under applicable law (or other available funds of the District); provided, that the repayment of the Note is junior and subordinate to all outstanding and subsequent notes, bonds, leases or other obligations secured by property tax revenues of the District or subsequent pledges of revenues created by the District for the purpose of financing the District's purposes or operations. The full faith and credit or taxing power of the District is not pledged for the payment of the interest on or the principal of the Note, and the Note is not secured by a legal or equitable pledge of, or charge, lien or encumbrance upon, any property of the District or any of its income or revenue. 3. Interest on the Note is excluded from gross income for federal income tax purposes under section 103 of the Internal Revenue Code of 1986, and is exempt from State of California personal income taxes. Interest on the Note is not a specific preference item for purposes of federal individual or corporate alternative minimum taxes, although we observe that it is included in adjusted current earnings in calculating federal corporate alternative minimum taxable income. We express no opinion regarding other tax consequences related to the ownership or disposition of, or the accrual or receipt of interest on, the Note. Faithfully yours, ORRICK, HERRINGTON & SUTCLIFFE LLP per EXHIBIT G Opinion of Legal Counsel 12003 Board of Directors Midpeninsula Regional Open Space District Los Altos, California Mr. and Mrs. P. Michael Hunt Re: Midpeninsula Regional Open Space District 2003 Promissory Note Ladies and Gentlemen: In my capacity as counsel to the Midpeninsula Regional Open Space District (the "District"), and in connection with the above-captioned Promissory Note (the "Note"), I have reviewed Resolution No. _ adopted by two-thirds of the members of the Board of Directors of the District at a meeting on 2003 (the "Resolution") and such other information and documents as I consider necessary to render this opinion, and based upon the foregoing, it is my opinion that: 1. The District is duly organized and validly existing as a regional open space district under the laws of the State of California, with full legal right, power and authority to issue the Note. 2. The Resolution was duly adopted by the members of the Board of Directors of the District and is in full force and effect as of the date hereof. 3. The Note has been duly authorized, executed and delivered by the District, and the Resolution is a valid and binding obligation of the District enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency and other similar laws affecting the creditors' rights generally and by equitable principles if equitable remedies are sought. 4. There is no action, suit or proceeding at law or in equity known to me, before or by any court, regulatory agency, public board or body, pending or, to the best of my knowledge, threatened against or affecting the existence of the District or the titles of its officers to their respective offices, or seeking to restrain or enjoin the issuance, sale or delivery of the Note, the application of the proceeds thereof in accordance with the Resolution, or the collection or application of the taxes to pay the interest on and the principal of the Note, or in any way contesting or affecting the validity or enforceability of the Note or the Resolution or the powers of the District or its authority with respect to the Note or the Resolution or any action on the part of the District contemplated thereby, nor to my knowledge is there any basis therefor. 5. The foregoing opinion is based upon and limited to the laws of the State of California, except laws of the State of California pertaining to tax, securities, bankruptcy and insolvency, about which no opinion is expressed. Very truly yours, Counsel to the Midpeninsula Regional Open Space District PLEDGE P. MICHAEL HUNT and SHERRY L. HUNT, as Co-Trustees of the Hunt Living Trust dated 2-14-96 pledge to gift to the Peninsula Open Space Trust the following described real property in the County of Santa Clara, State of California: An undivided one-half interest in and to the following described parcel of land: Beginning at a point, where the Southeast comer of the Northeast quarter of the Southwest quarter of Section 8; Township 9 South, Range I West, M.D.B &M., bears south 650 feet; thence South 80'05' West 333 feet; thence North 6*45' West 100 feet; thence North 58"20' East 101 feet; thence South 69'28' East 269 feet to the place of beginning, and being a portion of said Northeast quarter of said Section 8. ASSESSOR'S PARCEL NO.: 544-35-009 This pledge of a gift of real property shall be conveyed to Peninsula Open Space Trust on or before April 15, 2003. P. MICHAEL HUNT, Co-Trustee on behalf of the Hunt Living Trust dated 2-14-96 Date: SHERRY L. HUNT, Co-Trustee on behalf of the Hunt Living Trust dated 2-14-96 Date: Gratefully received and accepted this day of 2003 B Board of Directors, Peninsula Open Space Trust WHEN RECORDED MAIL TO: Peninsula Open Space Trust 3000 Sand Hill Road Bldg.4, Suite 135 Menlo Park, CA 94025 Attention: W. Moore DULY RECORDED WITHOUT FEE Pursuant to Government Code GIFT DEED Sections 6103, 27383. BY: IN ORDER TO PROMOTE PUBLIC WELFARE, P. MICHAEL HUNT AND SHERRY L. HUNT AS CO-TRUSTEES OF THE HUNT LIVING TRUST DATED FEBRUARY 14, 1996 Hereby GRANTS, GIVES AND CONVEYS to PENINSULA OPEN SPACE TRUST The following described real property in the unincorporated area in the County of Santa Clara, State of California: Being more particularly described: An undivided one-half interest in and to the following described parcel of land: Beginning at a point, where the Southeast comer of the Northeast quarter of the Southwest quarter of Section 8; Township 9 South, Range I West, M.D.B &M., bears south 650 feet; thence South 80'05' West 333 feet; thence North 6'45' West 100 feet; thence North 5 8'20' East 101 feet; thence South 69' 28' East 269 feet to the place of beginning, and being a portion of said Northeast quarter of said Section 8. A.P.N. 544-35-009 This grant is subject to all matters of record and those facts that a careful inspection of the property and an accurate survey would disclose. COUNTY OF On before me, Personally appeared G personalty known to me-OR-G proved to me on the basis of satisfactory evidence P. Michael Hunt as Co-Trustee of the Hunt STATE OF CALIFORNIA to be the person(s)whose name(s) is/are subscribed to the within Living Trust Dated February 14, 1996 instrument and acknowledged to me that he/she(they executed the same in his/herAheir authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s),or the entity upon behalf of which the person(s)wed,executed the instrument. WITNESS my hand and official seal. Sherry L. Hunt as Co-Trustee of the Hunt Living Trust Dated February 14, 1996