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Home My WebLink AboutContracts & Agreements_198-2017 FIRST AMENDMENT TO AGREEMENT FOR THE PURCHASE AND SALE OF REAL PROPERTY AND ESCROW INSTRUCTIONS This FIRST AMENDMENT TO AGREEMENT FOR THE PURCHASE AND SALE OF REAL PROPERTY AND ESCROW INSTRUCTIONS("First Amendment")is made and entered as of September 19, 2017 ("First Amendment Effective Date"), by and between the City of Redlands ("Seller") and Brixton Redlands, LLC ("Buyer") Seller and Buyer are sometimes individually referred to herein as a"Party" and, together, as the"Parties" RECITALS This First Amendment is executed in contemplation of the following facts and circumstances A Seller and Buyer are parties to that certain Agreement for the Purchase and Sale of Real Property and Escrow Instructions, dated March 7, 2017 ("Agreement") It is the intent of the parties, by this First Amendment, to amend and modify the Agreement B On March 23, 2017, Buyer exercised its right to extend the date of Closing by six (6) months to September 29, 2017 C It is the intent of the parties that, that except as expressly amended or modified by the provisions and conditions of this First Amendment, the Agreement shall and will remain in full force and effect D Capitalized terms used herein shall have the same meanings otherwise ascribed thereto in the Agreement In consideration of the mutual promises contained herein, and for such other good and valuable consideration, the receipt of which is hereby acknowledged, the City of Redlands and Brixton Redlands, LLC agree as follows AGREEMENT Section 1 Sub-section 3 4 1 of the Agreement is hereby amended to read as follows "3 4 1 Escrow shall close ("Closing" or "date of Closing") on or before October 30, 2017 " Section 2 Sub-section 4 2 1 of the Agreement is hereby amended to read as follows "4 2 1 Public Parking Restriction Assessor's Parcel Nos 0171-251-06, 07, 08, 09 and 10 shall remain available at all times for public parking purposes and shall not be developed, improved or altered in any manner which may affect the use of such parcels for public parking, without the prior written consent of Seller, for a period of either five (5) years from and after the date of Closing, or the date that Buyer provides, and Seller agrees,that one hundred (100) additional parking spaces are made available for unrestricted public use on 1 H(Redlands Mallli3rixton First Amendment to Agreement for Purchase and Sale v7 docx Assessor Parcel Nos 0171-053-02 and 0171-053-03. The obligations contained in this sub- section 4.2.1 necessarily survive the date of Closing." Section 3 In the event of any inconsistency between the provisions and conditions of this First Amendment and the provisions and conditions of the Agreement, the provisions and conditions of this First Amendment shall control Section 4 Except as expressly amended or modified by the provisions and conditions of this First Amendment,the Agreement shall and will remain in full force and effect Section 5 This First Amendment may be executed in multiple counterparts, each of which shall be deemed an original, but all of which, together, shall constitute one and the same instrument Handwritten signatures to this First Amendment transmitted by telecopy or electronic transmission (for example, through use of a Portable Document Format or "PDF" file) shall be valid and effective to bind the Party so signing Each Party agrees to promptly deliver to the other Party an executed original of this First Amendment with its actual signature, but a failure to do so shall not affect the enforceability of this First Amendment, it being expressly agreed that each Party to this First Amendment shall be bound by its own telecopied or electronically transmitted handwritten signature and shall accept the telecopied or electronically transmitted handwritten signature of the other Party to this First Amendment IN WITNESS WHEREOF, the parties have executed this First Amendment to be effective as of this 19th day of September, 2017 SELLER BUYER CITY OF REDLANDS BRIXTON REDLANDS, LLC By B �ul W Foster, Mayor Travis King, CEO ATTEST By ne Donaldson, City Clerk 2 MIkedlands Mall\Brixton First Amendment to Agreement for Purchase and Sale v7 docx 4120 Concours Suite 400 "7' TICOR � T`" Ontario, CA 91764 Fx. � �:��;;;�,;; Escrow Branch Phone (909)579 1515 y'&` ' Escrow Officer's Direct Line (909) 579 1515 Fax (909)579 1525 ADDITION AND/OR AMENDMENT TO ESCROW INSTRUCTIONS TO Tico2 Title Company of California Date. May 26,2017 Escrow No 04457424-005-H05 Property Vacant Land Escrow Officer Loretta 11ovey Redlands, CA The instructions in this escrow are hereby modified, amended and/or supplemented in the following particulars only PROPERTY DISCLOSURE REPORTS-WAIVER Parties herein acknowledge that they have been made aware that California law requires certain property disclosures to be made between parties of real estate transaction, including Nature Hazard Zone Disclosure Reports Buyer(s)herein state(s)that he/she/they have satisfied themselves, outside of escrow,with regard to any and all possible content/findings of any such reports. BUYER AND SELLER DO HEREBY ELECT TO t WANE THE OBTAINING OF ANY SUCH REPORT(S) AND ESCROW HOLDER IS HEREBY AUTHORIZED AND INSTRUCTED TO CLOSE ESCROW WITHOUT THE OBTAINING OF SAME PARTIES HEREIN HOLD HARMLESS AND RELIEVE ESCROW HOLDER OF ANY AND ALL LIABILITY AND/OR RESPONSIBILITY, BOTH LEGALLY AND FINANCIALLY,WITH RESPECT TO ESCROW HOLDER'S COMPLIANCE WITH THIS INSTRUCTION e All other teens and conditions remain the same s r END OF INSTRUCTIONS s IN INTTNESS WHEREOF,the undersigned have executed this document on the date(s)set forth below 1 BUYER. SELLER. Britton Redlands, LLC,,.i Delaware The City of Redlands,a municipal hinit.cd liability compancorporatiaLi f .F3y Authorized signer Date 13y Paul W Faster,Magor Ste � 4 ATTEST gy, Clel 1< E E li 3 i I. SCAM 1816 f TICOR TITLE COMPANY OF CALIFORNIA 4120 Concours,Suite 400 Ontario CA 91754 Phone (909)579-1515 Fax (909)579 1525 Sellers Settlement Statement ESTIMATED Figures subject to change Escrow No 00457424 005 H05 Close Date 0912RM17 Proration Date Disbursement Date. Seller(s). The City of Redlands a municipal corporation Property Vacant Land Redlands CA Brief Legal Description - - . _ Dehit TOTAL CONSIDERATION Total Consideration 1 950,DC0.00 ESCROW AND TITLE CHARGES Escrow Fee to Ticor Title Company of California 1,33750 Document Preparation to Ticar Title Company of California 25.00 Title Insurance to Ticor Title Company of California Z,230.20 Overnight Fees estimated to Ticor Title Company of California 50.00 - Recording Service Fee to SYNGRO 13.00 RECORDING FEES Recording Fees to Ticar Tille Company of California 50.00 RECORD SUBIRECON SUMI TRUST to Ticor Title Company of California 50.06 Record City corrective Deed to Ticor Title Company of California 50.00 County Transfer Tax to Ticor Title Company of California 2145.00 PRORATIONS AND ADJUSTMENTS County Taxes from 7/112017 to 9/21!2017 based on the Scrr-Annual 194.32 amount cf$437.22 Sub Totals 6,155.D2 1,950,000.00 Proceeds Due Seller 1,943.844.98 Totals 1 950,000.00 1,956,000.00 THIS ISA SD STATEMENT ONLY. ACTUAL FIGURES AND CLOSING DATE MAY VARY AT CLOSF OF ESCROW Printed by Loretta Havey on 911812017 4:41 10PM Page 1 of 2 TICOR TITLE COMPANY OF CALIFORNIA 4120 Concours Suite 400 Ontario CA 91754 Phone (909)579 1515 Fax (909)579-1525 Sailers Settfement Statement ESTIMATED Figures subject to change Escrow No 00457424 005 H05 T Close Date 09/29/2017 Proration Date Disbursement Date Seller(sJ 7�zo �-fvol-� unicipal corporation By Paul W Foster Mayor ATTEST' ay Cite lark Settlement Agent, Ticor Title Company of California by Loretta Hovey THIS IS AN ESTIMATED STATEMENT ONLY ACTUAL FIGURES AND CLOSING DATE MAY VARY AT CLOSE OF ESCROW Printed by Loretta Hovey on 9F1 Bl2017 4:41.09PM Page 2 of 2