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Grant Deed 2002-0724023 '~ ?, ''''T~ RECORDING, REQUESTEr. ,t~' ;,.,< " :,' ''CHJ'CA~TITUE C0M!1IIrN 003203 'nac') '90 Qri """ 0"7' 1"11.'00 ,,, - AND. WREN RECORDED MAIL TO' U rl L., . L , ,L,+).J r;0way ,Redevelopment Agency I AUG 2'7. 2002 8: 00 AM ~:$:~2!:? 'Civic Cef.lt~:r:. ;Dr:i~~ ' PP'1.ay, CA 92064-S75s0FFICIAL RECORDS Attn: Tina White, , SAN DIEGO COUIffi' RECORDER'S OfFICE I I GRE6DRV J. SMITH, coUNtY RECORDER' FEES: 0.00 ~ ~.: ,~::;;::' :::.~\IIII'BIIIIIII~~~~ ~'_ '00 ~".., 31 ktl, ^"', .'Jl.T 'T 'D' :C\E'-D As....or'. ParceL No , U'~.'1 ' E .' 3l4~230-26,-00 , ' ' THEUr:-!PERSIQf':J!!.D'CJRA~9ll.(~)D',E!,t.:A~(S)" /, /' ,1 I I I l ~~ DOCUMENTARY TRANSFER TAX IS $~- rY-':1517..v -r.. I"-I'vm,c ~-r,1'./ [J. u~lOc~!porated ~r~a 0 qtyof I / ' .' [K] cOfl.lp~t~!=I on t~<; fiillVaI~e qf the irt~erest 6rfrOp~rtycori~~~;;c?r is o ,computed on the fun ~',u,e less the value qf Hens or e,ncum~rClnc.es; re;maining at I time of sale, and FOR AVALUA~LE CONSIDERATIO\,! ,receiptofwhidi..is'herelJy;ackn~wledged,. . Allen M Larson!, Executor' ',under the 'Estate' .of Nina Cather~ne Larson~ "'pursuant to Probate No PlSOs'74 (who .acquired title' as Nina Larson, joint tenan'c) /' hereby GRANT(S) .to poway Redeyelopment 'Agency 'I , th,efoliowingdescrih,ed real'property ii'the ., . 'I County of SAN, 'D~EGO' , State of Cahforma: .' - - -. - -." - - .-. -..'.! - .~- LEGAL DESCR~PTIO~ ATTA~HEDHERETO AND MADE A PART HEREOF BY REFERENCE Dated August 8, 2002 () STATIOOF _ 4-l/brY/I"'--. ~ '\;Vt ~~ COUNTVdL ~ '])1~40 } SS,' . . , , _ . , , Allen M' Larson, Executor 00 . 9',51' li&. 2D6Z- , befo;eme, 4~~ U;'/~-s.IS~.,J a:Nota.ry,;Public ii1:and ,for,said CountyanCi.State,.personally appeared: 4//~il AI. ~r!ffY'- ' \ F1u(sQR?lly 1(1i~.;~ l... -;',;8 ',(l:?,r, p'roy~.d, f6, rhe ,o,n Jh",?, :!?asis of satisf~~orY : __ __ _ _ -. _' _ _ _- _ -. _ evidence) to be the perso;;~whose ne"1e% .s/--:subscribed' to. the J .' . JANE M 'CARLSON ~ with,in'~n~tr.umentan~ aCkn~i~d,g~d to ~e ~hat'he/sRe!~x.ecuted the :1., cO" I "'f "1351838 same m;h,s/befft!>eir' autho",zed,capac'ty~s( an.~ !hi't ~YhlS/j)erfthef!' 1<, m!" ...n _' Z sigl1atur~ron t~~'i ,~trument'the person~or,~~e,entity,upon behalf of ~', N~,ryP..u~I,1C Cl.1~ia ~ which the p.e..rso... n. . .ac ted ,executed,the instrument. . ~ ' . . ,SlIn Q"'IIOCcunty , .... t ' '1Iy~, e.p;_Apr16;2lIll6 II - ~ .... ." , -..- I. ,. . WITNESS my'lla'nd ancfofficial seal. ,- -:'" -- -:- ~ - - - -:: ~ -:" ~ ~n'z--;; d /~ .. . .y;~~ 1'0 I I Signature OeNotary Date,My ~m0ssion Expires FOR NOTARY SEALOR,STAMP _'. C . . I " ~ MAIL TAX STATEMENTS TO: PARTY SHOWN ON FOLLOWiNG LINE: IF' NO PARTY SO SHOWN, MAIL AS DIRECTED ABOVE Name Street Addre"ss City, State & Zip GD1 -05/30/97bk I .& " . " r:'S- 003204 ~. ',.. (", ~'\-' , 1 " ,I - 0ERTIFICATE OF .6<COEPTANCE I, Lori Anne Peoples;;as Secretary and,agent:tor Poway Redevelopment Agency make the following certification;on.,its' benalf " , '(hls jis Jo certifY ttlat the interest; in real propertY COf;1vi'{yea qy. the Grant Deed . ' ' - dated <?'/:ZI/07- 'from Allen M, Larson, Executor of the Estate of'Nina - .--, ,- 1 . ' Larson, Gran,tor; to the'P9vvllyRedevelopmenlAgencYI' Grantee, a political corporation " and/or'governmental agency" is hereby accepted by the undersigned officer oragent on , , behalf of the Board of Directors pursuant to authority cqnferrea by Resolution No R-87- " 18 adopted,on July 21,1987, and'the granteeconsents,Ilo recordafion theredfby its duly authorized offlc:ef'or~gei1t , j , - <;/7/10:2- , Dated POWA,.Y REDEVELOPMENT AGENCY " . , r Seal: I " I N;, \City.lsh'are)certificate. of:'acceptanceclarsori, aoc r I j ; , , 1 " ~.,., , It . .- > 003205 > ,,' , Page' i .. E'scrow No 23071542 -N40 LEGAL DESCRIPTION E'XHIBIT PA,RCEL :1 ALL THAT: PORTION' OF' ,THE SOUTHWEST QUARTER OF' ,THE SOUTHEAST QUARTER OF, SECTION 12 TOWNSHIP 14'" RANGEl 21 WEST, SAN BERNARDINO MERIDIAN, :11' ,THE CITY OF POWAY; COUNTY OF SAN jnEGO, S:TAT"E 6F'cALIFORNIA, AC80RDING TO UNITED S"TATESGOVERNMENT SuRVEY ;DESCllcIBED: 'AS FO~J:,Oi'lS;: , ,BEGINNING, AT THE NORTHWEST CORNER OF THE SOUTHWEST, QUARTER ,OF THE. SOUTHEAST QUARTER ,OF, SECTION 12; THENCE iRUNNINGEASTA40 FEET; THENCE 'SOUTll,280 FEET; THENCE WEST 1"70 F;EE'T!;' T}:IEN'CE SOUTH) ,3 00 ;FEE'f', MORE, OR 'LESS, TO TilE ScjtJ:rH'LiNE, O:F WINDSOR STREET, AS SAID STREET IS SHOWN ON, THE MAP' OF ,PIERMONT NO"785 WILED ,IN THE OFFICE OF COUNTY RECORDER OF SAN DIEGO, COUNTY;, THENCE WEST ALONG' 'SAID LINE 1270 FEET, ,TO A POINT IN THE WEST LINE OF SAiD souTHwEST QUARTER OF THE SOUTHEAST gUARTER; THENCE SOUTH ALONG THE, WEST ,LINE 100 FEET, MORE OR LESS,T'6 A POINT WIi'ICH IS NORTH THEREALONG 350 FEET FROM THE ,SOUTHWEST, COlUlERi OF'l'HA'f PARCE:L OF' LAND CONVEYED TO SALATHIE GURWELL BY DEED - RECORDED NOVEMBER 2.8 i '1906.. IN- BOOK 401, PAQE 277 OF DEEDS; THENCE EAST 2-15 FEET TO THE 'NORTHWEST CORNER OF THAT PARCEL, OF LAND CONVEYED TO GLENN VADER ET UX BY DEED " RECORDED MAY 24, -1960 AS FILE NO 107467; THENCE SOUTH ALONG THE WEST LINE OF :SAID - . " , I VADER LANDA DISTANCE OF 210 FEET'TO THE SOUTHwEST CORNER THEREOF AND 'THE TRUE POINT OF ,BEGINNING; THENCE EAST ~L9NG THE SOUTHERLY LINE ~F SAID VADER LAND 215 FEET; THENCE SOUTH 140 FEET, MORE OR LESS TO THE SOU'f'HLINI;; OF'THAT PARCEL OF LAND CONVEYED TO GURWELL, BY DEED ABOVE MENTIONED; THENCE WEST ALONG THE\SOUTH LI,t:lE OF SAIlJ GURi'lELL LAND 430 FEET, MORE OR LESS, TO A POINT IN THE WEST LINE' OF 'SAID SOUTHWEST QUARTER OF ,TflESOUTHEAST QUARTER; THENCE NORi~ ALONG SAID WEST LINE 140 FEET MORE OR LESS TO THE. SOUTHWEST CORNER OF THAT PARCEL OF LAND CONVEYER TO TROY R,WEEKS ET UX BY DEED - RECORDED SEPTEMBER 16, 1960 AS FILE, NO 105723; THENCE EAST ALONG ~HE SOUTH"LINE OF - ._._.~ - ~'"',- - '. .,.' '~ .. ~ , .~ ' ." ,... ... - - SAID WEEKS LAND 215 FEET, MORE OR -LESS, TO THE TRuE~POINT OF' BEGINNING: -.-- - - -- EXCEfTING THEREFROM THE EAST 224 FEET THEREOF, AS REpERVED'IN DEED ,RECORDED SEPTEMBER 16, 1955 RECORDER'S FILE: NO 121913 IN BOOK 5795 ,PAGE 4'94 OF OFFICIAL RECORDS, , PARCEL 2 I AN EASEMENT FOR' WATER AND APPURTENANCES THERETO OVER ,AND ACROSS THE NORTHIO FEET, OF " .- , " ALL, THAT PORTION 'LYING WITHIN THE EXCEPTED EAST 224 FEET ABOVE MENTIONED DEEDLEGL-08j09je4bk , ,I II " ",eJ , , I ~', P['1[Jt'1 Sign & Rert:t:l ~ .., -.. , -, e 'w', v,,) GENEjtALPRQYISIONS , TO: GH~GAGO TITLE COMPANY Escrow Number: 23071542-N40 , ' Date: AugustS, 2002 I ,Jime;is of'the essence of-these instructions. If this, escr~w~(s I}~t .!n:,Il':l?o~difion t.o clC!se by the TIME LIMIT 'QAT~L~~pr9W,~C4.tforXere~~,~d'written, demand fO_T".cancellation,isireceived',by'you,'from any principal ~o this escrow,after"said date,~you'sha.lL~ti1l.~accon~ance with pa-ragraplj'7tof the. Gciieml Provisions. Ifoo ~nflicting instfuction~orldemand,forcancel1ation)is,made. you will proceed,to:close;this escrow when, the principals have cOlTIplied~ith, the eScrow instrilctions. 'Iif;'the event one or more of.the General P.rovisions 'are held'to be invalid in jUdiciaJ:,'proceooings, 'thosc;renulinlng wIll continue.to'be,oPerati've." Ai1.y'a~ei1dments ofior supplements. to ,any ~. - '.,'C<>'-' ..~" -.. - , . , ....,.., ,. , . .. " iristiUctioris'a~eCting escrow.~ust'be..in,writing. You~are authorized to order,'d.~ands for, am~ pay a~.the close of ,escrow '~y; en,cumbrallceS: of reCo~ necessary to pla~e title' :in ,the ,condition called for withoUt further' 'auihori~tion. You are;further authorized, prior to the ~los~ ()f:e::s~!..?~" t~ pay fr.om fUitd~,on deposit any fees ,l1eCess!lii tofobuiin ariy derri'and'and/or repory as may:be require(Un'this'escrow and':at the, close of escrow charge the parties'.sappropriate, 'The principals Will hand.you an.yfunds andinsti'Uments required. from eaeh respeciivel.y , ,.': . ". ' .~,,- . " .. , '",. ~ ';' I . " '. .. t~complete this,escrow. Interest on':'anynew financing may..begin~t~ accrue,o~ ~he date ' loan fun~s1proceedsare di~:h~~ei4:byt~e new lender;1, and borrower agrees to pay same in,accordance with'lender's instructions. 2, You are instrUcted to, deliver' aJ1d1Qr'fe.coM all documents: and disburse'aWfundswhen you can,comply..withthese instructi~ns"and issue,'any;fitle insurance;'policy as called' for herei,n; These' inst.:rUctions,. iogether With: any ~mendments" and/or: supplements, ~a'y --:-bc;- executed in counterparts a'hd t,?get~er shall constitute 'one, IlIld. the same document. :If these: instroctions :relate .to; a sale, buyer, agrees' to, buy,!and' seller agrees, to sell, upon the terms ,and .''',' .. .'. " . .... .,. .' . conditions' hereof. , All documents;,balimces and st~~ements dueth~,Tiiider.;ign~'are to'be rilailed,to the,respective addres~es;s.~9Wn herein~ unlesS othei-Wise'directed. In the,event'that,aOy, party't<?"th!~ escrow u~iliz~'~~siini!e transmitte<jsign,ed docuinents,all;l'ilrtiJ'Sihereby agree to accept andhereoy,instruct the escrow holder to rel.y upon such doeuments as ifihe.y ho~e origin~! signatures, Bu.yer and seller f\jrtlt~r,a~knowledge that 1in.y,doctiinentSto be recorded'beaiing non originai (facSimile) signatures will not.be accept;oo:'for recording'by the Ct?':lntyT'eCl?rder. 3, The phrasel'~Jose or:,~~J"!lw" tor COE) BSuSed in this escrow means thc'date'on,which documents ,are recorded. unless otherwise specified. . " 4, Assume ,a -30 day'month in"anyproration herein provided, afld u~less otherwise instr,u,cted, y()uare louse:the i!1f<?rmation cOntaiiied in the latest available',;t~ statement. includfng'a~y'supplemen:tht tax~\of;record. rental, staiement'~s provi4ed by seiTer'ian,d'beneficl8iys or,association sta~ements delivered irito escrow'for proration purposes; , 5, Upon,close ~f~crow,J,y"ouare instructed,'to'charge,our respective accounts the ~9sts attri~utable;: to ~ch;,iI!91ud~g, b!-1t; not; li,~ited 19 costs,' as J provid~ for herein and/or, in accordance. with'. our respective estimated, statements attached hereto and made a part hereof 6, Recordation of any instrumentsdelivere(fth-r:ough this escrowi,if'nec~,saryor,proper ,for thei~.suance of,the poli~y of title iits'urancecalIed for" is:auihori~:, No examination or in~u~ance as~to'the amount'or payment'o{pefSon~i propert.ytaxesis required unless sP<9ific.lI.y.requested, 7 If d~ttmn~ t9'cancel. ~s s~b.mitteO af!ertbe,Tini~ Limit'Date, any princ.ip!ll 'so:requesting'you tOicance):'this,escrow shall file noriee of demand,to cancet in your ofliedn writing. You,st@l'withinthree(3)workingdaysthereafter mail 'by,~rtified !nail one,oopy.of 'such,notice to.each'of the otl1er pnpcipals"at the:address stated;in'this escrow. "Unless:written objectionrtheretOis ii'ied in your office' by a principal Within'fifteen;(I5) calendar,:dliys'after date of ;, ,,'~', '. . ,". -. . -,- _ "." 0 . I," ,~ .. ' \siJ~h':mailillg. you are in~~cted'~to cancel this,escrow. ~fthisjs:a(sale'escrow, you m~yretum 1~,4er's:paJX?S ! and/or funds .upon~lf?ndef' s-' dernll:~d~ I 8, In "the .event! that this ;'eScrow 'is,cancel,e<ij. my' fees or j,charges due Chi~ago ,Title 'Company ;inCluding.. can~llation 'ifees ~d any,.expernlitures?1fi'curred;or,au'thorized'shatl,bepaid'from:funds ofl"d9lOs.it-~'les~ l?~~~se _s~ifiC81,iy agreed to ~r detenni,rioo.byoa (:ourt of competent jurisdiCtion., Up6n",paymen(thereor; return documents' and -moneys,to~tlie-~eSpec-tivepardes 4~osi!ing sa~e, or. as ~r4er~:bY ttle f~4,ft:~aj1d void:anY'eXecut~:instfUri1ents. 9, If there js,no written,~~iv}ty;by,a pIjIlcip~l,to,thisescr,!w'wjt~!q ~y, ~ix.,inontn-,period after the Time Limit Date set forth heiein, CliieagoTitle Compan.ymay, atits option, tenninate'itsagene.y obligation and.eancel the escrow, returning all docuriIerits, moneys or other items held, to the,respecti\ie parties entitled thereio, less any fees and charges as provided herein, . " - I . .' .~ tll; ., " ~': ..." r 'I Chicago TitJe Ci!!Ilp,anyGeneraI'Provi.sions - Page-3 , IMPORTANT,NOTlCE. jEx~pt for\wire'transf~, ,fi!l!dSl _te,l11i.t!~ ..to 'lt1i's' es~(O~ '~':"re' @Jij~~};t9 _ ~vaU8;bility _ r~\li~ents imposed by :SocJi.i>i[,I24.t3,1 ,~fthe California Jnsurance Code, CASHIER:S,'<;:ERTIFIEDor TELL!'It'S checks, payable to GHlCAGO':TITLE COMPANY akgeneridly available'for disbursement.on'the next business'day following '. ~ ~ - -.,-."., -,. ~' I ,the date of deposIt. . Other forms of~payment- may ~~~sC? ex!ende4 delays in' the ;*lq~ifigof your transaction pursuant to the requirements Unposed by, State: Law. II " (Wire ,'transfer' Information available1 uponl request~ [ ALL PARTIES:'TO THIS ESCROW. AGKNOWLEDGE ffHkr'.tHICAGO 'fITLECOMPANY'DOES NOT P!l.()VIpE I,E9AL ~DY!C:~,cNOB.I!AS IT MADKANYIN:VESTIGATION,REPRESENTATIONS OR ASSURANCES WHATSOEVER REGARDING THE LEGAL ASPECTS OR COMPLIANCE OF THIS"TRA~S~CTI()~ wiTH ANY 'fAX, SECURITIES OR ANY- otHER' STATE OR, F'ED!,~ LA WS.IT IS,REGOMMENDED THAT THEPARTlES\OBTAIN, INDEPENDENT LEGAL GOUNSEL AS TOSUCHMA'fTERs. ' '[ , _' , ,..l~ ."" ... _ THE FOREGOING ESCROW INSTRUCfIONS AND GENERAI;"PROVISlClNS ,HAVE BEEN READ AND ARE UNDERSTOOD. AND AGREED TO BY EACH Of''fHEUNDERsIGNED. ' BUYER SELLER i Allen M. Larson, Executor , ~ " I II , , I I ". - AM.~MENT TO ESCROW INSTR.ilONS ,'t, II TO:; CHICA~O TITLE' c:SMF,1ANy;,jic:ensed bytheCalifcifnlaiDepaitri)~~{~~{~~a >. " . 4()~~ B9NITe:.R0~D;,~ON!IA, 'PA:91902 (619)267-9300 'Fax'(619)267.~249 Escrow No: 2307.1542 - N40 !=sgrow Officer Dana QUllen Date August 9, 2002 Property: 13424!'ScotsWay,Poway, CA , 1,Yol,lrorlglnal escrowiillstfucti6nsand. any amendments and/or supplemimts thereto, are,hereby,amendi3d and/or 2, supplemented,as..setf6i1h herein: . a 1 4, A11:pal1ies~l)ere!iY!'lC~n9'1/I~geJ~al;~t!1,rrll)l',!!ny,inconsistency ~eIWe.e,ntheFirst Amendment to,Purchase . 5, Agreementdated August8;,2002,1and the Purchase Agreementbyand:beIWeen Allen M.!;ilrson, Executorunderthe 6. Estate of Nina CatheflneLarson, puliual1tto:~robateNo. P180574 al1d:P6waiRedevelopment Agency dated July 16, 72002, the provlslol1s;ofthe PurchasilAgreemel1t wlIl.control. 8, ,9, ALL OTHERTERMSAND'CONDITIONS'AFlETO REMAIN THE SAME: 10, 11- 12, 13, 14. Allen M..Larson, Executor 15, 16, 17 I 18, " 19, 20, 21- 22, 23. 24. 26, 26, 'Zl 28. .' 29, 30, 31, 32. 33: i 34, 35, ,36.. 37 36. 39; 40. I 41: 42, 43. I 44, 45, 46, 47 " 48, " 49, " r . ~: '::- ,::"'" . . :' - c.) C6i'.IlQ Titl.iCQmpatly - B."ito . .' ",. .. . ff}96 Boilita Road"Bonita. cA 9Jtb'itJ[;,e 3ign& f\etum Phone (619) 267-9300 'I Escrow No: 23071542-N40 Officer: ' Dana.J. Queen Date: August,s;; ~002 . Fax Number: \619-267-9249 FIRST'~MENDMENT TO:. Piirchase Aereemenf - nj]s FIRS;r' AMENDMEN~ ("First'.ADtendmelit") is made aild entered into.as!of J\Jly'J6, 20Q2;'~y and between Allen.M,' Laryol1",Executor'uodc;r the Estate of Nina CatheririeLars6n~ pUrsuant to Probate No. Pr80574 ("SeUer") and, Poway Redevelopment Agency;.apubIlc body, corporateaildp?lltic'("Bilver"). , RECIT AL'S , ", A. Seiiefilnd Btiyerentered into ala!1.,P4[chaseAgre~IT.!ent)date_d luJy 16, 200-2 (th" "Al!J .,-""..,iil"), ,idi1liu~,lull"ll ~"lli1iil,.pi'up<:r ly wid il11piuvtiulI:aib'lh"i"uu commonly known as 13424 Scots Way,Poway; CA (the "Property"). B. 8.ellerand Buyer now wish to modify certain terms and conditiolls of the Agreement,.and\vish to reduce ilieir uilrlerstandings'to;:writlilg. " NOW; THEREFORE the,pariiesagree as follows: ! A.OR EE'M E NTS 1 Notice of Licensine Aeencv As reqlll!eg by California state law, the parties are Iiereby notifiedtliat CHICAGO TITLE ,.cOMPANY is ;licei!sed by'the Califomiabepartmerit,of:Iristinmce. , , 2, . AereemelitasEscrow. Instructions_, '!Theparti~s . ~~ve depo~it~d'an executed,copy of the' A'greement'into this. escrow and hereoy iiIstfuct,Escrow-rH61dci'.;ffi,at the terms and provisions of the Agreement ate fuU'y incorporated ,herein and shall constitute Escrow Holder's initial escrow instructions hereunder Escrow'.Holder'accepts the' Agreement;,suoject to theTollowing: :1 .a. ,General,Provisions. fly ~igI1~h!re hereon the'partie.s hereby approve EscroW Holder's General Provisions, a copy <if which is attached hereto as Exhibit i!A". " II' b. 'Fax Sienatures: [nthe evendiuyef or Seller, utilize'ci"facsimile" transmitted: signedd<icuments, Buyer and Seller hereby agree to accept and instruct Escrow Holcler to rely upon such documents as if thex'bore original signatures, Buyer " , I I , • ® ) 41 . . and Seller hereby acknowledge and agree to provide to Escrow Holder, within 72 hours of transmission, such documents bearing the original signatures. Buyer and Seller further acknowledge and agree that documents necessary for recording with non-original (facsimile) signatures will not be accepted for recording by the County Recorder, thus delaying the close of escrow. c. Tax Withholding. As required by Sections 18662 and 18668 of the Revenue and Taxation Code of the State of California, Buyer acknowledges receipt of the NOTICE OF TAX WITHHOLDING REQUIREMENTS, included in the General Provisions attached as Exhibit"A". d. Amendments. No amendments to the Agreement shall be effective unless same are in writing, executed by all parties and deposited into this escrow. e. Further Instructions. Escrow Holder shall have the right and authority to withhold any action and to require the written consent of all necessary parties or require further written instructions if, in the judgment of the Escrow Holder: (i ) such action calls or appears to require the use of discretionary judgment by the Escrow Holder (ii}the provisions mthe Agreement or any amendments thereto are ambiguous or unclear, or (iii) the actions are too onerous, hazardous or not within the ordinary scope of the escrow holder's activity. f. Authorization to Close. The Agreement contains many provisions with which Escrow Holder shall have no concern or liability. Therefore, Escrow Holder, at Escrow Holder's option, reserves the right to require a written notice from Buyer and/or Seller, prior to close, confirming that all contingencies which do affect Escrow Holder's ability to close this escrow, have been either satisfied or removed. 3. Escrow Holder - Any reference to "Escrow Holder" in the Agreement shall read as follows: Chicago Title Company-Bonita, 4096 Bonita Road, Bonita, CA 91902, Attn: Dana J. Queen, Escrow Officer. 4. Approval of Legal Description - Seller's signature on the conveying Grant Deed, and Buyer's approval of the Preliminary Report, shall be deemed to be each party's approval of the legal description contain therein as the exact description for the • real property to be conveyed through this escrow and Escrow Holder may rely upon such approval in processing this transaction. 5. Execution/Opening of Escrow — The execution and opening of escrow . date for this transaction hereby deemed to be July 17, 2002. 6. Expiration of Feasibility Period—The expiration of the feasibility period is hereby deemed to be 5:00pm on August 30, 2002. .' , .. :. . <\.. . '. . ,;: ,-,.." 7,: ,elose :ofEscrow - ThecJose of tJscrow for this transaction is hereby deelIlec:l't() be on;riibef()re;September 14, 2002. -' ..., , ,8,Ciiuilterparts.\ This First Afuej1dqieiit !TIllY be:executed in'anynumber ofld~!itjcai ~ouiiterp:arts,and eagh counterparthereof!~halrbedeeine9 tp' be an original iAs@m:1~nt;butall counttJrpartsh~reof taken togeth:er shall constitute but a single histrument. IN W:ITNESS WHEREOF, this First Amendment has been executed by the parties effeciive'as of the date indicated above. , - SIGNATURE SECFIONiONLY BUYER SELLER I ,I .11. Allen M; Larson, Executor ; Bowersox;~xe9utive , ;1 I , I , I I , , , , I , 'I " I ~", '.. '. . . , I - I I " , , PURCHASE AGREEMENT , ! By and Between '[ ,n", ..-- ALLEN M. LARSON! ,,--'-,-_._'- - I EXECUTOR OF THE ESTATE OF NINA: LARSON (" Seller") and POWAY REDEVELOPMENT :AGENCY ("Buyer") , , , , II (13424 Scots Way) I ;1 ,I , I I • • .1 • ) . •• • TABLE OF CONTENTS 1. Purchase Price and Terms 1 2. Deposits 1 3. Buyer's Feasibility Review • 1 4. Buyer's Entry Onto Property 2 5. Escrow 2 6. Condition Of Title 3 7. Title Policy 4 8. Conditions to Close of Escrow 4 9. Deposits by Seller 5 lO. Deposits by Buyer 5 • 11. Costs and Expenses 6 12. Prorations 6 13. Disbursements and Other Actions by Escrow Holder 6 14. Seller's Representations and Warranties 7 _ 15. Buyer's Covenants,Representations and Warranties • 9 16. Seller's Remedies 10 17. Damage or Condemnation Prior to Closing 11 18. Notices 11 19. Brokers 12 20. Legal Fees 12 21. .Assignment By Buyer 12 22. Other Fees And Assessments 12 23. Miscellaneous 12. 24. Indemnification of Escrow Holder 14 • EXHIBITS EXHIBIT A - Legal Description of Property EXHIBIT B - Grant Deed . , . RURCIIXSE AGREEMENT ~fIIS ;~UR9~SE AGREE.NqlNT ('~A~e~merit"):is ll1l!d~ and entere~ into as of the j . day' ()f ~; :2002, and constitutes: an !agr_eement by which ALLEN M, LARSONiExecutor.of e Estat<: of Nina Larson ("S~Her''), agrees to seH to POW A Y ,REDEVELOPMENTAGENCYi a public body, corporate ana politic ("Buyer"), ,that certain real "property located at 13424 Scots 'Way, in the City of'P6Wl!Y, County o(SanDiegci, State of California; . legally described'in Exhibit A attached hereto (tile "Property"). ' 1.Purchase"Priceand"rerms, Subjectto tlie .terms of this Agreement, Buyer agrees ." .. -... -... . I ,. ", ..,. .-.,' to buy, and SeHer agrees to seH, the Property fora. total casl1,price,paya1Jle upon Close of Escrow . of TWO HUNDRED SEVENTEEN THOUSAND DOLL1}Rs ($217,000.00) for all parcels of the Property. 2. Deposits. , (a) InitialDeposit: Upon signing this Agreement, Buyer has delivered to ~..____SelkLa:.:warran1 or wire p"y"hl~,to FscIow_Holcler'in thh "mount-oLFi:v:e..:Thousand Dollars~-- ($5,000)'("Initial Deposit"). Such deposit shaH be depositedinto.Escrowand credited against the' purchase price at Close of Escrow, , (b) Deposit. The Initial Deposit is sOlTl~.ti1!l~s referred to herem as tlie "Deposits,." The Deposits shaH, if [equested by Buyer, by deposited by Escrow Holger in an interest-bearing bank or savings and ioanassociation accoUllF 'an,d the accrueg iptere,st sh!lH become part;onhe Depo~its, Iftjle{e is no Second Deposit;"Deposits" means the Initial Deposit. AH Deposits shaH be made'by cash;warrant or wired funds., ' 3. Buyer's Feasibility Review Buyer shaH h~ve' to and including 5'00 P'ITI. (San Diego time). on the: Forty"fifth (45th) day after the Fe.asibility Comrnen<<ement Date (the "Feasibility Review Period') to sfildy and review the Property" Including theperformancl;: of CEQA review and a Phase L()ontamination study to the satisfactiollofBuyer, for the purpoSe of determining the fe~ibility 'ofB\1yer's.purchase, based on:Buyer,s .go()d faith discretion. The. Feasibility Cominericcinertt,Date'shallbe the Execution Date (lfthis Agreement. Buyer shaH, at its expense,obtainisuch,eilW6nfuerital assessments, phase LrejJ6rt, ianduse,arid,zoruilg,sfudles; soils. reports, apprafsais,and other tests'and reports liS:Buyerdeems necessary to fuHy evaluate the Property. S~ller{sliaH, within five (5) days'aftet the operiing of Escrow, provide to Buyer copies of~such reports; tests".studies and documents as;SeH~r may have yoncemingtlie Property (but' SeHer' makes no"warranty as. to the adequacy,' content or accuracy theteof)and a Natural Hazards: Disclosure Stateme~t. SeHer shaH not be required to deliver to Btiyercopies of , I , correspondence,ior agreements!with other buyers, 'real estate agents or limdersor .SeHer's internal records such as tax retUrhsand intra-company agreenients and correspondence or other confidential information, I 1 I , " I ® ) •) If Buyer submits written disapproval of the feasibility review to Escrow Holder on or before the expiration of the Feasibility Review Period, this Agreement shall be terminated without liability to either party on the eleventh(111") day thereafter, and Buyer's Initial Deposit shall, after the expiration of the ten (10) day renegotiation period hereinafter described, be • refunded to Buyer, less Buyer's share of any escrow and title cancellation fees. In the event that such notice is given, Buyer and Seller agree to negotiate for a period of ten (10) days following the date such disapproval is received by Escrow Holder regarding a revised purchase at an adjusted purchase price or an allocation of environmental cleanup costs. If the parties do not reach and deliver to Escrow Holder a revised Purchase Agreement within said ten (10) day period,Escrow Holder shall process cancellation without further instruction. If Buyer does not submit timely written disapproval of the feasibility review, Buyer shall be conclusively deemed to have approved the feasibility review (including the Natural Hazards Disclosure Statement), shall make the Second Deposit(if required above), shall accept the property in"AS/IS" condition at close of escrow as set forth in Sections 14 and 15 hereof, and shall release Seller from liability at close of escrow as set forth in Section 15 hereof. Buyer and Seller hereby agree to indemnify and defend Escrow Holder from any liability for so releasing the Deposits. 4._—Buyeis_Entry_Onto_Property.While_this_Agreement_is_in.effect,_Buyer,_its-agents,—_-- — contractors and subcontractors shall have the right to enter upon the Property, at reasonable times during ordinary business hours and upon prior written notice to Seller, to make any and all inspections and tests as Buyer reasonably deems desirable and which may be accomplished without causing any material alteration or damage to the Property. Buyer agrees to indemnify, defend and hold Seller and the Property harmless from any and all costs, loss, liability, damages • or expenses, of any kind or nature, arising out of or resulting from such entry. Notwithstanding anything in this Agreement to the contrary, the foregoing indemnity and defense obligation of Buyer shall survive the termination of this Agreement. Buyer shall have no right to terminate this Agreement based on the results of such inspections and tests except during the Feasibility Review Period. • 5. Escrow. (a) Opening Of Escrow. The "Escrow Holder" shall be Chicago Title Company. For purposes of this Agreement, the Escrow shall be deemed opened on the date Escrow Holder shall have received a fully executed copy of this Agreement (or signed duplicate counterparts) from both Buyer and Seller. Buyer and Seller agree to deposit this Agreement with Escrow Holder within one•(1) day after this Agreement has been signed by both parties ("Execution Date"). Escrow Holder shall confirm to Buyer and Seller, in writing, the date Escrow is opened, the expiration date of the Feasibility Review Period, and the Closing Date. In addition, Buyer and Seller agree to execute, deliver and be bound by any reasonable or customary supplemental escrow instructions of Escrow Holder or other instruments as may reasonably be required by Escrow Holder in order to consummate the transaction contemplated by this Agreement; Buyer and Seller agree to sign and deliver such supplemental escrow instructions to Escrow Holder within five (5) days after receipt thereof. If there is any 2 , jrtr "J , 1:- . .' incoIisistencybetweenisuch,supplemental jristructions and this Agreement, this Agreemeritshall control as.:'betWeeii BUY~T alid Sellerui1less such supplemental i!lsfructions expressly state that theytsupeis~<!e oT,modify this Agreement. " ,(b). Close Of-Escrow. For purposes oftlli,s Agreement, the "Close of Escrow" shll1fbe defined as,thedate that ,the ,grant deed conveying the,PropertY to Buyer is recorded in the Official Recorgs of San Diego CoUnty, California. Escrow shallclose on.. or before sixty (60) days'llfter the Execution Date or as'sooIl thereafter as possiBle (the "ClosingDate"). ,I 6. Condition .Of Title. It shall be a condition to the Close of Escrow that title to the ., Property be conveyed, to Buyer by Seller by Grant Deed subject only to the following approved , conditions of title ("Approved Conditions of Title"): (a) ,Alien to secure payment 'of real estate taxes and' assessments, not delinquent. . (b) The lien of supplemental taxes. assessed pursuant to Chapter 3.5 commencing with section 75cofthe California Revenue and Taxation Code, I ,---.-- --.- - ----- . . - I (c) Building, building line, use or occupancy restrictions and zoning I. . - .. " - and ,building lllws and ordiJlances of the Federal; state, municipal, city and other governmental " '. authorities, having jurisdiction over the Property; !. .h (d) All matters which would be disclosed by an inspectionor.sl!rvey of the Property ',; (e) Exceptjonswhich are disclosed by:acurrent preliminary title report - .' .. " . (the "Report"),with respeCt to\the PfopeIty issued by Chic~go Title msuiimce Company ("Title 'Company") and which are approved or deemed approved 15y Buyer in accordance with,this subparagraph. Within five (n days: following the Exec~ti01i Date, Escr'owHolder shall, at Buyer's experise, catise'the Title Company to deliver to Buyer and Seller the, Report, together with copies' of the docurilerits'underlying liny exceptions n!ferred to.in said Report. The ,failure of Buyer to disapproveaiiy such exceptions by a writing 'delivered to Escrow Holder within .fifteen (15) days fdilowing Buyersreceipt of the'Reportan~, copies of the documeIitsreferred to in the Report, which writing:shallspecifically delineate the:items of disapproval and the reasons therefor, shall be ,conclusively deemed t,o be an approval,; thereof by Buyer, Buyer shall not unreasonably'disapprove:any title exception; IfBuyef'tim~ly:disapproves any such exceptions, Seller shall thereafter have ,the right, but not the obligation;to agreeto eliminate:such.exceptions as,:Buyer shallJlave;so'disapproved before the.Closing'by giying notice of Seller's agreement to Buyer on or before'five:(5) d(jYs following receipt of Buy,er's disapproval notice. 'If, within said five (5) day period, Seller does not notify Buyer of Seller' sagreement to eliminate said , disa.pproved' exceptions, Buyer: shall have the right, by a writing delivered to SelleI'and Escrow Holder on or before five (5) days following the expiration' of said five (5). day period, to: (i) waive its prior disapproval, in - which event said disapproved 'exceptions shall be deemed I ,I 3 I " , i ) ® ) • approved, or (ii) terminate this Agreement, in which event Buyer's Initial Deposit, Second Deposit (if any), and any extension fee(s) shall be refunded to Buyer and thereafter the rights and obligations of the parties hereunder shall terminate. Should a supplemental report be issued disclosing additional title exceptions that significantly affect the operation of the Property or involve a material surface encroachment or impairment of access, then (i) the foregoing procedures shall apply to the new exceptions disclosed by the supplemental report, except that the above-referenced 20-day and 5- day periods shall be reduced to five (5) days and two (2) days, respectively, and (ii) if necessary, the Close of Escrow shall be extended to the extent necessary to accommodate the foregoing procedures. Seller agrees to pay and discharge upon Close of Escrow all deeds of trust, mortgages, mechanics' liens, judgments and attachment liens and other encumbrances securing an obligation to pay money which exist as of the date hereof or are created or suffered by Seller (other than non-delinquent taxes, special assessments, and other fees and assessments which are to be prorated as provided herein, and liens and encumbrances created or suffered by Buyer). _... 7. Title_Eolicysitle_shalLbe_evidenced_by_the_willingness_of_theTitle-Company_to—__. - issue its standard coverage CLTA Owner's Form Policy of Title Insurance ("Title Policy") in the amount of the Purchase Price showing title to the Property vested in Buyer. Buyer may elect to request that Title Company issue an extended coverage title policy provided the issuance thereof does not delay the Close of Escrow. 8. Conditions to Close of Escrow. (a) Conditions to Buyer's Obligations. Buyer's obligation to consummate the transaction contemplated by this Agreement are subject to the satisfaction of the following conditions for Buyer's benefit on or prior to the dates designated below for the satisfaction of such conditions (or Buyer's waiver thereof, it being agreed that Buyer may waive any or all of such conditions by written waiver): (i) Seller's Obligations. As of the Close of Escrow, Seller shall have • performed all of the obligations required to be performed by Seller under this Agreement. (ii) Seller's Representations. All representations and warranties made by Seller to Buyer in this Agreement shall be true and correct as of the Closing Date. (iii) CEQA and Phase I. As of the Close of Escrow, Buyer shall have found the purchase categorically exempt from CEQA or issued a negative declaration, and shall have approved the Phase I contamination study. 4 ;( ~:' . . (iv) Replacement HolisingPlan. As oft4e Close of Escrow, Buyer shaH have adopted and approveo" a replacement 'housing plan pursuant to California Redevelopment Law. < '(v) Appropriation of Fimds, As ,0ftheGI~se ot'Escrow, the Poway 'City CbuncilJRedevelqpmen( .Agency shaH have appropriated the funds necessary to fund purchase of the' Property and allaSsoclated costs.' , , (vi) . Relocation of Tenants; As of'Glose of Escrow, Buyer shall have 'entered into an acceptable'Relocation Agreement 'and Releas.e for the payment Of relocation assistancefor'8eHer',s tenant(s) entil1ed to such assistance. (b) 'Conditions.to SeHer's Obligations. For the. benefit of Seiler, the Close of Escrow shall be conditiolllld'qpoi1' the occurrence aiidlorsatlsfactlon of each of the foHowfug conditions (or Seller's. waiver. thereof, it being agreed that SeHer may waive 'any or al1'of such conditions by ,written waiver):. ' (i) Buyer's (%ligations. Buyer:shall have timely jJerformed aHot the obligations'r"qllir"d_by_the.terms"Qffhis_AgreemenLto.be.perfotmed~Buyeh-'-. --__. - '(ii) Buyer's Representations. All representations and warranties made by Buyer to Seller in this AgreemeiiT'shaH be true and correct'as oftheiClose bfEsctow. 9 Deposits by'Seller Ai least one (1) day prior to.:the Close o{.Escrow, SeHer'shall deposit or cause to be deposited with Escrow Holder the tollowing'documents and'instruments: (a) Grant.Deed. The Grant Deed in the form attached as EXhibit i3 conveying the Property to Buyer'dtilyexecuted by Seller, acknowledged and in recordable form. (b) Seller's' Certificate - FederaL '1\ federal certificate of non-foreign status ("FederaICertificate!')"dulyexecuted by Seller; in,the form normally used by the Qsctow Holder, (c). Seller~s,Certificate -,State'JY'CalifoI'fliafranchis~ TllJ!: -Bolif(!F,orm 597-W, duly executed by Seller ("State Certificate"). 10 Depositsby'Btiyer.. At least one (l)dayjjriortoJheClose;ofEscrow,BuyershaH deposit or cause tobe'df:1posited wiih Escrow Holdei(a) iit,.casn of..cash'eqtiivalerit the balaiice.of the Purchase Price, pillS Escrow Holder~s estimate ofBllyet's,c1osing costs and'protationcharges payable pursuanUothis Agreement, and the signed Natural Hazards'bisc1os1ire Statement. s ® 1 IP 11. Costs and Expenses. The cost and expense of the Report and the Title Policy shall be paid by Buyer, including any additional cost for endorsements or extended coverage requested by Buyer as well as the cost of any survey necessary for the issuance of such policy. Escrow Holder's fee shall also be paid Buyer. Buyer shall pay all documentary transfer taxes payable in connection with the recordation of the Grant Deed. Buyer shall pay the Escrow Holder's customary charges to buyers and sellers for document drafting, recording and miscellaneous charges. If, as a result of no fault of Buyer or Seller, Escrow fails to close, Buyer shall pay all of Escrow Holder's and Title Company's fees and charges. 12. Prorations. Real and personal property taxes, special assessments, and any owners' association and landscape maintenance district assessments on the Property (as appropriate) ("Taxes") shall be prorated on the basis that Seller is responsible for(i) all Taxes for the fiscal year of the applicable taxing authorities occurring prior to the "Current Tax Period", and (ii) that portion of Taxes for the Current Tax Period determined on the basis of the number of days which have elapsed from the first day of the Current Tax Period to the Close of Escrow, • inclusive, whether or not the same shall be payable prior to the Close of Escrow. The phrase "Current Tax Period" refers to the fiscal year of the applicable taxing authority in which the Close of Escrow occurs. In the event that as of the Close of Escrow the actual Tax bills for the y-ear_or_years in_question_are_not_available_and-the_amount_o£-Taxes..to_be-prorated-as-aforesaid--- - • - cannot be ascertained, then rates and assessed valuation of the previous year, with known changes, shall be used, and when the actual amount of Taxes for the year or years in question shall be determinable, then Taxes will be re-prorated between the parties to reflect the actual amount of Taxes, provided that a party makes written demand on the one from whom it is entitled to such adjustment within one (1) year after.the Close of Escrow. Any corrected adjustment or proration shall be paid in cash to the party entitled thereto. If Seller has prepaid all taxes for the Current Tax Period, then it shall be Seller's responsibility to apply to the County of San Diego for a partial refund. Seller agrees to pay all taxes and assessments with respect to the Property which are allocable to the period before the Close of Escrow and to indemnify, defend and hold harmless Buyer from all loss, liability and expense arising from Seller's failure to pay such taxes and assessments. All rents shall be prorated as of Close of Escrow on the basis of a thirty (30) day month and three hundred sixty-five (365) day year. 13. 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 indicated: (a) Prorations. Prorate all matters referenced above based upon the statement delivered into Escrow signed by the parties. 6 " . . (b) Recordihg: c;ausethe Grant Deed in the fOrol of Exhibit. B attached her~to, ani! l1J:lY otnecgo'<Ulllents which tJi~'partieshereto may mutually direct, to be recorded in fue Official Re.c,ords of;San Diego County, California. (c) 'Funds., Disburse from funds deposited by Buyer with .Escrow Holder ,towards paymel1t of 'all' if ems chargeable'to the accouritofBuyerputsliant hereto in payment of such costs, including; withotit limitation, the payinent Of the' PUrchase Price to Seller, and disburse the balance of such funds, if any;. to Buyer. (d) Documerits to'Buyer. Deliver tlie Federal Certificate and the State Certificate to Buyer; (e) Title'Policy Direct the Title Company'toissue the Title Policy to Buyer. 14 Seller's Representations and Wartanties. (a) Seller wartailts:and represeiitsthat itis'.thesoie fee,simple,owner of the . Property and haS. all necessary:authority to sell the!Pfopefty;.there are no other contrll,cts for sale n __or.opfunsinvo lving}he'Pmperty;;n:oc?theLparty-hasoany~right;.title:or~interest"in.the.Property,---. '..__.o except with respect to tlieleases;listedbelow .. (Seller shall list each lease, 'including ,the following in16nmitibn for each: Ifno information isprovided\1Jelow , Seller represents that.there are no 'tenants <ir'leaSes affectingthePropertv)':' , (i) Name otthe tenant: (ii) Designa!lon'ofthedeIhised premises: (iii) Date of the Lease, and, all amendments thereto: (iv) Expiration date ofthe.current term: (v) :Fixed rent appHcabletothe current temi: (Vi) Security deposit held by landlord or agent: (vii) RenewaI'options:, (viii) Tenant's'''proportionate sliare" of taxes, cOlDmonarea operatirig,expehses, etc.: (b) Seller represents the folloy.'ing: - (i) All of the tenants pnder the le!\Ses'prt?~e.!1t!y o~cupy'their deIhised premises, andrio tenant has, to Seller's best knowledge, ,~ribleased. or licensed its demised pteniises or assigned its lease: , (ii) All of the leases are in 'fufi' force and effect, lUld no lease or renewals or other instrument in Writing gives any tenant the right to renew or extend its existihg:lease. No tenant is in default or. breach Of aily fenn of its respective Lease, 7 ®) • , (iii) There are no brokerages or other leasing commissions payable with respect to any existing leases or renewals of same or increases or other changes in space. (iv) No tenant has asserted any claim of which Seller has notice which would adversely affect the right of the landlord to collect rent from such tenant; no notice of default or breach on the part of the landlord under any of the leases has been received by Seller; and there is no pending or threatened litigation involving a lease of the Property. (v) Seller has no knowledge or notice of(1) any right of abatement or offset against rent claimed by any tenant, or (2) any assertion by any tenant of rights to improvements not made or options not disclosed in this Agreement. (vi) There are no concessions, .bonuses, free rent, rebates, or other credits due to tenants. (vii) At Close of Escrow, all security deposits relating to the leases shall be paid over and assigned to Buyer. Seller represents and warrants that there are no leases, written or oral, nor are there any tenants other than those listed above. Seller agrees to reimburse, indemnify, defend, and hold harmless Buyer from any claims, losses, or damages which may result from any claim or assertion by any person, other than tenants listed above, who claims to be a tenant on the Property and requires relocation. Any such claims made prior to Close of Escrow shall be treated as a lien and paid via escrow proceeds prior to Close of Escrow. Between the date Seller executes this Agreement and Close of Escrow, Seller shall not subject the Property to or consent to any leases, liens, encumbrances, covenants, conditions, restrictions, easements, rights of way, or agreements, or take any other action affecting or modifying the status of title or otherwise affecting the Property, without the written consent of Buyer. (c) BUYER ACKNOWLEDGES AND AGREES THAT EXCEPT AS SET FORTH HEREIN SELLER HAS MADE ABSOLUTELY NO REPRESENTATIONS OR WARRANTIES REGARDING THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ITS CONDITION, ITS PAST USE, OR ITS SUITABILITY FOR BUYER'S INTENDED USE, AND THAT BUYER IS PURCHASING THE PROPERTY ON AN "AS-IS" BASIS. • Notwithstanding the foregoing, Seller makes the following representations to Buyer: Seller has the legal right, power and authority to enter into this Agreement and to consummate the transactions contemplated hereby; the execution, delivery and performance of this Agreement have been duly authorized and no other action by Seller is requisite to the valid and binding execution, delivery and performance of this Agreement; Seller has no actual knowledge of any Hazardous Materials on or under the Property or any underground tanks on the Property or of any claims, easements, leases or other liens or encumbrances affecting the Property which are not disclosed by the public records. 8 I., . " . 15. Buye~s :CoveriaiIts; RePresentations and Warrimties, .In co~ideration of Seller ef11~r!hg iIj.toithis Agreeip,~rit and as'an induc;ementlto Seller to sellthe,Property to Buyer, Buyer rnakesthe following'covenants, representations and warranties: . (a) Authority: 'Bu~er has the legaltight;,powerand,aitthority to enter into this ,Agreement,and'to consummate'the trimsactions contemplated hereby, and'the execution, delivery and performance of'lhis Agreement have been duly authorized:and no other action by Buyer is requisite to the;valiU and biTIding execlitiol.l, delivetjiand'perfonnance of this Agreement, except .. ' as,otherwise exp~esslyset forth:herein. (b) Physical Condition. Buyer shall .inspect' the Property to the extent Buyer deems.necessary or desirable. Buyer's c1osingofEscr()w.shall constitute Buyer's representation to Seller that Buyer is satisfied ill aWtespects with .the Property, including, without limitation, ,size, the physical condition, and condition of any and all iinprovements. (C) "AS-IS" Nature Of Sale. Buyer~acknowledges,and agrees that except as ,set forth herein, Sellerihas not made, does' not make .aria speCifically negates and disclaims any representations, warranties, or/guarantees of any kind or ,character whatsoever, whether express ~rimp Ii eel, or" 1 or written,.past;"presenf or filtllre,-of.--as-to,.concemingoor_with_respect..to.-{a).the,._, ." ____ value, nature, quality of condition of the'Property, including, without limitation, the water, soil and geology; (b) the income to be derived from the Property; (c):the suitability of the Property for any and all activities and uses wIiich Buyer may conduct. thereon; (d) the compliance of or by the Property or'its operation with,aI].y laws, rules, ordinances or regulations at'any applicable .. governmental authority,or..body;(e) the habitability,merchantability, 'marketability, profitability or fitness for'a particular purpose of the Property; (f) the manner'or quality of the construction or materials:ifany, incorporated into the Property; (g) the manner,quality, state'of reparr otlack,of repair of the Property; or (h)'aIlY' other; matter withrespecl to the Property, and specifically (except as 'set forth herein) fuatSellerhas not made, doesnot'make, and specifically disclaims any representations regarding compliance with any environmental protection; pollution- or land use'laws, rules"regulations;orders orrequfrements,including,solid'Waste, as defined by the U:S. Environmental Protection Agency regulations at 40 C.F.K,l'art261,or the disposal or existence; in or on the Property, of any hazardous substance, as defmed by the Comprehensive Environmental R;esponse'Gompensation i\nd Li~bilio/ Act of 19,80, as amended, and regulatio,ns promlljgated thereUIlder. (The~ubstances, wl\!i!es and ]1Ulterials w:lnch are regUlated by the' foregoingj :laws or anY other s~at~ and/or federal laws are herein. referred to as '''l:IilzarlJous Materials.") Buyetfurther acknO\vledges and agreesth~tllllY infoI1ll,ationprovided or to be provided by or .on,betlalf of Seller with'respect'to 'the,:PtopertY was,obtained from a variety of sources' and that Seller :has not made any independent iiivestigatiori or verification of such infomiation and maRes no representations as to the accliracyor completeness of such infomiation. Seller is not liable or 'bound in any manner by any ond or written statements, representatiohsofoil1fonnatidn.pertairiing to the PropertY, orthe opetat!ori thereof, furnis~ed by any teal estate broker, a~ent, employee, servant or other'person. Buyer further acknowledges and agrees:thatithe siileoIthe Ptoperty as provided for herein,is:m~de on an "AS-IS" condition and basis with all faults. 9 ® 1 ® 1 (d) Buyer and anyone claiming by, through or under Buyer hereby fully and irrevocably releases Seller, its partners, employees, officers, directors, shareholders, representatives, agents, successors and assigns, from any and all claims that it may now have or hereafter acquire against such persons and entities for any cost, loss, liability, damage, expense, demand, action or cause of action arising from or related to any construction defects, errors, omissions or other conditions, including, but hot limited to, Hazardous Materials and environmental matters, affecting the Property, or any portion thereof. This release includes claims of which Buyer is presently unaware or which Buyer does not presently suspect to exist in its favor which, if known by Buyer, would materially affect Buyer's release of Seller. Buyer specifically waives the provision of California Civil Code §1542, which provides as follows: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor." (e)___The_representations-and warranties-of-Buyer-and-Seller-set--forth-in-this- - ----- -• Agreement shall be true on and as of the Close of Escrow and shall survive the closing. . 16. Seller's Remedies. THE PARTIES AGREE THAT IT WOULD BE EXTREMELY IMPRACTICABLE AND DIFFICULT TO DETERMINE THE DAMAGES WHICH SELLER WOULD SUFFER IN THE EVENT BUYER FAILS TO COMPLY WITH THE TERMS OF THIS AGREEMENT. ACCORDINGLY, IF ESCROW FAILS TO CLOSE DUE TO BUYER'S BREACH OR DEFAULT, THEN SELLER SHALL BE RELEASED FROM ANY. FURTHER OBLIGATIONS HEREUNDER AND THE PARTIES AGREE THAT BUYER SHALL PAY TO SELLER AS LIQUIDATED DAMAGES THE SUM OF $5,000. THE PARTIES ACKNOWLEDGE THAT THEY HAVE NEGOTIATED IN GOOD FAITH REGARDING THE AMOUNT OF LIQUIDATED DAMAGES AND THAT THE SUMS SET FORTH HEREIN ARE REASONABLE UNDER ALL THE CIRCUMSTANCES. SUCH LIQUIDATED DAMAGES SHALL ONLY LIMIT SELLER'S DAMAGES FROM BUYER'S FAILURE TO COMPLETE THIS TRANSACTION; THEY SHALL NOT LIMIT BUYER'S OBLIGATIONS (OR SELLER'S DAMAGES FROM BUYER'S BREACH OF THE OBLIGATIONS) OF INDEMNITY, HOLD HARMLESS AND DEFENSE PROVIDED IN THIS AGREEMENT, NOR LIMIT SELLER'S ATTORNEYS' FEES AND COSTS OF SUIT IF NECESSARY TO RECOVER OR RETAIN THE LIQUIDATED DAMAGES OR TO ENFORCE BUYER'S OBLIGATIONS OF INDEMNITY, HOLD HARMLESS AND DEFENSE PROVIDED IN THIS AGREEMENT. CONDITIONED ON BUYER'S COMPLIANCE WITH THIS PARAGRAPH, SELLER WAIVES ANY RIGHT TO SPECIFICALLY ENFORC. 1 • GREEMENT. ed" Bu 4 'tials Seller's Initials io " f " . . ., ." 17: Dafuail;e"oT1COn&mmitionPriorto Closing, Sell~r shalL promptly notify Buyer, of ., . . -,'.' , any casuilltjtoJht': Prope!}y .or. any conde~ation proceeding commenced'pnoeto the Close of Escrow of,which SeJler. oP.tain~ actual knowleclge. Ifanysuch damage or proceeding rel~tes to or may result in' .tht': lo~s of ~Y'Illllterial portion of. the ,Property, Buyer may, at its option, elect either to: (j)tefm!t!atet4.is A'gre.eIllent, in which event , neither party shalL have any further rights or obligations hereunder and Buyer's Initial Deposit; Second Dep~sit (if mllde), and any extensioIi fee(s),shaII be rl:lt'un.d<<d to,Bllyer, or (ii) continue .this Agreement in effect, in which event upon the Close of Escrow, Buyer shall be entitled to, any compensation, awards, or other payments or reliefresrilting;fromsuch.casualty or condemnation proceeding. 18. Notices, All-notices or other commuiiicatiims required or permitted hereunder shall be in writing, and shall.be personally delivered~ delivere'Clby replltable overnight carrier, sent by certified mail, postage'prepaid, return receipt requested, or,sent by telecopy,.andshali'be deemed re<<eivedupon'the <<arlierof(i) if personally delivered or deliveredbY'ovemight courier, the ,date of delivery to-tl1l;l address ()f the person to receive such notice, {ii)ifniailed, tWo (2) business;day's a:flt':r thedateiof.p()s.ting by the United States Roshoffice, (iii)ifgivenby telecopy, 'wherisen!- AI1Y notice, r<<qllest, d,emand, direction or 'other commUnication seIit by,tele()opy ~ "". - ,__~'JiiuSt.beccoiifibhedcwithin.foity'7eiglit(48).hours.byJetter.maiIed:.or delivered in accordancecwith, ~ . I " the foregoing; , To Buyer 'Poway Redevelopment Agency 13325 Civic Center Drive '. PoWay, CA 92064-5755 Attention: Deborah Johnson, Redevelopment .0 , Services Director with a copy to: ,Stephen M. Eckis, E~q. McDougaILove EclQs:Sll1i,th.& Boehmer 460 North Magnolia, DrllwerJ466 El Cajon, CA 92022 To:Seller: Allen,M. Larson 15141 Luis'Street Poway,CA92064 ToE,scrow'Holder Chicago'Title"Ins.urance..€omPaIiY Bana.Queen, Escrow0fficer ' 4096.Bonita Road Bonita CA 91902 11 • • ® Notice of change of address shall be given by written notice in the manner detailed in this Paragraph. Rejection or other refusal to accept or the inability to deliver because of changed address of which no notice was given shall be deemed to constitute receipt of the notice, demand, request or communication sent. 19. Brokers. Buyer and Seller each represent and warrant to the other that there will be no brokers' or finders' fees payable in respect of this transaction based upon any statement, • representation or agreement made by Buyer or Seller, respectively. Any commission shall be paid by Seller upon Close of Escrow. If any claims for brokers' or finders' fees for the consummation of this Agreement arise, then Buyer hereby agrees to indemnify, save harmless and defend Seller from and against such claims if they shall be based upon any statement or representation or agreement by Buyer, and Seller hereby agrees to indemnify, save harmless and defend Buyer if such claims shall be based upon any statement, representation or agreement made by Seller. 20. Legal Fees. In the event any lawsuit or arbitration proceeding is brought by a party hereto against another party hereunder by reason of any breach of any of the covenants or any inaccuracies in any of the representations and warranties on the part of the other party arising • . --... .... put M.this.Agreement,.otforAeclaratoiye1ief, the.prevailingparty.in.such_action-or-proceeding- • - shall be entitled to have and recover of and from the other party its costs and reasonable attorneys' fees. 21. Assignment By Buyer. At any time Buyer is not in default hereunder, Buyer may assign its rights under this Agreement to a third party assignee. 22. Other Fees And Assessments. Buyer understands and agrees that the Property is or may be in the future subject to assessment by a landscape maintenance district and/or owners' association. 23. Miscellaneous. (a) Survival of Covenants. The covenants, representations and warranties of both Buyer and Seller set forth in this Agreement shall survive the recordation of the Grant Deed and the Close of Escrow. (b) Required Actions of Buyer and Seller. Buyer and Seller agree to execute such instruments and documents and to diligently undertake such actions as may be required in order to consummate the purchase and sale herein contemplated and shall use their reasonable best efforts to accomplish the Close of Escrow in accordance with the provisions hereof. (c) Time of Essence. Time is of the essence of each and every term, condition, obligation and provision hereof. 12 .. I~ !".. : . . . (<I) Counterparts. Thi~ Agreement' (and any mnendm(jnts and escrow rnsthictlons) m~y' :be"executed 'ill multiple' cO:Unterparts;each of which shall be deemed an oiigID:;:!I, :blltall of which, together; 'shall cOllstil1lte 'one an<i tl1,e .same instrument. Documents 'deljvered\py'te]ephonic ifacsimil<<transmission, slialtoe' valid and binding. (e) . Captions. A11Y captions to,. or "headings of, the paragraphs or subparagraphs oftllls .Agreemen( are'solely for the convenienc~ of the partie's hereto, are not a part of this Agreement; and shall. not be used for the' ihtetprefationor determination of the valiclity of this' Agreement or any provision hereof. 'This A,greementshall be interpreted in accordance with its reasonable meaning, and not strictIYforor againsfeitherparty, , (f) .No ,0bliga:tions to Thiri:! Parties. Except as otherwise expressly provided herein, the execution and delivery df'this Agreemenbshall' not'be deemed to ,confer any rights upon, nor obligate any,oftheparties]thereto, to any person or entity.other than t1ie parties'heret~. (g) Exhibits. The Exhibits attached ,hereto are, hereby incorporated herein by this:reference., (h) Amendmenh,to..this_Agreement. This Agreement contains the entire understanding of the parti(Jsreg8fdingthe .subject matter and may not be modified or amended except by an instrument inwriting.,executed by each oftheparties hereto. " (i) Waiver., Tl1ewaiver or failure to'enforce !lIlY provision of this Agreement shall not operate as a wiiiY(jr'of any future breach of any su~h,proyision or any other,provision hereof. G) Apj)Iicable Law. Thi,s Agreement shan ibe'govemed'by and construed,in accordance with the laws oft:l1eState ofCalifomia. '(k) Fees and Other Expenses. Except as otheiwise,provided l1erein, each of the 'parties shall pay its owrdees and expenses in connection' with this "Agreement. (I) Agreement. 'No agreement, representation, or' promise made by either party hereto, or by or to an employee, officer, agent orrepr~sentative'ofeitIierparty"shaii beiof anyeffed unless it is in writihg and executed by the,party to:be'bound'thereby , (m) 'Successors, and Assigns; Subject to'Paragraph21;this Agreemeht,shall be ,billdillgupon and shall inure to the benefit ortlie:successorsand assigns of the parties hereto. (h) Confidentiality. Buyer shall keep all. information and reports obtained from ,Seller, OI, relatillg .to the Property or the propose<l transaction confidential and. will not disc:lose"anY Sllcl1col1fidenti~J. information to any other'person or entity without ohtaining the prior WIitt(jn,c:()nsentofSeller. ' 13 IH/W/2BB2' 1G: 34 7GB59.4. .. SMYLIE & KHAYA'" PAGE B2 ; , JUL 17 2002 16~OI " Y OF POWAY '956 :48 145~ p.. i:: (0) . AuthoritY, Bach lndfvidWd who, signslhis AgJ=ent ,on bchlllJ. of an CIllity)represents;snd 'll'llI1'IlI1i.lthllihii/!.be is'authorized'..to <1080 ancito1iind,sucbentlty. (P) SllllcilllTax. There are tio8pecial tilxi:sleVicd1i(,aiIlBlthe Property, 24. ItidemniflCllt!onofBsclOw:Holder, If this Agre,CDl,llnt otllllY lYlaner.relaling . here"> shllllbecome the suoi~of any, litigation orconlfoversYi:Bilyer. snd,Solllll' agree, jointly f1I!d aeverally, to holdP.licrowHolder,frec III1d harmlessiinllYl{anyloSli'~ expell8e, includinj attorneys';feeS, thlltmliy\)c,,5Uffered'by ifby roMan thllR(){lll!,cept'f,o,r Jo~or expenseus tnsy Brise ftomEscrowHolt1er'soegligeritofWillftilmiscoliduct, Ifoonfliclii18dema;u!aaremade or not,ices seIV!l'l.upoD'Escrow,Holderwith respect:o thil:A~erit, theliwes exprcsslyagree that Escrow. Holder sna11:be enll1,ledlo filoa suitlnin!erpleJl!1eran4 obWn~an order from the cOurt Tcquioug, the paiti;"to!irtwplead and litigate their sev~claims,l1lld rigblSllD'long th.lYl8elv~" tJPonlli~ filinioflllellCtioD in inlapleader;,Esc:row..Holj1<<shaU be'fully i'Cleued anddischargedfromuyobligations imposed upon it by this,Agreemenl IN WITNESS WHEREOF, the parties hereto, haVe eJCl:euted this Agreemenf at "',. ,.,. . --' , .- '. .. , S3iiDiego CliWlty,californialis of the day and year flrst'abovc,wntten: "BUYERtf "SELLER" -. POWAYREDEVBLOPMENr ~GENCY, ALLEN M:'I;ARS()N,Executor of1he ~; ,... - - a public body, corpomte and politic EsWe orNilia Larson By: BY; ~)I.\,i~. l Date: Date: ArrEST. AgencY SecMafy APPROVED ASrOLlioAuTY AND FORM: ~.~. ., .6~ :By: - 'BY:~S: . . ,... ' . DBriuiYJ!iyat, Attorn~fil Baiato 10 1 • 1 • � .' EXHIBIT A Assessors Parcel Number: 314-230-26-00 ALL THAT PORTION OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 12 TOWNSHIP 14, RANGE 2 WEST, SAN BERNARDINO MERIDIAN, IN THE CITY OF POWAY, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO UNITED STATES GOVERNMENT SURVEY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 12; THENCE RUNNING EAST 440 FEET; THENCE SOUTH 280 FEET; THENCE WEST 170 FEET; THENCE SOUTH 300 FEET, MORE OR LESS, TO THE SOUTH LINE OF WINDSOR STREET, AS SAID STREET IS SHOWN ON THE MAP OF PIERMONT NO. 785 FILED IN THE OFFICE OF COUNTY RECORDER OF SAN DIEGO COUNTY; THENCE WEST ALONG SAID LINE 270 FEET TO A POINT IN THE WEST LINE OF SAID SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER; THENCE SOUTH ALONG THE WEST LINE 100 FEET, MORE OR LESS, TO A POINT WHICH IS NORTH THEREALONG 350 FEET FROM THE SOUTHWEST CORNER OF THAT PARCEL OF LAND CONVEYED TO SALATHIE GURWELL BY DEED RECORDED NOVEMBER 28, 1906; IN BOOK 401, PAGE'277 OF DEEDS; THENCE EAST 215 FEET TO THE NORTHWEST CORNER OF THAT PARCEL OF LAND CONVEYED TO GLENN VADER ET UX BY DEED RECORDED MAY 24, 1960 AS FILE NO. 107467; THENCE SOUTH ALONG THE WEST LINE OF SAID VADER LAND A DISTANCE OF 210 FEET TO THE SOUTHWEST 'CORNER THEREOF AND THE TRUE POINT OF BEGINNNING; THENCE EAST ALONG THE • SOUTHERLY LINE OF SAID VADER LAND 215 FEET; THENCE SOUTH 140 FEET, MORE OR LESS TO THE SOUTH LINE OF THAT PARCEL OF LAND CONVEYED TO GURWELL BY DEED ABOVE MENTIONED; THENCE WEST ALONG THE SOUTH LINE OF SAID GURWELL LAND 430 FEET, MORE OR LESS, TO A POINT IN THE WEST LINE OF SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER; THENCE NORTH ALONG SAID WEST LINE 140 FEET MORE OR LESS TO THE SOUTHWEST CORNER OF THAT PARCEL OF LAND CONVEYED TO TROY R. WEEKS ET UX BY DEED RECORDED SEPTEMBER 16, 1960 AS FILE NO. 105723; THENCE EAST ALONG THE SOUTH LINE OF SAID WEEKS LAND 215 FEET, MORE OR LESS TO THE TRUE POINT OF BEGINNING. EXCEPTING THEREFROM THE EAST 224 FEET THEREOF, AS RESERVED IN DEED RECORDED SEPTEMBER 16, .1955 RECORDER'S FILE NO. 121913 IN BOOK 5795, PAGE 494 OF OFFICIAL RECORDS. PARCEL 2: AN EASEMENT FOR WATER AND APPURTENANCES THERETO OVER AND ACROSS THE NORTH 10 FEET OF ALL THAT PORTION LYING WITHIN THE EXCEPTED EAST 224 FEET ABOVE MENTIONED. . '.. . ., A€€EPTmCEBYESCRO\v.HOLDER: , , Chicago Title,. ,Comiiany h~r..ebyac1.llO\vl~qges Jl1at it has received a fully executed couiiterpait6f,the foiegoingPirrcha$e:Agr~ement aJ1gagr~es tQ.act as Escrow Holder thereunder and.to be'ootfud oyarid perfonn.theterms thereof as such terms apply to.Escrow Holder. Dated: .2002 CHICAGO;pnL,E'C0MPANY By: Nam_e:, Title: " 15 ~. fl" , . i . ,; ';" - , " EXHIBIT B REC0RBrNGREQUESTED BY: AND wHEN REC0RDEDMAlL TO: SPACE A:BOVE THIS LINE'FOR RECORDER'S USE DOCUMENTARY TRANSFER TAX $ _ Computed on the consideration or value ofproperty'conveyed;'()R ~ Computed on the consideration or value less liens or encumbrances remaining at time of sale Signature of Declarant orAgi:mtdetermining tax - Firm Name GRANT DEED FOR A VALUABLE CON~IDERATION, receipt of which. is hereby acknowledged, hereby GRANT(S) to the real property in the City of Po way, County of San Dieg(), StateofCalifomia, described as: [DESCRIBE] This conveyance isrriade subject to easements, restrictions and other matters of record. Dated: By' MAIL TAX STA'FEMENTS TO: • • STATE OF CALIFORNIA ) ) ss. • COUNTY OF SAN DIEGO On , before me, the undersigned Notary Public in • and for said County and State, personally appeared personally known to me or proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. • Witness my hand and official seal. • • Signature of Notary ~ . ., . DrijV',~,,! j~;;;~!\b,"& ','~~l!fl1A.'";';' "ii~iIf!h,l!f~','Jl'd;h~mt'.~<!f\!;.~'l!~ ~~.:.! :'e", ",~!'4, ,'~i""fll':" :~J' """~ ,i,:. ',~ ,~~!: ~: , '" iji" ' .." !Sj;". ,~"' ';;;;' , . ,~,d;i '~,~!," ;"~,,. ;r~' =;:!';;",4"h''o/'',", 'i'ii, I CALIFORNIA LAND TITLE ASSOCIATION STANDARD COVERAGE POLICY 1990 " , It; " '~ '" ,~ ~ "'" ,3: \,.' " :It" CHICAGO TITLE INSURANCE COMPANY " SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE . CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, CHICAGO TITLE '"" INSURANCE COMPANY, a Missouri corporation, herein called the Company, insures, as of Date of Policy shown ~I in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: :1t Title to the estate or interest described in Schedule A being vested other than as stated therein; .,~ I ql 2, Any defect in or lien or encumbrance on the title; ')0' 3 Unmarketability of the title; , 4 Lack of a right of access to and from the land; ,..5 '" and in addition, as to an insured lender only. ~ ~ I" 5 The invalidity or unenforceability of the lien of the insured mortgage upon the titlc, ~i' 6. The priority of any lien or encumbrance over the lien of the insured mortgage, said mortgage being " ." ''-'c. 11 ~ shown in Schedule B in the order of its priority' ~. ,': . 7, The invalidity or unenforceability of any assignment of the insured. mortgage, provided the assignment '!h, is'shown in Schedule B, or the failure of the assignment shown in Schedule B to vest title to the insured ,', mortgage in the named insured assignee free and clear of all liens , ~~, 'j, The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title or the lien of the ~I .' insured mortgage, as insured, but only to the extent provided in the Conditions and Stipulations, ,\, In W;lfless Whereof, CHICAGO TITLE INSURANCE COMPANY has caused this policy to be signed and sealed as ''J; , of Date of Policy shown in Schedule A, the policy to become valid when counte"igned by an authorized signatory, ,,,,' ~ " ~ i: 4. " '~, ;;) <t _i.' ~ !t, 1,1' ".Ii 'l , ,~ '" !f~ ;!j. ;,' CHICAGO TITLE INSURANCE COMPANY ,~ Issued by' ~ " CHICAGO TITLE COMPANY By' "" ',1 925 "B" STREET &~!ff ( ~I ir SAN DIEGO, CA 92101 #; ,~ 't (619) 239.6081 ~; ,I ",,'1 ti" "'1 Presidenl ~I Ii', ATTEST ~~ ", ~ ~ ::1 'ii,' ~' "i . Secretary ~I ,,, ~ , .~ ~ "."",I'"'~"i',i.,","", .'.'", ",y", ,,",,"'." ',c< "" ,"" A"""",, ",..", " .",",'1,' """,,,,' ,""""1',""'''",,, "',",'"""".',,,' "''''.,,, ,,"'C,I 'i,""""'. ,~,",,,,, "'~"""~ (; ft 62-(3 - -----'~- -- ~ -.--"-_.- ---- -~'-- ----- ---- which might cause 10$8.or_ oamage for WhjChthe,~aI1Y may b~ liable by from'third parties as reqen<thiS paragraph, unless prohibited, by law or virtue ofthis policy, or (Hi) if title to the estate or I ,[sTeM or the Joien,of the governmental regulation, sliall,terminate any liability of the Company under insured mortgage, as insured, is ~rejected as unmarketable, If prompt notice this policy as to that insured,forthat claim, shall not be given to the Company, then as to ,that insured all liability of the 6, OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION Company shall terminate with regard to the matterar malters for which prompt OF LIABILITY notice is required; provided, however,' that faill:lre to notify the Company shall In case of a claim under this policy, the Company shall have the following in no case prejudice"the rights of any insured under this policy unless the Company shaH be prejudiced by the failure and then only to the extent of the additional options: prejudice, (a) To Payor Tender Payment of the Amount ot Insurance or to Purchase the Indebtedness. 4, DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED (i) to payor tender payment of the amount of insurance under this policy CLAIMANT TO COOPERATE together with any costs, attorneys' fees and expenses incurred by the insured (a) Upon written request by an insured and subject to the options contained claimant, which were authorized by the Company, upto the time of payment or in Section 6 of these Conditions and Stipulations, the Company, 'at its own tender of payment and which the Company is obligated to pay; or cost and without unreasonable,delay, shall provide for the defense of-such (ii) in case loss or damage is claimed under this policy by the owner of the insured in litigation in which any third party asserts a claim adverse to the title indebtedness:secured by the insured mortgage, to purchase the indebted- or interest as insured, but only as to tho!3e stated causes of action alleging a ness secured by the insured mortgage for the amount owing thereon together defect, lien or encumbrance or other matter insured against by this policy. The with any costs, attorneys' fees and expenses incurred by the insured claimant Company shall have the right to select counsel of its choice (subject to the which were authorized by the Company up to the time of purchase and which right of such. insured to object for reasonable cause) to represent the insured the Company is obligated to pay. as to those stated causes of action and shall'not be liable for and will not pay If the Company offers to purchase the indebtedness as herein provided, the the fees of any other counsel. The Company will not pay any fees, costs or owner of the indebtedness shall transfer, assign, and convey the indebted- expenses incurred by the insured in the defense of those causes of action ness and the insured mortgage, together with any collateral security, to the which allege matters not insured against by this policy, Company upon payment therefor, (b) The Company shall have the right, at its own cost, to institute and Upon'the exercise by the Company of the option provided for in paragraph prosecute any action or proceeding or to do any other act which in its opinion a(i), all liability and obligations to the insured under this policy, other than to may be necessary or desirable to establish the title to the estate or interest or make the payment required in that paragraph, shall terminate, including any the lien of the insured mortgage, as insured, or to prevent or reduce loss or liability or obligation to defend, prosecute, or continue any litigation, and the damage to the insured, The Company may take any appropriate action under policy shall be surrendered to the Company for cancellation, the terms of this policy, whether or not it shall be liable hereunder,and shall not Upon the exercise by the Company of the option provided for in paragraph thereby concede liability or waive any provision of this policy. If the Company a(ii) the Company's obligation to an insured lender under this policy for the shall exercise its' rights under this paragraph, it shall do so diligently, claimed loss or damage, other than the payment required to be made, shall (c) Whenever the Company shall have brought an action or interposed a terminate, including any liability or obligation to defend, prosecute or continue defense as required or permitted by the provisions of this policy, the Company any litigation, may pursue any litigation to final determination by a court of competent juris~ (b) To Payor Otherwise Settle With Parties Other than the Insured or diction and 'expressly reserves the right, in its sole discretion, to appeal from With the Insured Claimant. any adverse judg~ent or order, (i) to payor otherwise settle with other parties for or in the name of an (dlln all cases where this policy permits or requires the Company to prose- insured claimant any claim insured against under this policy, together with any cute or provide for the defense of any action or proceeding, an insured shall costs, attorneys' fees and expenses incurred by the insured claimant which secure to the Company the right to so prosecute or provide defense in the were authorized by the Company up to the time of payment and which the action or proceeding, and all appeals therein, and permit the ~ompany to use, Company is obligated 10 pay; or at its option; the.name of such insured.for this purpose, Whenever requested (ii) to payor otherwise settle with the insured claimant the loss or damage by the Company, an insured, at the Company's expense, shall give the Com- provided for under this policy, together with any costs, attorneys' fees and pany all reasonable aid (i) in any action or proceeding, securing evidence, expenses incurred by the, insured claimant'which were authorized by the obtaining witnesses, prosecuting or defending the action or proceeding, or Company up to the time of payment and'which the Company is obligated to effecting settlement, and (ii) in any other lawful act which in the opinion of the pay, Company may be necessary or desirable to establish the title to the estate or Upon the exercise by the Company of either of the options provided for in interest or the lien of the insured mortgage, as insured, If the Company is paragraphs (b)(i) or b(ii), the Company's obligations to the insured under this prejudiced by the failure of an insured to furnish the required cooperation, the policy, for the claimed loss or damage, other than the payments required to be Company's obligations to the insured under the policy shall terminate, includ- made, shall terminate, including any liability or obligation to defend, prose- ing any liability or obligation to defend, prosecute, or continue any litigation, cute or continue any litigation, with regard to the matter or matters requiring such cooperation, 7, DETERMINATION AND EXTENT OF LIABILITY 5. PROOF OF LOSS OR DAMAGE This'policy is a contract of indemnity against actual monetary loss or dam- In addition to and after the notices required under Section 3 of these Condi- age sustained or incurred by the insured claimant who has suffered loss or tions and Stipulations have been provided the Company, a proof of loss or damage by reason of'matters insured against by this policy and only to the damage signed and sworn to by the insured claimant shall be furnished to the extent herein described, Company within 90 days after the insured claimant shall ascertain the fa~ts (8.) The liability of the Company under this policy to an insured lender shall giving rise to the loss or damage: The proof of loss or damage shall deSCribe not exceed the least of: the defect in, or lien or encumbrance on the title, or other matter insured (i) the Amount of Insurance stated.in Schedule A, or, if applicable, the against by this policy which constitutes the basis of loss or damage and s~all amount of .insurance as defined in Section 2 (c) of these Conditions and state, to the extent possible, th_e basis of calculating the amount of the loss or Stipulations; damage. If the Company is prejudiced by the failure of an insured claimant to (ii) the amount of the unpaid principal indebtedness secured by the provide the required proof of loss or damage, the Company's obligations to insured mortgage as limited or provided under Section 8 of these Conditions such insured under the policy shall terminate, including any liability or obliga- and Stipulations or as reduced under Section 9 of these Conditions and tion to defend. prosecute, or continue any litigation, with regard to the matter Stipulations, at the time the loss or damage insured against by this policy or matters requiring such proof of loss or damage, occurs, together with interest thereon; or In addition, an insured claimant may reasonably be required to submit to (iii) the difference between the value of the insured estate or interest as examination under oath by any authorized representative of the Company insured and the value of the insured estate or interest subject to the defect, and shall produce for examination, inspection and copying, at such reason- lien or encumbrance insured against by this policy. able limes and places as may be designated by any authorized representative (b) In the event the insured lender has acquired the estate or interest in the of the Company, all records, books, ledgers, checks, correspondence and manner described in Section 2(a) of these Conditions and Stipulations or has memoranda, whether bearing a date before or after Date of Policy, which conveyed the title, then the liability of the Company shall continue as set forth reasonably pertain to the loss or damage, Further, if requested by any author- ized representative of the Company, the insured claimant shall grant its per- in Section 7(a) of these Conditions and Stipulations: mission, in writing, for any authorized representative of the Company to exam- (c) The liability of the Company under this policy to an insured owner of the ine, inspect and copy all records, books, ledgers, checks, correspondence estate or interest in the land described in Schedule A shall not exceed the and memoranda in the custody or control of a third party, which reasonably least of: pertain to the loss or damage. All information designated as confidential by an (i) the Amount of Insurance stated in Schedule A, or, insured claimant provided to the Company pursuant to this Section shall not (ii) the difference between the value of the insured estate or interest as be disclosed to others unless, in the reasonable judgment of the Company, it insured and the value of the insured estate or interest subject to the defect, is necessary in the administration of the claim, Failure of an insured claimant lien or encumbrance insured against by this policy. to submit for examination under oath, produce other reasonably requested (d) The Company will pay only those costs, attorneys' fees and expenses information or grant permission to. secure reasonably necessary information incurred in accordance with Section 4 of these Conditions and Stipulations, .. ~a1ifoTnia Land Title Association .'. " " . Owner's Policy SCHEDULE A Al11oui1.l ()fInsUTaIlce: .$217,0,00.00 Policy No, 23071542' U52 Date. of Policy- August' 27, '2002 at 8 '00 AM Premium: $967.00 L Name of Insured: POWAY REDEVELOPMENT AGENCY 2, The estateoT interest in,thelandwhi6h is'coveTed by this policy is: A FEE AS TO. ,PARCEL l,; AN EASEMENT ,MORE FULLY DESCRIBED BELOW AS TO PARCEL 2 3, Title totheestate or interest'in the laildis vested in: POWAY REDEVELOPMENT AGENCY 4, The land referred to in this policy is described as follows: SEE ATTACHED DESCRIPTION' This Policy valid poly if S.cheduleB is attached. CLTAOA88.-- to!13/95AA CHICAGO TITLE INSURANCE 'COMPANY · ' DESCRIPTION · p. 1 '. . Policy No. 2307154'2 .052 PARCEL 1: ,ALL ,THAT. PORTION OF THE SOUTHWEST QUARTER OF TIiE. 'i?,OU:rI!EAST QUARTER OF SECTION 12 'TOWNSHIP ,14', RANGE ,2. WEST, SAN. BERNARDINO MERIDIAN i IN .THE CITY OF POWAY, COuNTY OF SAN DIEGO, STATE' OF CALIFORNIA, 'ACCORDING TO UNITED STATES GOVERNMENT SURVEY :DESCRIBED AS FOLLqWS: BEGINNING AT THE NORTHWEST CORNER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER <OF SE'CTION 12; THENCE RUNNING'EAST4'40 FEET; THENCE SOUTH 280 FEET; THENCE WEST 170 FEET,; .THENCE SOUTH 300 FEET, MORE OR LESS, TO THE SOUTH LINE OF WINDSOR STREET, AS SAID STREET IS SHOWN ON THE, MAP OF PIERMONT NO 785 FILED, IN THE OFFICE OF COUNTY RECORDER OF SAN DIEGO COUNTY; THENCE WEST ALONG SAID LINE 270 FEET TO A POINT IN THE WEST LINE OF SAID SOUTHWEST ,QUARTER OF THE SOUTHEAST QUARTER; THENCE SOUTH ALONG. THE WEST LINE 100 FEET, MORE OR LESS, TO A POINT WHICH IS ~ORTH THEREALONG 350 FEET FROM THE SOUTHWEST CORNER OF THAT .PARCEL OF LAND CONVEYED TO' BALATHIE GURWELL BY DEED 'RECORDED NOVEMBER 28, 1906, IN BOOK 401, PAGE 277 OF DEEDS; THENCE EAST 215 FEET TO TI!E NORTHWEST CORNER OF THAT PARCEL OF LAND CONVEYED TO GLENN VADER. ET UX BY DEED RECORDED MAY 24, 1960 AS FILE NO 107467; THENCE SOUTH ALONG THE WEST LINE OF SAID VADER LAND A DISTANCE OF 210 FEET TO THE SOUTHWEST CORNER, THEREOF AND THE TRUE POINT OF BEGINNING; THENCE :EAST ALONG. THE SOUTHERLY LINE OF SAID VADER LAND 215 FEET; THENCE SOUTH 140 FEET, MORE OR LESS TO THE SOUTH LINE OF 'THAT PARCEL OF LAND CONVEYED TO OURWELL BY DEED ABOVE MENTIONED; ,THENCE WEST ALONG THE SOUTH LINE OF SAID GURWELL LAND 430 FEET, MORE OR LESS,TOA POINT IN THE WEST LINE OF SAID SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER; THENCE NORTH ALONG SAID WEST LINE 140 FEET'MORE OR LESS TO THE SOUTHWEST CORNER OF THAT PARCEL 'OF LAND CONVEYED TO TgOY R WEEKS ETUX BY DEED RECORDED SEPTEMBER 16, 1960 AS, FILE NO 105723; THENCE EAST ALONG THE .SO{JTH LINE OF SAID WEEKS LAND 215 FEET, MORE OR LESS TO THE TRUE POINT OF BEGINNING EXCEPTING THEREFROM THE EAST 22~ FEET THEREOF, AS RESEgVED IN DEED RECORDED SEPTEMBER 16, 1955 RECORDER'S FILE NO 121913 IN BOOK 5795, PAGE 494 OF OFFICIAL RECORDS' PARCEL 2 AN EASEMENT FOR WA:rER AND APPURTE~ANCES THERETO OVER AND ACROSS THE NORTH 10 FEET OF ALL THAT PORTION LYING WITHIN THE EXCEPTED EAST 224 FEET, ABOVE MENTIONED DESCPOL-02/26!92,lrc California Land Title Association ., . Owner's Policy SCHEDULE B Policy No, 2307;~542 U52 EXCEP1'IONSFROM:'COVERAGE This policy does~!!ot insure'against loss or, damage (and the Company will not pay costs, attorneys' fees or expenses) which arise'by reason 01: P AR'Fl L Taxes. or assessments which are not shown. as existing liens by the records of any taxing authority that levies taxes , ,> .... , or assessments on realproperty,orbyth~ public record~. 'Proceedings by a public agericy which may result in taxes. or' assessments, or notices of such proceedings, whetheror not shown by the recoids.ofsuch agency or by the public r~cprds, 2, Any facts, rights,.intefests or claims which are not shown by thepublic,records but which could be ascertained by an'inspection of the land or which maybe asserted by persons in, possession thereof. 3- Easements,liens."r encumbrances, of claims thereof, which,are not shown by the public records. 4, Discrepancies;.-conflicts in bOiIndar):' lines, shortage in area; encroachments, or any other facts which a.,correct survey would disclose, and which aren6t shown by tlie'pliblic records. 5, (a)' Unpatented mining,claims; (b) reservations or exceptions in patents or in,Acts authorizing the issuance thereof;, (c) water rights, claims or.'titleto'water, whether or not the. matters excepted under (a), (b), or, (c) are shown by the public records. PART II 'A ~ PROPERTY TAXES, INCLUDING ANY ASSESSMENTS COLLECTED WITH TAXES, TO BE LEVIED FOR THE FISCAL YEAR 2002-2003 THAT ARE A LIEN NOT YET DUE B 2 THE LIEN OF SUPPLEMENTAL, TAXES, IF ANY, ASSESSED PURSUANT TO THE PROVISIONS OF CHAPTER 3 5 (COMMENCING WITH SECTION 75) OF THE REVENUE AND TAXATION CODE OF THE STATE OF CALIFORNIA c 3. COVENANTS, CONDITIONS AND ~ESTRICTIONS (BUT OMITTING THEREFROM ANY COVENANT OR RESTRICTION BASED ON RACE, COLOR, RELIGION, SEfC, HANDICAP, FAMILIAL STATUS OR NATIONAL ORIGIN, IF, ANY, UNLESS AND ONLY TO THE EXTENT THAT SAID COVENANT (A) IS, EXEMPT bNbER CHAPTER, 42, SECTION 3607 OF THE UNITED STATES CODE OR ,(B) RELATES TO HANDICAP BUT DOES NOT DISCRIMINATE AGAINST HANDICAPPED PERSONS) AS SET FORTH IN THE 'DOCUMENT RECORDED JANUARY 24, 1890 IN 'BOOK ~57, PAGE 403 OF DEEDS D NOTE: SECTION ~2956 ~ OF THE GOVERNMENT CODE PROVIDES THE FOLLOWING: IF THIS DOCUMENT CONTAINS ANY RESTRICTION BASED ON RACE, COLOR, RELIGION, SEX, FAMILIp,L STATUS ,MARITAL STATUS DISABILITY, NATIONAL ORIGIN, OR ANCESTRY, THAT RESTgICTION VIOLATES STATE AND FEDERAL FAIR fiOUSING LAWS AND IS VOID, AND MAY BE REMOVED PURSUANT TO SECTION ~2956 ~ OF ,THE ,GOVERNMENT CODE. LAWFUL RESTRICTIONS UNDER STATE AND FEDERAL LAW ON. THE AGE, OF OCCUPANTS IN SENIOR HOUSING OR HOUSING FOR OLDER PERSONS SHALL NOT BE CONSTRUED AS RESTRICTIONS BASED ON FAMILIAL STATUS CLTAOB88 --19/13j9? AA CHICAGO TI'fLE INSURANCE COMPANY Policy No. 23071542 -U5' , . Page 1 :SCHEDULE B (CClNT .j Part II E 4' AN EASEMENT FOR THE PURPOSE SHOWN BELOW AND RIGHTS INCIDENTAL THERETO AS SET FORTH IN A DOCUMENT GRANTED TO SAN DIEGO GAS AND ELECTRIC COMPANY PURPOSE PUBLIC UTILITIES, INGRESS AND EGRESS RECORDED: DECEMBER 2 0, 1937 IN BOOK 719, PAGE 479 OF OFFICIAL RECORDS AFFECTS THE ROUTE 'THER~OF AFFECTS A PORTION OF SAID LAND AND IS MORE FULLY DESCRIBED, IN SAID DOCUMENT H END OF SCHEDULE B K JP eCLTA88C.,.. 12/16/88 't ~ ~ ;,"':or. ~... ~ ",,\'~"_~- ......,. J' ..... ,1iIiI.:. ~,".'W~i . -'~,.~. ? v.... ; "",;"'~j t-lW C - ~;:.~. 'OP.OF~ ~#S,' .._,~<~ 5..'1' 0"'" - - - - . . - .. - - .. - - . - - , .. - 'ii' 3' 4 23 ~." sc.Cl~-Jo"~"?~~-.. <life ,''''" 6l7'" I - . ' _.. ' ,-n ;::.. ""'" I~' W . ."" ,,;: 2 I~ . . 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