HomeMy WebLinkAboutR-5700 Declaring 692 Marsh St as Surplus Property1
RESOLUTION NO. 5700 (1985 Series)
A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS
OBISPO DETERMINING THAT 692 MARSH STREET
IS UNNECESSARY FOR PUBLIC PARKING PURPOSES
AND DECLARING SAID PROPERTY SURPLUS
WHEEREAS, the City now owns a parcel of real property (Assessor's
Parcel No. 02- 422 -18) containing approximately 111605 sq. feet,
located at 692 Marsh Street, between Broad and Nipomo, in the City of
San Luis Obispo, California (the "Property "). A legal description of
the Property is on file in the City Clerk's Office, City Hall, 990
Palm Street, San Luis Obispo, California, and may be examined there.
WHEREAS, the City purchased the Property with the intention of
using it for public parking purposes;
WHEREAS, the City was unable to negotiate the purchase of the
adjoining parcels of land necessary to make public parking feasible
in the vicinity of the Property
NOW, THEREOFORE, BE IT RESOLVED by the Council of the City of San
Luis Obispo as follows:
Section 1. The City of San Luis Obispo does not now, and will
not in the future, need the Property for public parking or other
public purposes, and the Property is therefore surplus.
Section 2. The sale of the Property would be for the benefit of
the City and is necessary and proper for municipal purposes.
Section 3. In accordance with the terms of the acquisition of
the property, John Rossetti and Robin Rossi have an option to
repurchase the property for the price the City paid, or fair market
value, whichever is higher. Should the option not be exercised,
staff shall take the following actions in connection with the
Council's intent to sell the Property:
R 5700
r.
A. Send copies of this Resolution to the San Luis Obispo County•
Parks Department, the Regional Parks Authority, the State
Resources Agency, and the San Luis Obispo Housing Authority.
B. Thereafter staff is authorized to solicit offers in
accordance with normal procedures.
C. Staff shall bring any offers to Council for consideration.
Section 4. Should Mr. Rossi and Mr. Rossetti exercise the
option, the Mayor is authorized to execute all necessary documents.
Section 5. The City Clerk shall furnish a copy of this
Resolution to: John Rossetti and Robin Rossi, Public Works Director,
City Attorney, and Finance Director.
On motion of - Councilman. Settle- ; seconded by
- --Councilman - Gri € €in- - , and on the following roll
call vote:
AYES: Councilmembers Settle, Griffin, Dunn and Mayor Billig
NOES: None
ABSENT: Councilwoman Dovey
the foregoing Resolution was passed and adopted this --18th day
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OPTION TO REPURCIIASE ITEAL PI{OPERTY
For valuable consideration, receipt of which is hereby aeknowledged, and subject
to ttle terms and conditions set forth hereunder, the CITY OF SAN LUIS OBlSpO, a chartered
municipal corporation of the State of California ("Optionor"), hereby grants to John
Rossetti and Robin Rossi, jointly, ("optionee") t.he personal right and option to purchase,
which is non-transferable, and non assignable, ("Option") all of that cert.ain real
Property' more particularly described in Exhibit "A", attached hereto ("Option property"),
rvhich Option Property was purchased by Optionor concurrent with the recordation hereof
("Original Purchase") pursuant to the terms and conditions of that Agreement of purchase
and Sale and Joint Escrow Instructions pertaining to the OpEion Property by and between
optionor as Buyer and l^layne T. Hesselbarth and Wilma Fay Hesselbarth, as Seller, dated
as of August 11, l9B2 ("Original Escrow Instructionstt).
I,{ITNESSETH:
1. Optionor hereby covenants and represents that it int8ilds to use the Option
Property for public parking purposes.
2. If Optionor decides prior to August 13, lg}2, by.Resolution of the City Council
of the City of San Luis Obispo, not to use the Option Property for public parking
Purposes' Optionee shall have the right and option for a period of thirty (30) days
from and after the date said Resolution is adopted, to purchase the Option properry at
the purchase pri-ce of Three Hundred Sixty Six Thousand Dollars cash. Should Optionee
exercise the Option to Repurchase the Option Property, Optionee agrees to pay al1 costs
and expenses of escrow' including all costs and. expenses otherwise payable by Optionor,
lncluding a Title Insurance Policy for optioneets benefit, the escrow fee or an escrow
hofder, anY and all documents and Eransfer taxes payable in connection with the record-
ation of the Grant Deed or any other documents whi-ch the parti-es may mutualJ--y direcE to
be recorded in the official records of the County of dan Luis Obispo, plus the escrow
holderrs customary charges for Optionor for documents drafted, recording and miscellaneous
charges and proration of real property taxes which may be a lien on the Option property.
3. If Optionor c.lecides subsequent to AugusE 13, 1983, but prior to August 13,
1987, by resolution of the City Council of the City of San Luis Obispo, noE to use the
Option Propertv for public parking purposes,Optionee sha1l have the right and option
. ...!t
f or a period of chirty (30) davs f rom and af ter Ehe daEe s.rici rest-rlucion is adopred,
Eo purchase the Option Property at a price equal to the fair markec valuc oi the Option
Property. If Optionee exercises Ehe 01>tion to Repurchase the 0ption ProDert)', Optionee
agrees to pilv all costs lnd expenses of escrow, including those otherr^.rise pavable bv
Optionor, including a Ticle Insurance Policy for Optioneets benefiE., tite escrow fee
of an escro\t iiolder, r'lny and all docunenEary transf er taxes payable in connection wich
t-he recordation of the Crarrt Deed or any other documents which the parEies may mutually
direct [o be recorded in the official records of the County of San Luis Obispo, plus
Ehe escrow holderrs customary charges for Optionor for documents drafted., recording
and miscellaneous charges and proration of real property taxes which rnay be a lien
on the Option Property.
If Optionor and-Optionee are unable Eo agree on the fair market value of the
Property, then the Property shall be appraised by an impartial appraiser designated by
Optionor and Optionee, or if they are unable to agree, by an impartial appraiser desig-
nated by the then President of San Luis Obispo Board of Realtors. Said appraiserrs
estimate of the fair market value shall be the purchase price of the Option Property;
provided, in no event shall Optionor be required to sell the Property to Optionee for
a price less than Three Hundred Sixty Six Thousand Dollars cash plus costs and expenses
of escrow. Said appraiser shall be designated a I,IAI by the American Institute of
Real Estate Appraisers and sha1l be farniliar with the values oLcommercial real property
in San Luis Obispo County. The cost of the appraisal shall be borne equally by Optionor
and 0ptionee.
4. The purchase price of the Option Property sha1l be paid in cash through escrow.
Title t.o the Option Property shall be conveyed to Optionee in fee subject only to:
a. Current Eaxes not yet delinquent;
b. Matters affecting title existing as of the date hereof;
c. Ilatters affecting title, which are created, made, assumed, consented to
or requested in writi4g by Optionee;
. d. Matters as shovrn as printed exeeptions in the'standard California Land
Title Association owrrer's form of title insurance policy.
5. An escrct. shal-l be created at First A$erican Tifle Insurance, or other title
company acceptable to Optionee and Optionor, to consummate any purchase by Optionee as
specified herein, which escro!, shall have a tine limit of thirty (30) days and shal1
conmence as soon as possible after notice is given of exercise of the Oprion.
0ptionor and 0ptionee shall execute such escrow instrucEions and other necessary or
appropriate documents as may be required to consunrnate any such purchase. Said escrow
shall be subject only to approval of a then current preliminary title report conforming
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to the provisions of paragraph 4, hereof. Optionee shall pay aIl c()sts .rnci expenses
of escrow, ser forth in paragraphs 2 and 3 ilereof, and 0ptionee shall pav for anv form
policy of title insurance wlrich it clesires. Real property raxes sirall be prorated its
of ttre close of escrow.
5. Upon fhe cxpiration of this Option accc.rding Eo its t.erms, Optionee'shall
at arly Eime thereafter, upon demand of Optionor, execute a quit claim deed relinquishing
all rights under Ehis OpEion.
IN I,/ITNESS I.IHEREOF, this Option to liepurchase Real Property has been executed
on Ehis l?- day ot *,)Ltu5f 1982.
OPTIONEE
Jo setti
Robin Rossi
OPTIONOR
CITY OF SAN LUIS OBISPO, a chartered municipaL
oration of the State of California
t ATTEST t
A4L L
City C1
-3-
ST/iTE 0i CALII.ORlllA )) ss '
COUI]TY OF SAN LU I S OB I SPO )
0n thi5 ..l2th day of lfq:t _, in the year 1982, before rne D. K.
Rolvlee, llotary Public of the State of California, personaily appeared
l'lelanie C. Bjllig, l'layor of the City of San Luis 0bispo, personally knovrn
to ttte to be the person vrho executed this instrument as l4ayor of the City
of San Luis
execu ted 'i t.
Obispo and acknowledged to me that th LI f San Lu'is 0bi spo
ow otar tc
County of San Luis Ob'ispo
My commissjon expires: 10-8-83
STATE OF CALIFORNIA
COUNTY O
on AUqU St I2 . I 982 ,before me, the undersigned, a Notary Public in and for
said State, personally
personally known to me (or proved to me on the basis of satis-
tactory evidence) lo be the person(s) whose name(s) is/are sub-
scribed to the within instrument and acknowledged to me that
he/she/they executed the same.
WITNESS my hand and otficial seal.
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SUSAN FOX
0.1(. RCtr',"-EE
I']OT;],FY FUBLIC
sA;l LUl3 CGISP0 COU!{TY
CALlF0Si'\t:A
My Commission ExPites on Oclob€r 8. 1993
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9i,1 LU|S {,i:;SPCI C{'|ji.iT/
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ESCROI,I IIO:
DATE: AUGUST 5,
"EXHlB lT A"
LEGAL DESCRIPTION
Lot 16 and that portlon of Lot 15 ln Block 7 of l"lurray and Churchrs Addltlon
to the Clty of San Luls Oblspo, ln the City of San Luis Oblspo, County of San
Luls 0blspo, State of Callfornia, accordlng to map flled for record September
21,1877, ln Book A, at Page 144 o( l4aps, descrlbed as follows:
Beglnnlng at the Northwesterly corner of Broad and l"larsh Sfreets, In the
Clty of San Luls Oblspo, as said streefs exlst and as said t'iarsh Street has
been wldened; thence florthwesterly along the Westerly line of Broad Street B0
feet more or less, fo the Southeasterly corner of the Lot conveyed to l.ianuel
Faustino Picano by deed recorded in Book 95 at Page 69 of Deeds; thence at
right angles Southwesterly along the Southerly line of the aforesaid Lot of
l''lanuel Faustlno Picano 145 feet to the l/esterly line of said Lot 15; thence at
r.ight angles Southeasterly along the l'/esterly line of Lots 15 and 16, B0 feef
rnore or less to the I'Jortherly line of l4arsh Streef ; thence Northeasterly along
said I'lortherly line of l"iarsh Street 145 feet to fhe point of beginning,
i.
...-.-"rRg_,w*-
COI ERCIAL TEASE AND DEPOSIT T 'EIPT
i i CElVtD FR0M
hereinafter reterred to as LESSEE,
l;ie sum of
I,'tdenced by
t .^",,\t tor the period tror W
I ast --..--."., ". .-"".-.- month's rent . . .
Sqcurity deposit .
l;iher ".
'OTAL
as a deposit which, upon acceptance of this lease, shall belong to Lessor and shall be applied as follows:
REGEIVED PAYABLE PRIOR TO OCCUPANCY
a
{rrry, which would
l,J4 impr6vgrns4
otherwise be required to be
to
maintained by Lessor.
shall be made without the
$...............
$.......:' ln the event that this lease is not accepted by the Lessor within -..-..N/_A
, payable as follows:
q
business days, the total deposit received shall be refunded.
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Lessee hereby offers to lease from Lessor the premises situated in the City of ...San...Lui.s..Obi-spo.-.-.-.-..., county of
: iate of, ...-.California described as
,;to; iii ;i;iffil;g iiRMs' ; ;d ciiNDiii0r,i$;""'-
:. TERM: The ternr hereof shall commence 0n,..-..__.
z. RENT: The total rent shall be $....21="r.000....".,.
- --Argus.e-."20.r-----.*-........., 19-82., and expire on . 5eb.nrary..20.r............,........... ..".., r9"G?.
All rents shall be paid to 0wner or his authorized agent, at the following address,.-.".-.C.it).--of..S"an.-l"uis.-..Ch.ispo...--.-.
rr at such other places as may be designated by 0wner from time to time.
3. usE: The premises are to be used for the operation ot-....4...r9ta-i1...t-irg-.. s_torg..,
j'o ioi 'o 6it'ei p'ripJie,'*iiriiri prior written consent of Lessor
shall oe responsible for all repairs required,excepting the....,..
\.vhiclr shall be maintained by Lessor. Lessee shall also maintain in good condition such portions adjacent to the premises, such as sidewalks,driveways, lawns and shrub-
4' usEs PRoHIBITED: Lessee shall.not use any.portion of the premises..for purposes other than those specified hereinabove, and no use shall be made or permitted
said property. Lessee shall not conduct or permit any sale by auction on the pre"mises.
5' ASSIGNMENT AND SUBLETTING: Lessee shall not assign this lease or sublet. any..portion. of the premises without prior written consent of the Lessor, whichr;hall not be unreasonablv withheld. Any such assignment or subietting without consent stritIUe voiO anO,-a[tiie option-;ilijl;;s;;;';;i ierminate this lease..5' oRDf NANcES aND STATUTES: Lessee shall complv with all -statutes, ordinances a.nd requirements of all municipal, state and federal authorities now in force,
federal court abatement proceeding affecting the use oi the premises shall, ai ttre opiion if fie Lesroi, UjOeu'i'eO a breach hereof.
'7' uatNlExlNcE. REPAIRs, ALTERATIoNS: Lessee acknowledqes that the premises.are in good order and.reoair, unless otherwise indicated herein. Lessce shall,
rrent. or alteration Lessee shall give Lessor at least 2 days written notice
prior written consent of the Lessor.Prior to the"iommencement of any substantial repair, improve.
in order that Lessor may post appropriate notices to avoid any liabiliiy for liens.
or alteration of the premises
S. ENTRY AND NSPECTION: Lessee shall permit Lessor or Lessor's agents to enter up0n
prior
the premises at reasonable times and upon reasonable noiice, for thecurpcse of inspecting
Let" or "For Lease" s
the same. and will permit
igns, and permit persons desiring to
Lessor at any time within sixty (60)
lease the same to inspect
days
the premises thereafter
to the exoiration of this lea se, to place upon the premises any usual "To
9' INDEMNIFICATIoN oF LESSoR: Lessor shall not be liable for a-ny damage or iniury.to Lessee, or any other personJ or to any property, occurring on the demisedprenrises or any part thereof. and Lessee agrees to hold Lessor harmless trominiltaimstbrhairagel,-ri6 maii|rtrow causeO.l0' PossEssloN: lf Lessor is.unable.to deliver possessi.ol ol.tl9 p-remises at the..commencement he.reof, Lessor shall not be liable for any damage caused thereby,
.ered n,iihin days of the commencement of the term hereof.
t l. INSURANCE: Lessee, at his expense, shall maintain plate
asrolows, $500,.000 .Genera1."Liabi1ity......
glass, public liability and property damage insurance insuring Lessee and Lessor with minimum coverage
.. Lessee shall provide Lessor with a Certificate of lnsurance showing Lessor as additional
the event of cancellation or material change of coverage.
. .To the maximum extent permitted.by-insurance policies which may be owned by Lessor orrights of sLrbrogation which might otherwise exist.'
l2- uTlLlrlEs: Lessee agrees that he shall be responsible for the payment of all utilities, including water, gas, electricity, heat and other services delivered to thepremrses.
t3' 5lGN5: Lessor reserves the.exclusive right to the roof, side and rear walls of the Premises. Lessee shall not construct any projecting sign or awning without theprior written consent of Lessor which consenf shall not be unreasonably withheld.l4' ABANDoNMENT oF PREMISES: Lessee shall not.vacate or abandon the premises at any time during the term hereof, and if Lessee shall abandon or vacate the
option of Lessor.
l5' coHDEMNATIoN: lf any part of. the .premises shall be taken or condemned for public use, and a part thereof remains which is susceptible of occupation here-
Lessee shall be entitled to retain any amount jwarded to him for tris tii8aliitur;i;i;oning;xpensei.-" "-'
I 6' TRADE FlxruRES: Anv and all improvements-.made to, the.pr.emises. during the term hereof shall belong to the Lessor, except trade fixtures of the Lessee. Lessee
t7' DE5TRUCTIoN oF PREM15ES: ln the event of a partial destruction of the premises.during the term hereof, from any cause, Lessor shall forthwith repair the
such repairs shall interfere with the business of Lesiee'o-n the premises. lf iuch'iepairs cannot Oe riO;
"ithi;'said sixty (60) days, Lessor, at his option, may make thesame rvithin a i'easonable time, this lease contin.uing in effect wittr ttre rent pioporiionateiv ititeo ;;;fo;;;;i;, and in the event that Lessor shail not elect to makesuch repairs which cannot b.,I4g with.in sixty (60idays, this lease rgl n9 {ffii-njiroli tt'e opiion ot ii6Ji-pJ,tv.ln the event that the building in which the demised premises Tav 9i :iluiteo ii destroyed io in-r*i.nioi-noi'tess than one-third of the replacement costs thereof,
lerminate this lease.
ln the event of any. dispute between Lessor and Lessee.-with res.pect 1o the provisions.hereof, the matter shall be settled by arbitration in such a manner as the partiesmay agree upon, or if they cannot agree, in accordance with the rules of the American Arbitration Aasoci;ti;;. -
l8' IHSoLyENCY: ln the event that a receiver shall be a-qPointed to take over the.bus.iness of tie Lessee, or in the event that the Lessee shall make a general assign-
Fo R M : 07 ( 6-3'7 4 ) @ coevatcxr' t969' EY PRoFEssloNAL puBLIs H r NG coRp,, ra2 pAuL DRrvE, sAN RAFA EL, cALlFoRNr A 9.903 m ffiffalr-ICON?On|Ttoo
insured. The Certificate shall provide for a ten-day written notice to Lessor in
Lessee, Lessee and Lessor, for the benefit of each other, waive any and all
.l ;, REMEDIES OF OWNER ON DEFAUIT: ln i. .vent of any breach of this lease -by Lessee, Lessor, be" ..s other rights ard remedie.s he may have, shall have the
i,'*rjijir iiilioii*entry and may remove allpersons and properiy from the.premises..S.uch property may be moved and stored..in a public warehouse or elsewhere at
, 'jv lilt'er'terminate this lease or may from time to time, without terminating this lease, relet'said premises, or any pa.rt thereof, for such.term or terms iwhich may be
:.,i'a-ieim eitenOing beyond the terrnof this lease) and at such rental or rentals and upon-such other terms and conditions as Lessor, in his sole discretion, may deem
,.rJ ti irj io Tt'e puymeni bf rent due and unpiid hereunder, and the residue,.if any, shall be held by lessor and applied in payJne.nt of {uture rent as the same may b€come
',iie anO-pivaUte.'LLssee shall be credited only with rent ictually received by Leisor. Lessee shall, in such event, pay any deficiency between the anrount due from Lessee
! ) Lessor and the amount credited.
No such re-entry or taking possession by Lessor shall be construed as an election to terminate this lease unless written notice of such.intention is.give.n, or unless
lhis lease 0n account of such previous brdach. Should Lessor at any time terminate this lease for any breach, in addition to ?ny other remedy he may have, he may recover
:ronr Lessee all damages he m'ay incur by reason of such breach, including the cost of recovering the premises, and including the worth at the time.of such termina_tion,
,r at ihe time of an award if siit be instituted to enforce this provision, of the amount by which the unpaid rent for the balance of the term exceeds the amouni of the
,enta! loss for the balance of the term which the lessee proves could be reasonably avoided.
',t0. SECURtTY: The security deposit set forth above, if any, shall secure the performance of the Lessee's obligations hereunder. Lessor may, but shall not be obligated
;), ap1ly all or oortions of said deposit on account of Lessee's obligations hereunder. Any balance remaining upon termination shall be returned to Lessee. Lessee shall not
l:ave the right to apply the Security Deposit in payment of the last month's rent.
?1. ATToRNEYS FEES: ln case suit should be brought for recovery of the premises, or for any sum due hereunder, or because of any act which may arise out of the
?2. WAIVER: No failure of Lessor to enforce any term hereof shall be deemed to be a waiver.
23. NOTICES: Any notice which either party may or is required to give, shall be given by mailing the same, postage prepaid, to Lessee at the premises, or Lessor at
the address shown belcw, or at such other places as may be designated by the parties from time to time.
l,t. HoLDtNc oyER: Any holding over after the expiration of this lease, with the consent of Lessor, shall be construed as a month{o-month tenancy at a rental of
26. HEtRs. AsstGNs. SUCCESSoRS: This lease is binding upon and inures to the benefit of the heirs, assigns and successors in interest to the parties.
'27. TAX INCREASE: ln the event there is any increase during any year of the term of this lease in the City, County or State real estate taxes over and above the amount
of such taxes assessed for the tax year during which the term of this lease commences, whether because of increased rate or valuation, Lessee shall pay to Lessor upon
bvent that such iaxes are assessed for a tar ye4r extendiirg beyond the term of the lease, the obligation of Lessee shall be proportionate to the portion of the lease term
included in such year.
Lessee shal1 have the option to extend said l€ase for six (6) sixty (60) day periods on all t}re
sane ternls and conditions as herein provided. Each such option shalL autonatically take effect
unless lessees notify lessor irr writing that tJrey clrose not to exercise said option ten (10) daysprior to cofimencement of the option period
25. Tlt{E: Time is of the essence of this lease.
r1'.\TE OF C.{LIFORNIA
Santa Barbara
tL7 L982
the unrlersigned. a N
grersonally uppeared
per month, otherwise in accordance with the terms hereof, as applicable
SAFECO
e following
I
I
o
:6
{_oti}i1'1' 0F
trn- --4\l l ss.
before me,6
otary Public in and for said County and State,Wayne T. Ilesselbarth
Wilma F Hesselbarth FOR NOTARY SEAL OR STAMP
STATI OF CALIFORNIA
SS.
COUNTY OF SAN LUIS OBISPO)
0n thi5 12th 66y of August in the year.1982, before me D. K.
Rowlee, Notary Public of the State of California, personally appeared
l,lelanie C.. Billig, Mayor of the City of San Luis 0bjspo, personally known
to me to be the person who executed this jnstrument as Mayor of the C'ity
of San Luis Obispo and acknowledgecl io me ihat the C'ity of San Lujs 0bispo
executed it.
)
)
1ii.}\
:l l;fi)\
'-:.tY
D,K. ROWLEE
I{OTARY PUBLIG
sAi{ Lri:i c3isFo c0uNil
cAuFsaHn
Octobor 8, 1983
Row 8et otary u
County of San Luis Obispo
My commission exp'ires: i0-B-83
c
t\iy Comrnission ExPires on
sr ^tt^1.)
L] 899 PAC|F|C STREET
sAN LU|S OB|SPO. CA 93401
P.O. BOX 1 147 . (8O5) 543-89OO
CITY OF SAN LUIS OBISPO,
P.0. Box 8100
San Luls 0bispo, Cal lforn la 93403
-L Check for $366,000.00
-)L Closlng Statenent and/or R.E.S.P.A.
-
Origlnal Note $
(PLEASE KEEP NOTE IN SAFE PLACE)
-
Policy of Tltle lnsurance
-
Copy of Pollcy of Tltle lnsurance
First American Title Insurance company
J
RE: 692 Marsh Sfreet, San Luis Oblspo, Cal lfornla 91401
ATTN: Ann Russel l,
The above numbered escrow has been closed and fhe ltems lndlcated below areenclosed herewlth:
D lqqtc GRAND AVENUE n j417 PARK srREEr
ARtOyg GRANDE, CA 93420 - PASO ROBLES. CA 93446(8O5) 481-37OO (eo5l2g8_7747
ESCROW N0: SL0-857346-BtM
DATE: SEPTEMBER 5, 1985
RE: LOT i6lPTN LOT 15, BLOCK 7, TRA(
-
Flre lnsurance Pol icy
-
Copy of Flre lnsurance
Recorded documents fo which you are entlf led wi ll be mailed to you by theCounty Recorder. All other documents to whlch you are entlfled, wlll beforwarded to you as soon as they are avallable. The origlnat oi +ne Tif lelnsurance and FIre lnsurance Pollcles, lf any, are usually held by the partyholdlng the flrst ercumbrance.
Please accept our thanks for this opporfunlty to serve you.
Slncerely,
BARBARA
Escrow S
-. -,rnili!,,
FIRST AMERICAN TITLE INSURANCE COMPANY
899 PACIFIC STREET
sAN LUts 0BlsPo, cA 93401 (805) 543-8900
SELLERIS CLOSING STATEMENT
clTY 0F sAN LUtS oBtSPo,
P.0. Box 8100
San Luis 0bispo, Cal lfornla 93403
RE: 692 MARSH STREET, SAN LUIS 0BlSPO, CALIF0RNIA 93401
Tota I Cons Iderat lon
PROCEEDS DUE SELLER
TOTALS
D )
ESCR0W N0: SL0-837346-BlM
DATE: SEPTEMBER 5, 'l 985
PAGE 1 OF 1
DEBIT CRED I T
366,000.00
566,000.00
366,000.00 566, 000. 00
* PLEASE RETAIN THIS STATEMENT FOR INCOME TAX PURPOSES *
! ;,.li!{lr'.!.,: j
L,
J
FIRST AMERICAN TITLE
INSURANCE COMPANY
DATE
0s/05/85
DETACH ANO RETAIN THIS STATEMENT rra A , F r tTHE afiacHEp cHEcK rr rN PAyMsT oF rMa pErcRrBEo_EELan NU b 4 C 4 t
'F
NOT CORREd fure€ NONR Ug FROMNY. NO RECEIF OE6IREO. i-
--DELUXE FORU-,WVC-s - - V-2 -
!
ESCR0{ N0: SL0-837546-BlM
ct Ty oF sAN LtJ I S OB I SPO, TO ROSSI/ROSSETTI ,
692 MARSH STREET, SAN LUIS 0BlSP0;'CALIF0RNIA 95401
LEGAL DESC: LOT t6lPTN l-0T l5r BtOCK 7r'TRACT IVIJRRAY/
NET PROCEEDS DUE YOU AS PER CLOSING STATEMENT ATTACHED.
AIIOUNT
,000 .00*16
rs
PAY
TO
THE
"i'",t|
,l:!' ,i,' r,,,',u1 15 'fij
r# il:,;ih rll,ilt rtl,,,l,ll:' .i',.1;DOLLApg g3661000.00**
TRUST ACCOUNT {22.1
64547
OF
ORDER
t--1
ffi,
,'1222Nor 857346 t'shrulmen l,85
CITY OF SAN LUIS OBISPO,
A CHARTERED MUN1CIPAL CORPOMTION
P.0. Box 8100
sAN LUtS oBtSPo, CALIFoRNIA 95403
COMMERCIAL CENTER EANK
SANTA CLARA COUNTY REGIONAL OFF
1701 S. BASCOM AVE.
CAMPBELL, CA 95008
FIRST AMERICAN TITLE
INSURANCE COMPANY
899 PACIFTC ST. .805-543-8900
.,snry [urs iielspo, ce gsior
'EScROW
v.t
29,1985
Pursuant to our conference"
letter
dated
exerc|
26, 1985, please consider this
to Repurchase Real Property,
captioned qql property.
D ELIVERED
, regarding
.t
a
the.'e><act terms
Real Property.
l
reed to pursuant
is $366,.000.00.
firm that
3of the
I am ordering escrow
the Option, to Repurc
Th
\l
JO66r Gpoup
s to be prepared pursuan
roperty, this afternoon.
t to the terms of
not hesitate , to:iiboveany rquestions r-ggarding. the .please do
d4 lligucra 6trcct
6an luis Obispo. California 934O1$sl r4t-4\n
:.''.''.....i:,r
surance
v 18, 1985
Ms.,Anne M. Russell
Assistant City Attorney
City of San Luis Obispo
990 Palm, Street,
San l-uls Obispg, CA
Re:92 r st reet
l'n a
to Repurchase.
California
si and Johnf MsSandbehalf o
sr letter shall constitute
HAND DELIVERED
sT re Bui
to Repurchaseti with regard to the
; Rogsi and Rossetti, I
theii exercise of the Option
93401
San Luis Obis
Dear Ms. Russell
We are in receipt of your letter dated June 25, 1985 a-nd the copy of ,reso-
lution No. 5700,(1985 Series) of the City,Council of the City of San Luis
Obispo d6t:ermining that 692'Marsh Street is ,unnecessary for public parking
purposes and declaring such property surplus.
J r cpoup
ln accordance with Paragraph 5 of the Option to Repurchase, we are request-
ing First American Title lnsurance to draft Escrow lnstructions.
S!roe the date of the Option to Repurchase Agreement, we have begome awareffithere may be certain underground tanks -on the subjEEt-pr --pur-
suant to oul prior oral agreement with Paul Lansperry. we will be arranging
for appropriate invbstigation and testing. Of course, w€ will indemnify the
lity from any darnages, claims or expenses a6ising out of any acts of Mssrs"
Rilssi and Rossetti, their employees, agents, 'and/or contractors with regard
to the investigation and testing. We alsume that there will be no condit-ions I
o-n the'plioperty,which vislate City ordinances or State or Federal laws at thef
time of"the cloie of Escrow
.'.
.I
,[4 lligucra tb{ rcel
6an l,uis Obispxr, Calilirrnia 9l4Ol
(Eo5) '?41 1]13
:+$.!,&$*tfr &iils4bii,,+*+:,,. :
:-.:
98s
M. Fiu5sell
:rL; '
uestions rregarding the: 66qr.,, please do not hesitate to cail.
,Mri
's:;'i iiijL
i ;i."tf r,r.,
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