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8G Consent 2014 1201
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8G Consent 2014 1201
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Last modified
12/9/2014 2:33:14 PM
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11/25/2014 7:13:46 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
12/1/2014
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_CC Agenda 2014 1201 CS+RG
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Path:
\City Clerk\City Council\Agenda Packets\2014\Packet 2014 1201
Reso 2014-133
(Reference)
Path:
\City Clerk\City Council\Resolutions\2014
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<br />REAL PROPERTY PURCHASE AND SALE AGREEMENT <br />AND JOINT ESCROW INSTRUCTIONS <br />THIS REAL PROPERTY PURCHASE AND SALE AGREEMENT AND JOINT <br />ESCROW INSTRUCTIONS (this “Agreement”) is entered into as of ______________, 2014 <br />(the “Effective Date”), by and between The Oliver Partnership, a California general partnership <br />(“Seller”), and the City of San Leandro, a California charter city (“City”). Seller and City are <br />collectively referred to herein as the “Parties.” <br />RECITALS <br />A. Seller is the owner of certain real property known as APN 075-0155-009- <br />00 located at 777 Alvarado Street in the City of San Leandro (the “Property”), a depiction of <br />which is set forth on Exhibit A attached hereto and a description of which is set forth on Exhibit <br />B attached hereto (the “Property”). <br /> <br />B. As used in this Agreement, the term “Property” includes all of Seller’s <br />right, title and interest in and to all tangible and intangible personal property used exclusively in <br />connection with the Property, including but not limited to all entitlements, easements, mineral <br />rights, oil and gas rights, water, water rights, air rights, development rights and other privileges <br />appurtenant to the Property, including without limitation, all improvements located thereon, all <br />rent, credits, refunds and reimbursements exclusively belonging to the Property. <br /> <br />C. City desires to purchase the Property pursuant to an option to purchase <br />contained in a ground lease agreement between Seller and Friends of San Leandro Creek, dated <br />May 29, 2001, a copy which is attached hereto as Exhibit C (the “Ground Lease”). <br /> <br />D. Friends of San Leandro Creek assigned its rights under the Ground <br />Lease to City pursuant to __________, a copy which is attached hereto as Exhibit D. <br /> <br />E. City provided Seller with written notification that it was going to <br />exercise its option to purchase pursuant to the Ground Lease on ______, a copy which is <br />attached hereto as Exhibit E. <br /> <br />D. City requested and received three Broker Opinions of Value of the <br />Property in order to ascertain its median value and effective purchase price, as required by the <br />Ground Lease, and provided same information to Seller. A copy of the three Broker Opinions <br />of Value are attached hereto as Exhibit F. The median of these appraised values is two <br />hundred seventy five thousand and four hundred dollars ($275,400.00). ________________ <br /> <br />NOW, THEREFORE, for and in consideration of the mutual covenants and <br />agreements contained in this Agreement, and other good and valuable consideration, the receipt <br />and adequacy of which is hereby acknowledged by the Parties, Seller and City hereby agree as <br />follows: <br /> - 1 -
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