04 - Laserfiche WebLink

ATTACHMENT 1 PROPERTY PURCHASE AGREEMENT This Property Purchase Agreement (this "Agreement ") is entered into this day of March 2011, ( "Effective Date ") by and between Catherine M. Cook ( "Owner ") and the City of Pleasanton, a municipal corporation (the "City). RECITALS A. Owner is the owner of that certain real property located at 4138 Vineyard Avenue in Pleasanton, California, and Assessor's Parcel Number 094 - 0095 - 017 -00 (the "Property"). B. Owner desires to sell the Property to City and City desires to purchase the Property. NOW THEREFORE, for good and valuable consideration the receipt and adequacy of which is hereby acknowledged, the parties agree as follows: 1. Agreement to Sell and Purchase. Owner agrees to sell the Property subject to the terms and conditions of this Agreement. If approved by the City Council of the City of Pleasanton, the City shall purchase the property subject to the terms and conditions of this Agreement. 2. Purchase Price. The City is in the process of obtaining an appraisal report to value the Property. If the appraisal report shows that the Property has a value of six hundred thousand dollars or more, then the City shall pay Owners the sum of $600,000.00 as full payment in exchange for Owner's conveyance of the Property to the City in fee simple title. 3. Conveyance of Title. City shall put into escrow six hundred thousand dollars. Upon close of escrow, Owner shall convey by grant deed to City fee simple title to the Property. 4. Escrow Instructions. The parties have opened an escrow for the purchase and sale of the Property pursuant to this Agreement with Chicago Title Company ( "Title Company" or "Escrow Agent ") at 1646 N. California Street, Ste. 106, Walnut Creek, CA 94596, Escrow No. . The parties shall deposit into escrow an executed copy of this Agreement, which shall serve as the joint escrow instructions of the Owner and the City for this transaction, together with such additional instructions as may be executed by the Parties and delivered to the Escrow Agent. A. The City has previously received and reviewed a title report for the Property. It shall be a condition of close of escrow that Title Company issue an ALTA Owner's Title Insurance Policy ( "Title Policy ") in the amount of the purchase price for the benefit and protection of the City, showing title to the Property vested in City. B. Owner shall deposit into escrow: (i) an executed copy of this Agreement; (ii) a grant deed, duly executed and acknowledged, conveying to City fee simple title to the Property; (iii) an affidavit meeting the requirements of Internal Revenue Code Section 1445(6)(2) stating that Owner is not a "foreign person" within the Page 1 of 3