HomeMy Public PortalAboutResolution - 06-49- 20061115 - Community Foundation Sili RESOLUTION No. 06- 49
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space
District on November 15, 2006 at a Special and Regular Meeting thereof, by the following
vote:
AYES: J. Cyr, M. Dave -, N. Hanko, K. Nitz, C. Riffle, P. Siemens
Y
NOES: None
ABSTAIN: None
ABSENT: L. Hassett
ATTEST: APPROVED:
ecretary Pr dent
Board of Directors and of Dir ctors
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.
District rk
RESOLUTION NO. 06-49
RESOLUTION DFTHE BOARD DF DIRECTORS OF
� M|0PBNIN8ULA REGIONAL OPEN SPACE DISTRICT
AUTHORIZING ACCEPTANCE DP PURCHASE AGREEMENT, �
�
� AUTHORIZING GENERAL MANAGER DROFFlCERTOEXECUTE
CERTIFICATE UF ACCEPTANCE OF GRANT TV DISTRICT, AND
AUTHORIZING GENERAL MANAGER TOEXECUTE ANY AND ALL
OTHER DOCUMENTS NECESSARY OR APPROPRIATE TOCLOSING
DF THE TRANSACTION (PU03lM& CREEK REDWOODS OPEN
SPACE PRESERVE LANDS OF REAL ESTATE TRUST&T
COMMUNITY FOUNDATION SILICON VALLEY)
i The Board o[Directors wfMidpeninsu|a Regional Open Space District does resolve umfollows:
� Section One. Tile Board of Directors of Midpeninsula Regional Open Space District does hereby accept
the offer contained in that certain Purchase Agreement between the Real Estate Trust ckCommunity �
Foundation Silicon Valley, a California non-profit, public benefit corporation and Midpeninsula Regional �
Open Space District, a California public agency, a copy of which is attached hereto and by reference
made a part hereof, and authorizes the President or appropriate officers to execute the Agreement on
behalf*f the District.
Section Two. The General Manager, President ofthe Board o[Directors, or other appropriate officer ia
authorized to execute a Certificate of Acceptance on behalf of the District.
Three.Section The General Manager oftile District or the General Manager's designee shall cause to be
given appropriate notice of acceptance tmthe seller and to extend escrow if necessary. The General
Manager and General Counsel are further authorized io approve any technical revisions to the attached
Agreement and other transactional documents which do not involve any material change to any term of �
the Agreement or other transactional dOCUrnents which are necessary or appropriate to the closing mr
imp|cmcntuhonmf this transaction.
Four.Section The General Manager of the District is authorized to expend up to $5,000 to cover the cost
of title insurance, escrow fees, and other miscellaneous costs related to.this transaction.
� !
Section Five. ltiy intended, reasonably expected, and hereby authorized that the District's general fund /
will be reimbursed io the amount mf$8OO,O00 from the proceeds ofthe next long-term District note issue.
This Section of this Resolution is adopted by tile Board of Directors ofMidpeninsu|u Regional Open
� Space District solely for purposes of establishing compliance with the requirements of Section 1.103-18
� nf the Treasury Regulations. The reimbursement of this payment expenditure im consistent with the
District's budgetary and financial circumstances. There are no funds o,sources of moneys uf the District
� that have been, or are reasonably expected to be, reserved or allocated on a long-term basis or otherwise |
� set aside h` pay the costs of this open space land purchase project, vvhichunctobepuidorrcimbusedout
� o[proceeds of indebtedness tobc 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
purchase project #xpenditurc.
�
I
1 f
PURCHASE AGREEMENT
This Purchase Agreement (hereinafter called "Agreement") is made and entered into by and
between the Real Estate Trust at Community Foundation Silicon Valley, a California nonprofit
public benefit Corporation, as to an undivided 81.25 percent interest (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 San Mateo, 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, agricultural and aesthetic resources of the midpeninsula
area; and
WHEREAS, Seller wishes to sell and convey 100%of its 81.25% undivided interest in
said property to District on an "As Is Basis", and District wishes to purchase said property upon
the terms and conditions set forth herein.
WHEREAS, Seller wishes to sell and convey 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 undivided 81.25 percent fee title interest in the real property located within
an unincorporated area of the County of San Mateo, State of California, containing
approximately fifty three and two tenths acres (53.20 acres), more or less, and commonly referred
to as San Mateo County Assessor's Parcel Numbers 067-370-010 and 067-370-030. Said
property is further described in the Legal Description attached to Preliminary Report Number
0360005886 from Old Republic Title Company. A copy of said Preliminary Report is attached
hereto as Exhibit "A", and is incorporated herein by this reference. Said property is to be
conveyed together with any easements, rights of way, or rights of use which may be appurtenant
or attributable to the aforesaid lands, and any and all improvements attached or affixed thereto.
Seller's undivided 81.25 percent interest in said real property and appurtenances shall hereinafter
be called the "Subject Property" or the "Property."
Purchase Agreement Page 2
2. Purchase Price. The total purchase price ("Purchase Price") for the Property shall be
Six Hundred Fifty Thousand and No/I 00 Dollars ($650,000.00), which shall be paid in cash at
the "Closing" as defined in Section 3 hereof
3. Escrow. Promptly upon execution of this Agreement, in accordance with Section I I-
herein, an escrow shall be opened at Old Republic Title Company, 796 El Camino Real, Suite B,
San Carlos, CA 94070 (650) 591-6782 (Escrow number 0360005886)or other title company
acceptable to District and Seller(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
November 30, 2006; 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 San Mateo 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.
C. Seller shall deposit into the escrow on or before the Closing:
(i) An executed and recordable Grant Deed, covering its 81.25 percent fee title
interest in Parcels 1, 2 and 4 as described in said Exhibit "A."
(ii) An executed and recordable Quitclaim Deed, covering Parcel 3 as described in
said Exhibit "A."
D. District shall deposit into the escrow, on or before the Closing:
(i) The required Certificates of Acceptance for the Grant and Quitclaim Deeds,
duly executed by District and to be dated as of the Closing.
(ii) District's check payable to Escrow Holder in the amount of Six Hundred
Forty Thousand and No/100 Dollars ($640,000.00), which is the balance of the Put-chase Price of
Six Hundred Fifty Thousand and No/100 ($650,000.00) Dollars as specified in Section 2. The
balance of$10,000.00 is paid into escrow in accordance with Section 11 of this Agreement.
Purchase AgreeYment Page 3
E. District shall pay the escrow fees, the CLTA Standard Policy of Title Insurance, if
required by District, and all recording costs and fees, and other closing costs. All current
property taxes on the Property shall be pro-rated through escrow between District and Seller as of
the Closing based upon the latest available tax information using the customary escrow
procedures.
F. Seller shall cause Old Republic Title Company, or other title company acceptable
to District and Seller, to be 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$650,000 for
the Property showing title to the Property vested in fee simple in District, subject only to:
(i) Current real property taxes.
(ii) Title exceptions 4, 5, 6, 8, 9, 10, 11 and 12 as listed in said Preliminary
Report Number 0360005886, dated November 13, 2006 (Exhibit A), and any claim to any right,
title, or interest in the Property recorded in the public records.
(iii) Such additional title exceptions as may be approved in writing by District
prior to the Closing as determined by District in its sole and absolute 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, Quitclaim Deed, and attendant Certificates of
Acceptance to be recorded in the Office of the County Recorder of San Mateo 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 Escrow Holder's check for the full purchase price of the
Subject Property(less Seller's portion of the expenses described in Section 3.E.), 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 shall be excused from
any further obligations hereunder, except as otherwise provided herein. Upon any such
termination of escrow, District shall be liable to Escrow Holder for payment of its title and
escrow cancellation charges, 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 as provided for in this Agreement.
5. Seller's Representations and Warranties. For the purpose of consummating the sale
and purchase of the Property in accordance herewith, Seller,to the best of Seller's knowledge,
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:
Authori . Seller has the full right, power and authority to enter into this Agreement and to
perform the transactions contemplated hereunder.
Purchase Agreement Page 4
6. 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, cause or allow any physical changes on the Property. Such changes shall
include but not be limited to grading, excavating or other earthmoving activities, cutting or
removing trees, shrubs, brush or other vegetation, and damaging or demolition of improvements
or structures on the Property.
7. As-Is Purchase and Sale. This sale is made without representation or warranty by
Seller, except as expressly set forth in this Agreement. District represents, warrants,
acknowledges and agrees that it has had full and ample opportunity prior to the execution of this
Agreement to investigate the Property including, but not limited to, the size or acreage, boundary
line locations, hazardous waste that may be on the property or hazardous waste condition, the
physical condition thereof-, the presence, absence or condition of improvements thereon; and that
District shall purchase the Property AS-IS WITH ALL FAULTS, and District accepts the
Property in its "As-Is"condition as a material consideration of District's purchase of the Property
from Seller at the agreed upon Purchase Price.
8. Indemnity. Upon and after the Close of Escrow, District agrees to indemnify, defend
and held the Seller harmless from and against any and all Environmental Claims asserted against
the Property that may arise at any time in connection with or that in any way are related to (1) any
handling of any waste materials or hazardous materials, (ii) any compliance or non-compliance
with federal state or local environmental laws regarding any waste materials, (iii) any acts,
omissions, services or other conduct related to any of the foregoing items(i)or(ii) inclusive, in
each case referring to such items located on, beneath, from or about the Property. This indemnity
also extends to any other condition, activity or other matter respecting the Property that is not
addressed by any of the foregoing items (i)-(iii) inclusive and that is related to pollution,
hazardous materials, toxics or protection of the environment. "Environmental Claims" means
any and all claims, suits, proceedings, actions, causes of action, demands, liabilities, losses,
obligations, orders, requirements or restrictions or directives of any governmental entity, liens,
penalties, fines, charges, debts, damages, costs and expenses of every kind and nature, whether
now known or unknown, whether foreseeable or unforeseeable, under any federal, state or local
law.
9. 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 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.
Purchase Agreement Page 5
10. 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 written 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 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 claims,
actions, causes of action, suits,proceedings, costs, expenses (including,without limitation,
reasonable attorneys' fees and costs), liabilities, damages, and liens caused by the activities of
District Parties while upon the Property prior to the Closing 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 reasonable expenses and attorneys'
fees in the amount determined by the Court, or arbitrator, in the case of arbitration, whether or
not such action,proceeding or arbitration goes to final judgment. hi the event of a settlement or
final judgment in which neither party is awarded all of the relief prayed for, each party shall bear
its own expenses 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.
(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,
but not for 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
Purchase Agreement Page 6
permitted by law; provided, however that the District shall not take title to any third party
property other than the Subject 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. j
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 shall be deemed to have been validly 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 if delivered by Federal Express or
other private messenger, courier or other delivery service or sent by facsimile transmission by
telex, telecopy, telegraph or cable or other similar electronic medium, addressed as indicated as
follows:
Seller: ATTN: Real Estate Trust at Community
Foundation Silicon Valley
60 S. Market St., Suite 1000
San Jose, CA 95128
Telephone: (408)278-2266
FAX: (408) 278-0280
I
District: Midpeninsula Regional Open Space District
330 Distel Circle
Los Altos, CA 94022
Attn: General Manager
Telephone: (650) 691-1200
FAX: (650) 691-0485
If sent b telegraph, facsimile co or cable, a confirmed co of such telegraphic, facsimile or
PY Ycopy
cabled notice shall promptly be sent b mail in the manner provided above to the addressee.
p p Y Y ( P )
Service of any such communication made only by mail shall be deemed complete on the date of
actual delivery as indicated by the addressee's registry or certification receipt or at the expiration
of the third(3rd) business day after the date of mailing, whichever is earlier in time. Either party
hereto may from time to time, by notice in writing served upon the other party 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 not]lication is appropriate,but any oral
notice given shall not satisfy the requirement of written notice as provided in this Section.
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
t 1
Purchase Agreement Page 7
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.
1. 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 in
which time is an element.
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.
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. District and Seller warrant and represent to the other that
there are no real estate commissions or other related brokers', agents' or finders' costs or fees in
this transaction. Seller agrees to and does hereby indemnify and hold District harmless from and
against any and all costs, liabilities, losses, damages, claims, causes of action or proceedings
i
Purchase Agreement Page 8
which may result from any broker, agent or finder, licensed or otherwise, claiming through, under
or by reason of the conduct of Seller in connection with this transaction. District agrees to and
does hereby indemnify and hold Seller harmless from and against any and all costs, liabilities,
losses, damages, claims, causes of action or proceedings which may result from any broker, agent
or finder, licensed or otherwise, claiming through, under or by reason of the conduct of District
in connection with this transaction.
I
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. Arbitration of Disputes. If a dispute arises out of or relates to this Agreement or
h the performance or breach thereof, the parties agree first to participate ni non-binding mediation
in order to resolve their dispute. If the parties are unable to resolve their dispute through
mediation, or if there is any remaining unresolved controversy or claim subsequent to mediation,
any remaining unresolved controversy or claim shall be settled by binding arbitration. The
parties shall jointly select one arbitrator who shall be a retired or former judge of the Superior
Court of California. The arbitration shall be conducted in accordance with the rules set forth in j
California Code of Civil Procedure Sections 1280 et. seq. including the right of discovery.
Hearings shall be held in Santa Clara County, California. If the parties are unable to agree upon
an arbitrator, the arbitration shall be conducted by Judicial Arbitration and Mediation Services,
Inc. or its successor or, if none, a substantially similar arbitration service, in accordance with the
rules thereof. If arbitration is required to resolve a dispute, it shall in all cases be final and �
binding.
NOTICE: BY INITIALING IN THE SPACE BELOW,YOU ARE AGREEING TO HAVE
ANY DISPUTE ARISING FROM THE MATTERS INCLUDED IN THE
"ARBITRATION OF DISPUTES" PROVISION DECIDED BY NEUTRAL
ARBITRATION AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING UP
ANY RIGHTS YOU MIGHT POSSESS TO HAVE THE DISPUTE LITIGATED IN A
COURT OR JURY TRIAL. BY INITIALING IN THE SPACE BELOW,YOU ARE
GIVING UP YOUR JUDICIAL RIGHTS TO APPEAL UNLESS THOSE RIGHTS ARE
SPECIFICALLY INCLUDED IN THE "ARBITRATION OF DISPUTES" PROVISION.
IF YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS
PROVISION,YOU MAY BE COMPELLED TO ARBITRATE UNDER THE
AUTHORITY OF THE CALIFORNIA CODE OF CIVIL PROCEDURE. YOUR
AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY.
WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT
DISPUTES ARISING FROM THE MATTER INCLUDED IN THE "ARBITRATION OF
DISPUTES"PROVISION TO NEUTRAL ARBITRATION.
SELLER INITIAL �v DISTRICT INITIAL Vk `
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Purchase Agreement Page 9
11. Accqptance. Provided that this Agreement is executed by Seller and delivered to
District on or before , November 8, 2006 District shall have until midnight November 15, 2006
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, District has paid into escrow and Seller
acknowledges District has paid into escrow the sum of Ten Thousand Dollars and No/100
($10,000),which shall be applied to the Purchase Price as set forth in Section 2 hereof or
retained by Seller if District does not close escrow in accordance with this Agreement due to a
material breach of this Agreement by District.
1H
1H
[Signature Page follows on Page 10]
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Purchase Agreement Page 10
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their duly authorized officers to be effective as of the date of final execution by District in
accordance with the terms hereof.
DISTRICT: SELLER:
MIDPENINSULA REGIONAL OPEN REAL ESTATE TRUST OF COMMUNITY
SPACE DISTRICT FOUNDATION SILICON VALLEY
APPROVED AND ACCEPTED: APPROVED AND ACCEPTED:
� By: J� �� f-�e%,6
Jed Preside pOoard of Directors Peter Hero
Its: Pr�� 7. �
President
u—, y 6
Date Date
i
ATTEST:
Sally, Ric , strict Clerk
Date
ACCEPTED FOR RECOMMENDATION
,/� C
Michael C. Williams,Real Property Manager
I
i
APPROVED AS TO FORM:
Susan M. Schectman,General Counsel
ED FOR OV
L. Craig Britton,General Manager
Signature Page to Purchase Agreement with Real Estate Trust at Community Foundation Silicon Valley
EXHIBIT A
* 796 El Camino Real, Suite B
OLD REPUBLIC
* San Carlos, CA 94070
y TITLE COMPANY (650) 591-6782 Fax: (650) 591-6789
PRELIMINARY REPORT
Issued for the sole use of: SECOND AMENDED REPORT
MIDPENINSULA REGIONAL OPEN SPACE Our Order Number 0360005886-SG
DISTRICT
330 DISTEL CIRCLE
LOS ALTOS, CA 94022
When Replying Please Contact:
Buyer: Susan Goulet
MIDPENINSULA REGIONAL OPEN SPACE (650) 591-6782
DISTRICT
Property Address:
APN'S 067-370-010 & 067-370-030, , CA
[Unincorporated area of San Mateo County]
i
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, insuring against loss which may be sustained by reason of any defect, lien or
encumbrance not shown or referred to as an Exception below or not excluded from coverage pursuant to the printed Schedules,
conditions and Stipulations of said policy forms.
The printed Exceptions and Exclusions from the coverage and Limitations on Covered Risks of said Policy or Policies are set forth in
Exhibit A attached. Limitations on Covered Risks applicable to the Homeowner's Policy of Title Insurance which establish a Deductible
Amount and a Maximum Dollar Limit of Liability for certain coverages are also set forth in Exhibit A.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 policy 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 November 13, 2006, at 7:30 AM
OLD REPUBLIC TITLE COMPANY
For Exceptions Shown or Referred to, See Attached
i
Page 1 of 7 Pages
ORT 3158-A Rev. 5/1 00)
i
OLD REPUBLIC TITLE COMPANY
ORDER NO. 0360005886-SG
SECOND AMENDED REPORT
The form of policy of title insurance contemplated by this report is:
CLTA Standard Coverage Policy - 1990. 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 or covered by this Report is:
a Fee.
Title to said estate or interest at the date hereof is vested in:
Richard T. Peery, as Trustee under Trust Agreement, dated July 20, 1977 (Richard T. Peery
Separate Property Trust), as amended, as to an undivided 12.5625% interest, and Nancy
Marriott, as to an undivided 6.1875% interest, and the Real Estate Trust at Community
Foundation Silicon Valley, a California non-profit public benefit corporation, asto an undivided
81.25% interest, as to Parcels 1, 2 and 4; Fabian Bettencourt, as to Parcel 3
The land referred to in this Report is situated in the unincorporated area of the County of San Mateo, state of California,
and is described as follows:
PARCEL 1:
Beginning at a post near the edge of Redwood Timber on Lobitos Creek and to the East of said timber and
running thence North 32.50 West 10.00 chains to the corner on a ridge; thence South 610 West 3.00 chains;
thence North 860 West 6.00 chains along the edge of timber; thence North 750 West 3.00 chains; thence
South 790 West 11.75 chains and 75 links to Lobitos Creek, thence South 200 West 17.75 chains down said
creek to corner; thence North 72.50 East 35.56 chains to the place of beginning. Containing 36.2 acres and
being the tract of land described first in Deed from Isaac G. Foster to Silas Hovious, dated November 29,
1864 and recorded January 23, 1871 in Book 12 of Deeds at Page 25, and being the tract of land described in
and whereof an undivided interest was conveyed by Deed from James Crowe, as administrator of the Estate of
Henry Dobbel, dated April 1, 1926 in accordance with order made on February 6, 1896, which Deed and Order
are of record in Book 71 of Deeds at Page 513 and 510 respectively, San Mateo County Records.
EXCEPTING THEREFROM so much thereof as lies within the boundaries of lands described in that certain
judgment quieting title filed in the Superior Court of the State of California in and for the County of San Mateo,
Case No 108823 entitled, "Fabian Bettencourt vs. G. M. Brann, et al" and recorded July 3, 1969 in Book 5660
of Official Records at Page 631 (48610-AC).
PARCEL 2:
A small tract of about 2 acres not surveyed, further down said creek and adjoining the above described 36.2
acres of land and being the tract mentioned secondly in said Deed from Foster to Hovious, and in Deed dated
March 16, 1920 made by H.J. McArthur and G.F. McArthur to John Dudfield and recorded in Book 290 of
Deeds at Page 470.
Said lands being further described as Exception "C" in that certain judgment quieting title filed in the Superior
Court of the State of California in and for the County of San Mateo, Case No. 108823 entitled, "Fabian
Bettencourt vs. G.M. Brann, et al" and recorded July 3, 1969 in Book 5660 of Official Records at Page 631
(48610-AC), which Exception "C" is described as follows:
Page 2 of 7 Pages
ORT 3158-B
OLD REPUBLIC TITLE COMPANY
ORDER NO. 0360005886-SG
SECOND AMENDED REPORT
Beginning at a point marked by an iron pipe monument at the base of a tan bark tree, said point of beginning
bearing North 830 24' 09" East 1833.75 feet from U.S. Coast and Geodetic Survey Triangulation Monument
marked "Bald Knob 1931 San Mateo County, Calif.", at Latitude 371 25' 24.528" and Longitude 1220 21'
11.204", thence South 470 30' 15" West 217.15 feet; and South 320 09' 13" West 233.88 feet to a point, said
point being marked by an iron pipe monument; thence South 360 55' 15" West 156.77 feet, South 430 07' 15"
West 121.05 feet, and South 200 24' 09" West 245.13 feet to a point, said point being marked by an iron pipe
monument; thence South 651 06' 38" West 316.56 feet to a point, said point being marked by a 2 inch by 2
inch stake; thence North 600 13' 15" West 104.72 feet' North 850 58' 45" West 85.49 feet, South 380 52' 15"
West 76.11 feet, South 130 52' 15" West 54.12 feet, South 840 22' 15" West 116.82 feet; South 860 22' 15"
West 74.24 feet, South 550 22' 15" West 115.39 feet, South 330 22' 15" West 93.72 feet, South 571 07' 15"
West 115.50 feet, South 440 03' 15" West 95.99 feet, South 750 03' 15" West 161.70 feet, South 490 48' 15"
West 257.40 feet, North 800 26' 45" West 390.72 feet, South 520 48' 15" West 99.00 feet, South 581 48' 15"
West 59.40 feet, South 150 18' 15" West 143.88 feet, South 60 11' 45" East 69.30 feet, South 20 11' 45" East
104 28 feet, South 120 18' 15" West 138 60 feet; South 140 56' 15" East 206.24 feet, South 40 33' 15" West
260.04 feet, and South 210 59' 03" East 112.33 feet to a point, said point being marked by an iron pipe
monument, thence South 270 48' 15" West 349.28 feet, and South 34* 36' 33" West 86.36 feet, thence North
700 23' 43" West 1915.44 feet to a point, said point being marked by a 12 inch by 12 inch concrete
monument; thence South 710 51' 43" West 2518.27 feet to a point in the centerline of the North Branch of
Lobitos Creek, said point being marked by a concrete monument with a iron pipe center, said last mentioned
point being the true point of beginning of the lands to be described herein; thence from said true point of
beginning North 710 51' 43" East 320 feet; thence South 180 15' 00" West 320.10 feet; thence South 710 51'
43'' West 345.69 feet to a point in the centerline of the North Branch of Lobitos Creek, said point being
marked by an iron pipe monument; thence Northerly along the centerline of Lobitos Creek, North 100 14' 54"
East 82.82 feet, North 300 34' 47" East 149.44 feet, North 180 24' 38" East 107.33 feet to the true point of
beginning
PARCEL 3:
That certain portion of lands described as Exception "A" in that certain judgment quieting title filed in the
Superior Court of the State of California in and for the County of San Mateo, Case No. 108823 entitled,
"Fabian Bettencourt vs. G.M. Brann, et al" and recorded July 3, 1969 in Book 5660 of Official Records at Page
631 (48610-AC), above lying Northerly of the Northerly boundary of lands herein above described in Parcel I,
said Northerly boundary being described as "South 790 West 11.75 chains and 75 links to Lobitos Creek"
APN: 067-370-010 JPN: 067-037-370-01A
PARCEL 4:
Beginning at the point where the middle branch of said Lobitos Creek intersects the left branch thereof and
running up said middle branch so as to include a tract of 15 acres, 40 rods wide and 60 rods long, making said
middle branch as near as may be the center of said tract and containing 15 acres of land and being the same
parcel lastly conveyed by W.W. McCoy to Joseph E. Selleck by Deed bearing date of April 16, 1861 and
recorded in Book 2 of Deeds at Page 462.
Said lands being further described as Exception "B" in that certain judgment quieting title filed in the Superior
Court of the State of California in and for the County of San Mateo, Case No. 108823 entitled, "Fabian
Bettencourt vs. G.M. Brann, et al" and recorded July 3, 1969 in Book 5660 of Official Records at Page 631
(48610-AC), which Exception "B" is described as follows:
Page 3 of 7 Pages
ORT 3158-B
OLD REPUBLIC TITLE COMPANY
ORDER NO. 0360005886-SG
SECOND AMENDED REPORT
Beginning at a point marked by an iron pipe monument at the base of a tan bark tree, said point of beginning
bearing North 830 24' 09" East 1833.75 feet from U.S. Coast and Geodetic Survey Triangulation Monument
marked "Bald Knob 1931 San Mateo County Calif.", at Latitude 370 25' 24.528" and Longitude 1220 21'
11.204", thence South 470 30' 15" West 217.15 feet; and South 320 09' 13" West 233.88 feet to a point, said
point being marked by an iron pipe monument; thence South 360 55' 15" West 156.77 feet; South 430 07' 15"
West 121.05 feet, and South 200 24' 09" West 245.13 feet to a point, said point being marked by an iron pipe
monument; thence South 650 06' 38" West 316.56 feet to a point, said point being marked by a 2 inch by 2
inch stake; thence North 600 13' 15" West 104.72 feet, North 850 58' 45" West 85.49 feet, South 380 52' 15"
West 76.11 feet, South 130 52' 15" West 54.12 feet, South 840 22' 15" West 116.82 feet; South 860 22' 15"
West 74.24 feet, South 550 22' 15" West 115.39 feet, South 330 22' 15" West 93.72 feet, South 570 07' 15"
West 115.50 feet, South 440 03' 15" West 95.99 feet, South 750 09' 15" West 161.70 feet, South 490 48' 15"
West 257.40 feet, North 800 26' 45" West 390.72 feet, South 520 48' 15" West 99.00 feet, South 580 48' 15"
West 59.40 feet, South 150 18' 15" West 143.88 feet, South 60 11' 45" East 69.30 feet, South 20 1 V 45" East
104.28 feet, South 120 18' 15" West 138.60 feet, South 140 56' 15" East 206.24 feet, South 40 33' 15" West
260.04 feet, and South 210 59' 03" East 112.33 feet to a point, said point being marked by an iron pipe
monument; thence South 270 48' 15" West 349.28 feet, and South 340 36' 33" West 86.36 feet, thence South
710 18' 06" West 2670.80 feet to a point, said point being marked by a concrete monument with an iron pipe
center and the true point of beginning of the lands to be described herein; thence from said true point of
beginning North 370 29' 43" West 722.42 feet to a point being marked by a 12 inch by 12 inch concrete
monument; thence South 520 08' 34" West 975.24 feet to a point, said point being marked by a concrete
monument with an iron pipe center; thence South 380 05' 06" East 724.09 feet to a point, said point being
marked by a 12 inch by 12 inch concrete monument; thence North 20 02' 37" East 967.80 feet to the true
point of beginning.
APN: 067-370-030 JPN: 067-037-370-03A
i III
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 2006 - 2007, as follows:
Assessor's Parcel No 067-370-010
Code No. 87-057
1st Installment $42.02 NOT Marked Paid
2nd Installment $42.02 NOT Marked Paid
Land $7,029.00
Imp. Value $0.00
Exemption $0.00
Page 4 of 7 Pages
ORT 3158-B
OLD REPUBLIC TITLE COMPANY
ORDER NO. 0360005886-SG
SECOND AMENDED REPORT
2. Taxes and assessments, general and special, for the fiscal year 2006 - 2007, as follows:
Assessor's Parcel No 067-370-030
Code No. 87-057
1st Installment $98.37
NOT Marked Paid
2nd Installment $98.37 NOT Marked Paid
Land $17,923.00
Imp. Value $0.00
Exemption $0.00
in75et
n to the provisions of Section 3. The lien of supplemental taxes, if any, assessed pursuant p ,
seq., of the Revenue and Taxation Code of the State of California.
4. Any easement for water course over that portion of said land lying within the banks of
Lobitos Creek and any changes in the boundary lines of said land that have occurred or may
hereafter occur from natural causes.
As to Parcels 1, 2 and 3
An right, title claims or other interest and such rights as may be incidental thereto,
5 9 Y
Y 9
whether or not shown by the public records to the waters of East Branch Lobitos Creek.
As to Parcel 4
6. Any lack of access, or a right of access, or a right to access to and from the land (any access
coverage contained in this policy and/or endorsements thereto is NOT being provided,
notwithstanding any statement therein to the contrary).
7. Terms and conditions contained in the Trust Agreement, dated July 20, 1977 (Richard T.
Peery Separate Property Trust), as amended as disclosed by Grant Deed
Dated August 8, 1983
Recorded August 17, 1983 in Official Records under Recorder's Serial Number
83087822
NOTE: The requirement that:
A Certification of Trust be furnished in accordance with Probate Code Section 18100.5
The Company reserves the right to make additional exceptions and/or requirements.
Page 5 of 7 Pages
ORT 158-B
OLD REPUBLIC TITLE COMPANY
ORDER NO. 0360005886-SG
SECOND AMENDED REPORT
8. The effect of instruments, proceedings, liens, decrees or other matters which do not
specifically describe said land but which, if any do exist, may affect the title or impose liens
or encumbrances thereon. The name search necessary to ascertain the existence of such
matters has not been completed and, in order to do so, we require a signed Statement of
Identity from or on behalf of Nancy Marriott (Status).
9. The effect of instruments, proceedings, liens, decrees or other matters which do not
specifically describe said land but which, if any do exist, may affect the title or impose liens
or encumbrances thereon. The name search necessary to ascertain the existence of such
matters has not been completed and, in order to do so, we require a signed Statement of
Identity from or on behalf of Fabian Bettencourt (Status).
10. Rights and claims of parties in possession.
11. Any unrecorded and subsisting leases.
12. Any interest in said land of Parcel 3 as Richard T. Perry, trustee, Nancy Marriott, and the
Real Estate Trust at Community Foundation Silicon Valley, as disclosed by San Mateo County
Assessor Parcel Number 067-370-010
-------------------- Informational Notes-------------------
A. The applicable rate(s) for the policy(s) being offered by this report or commitment appears
to be section(s) 2.1.
B. Short Term Rate C'STR'� does not apply.
II
Page 6 of 7 Pages
ORT 3158-B
OLD REPUBLIC TITLE COMPANY
ORDER NO. 0360005886-SG
SECOND AMENDED REPORT
C. NOTE: The last recorded transfer or agreement to transfer the land described herein is as
follows:
Instrument
Entitled Grant Deed
By/From Richard T. Peery, Trustee under Trust Agreement, dated July 20,
1977 (Richard T. Peery Separate Property Trust), as amended, as to
an undivided 2/3 interest, and Nancy Marriott, as to an undivided 1/3
interest
TO The Real Estate Trust at Community Foundation Silicon Valley, a
California nonprofit public benefit corporation
Recorded November 9, 2006 in Official Records under Recorder's Serial Number
2006-169873
D. In addition to existing requirements pertaining to sellers who are non-residents of California,
as a result of recent changes to Section 18662 of the Revenue and Taxation Code, in
transactions closing after January 1, 2003 the buyer may then be responsible to withhold 3
1/3% of the sales price (as defined therein) from any seller, if this property is not the seller's
principal residence. The statute, as modified, also provides for certain exemptions to the
buyer's responsibility to withhold, which may apply.
O.N.
BC/Ir
Page 7 of 7 Pages
ORT 3158-B
r
Exhibit A
CALIFORNIA LAND TITLE ASSOCIATION
STANDARD COVERAGE POLICY-1990
EXCLUSIONS FROM COVERAGE
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; (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 an violation of these laws ordinances or
Y ,
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.
I
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:
I
(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.
i
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.
I
5. 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 FROM COVERAGE-SCHEDULE B,PART I
This policy does not insure against loss or damage(and the Company will not pay costs,attorneys'fees or expenses)which arise by reason of:
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
which may be asserted by persons in possession thereof,
I
3. Easements,liens or encumbrances,or claims thereof,which are not shown by the public records.
4. Discrepancies, conflicts 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.
5. (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 excepted under(a), (b)or(c)are shown by the public records.
Page 1 of 1
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�
OLD REPUBLIC TITLE COMPANY �
Privacy Policy Notice
�
�
PURPOSE OF THIS NOTICE
Title VOf the GrarnnM-Leach-81i|ey Act /GLB4\ 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 theGLBA. 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 vve receive from you such ason applications or other forms.
�
Information about your transactions we secure from our files, or from [our affiliates or] others.
� Information vve receive from a consumer reporting agency.
�
Information that we receive from others involved in your transaction, such as the real estate
agent orlender.
| Unless itis 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 �
�
havejoint marketing agreements:
�
Financial service providers such as companies engaged in banking, consumer finance,
securities and iO5ur8nC8 |
� .
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 I8 NOT SPECIFICALLY PERMITTED BYLAW. |
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 toguard your nonpublic i
� personal information. �
� ORTZ87-C 5/07/01
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