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HomeMy WebLinkAboutContracts & Agreements_6-1973"ram\ T✓' G CONTRACT OF SALE On the terms and conditions contained in this Contract, EVA B. STOVER, hereinafter called "Seller" agrees to sell to Buyer, THE CITY OF REDLANDS, a municipal corporation of the State of California, herein- after sometimes called "Buyer", the real property herein called "said property" situated in the City of Reflands, County of San Bernardino, described as follows: Lots 10, 11 and 12, Block 11, TOWN PLAT OF REDLANDS, as per plat recorded in Book 5 of Maps, Page 10. PURCHASE PRICE Section 1.01. Amount of Purchase Price. The purchase price for said property to be paid by Buyer shall be the sum of $85, 000. 00 for said real property. Section 1.02. Payment of Purchase Price. The purchase price for said property shall be paid by Buyer to Seller as follows: (a) $21, 250. 00 less the deposit of $1, 000.00 received as cash consideration paid outside of escrow, (b) The balance of said purchase price, in the amount of $63, 750.00, shall be paid as follows: 1. On the 15thday of February s um of $21, 2 50. 00. 2. On the 15th day of February sum of $21, 250.00. , 1974, the payment of the , 1975, the payment of the 3. On the 15th day of February , 1976, the payment of the entire balance of the purchase price, in the sum of $21, 250, 00, Interest of six (67.) per cent per annum shall be due and payable on the unpaid balance. 1 �- ESCROW AND TITLE Section 2.01. On January 11, 1973, escrow was opened to complete sale of said property pursuant to this contract at Redlands Branch, Security Pacific National Bank, Redlands, California. Section 2. 02. Within 10 days after the date of this contract, the Seller shall cause to be prepared by First American Title Company and delivered to Buyer a preliminary report of the title to said property. Any items, exceptions, or conditions shown on said preliminary report of title not objected to by Buyer in a writing delivered to such title company and Seller within 5 days after receipt of such preliminary report by Buyer shall be deemed accepted by Buyer and Buyer shall thereafter have no right to complain of title being conveyed or insured pursuant to this contract subject to any such item, exception, or condition. Section 2. 03. Conditions of Escrow. The close of escrow described in Section 2.01 of this contract and Buyer's obligation to purchase said property pursuant to the terms of this contract are expressly conditioned on: (a) Marketable Title. Conveyance shall be made to Buyer of good and marketable title by grant deed to said property, deposited in escrow by Seller and delivered prior to the close of escrow to Buyer and as evidenced by stand -- and form C. L. T. A. title insurance policy in the full purchase price issued by First American Title Company subject only to such liens, encumbrances, and other matters as may appear on the preliminary report of title described in Section 2.02 of this contract and not have been objected to by Buyer as provided in such section. -2- Section 2.04. Failure of Conditions. Should any of the conditions specified in Section 2. 03 of this contract fail to occur within 25 - days after the opening of escrow as provided in Section 2. 02 of this contract, Buyer shall have the power, exercisable by the giving by him of written notice to the escrow holder and to Seller, to cancel such escrow, terminate this contract, and recover any amounts paid by him to Seller or to the escrow holder on account of the purchase price of said property. The exercise of such pourer by Buyer shall not, however, constitute a waiver by him of any other rights he may have against Seller for breach of this contract. The escrow holder shall be and is hereby irrevocably instructed by Seller on such failure of condition and receipt of such notice from Buyer to immediately refund to Buyer all moneys and instruments deposited in escrow by Buyer pursuant to this contract. Section 2. 05. Proration of Taxes. All ordinary real property taxes..levied .or assessed against said property shall be prorated between Buyer and Seller on the basis of the latest available tax bills and thirty (30)--day months as of the close of escrow. Section 2.05. Expenses of Escrow. The expense of the escrow described in this Article shall be paid, in the .following manner: (a) The Seller shall pay: 1. The full cost of securing the title insurance policy described in Sections 2. 02 and 2. 04(a) of this contract. 2. One-half of all other costs of escrow. (b) The Buyer shall pay one-half of all costs of escrow, other than any expense of securing the title insurance policy. r -3- Section 2. 07. Broker's Commissions. Any and all Commissions due to real estate or other brokers as a result of this sale of said property shall be paid by Seller. MISCELLANEOUS Section 3. 01. Possession of Property. Possession of said property free and clear of all uses and encroachments, except those shown on the preliminary report of title described in Section 2. 02 of this contract and not objected to in writing by Buyer, shall be delivered to Buyer on close of escrow as herein provided. Section 3. 02. Default by Buyer. Should Buyer default in performance of this contract, Seller shall be released from his obligation to sell said property to Buyer or to further perform this contract and may proceed against Buyer on any cause of action or for any remedy given him by law or equity. Section 3.03. Notices.. -Any and- all -notices or. other communications required or permitted by this contract or by law to delivered to, served on, or given to either party to this contract, Buyer or Seller, by the other party to this contract or by Security Pacific Nationa'_ Bank, Redlands Branch, as escrow holder shall be in writing and shall be deemed properly delivered, given, or served when personally delivered to any- -:ember of the party, Buyer or Seller, to whom it is directed, or in lieu of suc ' personal service, when deposited in the United States mail, first --class pos--=age prepaid, addressed to Buyer at Redlands City Hall, 30 Cajon Street, Re glands, California 92373, or to Seller at 754 East Orchid Drive, San Bernar --1o, California 92404. Either party, Buyer or Seller, may change his address for the purposes of this no Section by giving written notice of such change to the other party, Buyer or Seller, in the manner provided in this Section. Section 3.01. Attorneys Tees. Should any litigation be commenced between the parties hereto concerning said property, this contract, or the rights and duties of either in relation thereto, the party, Buyer or Seller, prevailing in suchlitigation shall be entitled, in addition to such other relief as may be granted, to a reasonable sum as and for his attorney's fees in such litigation which shall be determined by the court in such litigation or in a separate action brought for that purpose. Section 3. 05. Entire Agreement. This instrument contains the entire agreement between Buyer and Seller respecting said property and any agreement or representation respecting said property or the duties of either Buyer or Seller in relation thereto not expressly set forth in this instrument is null and void. Executed on.^, .o,, P $_, 1973, at Redlands, California. SELLER Eva B. Stover BUYER CITY OF REDLANDS a municipal corporation By: ATTEST: sJ . WaQgn r Sist ant to the City Manager T City Clerk