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RDA Agmt 2009 Norcal AL LLC
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RDA Agmt 2009 Norcal AL LLC
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Last modified
10/9/2009 1:30:49 PM
Creation date
10/9/2009 1:30:48 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
5/12/2009
Retention
PERM
Document Relationships
Inst 2009304031
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2009
RDA Reso 2009-011
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2009
Reso 2009-063
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2009
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ORIGINAL <br />PURCHASE AND SALE AGREEMENT <br />THIS P RCHASE AND SALE AGREEMENT (this "Agreement") is entered into <br />effective as of , 2009 (the "Effective Date") by and between NORCAL AL LLC, <br />a California limite liability company ("Seller") and the Redevelopment Agency of the City of <br />San Leandro, a public agency ("Buyer"). Seller and Buyer are hereinafter referred to as the <br />"Parties." <br />WHEREAS, Seller is the holder in fee of that certain real property in Alameda County, <br />California, located at 1550 East 14t" Street in the City of San Leandro, known as Alameda <br />County Assessor's Parcel No. 077 0540 009 00, and more particularly described in Exhibit A <br />attached hereto and incorporated herein by this reference (the "Land"); <br />WHEREAS, in accordance with the terms and conditions contained herein, Buyer <br />desires to purchase, and Seller desires to sell to Buyer all of Seller's right, title and interest in <br />and to the Land and all easements, hereditaments, and appurtenances belonging to or inuring to <br />the benefit of Seller and pertaining to the Land (all of the foregoing collectively hereinafter, the <br />"Property"); <br />WHEREAS, the Property is located within the Alameda County -City of San Leandro <br />(Joint) Redevelopment Project Area (the "Project Area"); <br />WHEREAS, the Parties and the City of San Leandro, a municipal corporation ("City") <br />have executed that certain Settlement Agreement and General Release of All Claims dated as of <br />April 20, 2009 (the "Settlement Agreement") which is incorporated herein by reference, <br />pursuant to which Buyer agreed to purchase the Properly; and <br />WHEREAS, Buyer's purchase of the Property will assist in the elimination of blight in <br />the Project Area, and will facilitate the redevelopment of the Property in a manner consistent <br />with the City's TOD zoning ordinance and its Environmental Impact Report and in accordance <br />with the Redevelopment Plan adopted for the Project Area (the "Redevelopment Plan"). <br />NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency <br />of which are hereby acknowledged, the Parties agree as follows. <br />1. Agreement to Sell and Purchase. Seller agrees to sell and Buyer agrees to purchase <br />the Property subject to the terms and conditions of this Agreement. <br />2. Purchase Price. The purchase price for the Property shall be Six Million One <br />Hundred Seventy-Five Thousand Dollars ($6,175,000) ("Purchase Price"). <br />2.1 Deposit of Purchase Price into Escrow. Buyer will deposit the sum of <br />Twenty-Five Thousand Dollars ($25,000) (the "Deposit") into escrow within ten (10 business <br />days following the Effective Date. The entire Deposit shall be applied toward the Purchase <br />Price. All but One Hundred Dollars ($100) of the Deposit shall be refundable if this Agreement <br />is terminated or escrow otherwise fails to close; the parties agree that said $100 is nonrefundable <br />notwithstanding any other provision of this Agreement to the contrary. Buyer will deposit the <br />1225087-5 1 <br />
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