HomeMy Public PortalAbout20080116 - Resolution - Board of Directors (BOD) Cover Sheet for Scanning by ECS
Originating De artment General Manager
i
Laserfiche Template Board of Directors
Template Fields
Document Date: 1,16/2008
Document Type: Resolution
Preserve Name:
Keywords(no more than 4): Beatty Purchase
Project Name:
Project Number:
Vendor or Other Party:
Name (First):
Name (Last):
Address:
APN Number:
Document No. 08-01
Additional Field:
Additional Field:
Additional Field:
Additional Field:
RESOLUTION 08-01
RESOLUTION OF THE BOARD OF DIRECTORS OF MIDPENINSULA
REGIONAL OPEN SPACE DISTRICT AUTHORIZING ACCEPTANCE
OF PURCHASE AGREEMENT,AUTHORIZING OFFICER OR THE
GENERAL MANAGER TO EXECUTE CERTIFICATES 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(SIERRA AZUL OPEN SPACE PRESERVE- LANDS OF
BEATTY)
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 Purchase Agreement between Arthur Beatty, As Successor Trustee of the George W.
Beatty Revocable Living Trust dated June 29, 2000, and the Midpeninsula Regional Open Space District, 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 of the District to acquire the real property described therein ("the Beatty Trust
Property").
Section Two. The General Manager, President of the Board of Directors or other appropriate officer is authorized
to execute Certificates of Acceptance for the Grant Deed on behalf of the District.
Section Three. The General Manager of the District or the General Manager's designee shall cause to be given
appropriate notice of acceptance to the seller and to extend escrow if necessary.
Section Four. The General Manager of the District is authorized to expend up to $20,000 to cover the cost of title
insurance, escrow fees, site clean-up costs, 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. The purpose of this Section is to enable the District to reimburse its general fund for the cost of
certain land acquisitions. The District wishes to finance certain of these real property acquisitions and expects to
use tax-exempt debt, such as bonds, but a tax-exempt financing is not cost justified for the District unless the
principal amount of the financing is large enough to justify the related financing costs. Consequently, it is the
District's practice to buy property with its general funds and, when a tax-exempt financing is cost justified based
on the aggregate value of acquisitions, to issue tax-exempt obligations to reimburse itself for previous expenditures
of general funds. These general funds are needed for operating and other working capital needs of the District and
are not intended to be used to finance property acquisitions on a long-term basis.
U.S. Income Tax Regulation Section 1.150-2 requires an issuer of tax-exempt debt to declare its intent to use a
portion of tax-exempt debt proceeds for reimbursement of expenditures prior to the payment of the expenditures.
Accordingly,the Board of Directors hereby declares its intent to issue tax-exempt obligations in the maximum
principal amount of$1,900,000 and to use a portion of the proceeds of the obligations for reimbursement of
District expenditures for acquisition of the Beatty Trust Property that are paid before the date of issuance of the
obligations.
i
RESOLUTION No. 08- Ol
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space
District on January 16, 2008 at a Regular Meeting thereof, by the following vote:
AYES: Jed Cyr, Mary Davey, Larry Hassett, Curt Riffle, Pete Siemens,
Ken Nitz
NOES: None
ABSTAIN: None
ABSENT: Nonette Hanko
ATTEST: APPROVED:
Secretary resident
Board of Directors Board of Directors
I the District Clerk of the Midpeninsula Regional Open Space District, hereby certify that
P g P
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 er
1
Purchase Agmement Page 1
PURCHASE AGREEMENT
This Purchase Agreement (hereinafter called "Agreement") is made and entered
into by and between ARTHUR BEATTY, AS SUCCESSOR TRUSTEE OF THE GEORGE W.
BEATTY REVOCABLE LIVING TRUST DATED JUNE 29, 2000 (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 fifty six and eighty eight hundredths
(56.88) acres, more or less, and commonly referred to as Santa Clara County Assessor's Parcel
Numbers 558-35-001, 558-36-011 and 558-36-012. Said property is further described in the
Legal Description attached to Preliminary Report Number 98170723 from North American Title
Company. A copy of said Preliminary Report is attached hereto as Exhibit "A", and 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. All of said real property and appurtenances shall
hereinafter be called the "Subject Property" or the "Property".
2. Purchase Price. The total purchase price ("Purchase Price") for the Property shall be
One Million Nine Hundred Thousand Dollars ($1,900,000.00), which shall be paid in cash at the
"Closing" as defined in Section 3 hereof.
�I
I i
Purchase Agreement Page 2
3.
Escrow. Promptly upon execution of this Agreement, in accordance with Section I I
herein, an escrow shall be opened at North American Title Company, 497 N. Santa Cruz Avenue,
Los Gatos, CA, (408) ' i
_199-4 100 (Escrow number 98170723) 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 occur on or before
the latter of the following dates: January 31, 2008 or upon the vacancy of the house trailer
residence in accordance with Section 5.0 hereof, but in no event later than April 30, 2008;
provided however, that the parties may, by written agreement, extend the time for Closing.
"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.
C. Seller shall deposit into the escrow on or before the Closing, an executed and
recordable Grant Deed, covering the Property as described in said Exhibit "A".
D. District shall deposit into the escrow, on or 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) District's check payable to Escrow Holder in the amount of One Million
Eight Hundred Ninety Thousand and No/100 Dollars ($1,890.000.00) which is the balance of the
Purchase Price of One Million Nine Hundred Thousand and No/]00 Dollars as specified in
Section 2. The balance of$10,000.00 is paid into escrow in accordance with Section I I of this
Agreement.
E. Seller shall pay the escrow fees, the CLTA Standard Policy of Title Insurance, if
required by District, and all recording costs and fees. 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 of the Closing based upon the latest
available tax information using the customary escrow procedures.
Purchase Agreement A Page 3
F. Seller shall cause North American 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
$1.9)0.000.00 for the Property showing title to the Property vested in fee simple in District,
subject only to: (i) current real property taxes, (ii) title exceptions 4, 5, 6, 7, 8, 9, 11, 12, 13 and
14 as listed in preliminary report 98170723 dated August 3. 2007 (Exhibit A), 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 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 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 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
District notifies Escrow Holder that District's Closing Condition set out in Section 7 herein has
not been fulfilled to District's satisfaction, Escrow Holder shall deduct $5,000.00 from the
Purchase Price for delivery to District at Closing as set out in Section 7. 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, 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. 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, all of which shall survive close of escrow, and 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 Subject Property described therein, and are enforceable in accordance
with their respective terms and do not violate any provisions of any agreement or trust to which
Seller is a party or by which Seller may be bound or any articles, bylaws or corporate resolutions
of Seller.
Purchase Agrepment , Page 4
C. Leases or Occupancy of Premises. Seller warrants and agrees that the existing
month to month oral tenancy agreement with Melanie and Ian Hop eer occupying a house trailer
located on the Property will be terminated and the house trailer shall be vacated and removed on
or before the close of escrow. With the exception of this oral residential tenancy agreement,
there exist no other oral or written leases, licenses, or rental agreements affecting all or any
portion of the Subject 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 lease, license, or rental agreement
of the Property being acquired by District, including, but not limited to, claims for relocation
benefits and/or payments of any kind pursuant to California Governinent Code Section 7260 et
seq, or other applicable law, made by any tenant, licensee, or occupant of the Subject Property.
Seller understands and agrees that the provisions of this Section shall survive the close of escrow
and recordation of any Grant Deed(s).
D. Good Title. Seller has and at the Closing date shall have good, marketable and
indefeasible fee simple title to the Subject Property and the interests therein to be conveyed to
District hereunder, free and clear of all liens and encumbrances of any type whatsoever and free
and clear of any recorded or unrecorded option rights or purchase rights or any other right, title or
interest held by any third party except for the exceptions permitted under the express terms
hereof, and Seller shall forever indemnify and defend District from and against any claims made
by any third party which are based upon any inaccuracy in the foregoing representations.
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 except the removal of
the house trailer as set out in Sections S.C. 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. District's Closing Condition Regarding Removal of Personal Pro pert . District and
Seller understand and agree that the Seller's obligation to complete the transaction set out in this
Agreement to sell the Subject Property to District is conditioned upon the Seller's responsibility
and obligation to remove the following items of personal property: 55-gallon fuel drum, tires,
fuel and paint containers from the Subject Property as a condition precedent to the purchase and
sale of the Subject Property. Seller shall fulfill this obligation on or before the close of escrow.
In the event Seller does not fulfill this obligation to District's satisfaction, Seller and District
agree that District is authorized, at its sole discretion, to instruct Escrow Holder to withhold the
sum of Five Thousand Dollars ($5,000.00) from the Purchase Price and to instruct Escrow
Holder to deliver these funds to District at Closing to be used by District to complete the removal
of any remaining personal property and clean up of the Subject Property. District shall have the
same completed and deduct such expenses from the $5,000.00 so delivered to District. The
remaining balance, if any, shall be released by District to Seller.
Purchase Agreement Page 5
8. 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 "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.)
I
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,
which shall survive close of escrow, each of which is material and is being relied upon by
District:
(1) The Property does not contain any Hazardous Waste or underground storage
tanks.
Oii Seller and the Property yare 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.
g g
(iii) At the time Seller acquired the Property, Seller did not know and had no
reason to 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
g � p �
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 Property of any
Hazardous Waste, or the transportation to or from the Property, of any Hazardous Waste.
(v) There is no pending or, to Seller's knowledge, 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 or reason to know
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.
Purchase Agreement ' Page 6
I
(vii) 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. Indemnity. Seller shall indemnify, defend and hold harmless District from and
against any legal or administrative proceedings brought against District, and all claims, liabilities
losses, damages, and costs, foreseen and unforeseen, including without limitation, attorney,
engineering and other professional or expert fees, directly or indirectly arising from any breach of
the warranties or representations contained herein, or arising from related to or connected with
the existence of any Hazardous Waste of any kind on or in the property, except when any
Hazardous Waste contamination was caused solely by District. 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.
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.
10. Miscellaneous Provisions.
A. Access for Investi atg ions. 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
Purchase Agreement Page 7
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, casts, 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; provided, however, the foregoing
indemnity shall not cover 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 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. In the event of a settlement or
final judgment in which neither party is awarded all of the relief prayed for, the prevailing party
as determined by the Court, or arbitrator in the case of arbitration, shall be entitled to recover
from the other party reasonable 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;
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 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
Purchase Agretnient Page 8
neither constitute the exclusive election thereof nor the waiver of any other right, power or
remedy available to such party.
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: Arthur Beatty, Successor Trustee of the George W. Beatty
Revocable Living Trust dated June 29, 2000
951 Thatcher Court
Los Altos, CA 94024
Telephone: (650) 960-3520
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 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.
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 notification 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
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 i
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 i
the same instrument.
a
I
Purchase Agreement Page 9
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 in
which time is an element.
L. Survival of Covenants, Representations and Warranties. 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 parry 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 shall not be responsible for any real estate
commission or other related 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 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.
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.
Purchase Agreement Page 10
S. Arbitration of Disputes. If a dispute arises out of or relates to this Agreement or
the performance or breach thereof, the parties agree first to participate in 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
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. ("JAMS") in accordance with the rules thereof or, if JAMS ceases to exist, its successor, or
if none, a similar arbitration service. 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.
I
SELLER INITIAL DISTRICT INITIAL
11. Acceptance. Provided that this Agreement is executed by Seller and delivered to
District on or before November 30, 2007, District shall have until midnight January 16, 2008 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 receipt of the sum of Ten Thousand Dollars and No/100 ($10,000.00), which shall
be applied to the Purchase Price as set forth in Section 2 hereof.
Provided that this Agreement is accepted by District, this transaction shall close as soon as
practicable in accordance with the terms and conditions set forth herein.
Purchase Agreement Page I I
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: SELLE
MIDPENINSULA REGIONAL OPEN
SPACE DISTRICT ;rt4hurffe!t�ty,
as of the
George W. Beatty Revocable Living Trust dated
June 29, 2000
APPROVED AND ACCEPTED:
PreOdent.,
of Directors Date
1 00
A. �z �
Date
ATTEST:
District Cler /
Date: f
ACCEPTED FOR RECOMMENDATION
C tj
Michael C. Williams, Real Property Manager
APPROVED AS TO FORM:
Susan M. Schectman, General Counsel
R-ECOMMINDE FOR APPROVAL:
L. Craig Britton, General Manager
r �
. . .
�
. .
EDUiZBZT A
MNORTH DIRECT ALL INQUIRIES TO:
MERICAN Escrow Officer: SuaonK-Tnovet
ATITLE Telephone No.: (408)399-4100
COMPANY Our No.: 56007-98170723-SKT �
Escrow No.: 56007-98170723
K8idVeninau|e Regional Open Space
Attn: Mike Williams
330 Diste| Circle
Los Altos CAR4O22 �
Buyer(s): K8idpeninau|e Regional Open Space District
Property Address:
� 17O2O Alma Bridge Road
� Los Gatos, CA
Update No. 3 �
�
�
� Preliminary Report
� IN RESPONSE TO THE ABOVE REFERENCED APPLICATION FOR A POLICY OF TITLE INSURANCE,
|
North American Title Insurance Company
� !
�
� HEREBY REPORTS THAT IT|SPREPARED 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
HEREINAFTER SET FORTH, INSURING AGAINST LOSS WHICH MAY BE SUSTAINED 8Y REASON OFANY
QEFECT, L|EN, OR ENCUMBRANCE NOT SHOWN OR REFERRED TOAG AN EXCEPTION BELOW OR NOT
EXCLUDED FROM COVERAGE PURSUANT TO THE PRINTED SCHE0ULEG, CONDITIONS AND
� STIPULATIONS DF SAID POLICY FORMS.
THE PRINTED EXCEPTIONS AND EXCLUSION FROM THE COVERAGE OF SAID POLICY OR POLICIES ARE
SET FORTH ON THE ATTACHED COVER, COPIES OF THE POLICY FORMS SHOULD BE READ, THEY ARE
�
AVAILABLE FROM THE OFFICE WHICH ISSUED THIS REPORT.
� PLEASE msAo THE EXCEPTIONS SHOWN OR REFERRED TO BELOW AND THE EXCEPTIONS AND
|
EXCLUSIONS SET FORTH |N EXHIBIT A OF THIS REPORT CAREFULLY. THE EXCEPTIONS ARE MEANT nO
/ PROVIDE YOU WITH NOTICE C)F MATTERS WHICH ARE NOT COVERED UNDER THE TERMS UF THE TITLE
INSURANCE POLICY AND SHOULD oe 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 L|Emo. DEFECTS, AND ENCUMBRANCES
AFFECTING TITLE ToTHE LAND.
� | THIS REPORT (AND ANY SUPPLEMENTS OR AMENDMENTS THERETO) IS ISSUED SOLELY FOR THE
PURPOSE OF FACILITATING THE ISSUANCE DFA POLICY OFTITLE INSURANCE AND N0 LIABILITY |S
ASSUMED HEREBY. IF IT IS DESIRED THAT LIABILITY BEASSUMED PRIOR TOTHE ISSUANCE OFA
� POLICY Op TITLE INSURANCE,A BINDER OR COMMITMENT SHOULD BEREQUESTED.
� Dated oamf August 3'2OO7 PamThompeon-tw/pj
ot0730 am T|UoD�oer |
� �
` 4Q7N.Santa Cruz Avenue, Los Gatos, CAQ5O3O
! Phone: (408)399-4100 Fax: (408)354-3212
i
i ` |
� ^ 1
The form of policy of title insurance contemplated by this report Is:
1990-CLTA Owner's Standard Coverage
1992-ALTA Owner's Coverage
The estate or interest in the land hereinafter described or referred to covered by this report is:
A fee
Title to said estate or interest at the date hereof is vested in:
Arthur Beatty, as successor trustee of the George W.Beatty Revocable Living Trust dated June 29,2000
1
I
i
3
i
y
i
I
I
' ! Page 2
Order No.: 56007-98170723-SKT
DESCRIPTION:
The land referred to herein is situated in the State of California, County of Santa Clara,
Unincorporated Area, and is described as follows:
PARCEL ONE:
BEGINNING AT A STAKE KNOWN AS"T 1 " ON THE SECTION LINE RUNNING NORTH AND SOUTH
BETWEEN SECTION 32 AND SECTION 33 IN TOWNSHIP 8 SOUTH, RANGE 1 WEST, M.D.B.& M,
DISTANT THEREON NORTH 0" 24'WEST 1320.00 FEET FROM A STAKE SET BY MCPHERSON IN
MAY 1866, KNOWN AS "MCPHERSON'S CORNER,"SAID STAKE"T" BEING ALSO THE
SOUTHWEST CORNER TO LANDS OF JOSEPHINE STOLTE BEATTY;THENCE LEAVING SAID
SECTION LINE AND IN A WESTERLY DIRECTION, SOUTH 89' 36'WEST 223.72 FEET TO A POINT
ON THE EASTERN BOUNDARY OF LANDS CONVEYED BY SANTA CLARA VALLEY WATER
CONSERVATION DISTRICT TO COUNTY OF SANTA CLARA, BY DEED DATED NOVEMBER 16,
1955,AS SHOWN UPON THE MAP ACCOMPANYING SAID DEED, NUMBERED L 101-C. SHEET 5
OF 9 SHEETS, ENTITLED "ROAD THROUGH LANDS OF SANTA CLARA VALLEY WATER
CONSERVATION DISTRICT(EAST SIDE ROAD);THENCE TO AND ALONG SAID EASTERN
BOUNDARY, NORTH 2° 25' EAST 39.78 FEET; NORTH 49° 15' EAST 210.00 FEET; NORTH 5° 50'
EAST 350.00 FEET; NORTH 1° 00' EAST 252.36 FEET TO A POINT ON THE SOUTHERN BOUNDARY
OF PACIFIC TELEPHONE AND TELEGRAPH 20 FEET RIGHT OF WAY FOR CABLE LINE;THENCE
TO AND ALONG SAID SOUTHERN BOUNDARY, NORTH 43° 06' EAST 25.53 FEET TO A POINT ON
FIRST ABOVE MENTIONED SECTION LINE;THENCE TO AND ALONG SAID SECTION LINE SOUTH
00 24'EAST 794.43 FEET TO THE PLACE OF BEGINNING.
BEING A PORTION OF LANDS CONVEYED BY SAN JOSE WATER WORKS, TO SANTA CLARA
VALLEY WATER DISTRICT, BY DEED DATED MARCH 26, 1953 AND RECORDED OCTOBER 21,
1953 IN BOOK 274 OFFICIAL RECORDS, PAGE 57,SANTA CLARA COUNTY RECORDS.
PARCEL TWO:
j BEGINNING AT A STAKE MARKED T.I. ON THE SECTION LINE BETWEEN SECTIONS 32 AND 33,
OF TOWNSHIP 8 SOUTH, RANGE 1 WEST, MOUNT DIABLO MERIDIAN,AND 20,000 CHAINS
NORTH OF A STAKE SET BY A. MCPHERSON IN MAY 1866,AS A CORNER TO SECTIONS 32, 33,4
AND 5 OF TOWNSHIPS 8 AND 9 SOUTH, RANGE 1 WEST, MOUNT DIABLO MERIDIAN; RUNNING
THENCE ALONG THE LINE BETWEEN SAID SECTIONS 32 AND 33, NORTH 30 MINUTES WEST 28
j CHAINS TO A STAKE MARKED G.B. 2 ON THE SOUTH BANK OF A GULCH; THENCE UP THE
CENTER OF SAID GULCH IN AN EASTERLY DIRECTION TO A STAKE MARKED G.B. 3, MARKING
THE 118 SECTION LINE RUNNING NORTH AND SOUTH THROUGH THE WEST 1/2 OF SAID
SECTION 33; THENCE ALONG THE EAST BOUNDARY LINE OF THE WEST 1/2 OF THE
NORTHWEST 1/4 AND THE EAST BOUNDARY LINE OF THE WEST 1/2 OF THE SOUTHWEST A OF
SECTION 33 AND PARALLEL WITH THE SECTION LINE BETWEEN SECTIONS 32 AND 33, SOUTH
30 MINUTES EAST 30.62 CHAINS TO A STAKE MARKED T.2.;THENCE NORTH 89 DEGREES 28
MINUTES WEST 22.60 CHAINS TO THE POINT OF BEGINNING.
EXCEPTING THEREFROM ANY PORTION OF PREMISES WHICH MAY LIE WITHIN THE BOUNDS OF
LOT 1,SECTION 33,TOWNSHIP 8 SOUTH, RANGE 1 WEST.
j ALSO EXCEPTING THEREFROM ANY PORTION WHICH MAY LIE WITHIN THE LAND CONVEYED IN
THE DEED FROM JOSEPHINE STOLTE BEATTY,TO SANTA CLARA VALLEY WATER
CONSERVATION DISTRICT, RECORDED FEBRUARY 21, 1957 IN BOOK 3735 OF OFFICIAL
RECORDS, PAGE 460, RECORDS OF SANTA CLARA COUNTY.
APN: 558-35-001, 558-36-012 and 558-36-011
j
Page 3
Order No.: 56007-98170723-SKT
�
. . .
.
. . .
Ad the date hereof exceptions tm coverage in addition tq the printed exceptions and exclusions
contained in said policy form would be as follows:
1. General and Special Property Taxes,and any assessments collected with taxes, including utility
assessments, are a lien not yet payable to be levied for the fiscal year 2007-2008.
2. The Lien of Supplemental Taxes, if any, assessed pursuant bo the pnzvis|onaof Chapter 3.5
(commencing with Section 75)of the Revenue and Taxation Code of the State of California.
| 3. Rights of the owners of lands in vicinity of premises to use any and all private roads
which may traverse premises, leading to their respective lands.
4. An easement affecting the portion of said land and for the purpose stated herein,and incidental
purposes. �
|n Favor of: Pacific Telephone and Telegraph Company, a
corporation
No representation |s made osbo the present ownership of said easement. �
�
Purpose: Pole line
Recorded: April 1O. 1929
Book: 455
Page: u:/ |
Affects: Parcel One �
5. Am easement affecting the portion ofsaid land and for the purpose stated herein,and incidental
�
purposes. �
�
\ \n Favor of: Pacific Telephone and Telegraph Company,o �
corporation �
� No representation is made eeto the present ownership of said easement.
Purpose: Anchors and guys
Recorded: Novamber2' 1Q2Q �
Book: 485
Page: 533
Affects: Parcel Two
8. An easement affecting the portion ofsaid land and for the purpose stated herein, and incidental
� purposes.
|n Favor of: Pacific Gas and Electric Company, mcorporation
� | No representation in made aato the present ownership of said easement. �
� |
� Purpose: E/mcmouu/xum/us/vnonem
Recorded: December 11. 1Q52
� Book: 2543
Page: 516
Affects: Parcel Two
Page 4
Order No.: 56007-98170723-SKT
!
�
| _-
7. An easement affecting the portion of said land and for the purpose stated herein, and incidental
i
purposes.
In Favor of: Pacific Gas and Electric Company, a California
Corporation
No representation is made as to the present ownership of said easement.
Purpose: Pole line
Recorded: July 20, 1953
Book: 2686
Page: 425
Affects: Parcel Two
8. Possible rights of way for pipe lines and all other possible rights and easements granted by
Santa Clara Valley Water Conservation District to San Jose Water Works, a Corporation, in
that certain Deed and Agreement executed by and between said parties, dated October 1,
1953 and recorded October 21, 1953 in book 2744 of official records, page 57, and j
reference is hereby made to the record thereof for further particulars.
From the language contained in said instrument it is impossible to determine the exact
location of said rights of way, easements and rights.
9. An easement affecting the portion of said land and for the purpose stated herein,and incidental
purposes.
I
In Favor of: Pacific Telephone and Telegraph Company j
I
No representation is made as to the present ownership of said easement.
Purpose: Inundation and flooding
Recorded: February 21, 1957
Book: 3735
Page: 460
Parcel Two
Affects: I
10. Reservation contained in the Deed from Santa Clara Valley Water Conservation District, a
Water Conservation District, to Josephine Stolte Beatty, a widow, dated January 29, 1957
and recorded February 21, 1957 in book 3735 of official records, at page 465, recorder's
serial number 1309670, as follows:
"Grantor reserves from said grant the perpetual right to impound water upon such portion of
said 1.10 acre tract as may lie below elevation 665' use & gs, whenever and as often as
the Lexington Reservoir of grantor be filling or be full."
I
Said matter affects: Parcel One
Page 5
Order No.: 56007-98170723-SKT
IIII
11. The Unrecorded Lease by and between the parties named herein,for the term and upon the
Terms, Covenants and Conditions therein provided:
Disclosed By: Indenture
Type of Lease: Not disclosed
Dated: January 31, 1967
Lessor: Josephine Stolte Beatty,a widow
Lessee: The Pacific Telephone and Telegraph Company,a
California Corporation
Recorded: January 31, 1967
Instrument No.: 3177579
Book: 7628
Page: 220
The present ownership of the Leasehold created by said Lease and other matters affecting the
interest of the Lessee are not shown herein.
i
Said matter affects: Parcel Two
12. An easement affecting the portion of said land and for the purpose stated herein, and incidental
purposes.
In Favor of: The Pacific Telephone and Telegraph Company,a
California Corporation
I
No representation is made as to the present ownership of said easement.
i
Purpose: Ingress and egress
Recorded: January 31, 1967
Book: 7628
Page: 220
Affects: Parcel Two
13. Reservation contained in instrument from Josephine Stolte Beatty to Pacific Telephone and
Telegraph Company, recorded January 31, 1967 in book 7628 of official records, at page
220, records of Santa Clara County, as follows:
"The right to close off that portion of lessor's said existing private road which
now traverses the leased property", and reference is hereby made to the
recor
d thereof for
further
particulars.
Said matter affects: Parcel Two
Page 6
Order No.: 56007-98170723-SKT
J
. . . .
/ . . .
. .
i
! 14. An easement affecting the portion of said land and for the purpose stated herein, and incidental
purposes. �
|n Favor of: The Pacific Telephone and Telegraph Company,a
California Corporation
No representation|s made osto the present ownership of said easement.
Purpose: Underground conduits, pipes, manholes,service boxes, |
wirs.and cables
Recorded: June 4. 1Q73
| Book: u+u/
| Page: 153
| Affects: Parcel Two
iS. Any invalidity m defect\nthe Ube of the vestees in the event such trust is invalid or fails to confer
sufficient powers in the trustees,or in the event there is a lack of compliance with the terms and !
provisions of the trust instrument. '
| �
' This company will require a Certification of Trust(pursuant to California Probate Code Section
18i0U.5)from the )stating said trust ioin full force and effect and there have
been no changes except on set forth.
!
�
� >
\
�
� .
�
\
|
i Page 7
� | -BQ17O723-�KT
Order ��OO7
, . .
� . . .
�
� | �
� |NF0RMAT]IC}NALNOTES:
! A. Our ALTA Loan Policy,when issued,will contain Endorsements Nos. 1OO and 11GU16.2.
B. There in located on said land o Single Family Residence, on Unimproved Parcel known ee1782O
Alma Bridge Road, Los Gatos, CA.
C. There are noconveyances affecting said land recorded within twenty-four(24) months of the date
of this report.
D. This charge for a policy of title insurance, if issued through this title order,will be based on the �
| basic insurance rate. �
E. General and Special Property Taxes for the fiscal year shown below have been paid.
Fiscal Year: 2006-2007
� Total Amount: $56.46
First Installment: $28.23Pmid
Second Installment: $28.23Poid
Land: $3.024.00
Code Area: 80-001
Parcel Number: 558-36'011
F. General and Special Property Taxes for the fiscal year shown below have been paid.
Fiscal Year: 2006'2007
Total Amount: $1,039.40
First Installment: $519.70Paid
Second Installment: $519.70Puk!
' Land: $56,450.00
� Improvements: $19.762.00
Exemptions: $7.000.00
Code Area: 80'001
Parcel Number: 558'36-012
G. General and Special Property Taxes for the fiscal year shown below have been paid.
| Fiscal Year: 2006-2007
Total Amount: $379.80
First Installment: $189.90 Paid
Second Installment: $189.90Pad
Land: $25.1711X0
Code Area: 80-001
Parcel Number: 558-35-001
� H. Pursuant to Section 12413.1 of the insurance code funds deposited in escrow must be held for
� \ the following time periods before they can bedisbursed:
� 1 Cash or wired funds—available for immediate dispersal after deposit in bank or
confirmation of .
frnce|pdinacuount Bear|n mind that Cash will be accepted hom
�
customers only under special circumstances ma individually approved by management.
� 2' Cashier checks, certified checks,tellers checks--next day available funds.
� 3. All other checks must be held in accordance with regulation CC adopted by the Federal
| Reserve Board cf Governors before they must bodisbursed.
� .
4. Drafts must te collected before they may be disbursed.
Page 8
Order No.: 50007-08170723-Gk3 �
�
\
� !
. .
,
�
�
North American Title Company will not be responsible for accruals of interest or other charges
resulting from compliance with the disbursement restrictions imposed by state law.
For Your Information, Our Wire InstrucfiQ0gi Are:
Wire To: tredit the Account of:
| Conx»ricaBmnk North American Title Company �
333 W. Santa Clara Street Bank Account No.: 1892518109
San Jose, CA 95113 Escrow No. 56007-98170723
|! Routing No.: 121137522 Bnanch/Counh/No.: 660-07
Attn: Susan K.Tnn/aho
° 4CH FUNDS-AutomaUoClaoh House
North American llUe Company will not accept funds in the form ofACH transfers.
| North American Title Compony, inc'm charges for recording the transaction documents include
charges for services performed by North American Title Company, Inc., in addition to an estimate /
of payments bzbe made tn governmental agencies.
| �
'
�
|
�
�
i
�
�
� |
|
Page g
Order No.: 56007-98170723-BKJ'
GOOD FUNDS LAW
CALIFORNIA ASSEMBLY BILL 512 (`AB512") IS EFFECTIVE ON JANUARY 1, 1990, UNDER AB512, NORTH
AMERICAN TITLE COMPANY, INC, ('NORTH AMERICAN TITLE COMPANY, INC.-) MAY ONLY MAKE FUNDS
AVAILABLE FOR MONETARY DISPERSAL IN ACCORDANCE WITH THE FOLLOWING RULES:
SAME DAY AVAILABILITY - DISBURSEMENT ON THE DATE OF DEPOSIT IS ALLOWED ONLY WHEN FUNDS
ARE DEPOSITED TO NORTH AMERICAN TITLE COMPANY (-NORTH AMERICAN TITLE COMPANY, INC.-) IN
CASH OR BY ELECTRONIC TRANSFER (WIRE). BEAR IN MIND THAT CASH WILL BE ACCEPTED FROM
CUSTOMERS ONLY UNDER SPECIAL CIRCUMSTANCES AS INDIVIDUALLY APPROVED BY MANAGEMENT.
NEXT DAY AVAILABILITY - IF FUNDS ARE DEPOSITED TO NORTH AMERICAN TITLE COMPANY, INC. BY
CASHIER'S CHECKS, CERTIFIED CHECKS, OR TELLER'S CHECKS, DISBURSEMENT MAY BE ON THE NEXT
BUSINESS DAY FOLLOWING DEPOSIT. A 'TELLER'S CHECK" IS ONE DRAWN BY AN INSURED FINANCIAL
INSTITUTION AGAINST ANOTHER INSURED FINANCIAL INSTITUTION (E.G., A SAVINGS AND LOAN FUNDING
WITH A CHECK AGAINST A FDIC INSURED BANK).
2-5 DAY AVAILABILITY (REGULATION CC). IF THE DEPOSIT IS MADE BY CHECKS OTHER THAN THOSE
DESCRIBED IN PARAGRAPHS I AND 2 ABOVE, DISBURSEMENT MAY OCCUR ON THE DAY WHEN FUNDS
MUST BE MADE AVAILABLE TO DEPOSITORS UNDER FEDERAL RESERVE REGULATION CC. THIS REQUIRES
A"HOLD"ON SOME CHECKS OF 2-5 DAYS OR LONGER IN SOME INSTANCES. PERSONAL CHECKS,DRAFTS,
PRIVATE CORPORATION AND COMPANY CHECKS, AND FUNDING CHECKS FROM MORTGAGE COMPANIES
THAT ARE NOT TELLER'S CHECKS ARE AMONG THOSE CHECKS SUBJECT TO SUCH HOLDS. (FOR
FURTHER DETAILS,CONSULT CHAPTER 598,STATUTES OF 1989.)
NOTE: THE ABOVE GUIDELINES ARE IN CONFORMITY WITH THOSE ISSUED BY THE DEPARTMENT OF
INSURANCE FOR ALL CALIFORNIA TITLE INSURANCE AND CALIFORNIA TITLE COMPANIES.
PRELIMINARY CHANGE OF OWNERSHIP REPORT
NOTE: ON OR AFTER JULY 1, 1985, THE COUNTY RECORDER'S OFFICE WILL CHARGE, IN ADDITION TO THE
REGULAR CHARGES, AN EXTRA $20.00 RECORDING FEE, UNLESS A DOCUMENT EVIDENCING A CHANGE OF
OWNERSHIP IS ACCOMPANIED BY A PRELIMINARY CHANGE OF OWNERSHIP REPORT. IN LIEU OF SAID
REPORT, SIGNED BY THE TRANSFEREE,THE RECORDER WILL ACCEPT AN AFFIDAVIT THAT THE TRANSFEREE
IS NOT A RESIDENT OF CALIFORNIA. TITLE BILLINGS WILL BE ADJUSTED TO REFLECT SUCH ADDITIONAL FEES
WHEN APPLICABLE.
IRS FORM 1099
BEFORE THE TRANSACTION CONTEMPLATED BY THIS REPORT CAN BE CLOSED, THE SELLER/BORROWER
MUST FURNISH A TAXPAYER IDENTIFICATION NUMBER TO US SO THAT WE CAN FILE AN IRS FORM 1099,OR ITS
EQUIVALENT, WITH THE INTERNAL REVENUE SERVICE. THIS PROCEDURE IS REQUIRED BY SECTION 6045 OF
THE INTERNAL REVENUE SERVICE.
NOTICE OF A WITHHOLDING REQUIREMENT
State Withholding &Reporting for closings after January 1, 2003: Under California Law(Rev&Tax Code 18662&
18668)a buyer may be required to withhold and deliver to the Franchise Tax Board(FTB)either(a)an amount equal
to three and one-third percent of the sales price or(b)elect an alternate withholding amount based on applying the
maximum tax rate to the seller's estimated gain,in the case of disposition of California real property interest("Real
Property")by either: 1)a seller who is an Individual or when the disbursement instructions authorize the proceeds
to be sent to a financial Intermediary of seller,or 2)a corporate seller that has no permanent place of business in
California. If the seller elects an alternate withholding amount,the maximum tax rates are as follows: (a)9.3%for
individuals,(b)8.84%for corporations,and(c)10.84%for banks and financial corporations. Buyer may be subject
to a penalty(equal to the greater of 10%of the amount required to be withheld or$500)for failing to withhold and
transmit the funds to FTIB in the time required by law. Buyer is not required to withhold any amount and will not be
subject to penalty for failure to withhold if: a)the sale price of the Real Property does not exceed$100,000; b)the
seller executes a written certificate under penalty of perjury certifying that the seller Is a corporation with a
permanent place of business in California;or c)the seller,who is an individual,executes a written certificate under
penalty of perjury certifying one of the following: (1) the Real Property was the seller's principal residence (as
defined in IRC 121); (ii) the Real property was last used as seller's principal residence without regard to time
period; (ill)the Real Property is or will be exchanged for property of likekind (as defined in IRC 1031)and that the
seller intends to acquire property similar or related in service or use so as to be eligible for nonrecognition of gain
for California income tax purposes under IRC 1031; (iv) the Real Property has been compulsorily or Involuntarily
converted (as defined in IRC 1033) and the seller intends to acquire property similar or related in service or use as
to be eligible for nonrecognition of gain for California income tax purposes under IRC 1033;or(v)the Real Property
sale will result in loss of California income tax purposes. Seller is subject to penalties for knowingly filing a
fraudulent certificate for the purpose of avoiding the withholding laws. FTIB may grant reduced withholding and
waivers from withholding on a case-by-case basis for corporations or other entities.
For additional information regarding California withholding, contact the Franchise Tax Board at(toll free) 888-792-
4900),or by e-mail at urws@ftb.ca.gov or visit their website at www.ftb.ca.gov.
Page 10
Order No.: 56007-98170723-SKT
900K aAOE
558 35
I
8K
537
°.O.S 27L-M-aO.30,E sx
• aA.S.147-M-[S I I
29 28 -'� o-� I I TW1? SS.-R.IW. ,
32 334O v/ 28 127
net a
1
LOT 6
LOT S
LOT I MIOPEYINSULA REGIONAL
OPEN '
i. 6P5 SURVEY •4� lr�•' 1Ea`A.
1G✓ S7•A7'/ON RP/6'•••••• a��/+.� itl: \ \ 7j SPACE DIST. s
F'/ R.O.,£ 6521,26 ite fa°' eb ' \ \ 8
• ::� � •,�-�.7. � / P���« \� /za`ter.
E \ 33.25 ac.D[Ei
R.O.S. 169-M-19
4 \ \
1r i, O
212.06 AC.TOTAL I attJp
R/w �
I I x 14.00 aC DEFo-�
.7LE1::. r,_i.. \. =!s.a
t«a so.a sc•au.ax
C. V.. W. 0.
n.T L-wr-c LOT 2
rt LOT 7 ,
7 LOT e
MIDPENITULA REGIONAL OPEN
e 4r I I SPACE DISTRICT
2 3
50 L E r 400'
aaca -I I -
• )
, 12.38 Ac.' 2<.76 ac
_____�n.l�- n°i.M � •• urse� —�L�, m.H. l.Ls.
-7;!E WfOPJAATION ON THIS PLAT IS
Pa)VIED FOR YOUR CONVENIENCE AS
A GbQE TO THE GENERAL LOCATION OF
THE SUBJECT PROPERTY.THE ACCURACY
OF THIS PLAT IS NOT GUARANTEED,NOR
3a IS IT A PART OF ANY'POLICY,REPORT OR
GUARANTEE TO WHICH IT MAY BE
ATTACHED.'
1
O F FA 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 C O U N T Y, C A L I F O R N I A
558 11 36
' 35
TWP 6S-RIW
`I
LOT 3
LOT 10 I LOT 9 —hr E—
iz
Tcccd
Ll
n'Q-' ALMA AwroAc wo. I d
2 I LBO K
•COUNlY
OF
�' * I} •Dt lu
LOT 4 —•_— K—LOT 11 112.36I K —•--- Vw s[c
LOT 1't >;
a2 to S A N T A CLARA
S-
e
I ACAIA sans wa I
1 4 i� Q j{ I Y asti
0 omc. L• 13 y
PL
y:...................... 4f.ao K w,w 4353 AC.
S^AC.V.W,O, )
'-. � {« ?' m MIDPENINSULA REGIONAL
OPEN SPACE DISTRICT
0
t., f 1 w w. i7Y. LOT31
m •,
32 ` �•, _ I
4 q SOOP' y� 4 3
"TPt INf•ORtdATIOPf C HIS.PLAT IS RD
BgIDGE PPOVIDED FOR YOUR CONVENIENCE AS
A GUIDE TO THE GENERAL LOCATION Of
THE SUBJECT PROPERTY.THE ACCURACY
OF THIS PLAT IS NOT GUARANTEED,NOR
IS IT A PART Of ANY POLICY,REPORT OR
`)
GUARANTEE TO WHICH IT MAY BE [oRgke n cmlorm.l2s.ilh sac 727 al Ns
ATTACHED." It t r.toes. Far ma1=,l*.pmsr ,Ji
Ell ctlrw for Rdl Ye 1997-98
ILAWRENCE E. STONE - ASSESSOR