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HomeMy WebLinkAboutD-1412 Lot 119 Of Suburban Tract Recorded 07/01/1994dSeORpING REQUESTED BY: rril r8t; American. Title Ins.w. WHEN RECORDED RETURN TO: City of San Luis Obispo 990 Pal street P.O. Box 8100 San Luis Obispo, Ca 93403 -8100 MAIL TAX STATEMENTS TO: • Doc No: 1994- 040183 Rec No: 0004866 Official Records ',SLO 183.1 San Luis.Obispo Co. ;NF 0.0 Francis M. Cooney Recorder Jul 01, 1994 Time: 08:00 21 ;TOTAL 183.15 address The undersigned grantor declares: Same .as above Documentary transfer tax is $ 183.15 (, computed on full value of property conveyed, or _ _ O computed on full value less value of liens and encumbrances remaining at time of sale. ( ) Unincorporated area (X) City of San Luis Obispo Attn: Public Works Director i APN: 53- 071 -05?`� DEED N4: 1412 ADMINISTRATOR'S DEED FILED FEE PAID EXEMPT OUT OF STATE FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, I, JEANETTE G. 'MUNCH, as Administrator of the Estate of Cecil Leroy Munch, also known as Cecil L. Munch and Cecil Munch, deceased, by order of the Superior Court of California, for the County of San Luis Obispo, made in the matter of the Estate of Cecil Leroy Munch, also known as Cecil L. Munch and Cecil Munch, Case No. PR 24071, on June 3, 1994, confirming the sale of real property and directing the execution of a conveyance, hereby convey to. City of, San Luis Obispo, a Chartered Municipal Corporation, all right, title, and interest of -the decedent at the time of death and all right, title, and interest that the estate may have subsequently acquired by operation of law or otherwise in the real property _situated in the County of San Luis Obispo, California described as follows: That portion of Lot 119 of the San Luis Obispo Suburban Tract, in the County of San Luis Obispo, State of California, according to the map thereof filed in Book 1, Page 92 of Records of Surveys, records of said county described as follows: Beginning at a point on the Southwesterly line of said lot said point is the point of beginning and is South 330 30' East, 250 feet from the Northwest corner of said lot thence South 330 30' East along said Southwesterly line 176.83 feet to the Northwest corner of -the land described in the deed to Louise G. Bell, recorded June 9, 1945 in Book 383, Page 321 of Official Records; thence North 560 30' East along the Northwesterly line of the land described in said deed 183.94 feet; thence North 00 22' West 144.84 feet; thence Southwesterly along the Southerly line of the land described in the deed to Russell D. Bullock, et ux., recorded November 6, 1950 in Book 585, Page 336 .of Official Records and along the Southerly line of the land described in the deed to Richard N. Bullock, et ux., recorded November 6, 1950 in Book 585, Page 337 of Official Records, to the point of beginning. Excepting therefrom that portion thereof heretofore deeded by the grantor to Elwood E. Munch and Dolores M. Munch by deed dated November 1, 1956, and recorded in Volume 868, Page 352, Official Records of San Luis Obispo County. This property is being conveyed subject to (1) current taxes and assessments; (2) reservations, easements, covenants, conditions, and restrictions of record or apparent; and (3) all matters that would be disclosed by inspection or survey. Dated: June ,./ , 1994 , Jeanette G. Munch, Administrator D 1412 W State of California ) County of San Luis Obispo On June 21 , 1994, before me, DONNA M. MAYSEY, the undersigned, a notary public in the County of San Luis Obispo, State of California, personally appeared JEANETTE G. MUNCH, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity, and that by her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. WITNESS my hand and official seal. Siqnature ;ND OF 118MIUMT OFFICIAL SEAL Donna M. Maysey ® NOTARY PUBLIC - CALIFORNIA SAN LUIS OBISPO COUNTY Moaw` My Comm. Expires July 25,1995 r. z y OV Z��O tm* Conti n C17 b y c� 0 b a� 'I maue oy Tne insures in any transfer or conveyance or the estate or interest. This policy shall not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the land, or (ii) an indebtedness secured by a purchase money mortgage given to the insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 4(a) below, (ii) in case knowledge shall come to an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest, as insured, and which might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if title to the estate or interest, as insured, is rejected as unmarketable. If prompt notice shall not be given to the Company, then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED CLAIMANT TO COOPERATE. (a) Upon written request by the insured and subject to the options contained in Section 6 of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which any third party asserts a claim adverse to the title or interest as insured, but only as to those stated causes of action alleging a defect, lien or en- cumbrance or other matter insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs or expenses incurred by the insured in the defense of those causes of action which allege matters not insured against by this policy. (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest, as insured, or to prevent or reduce loss or damage to the insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise its rights under this paragraph, it shall do so diligently. (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any litigation to final determination by a court of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (d) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of the insured for this purpose. Whenever requested by the Company, the insured, at the Company's expense, shall give the Company all reasonable aid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest as insured. If the Company is prejudiced by the failure of the insured to furnish the required cooperation, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. 5. PROOF OF LOSS OR DAMAGE. In addition to and after the notices required under Section 3 of these. Conditions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to by the insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against (b) To Pay or Otherwise Settle With Parties Other than e Insured or With the Insured Claimant. IF(i) to pay or otherwise settle with other parties for in the name of an insured claimant any claim insured against under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (ii) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in paragraphs (b)(i) or (ii), the Com- pany's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE. This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A; (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b) In the event the Amount of Insurance stated in Schedule A at the Date of Policy is less than 80 percent of the value of the insured estate or interest or the full consideration paid for the land, whichever is less, or if subsequent to the Date of Policy an improvement is erected on the land which increases the value of the insured estate or interest by at least 20 percent over the Amount of Insurance stated in Schedule A, then this Policy is subject to the following: (i) where no subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that the Amount of Insurance at Date of Policy bears to the total value of the insured estate or interest at Date of Policy; or (ii) where a subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that 120 percent of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of Insurance stated in Schedule A and the amount expended for the improvement. The provisions of this paragraph shall not apply to costs, attorneys' fees and expenses for which the Company is liable under this policy, and shall only apply to that portion of any loss which exceeds, in the aggregate, 10 percent of the Amount of Insurance stated in Schedule A. (c) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. B. APPORTIONMENT. If the land described in Schedule (A) (C) consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of the parcels but not all, the loss shall be computed and settled on a pro rata basis as if the Amount of Insurance under this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made sub- sequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. LIMITATION OF LIABILITY. (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and the comple- tion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable had this policy not been issued. if requested by the Company, the insured claimant shall transfer to the Company all rights Aftd remedies against arty person or property necessary in der to perfect this right of subrogation. The insured claimant shall permit the Company to sue, compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated to these rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impairment by the insured claimant of the Company's right of subrogation. (b) The Company's Rights Against non - insured Obligors. The Company's right of subrogation against non- insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy. 14. ARBITRATION. Unless prohibited by applicable law, either the Com- pany or the insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, any service of the Company in connection with its issuance or the breach of a policy provision or other obligation. All arbitrable matters when the Amount of Insurance is $1,000,000 or less shall be arbitrated at the option of either the Company or the insured. All arbitrable matters when the Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the insured. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which the land is located permit a court to award attomeys' fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT. (a) This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. In interpret- ing any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate or interest covered hereby or by any action asserting such claim, shall be restricted to this policy. (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 16. SEVERABILITY. In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 17. NOTICES, WHERE SENT. All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to the Company at 114 East Fifth Street, Santa Ana, California 92701, or to the office which issued this policy. S A M ER f � C First American Title Insurance Company 899 PACIFIC STREET (P.O. BOX 1147), SAN LUIS 0916'f 41 �y (805 )" 543-8900 \,0 /0�0 W-559 FIVE CITIES DRIVE, PISMO BEACH, CA 93449 i �� I !� (805) 773 -6600* 935 RIVERSIDE, SUITE 13, PASO ROBLES, CA 934 • (805) 238 -7747 6905 EL CAMINO REAL, SUITE 13, ATASCADERO, 422 (805) 466 -8545 685 MAIN STREET, SUITE C, MORRO BAY, CA 934 jet, J 2 (805) 772 -2773 i 6-j; July 11, 1994 PUB LIC Wfp dL n i MC City of San Luis Obispo, A Chartered Municipal Corp. Attn: Michael D. McCluskey e 955 Chorro St. ��NNi�J/ San Luis Obispo, CA 93401 Dear Mr. McCluskey, INSURANCE POLICY NO: PB- 904265 -YMH NOTE: THIS CONTAINS IMPORTANT INFORMATION ABOUT THE REAL ESTATE TRANSACTION YOU HAVE JUST COMPLETED. READ IT AND RETAIN IT WITH YOUR OTHER VALUABLE PAPERS PERTAINING TO THE PROPERTY. The new home or other real estate you have purchased is protected with a policy of title insurance issued by First American Title Insurance Company. This is your guarantee of ownership. We have assigned the above number to your records to assure prompt processing of future title orders involving the property. If you sell or obtain a loan on this property within five years, FIRST AMERICAN TITLE WILL REDUCE THE USUAL POLICY RATE 20 per cent. To obtain this SAVINGS, it will be necessary for you to inform the real estate agent and /or escrow holder handling further transactions that such policies of title insurance as are required should be issued by First American Title. We appreciate the opportunity of serving you and will be glad to assist you in any way, remembering that PROTECTION OF YOUR PROPERTY IS YOUR FIRST CONSIDERATION AND OURS. cfAv� Yolanda M. Herrera scrow Officer YMHvsn SG Ah1ERI, C Form No. 1402.92 (10- 17 -92) ALTA Owner's Policy SCHEDULE A Premium $799.55 Amount of Insurance: $166,500.00 Date of Policy: July 1, 1994 at 8:00 a.m. SLO- 904265 YH END. FA11.1 1. Name of insured: CITY OF SAN LUIS OBISPO, A CHARTERED MUNICIPAL CORPORATION 2. The estate or interest in the land which is covered by this Policy is: A FEE 3. Title to the estate or interest in the land is vested in: CITY OF SAN LUIS OBISPO, A CHARTERED MUNICIPAL CORPORATION C3 aM1tEjR . •C �Q 9 rt Form No. 1402 -C ALTA Standard Policy Western Region SCHEDULE B EXCEPTIONS FROM COVERAGE SLO- 904265 YH This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: Part One: 1: Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records. 2. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by an inspection of the land or by making inquiry of persons in possession thereof. 3. Easements, liens or encumbrances, or claims thereof which are not shown by the public records. 4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey would disclose, and which are not shown by public records. 5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b) or (c) are shown by the public records. Part Two: 1. Taxes for the fiscal year 1994 -95, a lien not yet due or payable. 2. "The lien of supplemental taxes, if any, assessed pursuant to the provisions of Chapter 3.5 Revenue and Taxation Code, Section 75, et. seq. arising and attaching on or after date of policy." �♦ 9 41j��� SLO- 904265 YH Form No. 1402 -C ALTA Standard Policy Western Region 3. An easement for storm drain, sanitary sewer and incidental purposes over a portion of said land as granted to Randal L. Bullock and Richard N. Bullock, Jr. in the deed executed by Cecil LeRoy Munch and recorded May 4, 1984 as Instrument No. 22833 in Book 2591, Page 107 of Official Records. SC AhtER� ti 9 i Form No. 1402 -C ALTA Standard Policy Western Region SCHEDULE C SLO- 904265 YH The land referred to in this policy is situated in the State of California,. County of San Luis Obispo, and is described as follows: That portion of Lot 119 of the San Luis Obispo Suburban Tract, in the City of San Luis Obispo, in the County of San Luis Obispo, State of California, according to map recorded in Book 1, Page 92 of Records of Surveys, in the office of the County Recorder of said County, described as follows: Beginning at a point on the Southwesterly line of said lot distant thereon South 33 °30' East; 250 feet from the Northwest corner of said lot; thence South 33'.30' East along said Southwesterly line 176.83 feet to the Northwest comer of the land described in the deed to Louise G. Bell, recorded June 9, 1945 in Book 383, Page 321 of Official Records; thence North 56 °30' East along the Northwesterly line of the land described in said deed 183.94; thence North 0 °22' West, 144.84 feet; thence Southwesterly along the Southerly line of land described in the deed to Russell D. Bullock, et ux.., recorded November 6, 1950 in Book 585, Page 336 of Official Records and along the Southerly line of the land described in the deed to Richard N. Bullock, et ux., recorded November 6, 1950 in Book 585, Page 337 of Official Records to the point of beginning. EXCEPTING therefrom that portion thereof heretofore deeded by the grantor to Elwood E. Munch and Dolores M. Munch by deed dated November 1, 1956 and recorded in Book 868, Page 352 of Official Records.. A M1t E R { • C � 9 r (N Form No. 1402 -C ALTA Standard Policy Western Region ENDORSEMENT Issued By First American Title Insurance Company SLO-904265 YH The Company, recognizing the current effect of inflation on real property valuation and intending to provide additional monetary protection to the insured owner named in the policy, hereby modifies the policy, as follows: 1. Notwithstanding anything contained in the policy to the contrary, the amount of insurance provided by the policy, as stated in Schedule A thereof, is subject to cumulative annual upward adjustments in the manner and to the extent hereinafter specified. 2. "Adjustment date" is defined, for the purpose of this endorsement, to be 12:01 a.m. on the first January 1 which occurs more than .six months after the date of policy, as shown in Schedule A of the policy to which this endorsement is attached, and on each succeeding January 1. 3. An upward adjustment will be made on each of the adjustment dates, as defined above, by increasing the maximum amount of insurance provided by the policy. The coverage will increase by the same percentage change by which the annual "ENR 20- cities Building Cost Index" has increased, (as published in the "4th quarter roundup" December issue of Engineering News Record, a weekly McGraw Hill publication). All upward adjustments in the aggregate shall not exceed a 50% total rise in the amount of insurance, so that the maximum amount of insurance in force shall never exceed 150% of the amount of insurance stated in Schedule A of the policy, less the amount of any claim paid under the policy which, under the terms of the conditions. and stipulations, reduces the amount of insurance in force. There shall be no annual adjustment in the amount of insurance for years in which there is no increase in the building cost index. 4. In the settlement of any claim against the Company under the policy, the amount of insurance in force shall be deemed to be the amount which is in force as of the date on which the insured claimant first learned of the assertion or possible assertion of the claim, or as of the date of receipt by the Company of the first .notice of the claim, whichever shall first occur. .0 c - 2 SLO- 904265 YH Form No. 1402 -C ALTA Standard Policy Western Region Nothing herein contained shall be construed as extending or changing the effecting date of the policy. This endorsement is made a part of the policy and is subject to the schedules, exclusions, conditions and stipulations therein, except as modified by the provisions hereof. First American Title Insurance Company By: Dillon - Authorized Si F.A. Form 11.1 INFLATION /(CLTA/ALTA OWNERS) fl r 0 LO H r Z -a :4 0 -4 '-This map may or May be 0 SUR'CY of the land depicted hereon,,. you should _,01 raly upon it for any purpose oir-,er jhar oric-n1@1ior to the -, or -.,s .0�, for 6 of A O m Cl fg 11 V AGREEMENT N0. A- 07 -94 -CC i PURCHASE AND SAKE AGREEMENT (Munch Property) THIS PURCHASE AND SALE AGREEMENT ( "Agreement ") is dated May 3, 1994 and constitutes an agreement by which Jeannette G. Munch, Administrator of the Estate of Cecil Leroy Munch, ( "Seller "), agrees to. sell, and CITY OF SAN LUIS OBISPO, a chartered municipal 'corporation of the State of California ( "Buyer "), agrees to purchase that certain real property ( "Property ") legally described in the attached Exhibit A, incorporated herein by reference as though fully set forth, commonly known as 3220 Bullock Lane, APN 053- 071 -005, City of San Luis Obispo, California. The terms and conditions of this Agreement, are as follows: 1. Purchase and sale. Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, the Property upon the terms and conditions herein set forth. 2. Purchase Price. The Purchase Price of the Property shall be One Hundred Sixty Six Thousand Five Hundred Dollars'($166,500) cash. 3. Payment of Purchase Price. Prior to "Close of Escrow" as defined below, Buyer shall pay the Purchase Price for the Property by delivering to the Escrow Holder, (as defined below) for disbursement to the Seller, as provided for in this Agreement, cash or check, or warrant, of the City of San Luis Obispo, made payable to Escrow Holder in the amount equal to the Purchase Price. 4. Conditions of Title. Fee simple absolute title to the Property shall be conveyed by'Seller to Buyer by grant deed (which grant deed shall be fully executed and acknowledged and deposited A- 07 -94 -CC 0 • J by Seller into escrow prior to the close thereof, subject to no reservations and subject only to the following conditions of title ( "Conditions of Title "). a. A lien to secure payment of real estate taxes, not delinquent; b. Matters affecting the Conditions of Title created by, or with the written consent of, Buyer. With respect to any encumbrances securing obligations relative. to the Property, including, but not limited to, deeds of trust, Seller covenants she will cause the removal of all said encumbrances by the Close of Escrow (as defined below). Title shall be evidenced by the willingness of the Escrow Holder to issue its C.L.T.A. owners form policy of title insurance in the amount of the Purchase Price showing title to the Property vested in Buyer, subject only to the Conditions of Title (at Buyer's option, an A.L.T.A. policy of title insurance may be substituted). Seller will furnish Buyer within ten (10) days of the opening of-escrow a preliminary title report and the documents reported as exceptions in it ( "title documents ") . Buyer shall notify Seller in writing within ten (10) business days after receipt of the report and the title documents of Buyer's disapproval of any exception in it. If Escrow Holder (as defined below) is unwilling to issue such insurance policy, or if Sellers have not removed any exceptions disapproved by Buyer prior to the Close of Escrow (as defined below), at Buyer's option and in addition to any other remedies available to Buyer, all Escrow 2 Holder's obligations to the parties hereunder shall, terminate, the Escrow Holder shall return to Buyer any sums which have been deposited into Escrow by Buyer, and Seller shall bear the costs of escrow. f 5. Escrow. a. Opening of Escrow. Upon execution of this Agreement, escrow accounts shall be opened expeditiously in a manner acceptable with First American Title Insurance Company, San Luis Obispo, CA ( "Escrow Holder "), Yolanda Herrera, Escrow Officer, for the consummation of this transaction. b. Close of Escrow. For the purposes of this Agreement, the "Close of Escrow" shall be defined as the date that the Grant Deed conveying the Property to Buyer is recorded in the official records of the County of San Luis Obispo. The parties agree to use their best efforts to effect the Close of Escrow, and the parties shall be in a position to close no later than sixty (60) days after escrow is opened (the "Closing Date ") . In the event that this escrow fails to close by the.Closing Date (or as extended by the mutual written agreement of the parties delivered to Escrow Holder prior to the Closing Date) by reason of any defaults hereunder, the defaulting party shall bear all costs and expenses of escrow. 6. Costs and Expenses. The costs and expense of the title insurance policy to be issued in favor of the Buyer pursuant to paragraph 4 hereof, shall be paid by Seller. Buyer shall pay all documentary transfer taxes payable in the recordation of the Grant 3 Deed and any other documents which the parties may mutually direct to be recorded in the official records. The escrow fees of Escrow Holder shall be split equally between Buyer and Seller. Escrow fees shall include, but not be limited to, Escrow Holder's customary charges to either party for document. drafting, recording, and miscellaneous charges. Real property taxes and rents (if any), for the Property shall be prorated as of the Close of Escrow. 7. Disbursements and Other Actions by Escrow Holder. Upon the Close of Escrow, the Escrow Holder shall. promptly undertake all of the following in the manner hereinbelow indicated: a. Disburse all funds deposited with Escrow Holder by Buyer in payment of the Purchase Price for the Property as follows: (1) Deduct therefrom all items chargeable to account of Sellers pursuant hereto and for the account of any lenders of record, pursuant to separate instructions by Sellers. (2) The remaining balance of the funds so deposited by Buyer shall be disbursed to Seller promptly upon the Close of Escrow. b. Cause the Grant Deed and any other documents which the parties hereto may mutually direct to be recorded in the official records. S. Default. Seller agrees that if the within sale is not completed as herein provided by fault of Seller, Buyer, at its option shall be entitled, in addition to any other remedy now or hereafter available to Buyer under the laws or judicial decisions 4 4 0 0 of the State of California, to compel Seller to perform its obligations under this Agreement by means of a specific performance proceeding. 9. Notices. All notices or other communication required or permitted hereunder shall be in writing, and shall be personally delivered or sent by registered or certified mail, postage prepaid, return.receipt requested, at the following addresses: Seller: Jeannette G. Munch Administrator of the Estate of Cecil Leroy Munch c/o Philippe B. Craig, Esq. 1016 Walnut Street San Luis Obispo, CA 93401 Buyer: City of San Luis Obispo Attention: Public Works Director 955 Morro Street San Luis Obispo, CA 93401. Notice shall be deemed given as of the time of personal delivery or forty -eight (48) hours following deposit in the United States mail. Notice of change of address shall be given by written notice in the manner detailed in this paragraph. 10. Sellers' ReQresentations and.Aarranties. a. In addition to any express agreements of Seller contained herein, the following constitute representations and warranties of Seller which shall be true and correct as of the Close of Escrow (and the truth and accuracy of which shall constitute a condition to the Close of. Escrow): (1) There are no actions, suits, materials, claims, legal proceedings 'or any other proceedings affecting the Property or any portion thereof at law or in equity 5 before any Court or governmental agency, domestic or foreign; 'excepting that said property is subject to a probate court proceeding, and that the sale is subject to presentment and approval by the probate court. (2) Seller has not received any notices from governmental authorities pertaining to violations of law or governmental regulations with respect to the Property, (3) Seller has no knowledge of any pending- or threatened proceeding in eminent domain or otherwise by any public entity which would affect the Property, or any portion thereof, nor; does Seller know the existence of any facts which might give rise to such action or proceedings. (A) There exists a month -to -month rental agreement with existing tenants of the residence on said property. The current rent is $400 per month. The seller shall render unto the buyer all rental agreements, any damage, cleaning or prior collected "last month's rent ", if applicable. Rents received shall be prorated based upon date of close of escrow. (5) There are no liens or encumbrances upon, claims to, or covenants, conditions and restrictions, easements, right of way, rights of first refusal, options to purchase, or other matters affecting the Property except as contained in the Conditions of Title. (6) There is no material adverse fact or condition relating to the Property, or any portion thereof (including but 6 0 a not limited to the existence of any underground tanks or pipelines or any hazardous waste or material) , which has not been specifically disclosed in writing by Seller to Buyer, provided, however, Seller makes no warranty that the property will be free of any damage from or infestation by wood - destroying pests and organisms, including but not limited to termites, dry rot, and fungi; and with respect to any said damages from or infestation by wood destroying pests and organisms, Buyer acknowledges that Buyer is purchasing the property solely in reliance on Buyer's own investigation, in the condition that it is in at Close of Escrow and that no structural pest control inspection shall be required. (7') Seller has the legal power, right and authority to enter into this Agreement, and to consummate the transaction contemplated hereby. (8) There are no service or maintenance contracts, management agreements or any other agreements which will affect Buyer or the Property subsequent to the Close of Escrow. (9), There are no encroachments onto the Property of improvements located on any adjoining property nor do any improvements located on the Property encroach onto any other adjoining property. (10) Seller warrants and represents that there are no prescriptive or other easements affecting the Property. b. In the event that, during the period between the 7 r • execution of this Agreement, and the Close of Escrow, Seller has actual knowledge of, learns of, or has a reason to believe that any of the above representations or warranties may cease to be true, Seller hereby covenants to immediately give notice. to Buyer of the change in circumstances. Upon. Seller notifying Buyer of the change in circumstances, Buyer may, in addition to any other recourse or remedy provided by law, at its sole option, terminate this Agreement and all funds deposited into Escrow or delivered to Seller in connection herewith shall be immediately returned. Further, in the event Buyer so elects to terminate, Seller shall pay all Escrow costs, if any, incurred by both parties herein under this Agreement. 11. Survival of Conditions. The covenants, agreements, representations and warranties made in Paragraph (10) shall survive the Close of Escrow and the recordation and delivery of the Grant Deed conveying the Property to Buyer and any investigations by the parties. 12. Successors and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of, the successors, heirs, and assigns of the parties hereto. 13. Required Action of Buyer and Seller. Buyer and Seller agree to execute all such instruments and documents and to take all actions pursuant to the provisions hereof in order to consummate the purchase and sale herein contemplated and shall use their best 8 efforts to accomplish the timely Close of Escrow in accordance with the provisions hereof. 14. Entire Agreement. This Agreement contains the entire agreement between the parties hereto relating to the Property, and may not be modified except by an instrument in writing signed by the parties hereto. 15. California Law. This Agreement has been entered into and. .is to be performed in the State of California and shall be construed and interpreted in. accordance with the laws of the State of California. 16. Waivers. No waiver by either party of any provision hereof shall be deemed a waiver of any other provision hereof or of any subsequent breach by either party of the same or any other provision. 17. Caption. The captions, paragraph and subparagraph numbers appearing in this Agreement are inserted only as a matter of convenience and in no define, limit, construe, or describe the scope or intent of such paragraph of this Agreement, nor in any way affect this Agreement. 13. No Broker's Fees or Commission, Buyer and Seller hereby acknowledge that no broker's commission or finder's fee is payable with regard to this transaction; and the Buyer and Seller each ( "Indemnitor" ) agrees to indemnify and hold the other harmless from and against all liability, claims, demands, damages or costs of any kind arising from or connected with any broker's or finder's fee or commission or charge claimed to be due any person arising from 9 Indemnitor's conduct with respect to this transaction. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written. SELLERS Jeannette G. Munch Administrator of the Estate of 'Cecil Leroy Munch 7 - .. BUYER CITY OF SAN LUIS OBISPO • . '' 14 ' ATTEST: rt.-.-ft 10 EXHIBIT A Property Description Real property located at 3220 Bullock Lane, San Luis Obispo, County of San Luis Obispo, State of California, legally described as follows: That portion of Lot 119 of the San Luis Obispo Suburban Tract, in the County of San Luis Obispo, State of California, according to the map thereof filed in Book 1, Page 92 of Records of Surveys, records of said. county described as follows: Beginning at a point on the Southwesterly line of said lot said point is the point of beginning and is South 330 30' East, 250 feet from the Northwest corner of said lot thence South 330 30' East along said Southwesterly.line 176.83 feet to the Northwest corner of the land described in the deed to Louise G. Bell, recorded June.9, 1945 in Book 383, Page 321 of Official Records; thence North 560 30' East along' the Northwesterly line of the land described in said deed 183.94 feet; thence North. 00 22' 'West 144.84 feet; thence Southwesterly along the Southerly line of the land described in the deed to Russell D. Bullock, et ux., recorded November 6,11950 in Book 585, Page 336 of Official Records and along the Southerly line of the land described in the deed to Richard N. Bullock, et. ux. , recorded November 6, 1950 in Book 585, Page 337 of Official Records, to the point of beginning. Excepting therefrom that portion thereof heretofore deeded by the grantor to Elwood E. Munch.and Dolores M. Munch by deed dated November 1, 1956, and recorded in Volume 868, Page 352, Official Records of San Luis Obispo.County. munchagr /mm2 i � Exhibit Ito i. t 0] m ,.- 0�p Oft wih o_.n Z D U 3 c Q N I. to O k Z o3 • 1 � 0 0 n O U� o+ V ;, . ,.