HomeMy WebLinkAboutD-394 Chorro St. Recorded 03/24/1959�- r
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"3 !JOL• .993 PAA17
AGREEMENT AND OPTION
THIS AGREEMENT AND OPTION made this 2nd day of March, 1959, by and between
L & H INVESTMENT COMPANY, a partnership consisting of C. C. HUMPHREY, DOROTHY
HUMPHREY, HERBERT LANDECK and LUCILLE LANDECK, hereinafter,for convenience only
sometimes referred to as "Seller "; the CITY OF SAN LUIS OBISPO, a municipal
corporation, hereinafter for convenience only sometimes referred to as "City ";
and THEO M. MAINO, hereinafter for convenience only sometimes referred to as
" Maino"; witnesseth:
In consideration of the covenants and conditions, and on the terms herein-
after set forth, the parties hereto agree as follows:
1. Transfer of option Title
City hereby transfers its option to purchase property hereinafter described
to the Seller, and the Seller agrees to forthwith acquire said property from Maino.
Maino agrees to transfer title to said property to Seller.
`Said property is located in the City of San Luis Obispo, County of San
Luis Obispo, State of California, described as follows:
Lot 14, the�ziorthwesterly 30 feet of Lot 15 and the northwesterly
80 feet of Lots 10 and 11, in Block 106, of Mission Vineyard Tract,
in the City of San Luis Obispo, County of San Luis Obispo, State
of California, according to the map thereof recorded in Book A,
Page 143 of Maps in the office of the County Recorder of said County.
Excepting therefrom a parcel of land in the northwesterly corner
of Lot 14. Said parcel measuring 35 feet on Chorro Street and,
100 feet deep.
2. Option to Purchase
Seller hereby gives and grants to City the exclusive right and option for
and during the period from the date hereof to 12:00 o'clock noon September 1, 1960,
plus any extensions as hereinafter described, to purchase for the price and upon
and subject to the terms and conditions hereinafter stated, all of Seller's
right, title and interest in said property hereinabove described.
3. Extension of Time
In the event the City has commenced condemnation proceedings against the
existing outstanding life estate on said property on or before. September 2, 1960,
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then in.such event the time in which to exercise this option shall be extended
until final judgment has been obtained and bonds sold by the parking district.
City agrees in such event to proceed with judgment and bond sale with all due
diligence.
4. Exercise of Option
Said option may be exercised any time subsequent to the date hereof and
prior to the expiration time set forth above by delivering written notice of
exercise of this option addressed to Seller at 1144 Chorro Street, San Luis
Obispo, California.
Said written notice shall be deemed delivered to Seller within 48 hours pf
the depositing thereof postage prepaid, certified mail, at any United States
_4
Post Office in the State of California, but City may elect to hand deliver by—
messenger said notice to the aforesaid address in which event the notice shall
be deemed delivered upon leaving same at the premises.
5. Purchase Price
The total purchase price which City agrees to pay in the event of exercise
of the option and which Seller agrees to accept for said real property in the
event of exercise of the option is the sum of $38,199.68 plus interest on
the sum of $4,185.11 at the rate of five per cent (5 %) per annum plus interest
at the rate of six per cent (67.) per annum on the sum of $34,014.57 from the date
Lillian Pezzoni terminates her possession.
6. Escrow
Within two business days, and Saturdays and Sundays are hereby defined
as not being business days, from the day of delivery of notice of exercise of.
this option to Seller, City shall open an escrow at the Title Insurance and Z'
Trust Company on the following terms and conditions, and Seller and City shall
immediately execute same:
(a) The escrow instructions shall be written on the form currently in
use by Title Insurance and Trust Company.
(b) The escrow shall be for thirty (30) days.?
(c) Within ten (10) days of the opening of said escrow, City -- shall
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VOL . 990 PmM rjE319
. • � von 993 Pay
deposit the full amount of said purchase price into escrow.
(d) Title to the real property shall be delivered to City free and clear
excepting for covenants, conditions, restrictions, easements, rights and rights of
way of record, all of which shall be subject to the approval of City within fourteen
(14) days of the receipt of a Preliminary Title Report. Title shall also be
subject to current unpaid real property taxes.
(e) All expenses of said escrow shall be paid for by City.
(f) Possession shall be given to City at the close of escrow.
7. Life Estate
City acknowledges that said property is subject to a conditional life
estate in favor of Lillian Pezzoni, a widow, as set out in the grant deed dated i
January 19, 1957, between Lillian Pezzoni and Maino.
8. Successors in Interest
This option is binding on the executors, administrators, heirs and successors
in interest of the parties hereto.
IN WITNESS WHEREOF, the undersigned have executed this option the year and
day first above written.
STATE OF CALIFORNIA
COUNTY OF
_- _•_._ San_I,uis Obis -P_o _ _ Ss'
On ........... Apri1_•1-,1959 ,
before me Elmer MOOdy
a Notary Public in and for said County and State, person-
ally appeared _ - ---
Theo M.Maino
- — - - --- ... - ........ -_ -
... -- ..........
known to mie to'li �_.___. .�....___.- -•-- :.— .-- •-- •--_ --+
e: the pei�o ..` .. - ivbose name...... $— —
subscribed' to thi withiA iristru>nent, and acknowledged that
-- -• - ----
11e`- ;exe0ite_d' the salfie�'_ _
WITNESS ldy' hand` an cial seal.
(Seal)
'%. Norary Public in $nd for acid County and St
My Commission Expires _ A 10 r i 1—A. 1959
Misc. 166 Ack. General (Photo Form) 4 -16 -51
3.
L & H INVESTMENT COMPANY ti
t L �T
C. C. Humphrey
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�% L.'/ t.: —:.� :� t i -rte- �✓[_�w
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Dorotbf Humphrey
`
erbert Landeck
Luc illeaii<e,at;�::';
CITY,`Q)F t"N t TIS
MayaY
�'
Attest
�'3�ty., G.le "
THEO M. MAINO :.
Theo M. Maino
"' `�
' V& 9941MULIFORNIA, Ss.
COUNTY OF_ - -. a�!_Luis*ispo __ I
1St A:Pri1 ...__......_......------ ._ -___- ON THIS__. of_._.
.y .... 1 1959_ before me,
--"kfmer M00dV
a Notary Public in and for said County and State 1 ersonall app l� red
1? k .... ert Lanff6cF,
.a n (3 .... L.11C111a ... L.anda.ck ............................ . ....... . ...... . .. . ..... ................... known to me,
. ............................................................................. . .. . ...................................................................... ............
to be mKid the partners of the partnership that executed the within instrument, and acknowledged
to me that such partnership executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand iffixed my official seal the day and
year in this certificate first above written. 17�1/
Notary public in and for said County and State.
ACKNOWLEDGMENT—Partnership
Misc. 161 3-9-49 2M
CERTIFIC;,TE OF ACCEPTANCE:
VOL 990 %E52!
THIS IS TO CERTIFY that the interest in real property
Option
conveyed by the -- dated March 2 R$ 19 59 9
from L & H INVESTMENT COMPANY, A partnership consisting of C. C. HUMPHREY,
DOROTHY HUMPHREY, HERBERT LANDECK and LUCILLE LANDECK to the
City of ';an Luis Cbir;po, a Political Coruoratior., is hereby
accepted by order of the 'City Cour:cil. on March 9 9 1959 $
and the grantee conser:is to recordation thereof by the City 'Clerk.
DATE March 24, 195_
CITY OF SPJ, LUIS OBISPO
'• I_.�_ � ice__ �i �
Attest:
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IF Es
.�_ ity Glerk
C,
LM
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VOL . 990 PAGE530
'VOL 993 PmA21
RESOLDTSOh hoe�S22�,�1959 S�riee)
A RESOLUrION AWWRIZUS MCWTON CW W=WW AND OPTION
WITH THE L & H IN9ESTHWT CONPANTo
BE IT RESOLVED by the Council of the City of San Luis Obispo as follows:
That the certain agreement and option dated Harch 2, 1959, by and between
the L & H Investment Company, City of San Luis Obispo, and Theo H. Alain
providing for the transfer of certain property therein described from Them H.'Haino
to the L & H investment Company md option to.the City to purchase said property
shall be and is hereby accepted and shall be executed an behalf of the City by
the Heyor.
PASSED. AND ADOPTED thi8�g„ day o .,�p ... March ....'._.a 1959, by the
following roll.call vote:
AYES: Nola-Beck, Richard G. Sleight, J. Barry Smith, Fred H. Lucksinger
NOES: None
ABSENT: Kenneth W. Jones,
/s/ Fred H. Lucksinger
Mayor
ATTEST:
/s/ J. H. Fitzpatrick
City'Clerk
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PAGE322 �VVL 990 PASS W
VOL 99`3 �
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Ie J. H. Fitzpatrick, the duly elected, qualified
and acting City Clerk of the City of San Luis Obispo, do
hereby certify that the foregoing is a full, true and correct
copy of Resolution ND, 522 (1959 Series), passed and
adopted by the Council of the City of San Luis Obispo on the
9 day of March a 19590
WITNESS my hand and the seal of the City of San
Luis Obispo this 2 4 day of March 19590
Clerk
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Document No. ----- -- -. -= _:- _-- - - - - -- SAN LUIS OBISPO COUNTY, CAL.
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AT .. MIN. A5T_ _.... { MAR 2 X959 ;
VOL I VTTIC!al Records P._____d,
SAN LUIS OBISPO COUNTY, CAL., au/jL
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�U IICKNOWLEDGKM
�miZfficjm Expires
Ll Lyn A. MoUath & Co., Oakland, Califomia
VOLIU53 P,,1rj'E46!
on C' —day of... - - --------- in the you One Th6i;W
Nine Hundred and before
a Notary Public in and for th ounty of State of California, residing
known to me to be the person...... described in and whose name ..........._. e.,C -e
subscribed
to the within instrument,
and ..... he...... acknowledged to me that ......he....- executed the same
3n MUnras 194awf, I have hereunto set my hand and affixed my Official Suit the day and
year in this certificate first above written.
ell
NOTARY PUBLIC
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--;r.dd County of . ... ... SIR rn'.
In .d4 State of Califa