RES 87471 - Laserfiche WebLink

F. Pursuant to Government Code Section 7267.1 an appraisal for the property has been prepared by Melvin P. Nelson, SRA, dated August 14, 1987 and that appraisal formed the basis for the City's offer of purchase and the negotiations leading to this purchase agreement. The purchase price in this agreement is based upon the exact comparable sale of $6.18 per square foot for Parcel A of Parcel Map 3482 on September 14, 1986 increased by 3.3% to reflect the rate of inflation for the intervening time period. G. City has the power of eminent domain to acquire this Property for the purpose intended and in the absence of this Agreement, would pursue an action in condemnation. Owner is making this Agreement and the conveyance required herein under threat of condemnation. NOW, THEREFORE, in consideration of the mutual provisions herein, the parties agree as follows: 1. Grant of Fee. Owner shall convey the Property to City by Grant Deed in fee simple absolute, free and clear of all liens, or options, encumbrances, assessments, easements, leases (recorded or unrecorded), and taxes as provided in paragraph 2 (below) provided, however, that Owner shall not be obligated to remove from title the exceptions numbers 2 through 8 of the Preliminary Parcel Map Guarantee from Western Title Insurance Company, No. 785, dated July 21, 1987, attached hereto. 2. Proration of Taxes. Taxes for 1987-88 fiscal year which are a lien, but not yet due and payable, shall be prorated to the date of close of escrow. Western Title shall provide the assessor with the notice and request to cancel future taxes required by Section 5082.1 of the Revenue and Taxation Code and for this purpose is designated as the City's agent. 3. Consideration. City shall pay Owner Seven Hundred Seventeen Thousand Six Hundred Seventy-eight Dollars ($717,678.00) as full compensation for the Property, including any claim to sewer capacity associated therewith. 4. Escrow and Recording Fees. City shall pay all escrow and recording fees incurred in this transaction and, if title insurance is desired, the premium charged therefor. 5. Designation of Escrow Agent. This transaction will be handled through an escrow with Western Title Insurance Company, 260 Main Street, Pleasanton, California 94566, Escrow No. 991014 (Attn: Vicki Nott). 6. Deposit of Deed. Within fifteen (15) days of approval of this agreement by City Council, Western Title will prepare and Owner will execute and deliver to escrow a Grant Deed to the Property in accordance with this agreement. Western Title will notify the City Attorney upon receipt of the executed Grant Deed and provide a copy thereof to him, along with an itemized - 2 -