HomeMy Public PortalAboutResolution - 80-25- 19800603 - Thorwaldon Property ExteRESOLUTION NO; '8g-75
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
AUTHORIZING ACCEPTANCE OF ASSIGNMENT OF OPTION
AGREEMENT, AND AUTHORIZING GENERAL MANAGER TO
PAY FUNDS NECESSARY TO EXTEND SAME. (Baylands
Park/Westbay Associates Property)
The Board of Directors of the Midpeninsula Regional Open
Space District does resolve as follows:
'Section One. The Board of Directors of the Midpeninsula
Regional Open Space District does hereby accept the assignment
of option ascontained in that certain agreement between
Jay Thorwaldson and the Midpeninsula Regional Open Space
District dated June 3, 1980, a copy of which is attached hereto
and by reference made a part hereof, and authorizes the
President and appropriate officers to execute the Agreement
on behalf of the District.
Section Two. The President of the Board of Directors or
other appropriate officer is authorized to expend Fifty
Thousand and no/100 .($50;000;.'00) Dollars to extend the . option
period until Noon, P.S.T., November 20, 1980.
Section Three. The General Manager of the District shall
cause to be given appropriate notice of said assignment and
extension of option to the optionor. The General Manager
further is authorized to execute any and all other documents
necessary or appropriate to the extending of said option.
RESOLUTION NO. 80-25
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula
Regional Open Space District on June 3 , 19 80
t a x a r/special meeting thereof, by the following vote:
AYES:
NOES:
Daniel Wendin, Barbara Green, Katherine Duffy,
Nonette Hanko, Harry Turner, Edward Shelley, and
Richard Bishop.
None.
ABSTENTIONS: None.
ABSENT: None..
ATTEST: APPROVED:
S dretary, Board of Directors President, Board of Directors
I, the District ClerkAiMpUttyMMMT(Icatx014SEX 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 vote.
f. r`d t.
District Clerk
ASSIGNMENT OF OPTION AGREEMENT
AND EXTENSION
For value received, I, Jay Thorwaldson, hereby
assign all my right, title and interest in and to that
certain Option Agreement wherein Westbay Community
Associates, a California general partnership, is Optionor,
and the undersigned, an individual, is Optionee, dated
November 26, 1979, and the Letter of Extension thereof
dated May 21, 1980, copies of which are affixed hereto
and by reference made a part hereof, to Midpeninsula
Regional Open Space District, a public district under
the laws of the State of California.
In witness whereof I have executed this
agreement at Los Altos, California, on i June 3, 1980.
Accepted:
Midpeninsula Regional
Open Space District
President
l
orwaldson
19th November , 1979
OPTION AGREEMENT
THIS AGREEMENT made and entered into this 2{0" -6 day of M ov ISVZ
191, by and between Westbay Community Associates, a California general
partnership, hereinafter called "OPTIONOR", and Jay Thornwaldson, an
individual, hereinafter called "OPTIONEE".
WITNESSETH:
1. In consideration of the sum of $3,000.00 paid by OPTIONEE, receipt
of which is acknowledged, OPTIONOR hereby grants to OPTIONEE an exclusive
option to purchase on or before Noon P.D.T. )&j' 24i. 1980
those certain tracts of land designated as Parcels E-3 and E-4 in the Record of
Survey, Exhibit "A" of Settlement Agreement Embodied In Judgement Entered
in Case of: State vs San Mateo County, et al, San Mateo County Superior Court,
Action No. 144,257 as recorded July 28, 1977 in Book 8 at Page 85 of Licensed
Land Surveyors Maps; containing 40.734 acres, more or less and shown as .
Exhibit "A" attached hereto.
If the option is not exercised by OPTIONEE on or before the termination
date of this option, then all option monies shall be retained by OPTIONOR as
liquidated damages.
2. The purchase price shall be $130, 000.00 cash payable as follows:
$3,000.00 by certified or cashiers check upon the execution and delivery of
this Option, which amount OPTIONOR agrees to apply on the purchase price
if OPTIONEE elects to exercise the option; and the balance shall be. paid in
cash or certified funds at closing.
3. Title shall be conveyed by Quit Claim Deed.
4. Real property taxes for the property interest conveyed hereunder
for the current year shall be prorated as of the date of closing.
5. OPTIONEE shall be entitled to possession at the time of closing.
This sale shall be closed within 45 days after the option is exercised.
6. This option shall be exercised by the giving of a written notice
of intent to exercise the same, and said notice may either be served person-
ally on OPTIONOR by delivering it to R. J. Swenson, or the notice may be
- mailed to OPTIONOR by certified mail with postage prepaid, deposited in
the United States mail on or before }SAY 24+1. 1980 addressed to:
WESTBAY COMMUNITY ASSOCIATES
c/o Ideal Basic Industries, Inc.
P.O. Box 8789
Denver, Colorado 80201
Attention: Mr. R. J. Swenson
C"'"\
•
7. The parties represent unto each other that no real estate broker
is entitled to claim a commission for this transaction. If a commission is
claimed against OPTIONOR as a result of acts or actions of OPTIONEE, then
OPTIONEE shall indemnify OPTIONOR from any and all damages resulting
from same, including reasonable attorney's fees and the cost of litigation,
and will completely save the OPTIONOR harmess from such claim.
OPTIONOR:
WESTBAY COMMUNITY ASSOCIATES
a General Partnership
By: KEVALAND CORPORATION
General Partner
B
. ' T . ellig
Vice President
OPTIONEE::
JAY THOi WA DSON
an Individuals
By:
nwaldson
Ideal Basic Industries
Ideal Plaza -950 17th Street
P.O. Box 8789
Deriver, Colorado 80201
303 623 5661
May 21, 1980
Mr. Jay Thorwaldson
244 Robin Way
Menlo Park, CA 94025
Dear Mr. Thorwaldson:
This letter is to advise you that Westbay Community Associates hereby
agrees to amend that certain Option Agreement dated November 26, 1979,
between Westbay Community Associates and yourself as follows:
1. For no additional consideration other than the $3,.000.00.
previously paid, the Option expiration date shall be ex-
tended from Noon, P.D.T., May 24, 1980 until Noon,
P.D.T., June 6, 19 80 , at which time you as OPTIONEE
- may elect either to:
a. Exercise the Option as outlined in the November 26,
•
.1979 OPTION AGREEMENT, or,
b. Deliver on or before Noon, P.D.T., June 6, 1980
to Westbay Community Associates, c/o Ideal Basic
Industries, Inc . , P. 0. Box 8789, Denver, Colorado
80201, Attention: Mr. R. J. Swenson; by certified
or cashiers check the amount of $50,000.00 to extend
the Option period until Noon, P . S . T . , November 20,
1980. This amount ($50,000.00) , Westbay Community
Associates (OPTIONOR) agrees to apply to the pur-
'chase price if OPTIONEE elects to exercise the option;
and the balance shall be paid in cash or certified
funds at closing. If the OPTION is not exercised by
OPTIONEE prior to Noon, P . S . T . , November 20,
1980, this OPTION shall terminate and all previously
paid Option fees shall be retained by OPTIONOR as
Liquidated Damages.
c. All other terms and conditions of the original
November 26, 1979 OPTION AGREEMENT shall: remain
the same.
ID
May 21, 1980
Mr. Jay Thorwaldson
Page 2
If you are in agreement, please sign where indicated and return the
original. The duplicate is to be retained for your files.
Sincerely,
Thomas F. Weydert
Property Development Agent
•
TFW: me
OPTIONOR:
WESTBAY COMMUNITY ASSOCIATES
a General Partnership
BY: KEVALAND CORPORATION
a.General Partner
s
BY:
Michael T. Nelligan, Vice (Pii7esident
OPTIONEE:
JAY O RWAL ' O
an In 'vidt-;
BY: - / /• 4f
y Thorwaldson