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D-394 Chorro St. Recorded 03/24/1959�- r vis+.. S t ► "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, T t� .3J 4' Vot V­7 Ou QL 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 2. �Z Q-1 n 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 $nd for acid County and St My Commission Expires _ A 10 r i 1—A. 1959 Misc. 166 Ack. General (Photo Form) 4 -16 -51 3. L & H INVESTMENT COMPANY ti t L �T C. C. Humphrey r _ , �% L.'/ t.: —:.� :� t i -rte- �✓[_�w ��:. -' Dorotbf Humphrey ` erbert Landeck Luc illeaii<e,at;�::'; CITY,`Q)F t"N t TIS MayaY �' Attest �'3�ty., G.le " THEO M. MAINO :. Theo M. Maino "' `� ' V& 9941MULIFORNIA, Ss. COUNTY OF_ - -. a�!_Luis*ispo __ I 1St A:Pri1 ...__......_......------ ._ -___- ON THIS__. of_._. .y .... 1 1959_ before me, --"kfmer M00dV a Notary Public in and for said County and State 1 ersonall app l� red 1? k .... ert Lanff6cF, ­.a n (3 .... L.11C111a ... L.anda.ck ............................ . ....... . ...... . .. . ..... ................... known to me, . ............................................................................. . .. . ...................................................................... ............ to be mKid the partners of the partnership that executed the within instrument, and acknowledged to me that such partnership executed the same. IN WITNESS WHEREOF, I have hereunto set my hand iffixed my official seal the day and year in this certificate first above written. 17�1/ Notary public in and for said County and State. ACKNOWLEDGMENT—Partnership Misc. 161 3-9-49 2M CERTIFIC;,TE OF ACCEPTANCE: VOL 990 %E52! THIS IS TO CERTIFY that the interest in real property Option conveyed by the -- dated March 2 R$ 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: 3 � a � Zz O IF Es .�_ ity Glerk C, LM OC 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 3 = c.o u u 0) (seise ezen —geox woramomm. M-n WMA VG �a &qaIrl ed , io I Al oadl Zluz llcqatdO aluJ caR lo VIO .'Z..MC,,MOO =Wasevul 11 Z be.,* -1:5ffi '2:;, Tslam-ja aid.: ='I Wb-lvwtq DZU of a041:1qO bae Y.,73q5-L*') 2*w7smvm E,3b J "2 *2 v-4 *I bas 9d llmiem .701*4 Oda SA-- --d eUll 10 zab OTW" OKA AIWAI *23W If&*, 1107 S&IMOIlCa MWA PAGE322 �VVL 990 PASS W VOL 99`3 � P. n 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 E w • Doc�pu�mpen�tp No. - - - - -"" Y -- ...... //A T-- _.,MIN. P S __ M. �� 8 VOL._ QQOfficial Records . ,a:db Document No. ----- -- -. -= _:- _-- - - - - -- SAN LUIS OBISPO COUNTY, CAL. C ..... Q .T.. ; AT .. MIN. A5T_ _.... { MAR 2 X959 ; VOL I VTTIC!al Records P._____d, SAN LUIS OBISPO COUNTY, CAL., au/jL 1 APR 10 1959 County ecorder - -- Deputy Fee $_--- ..Indexed ou/Xr County R o die. r By1�_Deputy, Fee $.'Q.._ .... Indexed m1i fUtij P'AllAtio of (,81,rlt. arnta at Mmaw }SS �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 I --- - ---- - --- --;r.dd County of . ... ... SIR rn'. In .d4 State of Califa