OPTION TO PURCHASE-CASH SALE. All payments must be made payable to the order of the Department of Transportation.

Transcription

1 4-SCl DD OPTION TO PURCHASE-CASH SALE For the purchase of the real property described in the Director's Deed attached hereto and made a part hereof, City of San Jose, hereinafter referred to as PURCHASER, hereby agrees to the terms of this option, and further agrees to pay to the State of California, Department of Transportation, hereafter referred to as STATE, for the purchase of the above-noted real property, the total sum of Eight Hundred Fifty Thousand ($850,000.00), as full payment for the purchase of said property. Paid herewith is an option deposit of ($85,000.00). The balance in the sum of Seven Hundred Sixty Five Thousand ($765,000.00) is to be paid on or before the expiration date of the option period. All payments must be made payable to the order of the Department of Transportation. TERMS OF OPTION: 1. TERM OF SALE: This purchase will be for all cash. 2. The option deposit will be the consideration for the 90-day Option Period which shall commence on the first day following approval by the California Transportation Commission (CTC). The balance of the purchase price shall be paid on or before the expiration of the option period. 3. The option deposit shall be NON-REFUNDABLE in the event that the PURCHASER fails to exercise the option within the option period or fails to comply with any and all terms of the option as herein provided. 4. The sale under this option is subject to the approval of the California Transportation Commission. If the sale is not approved, the option deposit money will be refunded without interest. The PURCHASER may take possession when the Director's Deed is recorded. 5. When the sale is approved by the California Transportation Commission and the PURCHASER elects to exercise the option, the option deposit will be credited toward the purchase price. 6. The STATE reserves the right to cancel the sale in part or its entirety any time prior to the approval of the sale by the California Transportation Commission. In the event of cancellation of sale the respective deposits of money shall be refunded without interest. 7. STATE shall convey to the PURCHASER a marketable title to the Property by Director's Deed. The right, title and interest in the Property shall not exceed that vested in the State of California, and the sale is subject to all title exceptions and reservations of record. The PURCHASER may obtain a policy of title insurance at his own expense. 1 DRAFT--Contact the Office of the City Clerk at (408) or CityClerk@sanjoseca.gov for final document.

2 8. The PURCHASER shall pay all recording fees, documentary stamp taxes, or other real estate transaction taxes or fees by whatever name known, including escrow fees or brokers commission, if any, and personal property sales taxes where applicable. It is the understanding of the parties that neither PURCHASER nor the STATE have contacted a real estate broker in connection with this transaction. 9. Should the PURCHASER desire a survey of the property, this may be accomplished by an independent survey at the PURCHASER'S expense. No warranty is made by the STATE relative to the ground locations of property line other than monumented highway right of way lines. 10. The PURCHASER shall be responsible for checking and complying with local building codes and ordinances. This property is sold in an "as is" condition. 11. PURCHASER requests that the property shall be vested as follows: CITY OF SAN JOSE Date: JULIE EDMONDS-MARES Deputy City Manager APPROVED AS TO FORM: Date: JON CALEGARI Deputy City Attorney RECOMMENDED FOR APPROVAL: STATE OF CALIFORNIA DEPARTMENT OF TRANSPORTATION Date: GRANT SEMPLE District Branch Chief Excess Land Sales 2 DRAFT--Contact the Office of the City Clerk at (408) or CityClerk@sanjoseca.gov for final document.

3 APPROVED STATE OF CALIFORNIA DEPARTMENT OF TRANSPORTATION Date: MARK SHINDLER District Office Chief R/W Appraisals/Estimating Property Management Services and Excess Land Sales 3 DRAFT--Contact the Office of the City Clerk at (408) or CityClerk@sanjoseca.gov for final document.

4 DRAFT--Contact the Office of the City Clerk at (408) or for final document.

5 DRAFT--Contact the Office of the City Clerk at (408) or for final document.

6 DRAFT--Contact the Office of the City Clerk at (408) or for final document.

7 DRAFT--Contact the Office of the City Clerk at (408) or for final document.

8 RECORDING REQUESTED BY STATE OF CALIFORNIA WHEN RECORDED RETURN TO DEPARTMENT OF TRANSPORTATION PO BOX 23440, MS-11A OAKLAND, CA Attn: Excess Lands Documentary Transfer Tax: $ Space above this line for Recorder s Use DIRECTOR S DEED GRANT District County Route Postmile Number 04 SCl DD The State of California, acting by and through its Director of Transportation, hereinafter called STATE, hereby grants to City of San Jose, a municipal corporation hereinafter called GRANTEE, that real property in the City of San Jose, County of Santa Clara, State of California, described as follows: See Exhibit A, attached. Subject to special assessments if any, restrictions, reservations, and easements of record. MAIL TAX STATEMENTS TO: DOCUMENTARY TRANSFER TAX $ COMPUTED ON FULL VALUE OF PROPERTY CONVEYED,OR COMPUTED ON FULL VALUE LESS LIENS & ENCUMBRANCES REMAINING THEREON AT TIME OF SALE. Signature of declarant or agent determining tax-firm name City of XXXXX Unincorporated DRAFT--Contact the Office of the City Clerk at (408) or CityClerk@sanjoseca.gov for final document. D4_Director's_Deed_Rev_

9 Number DD This conveyance is executed pursuant to the authority vested in the Director of Transportation by law and, in particular, by the Streets and Highways Code. Dated APPOVED AS TO FORM AND PROCEDURE STATE OF CALIFORNIA DEPARTMENT OF TRANSPORTATION ATTORNEY DEPARTMENT OF TRANSPORTATION MALCOLM DAUGHTERY Director of Transportation By MARK L. WEAVER, Attorney in Fact Deputy District Director Right of Way and Land Surveys This Space Reserved for California Transportation Commission Certification DRAFT--Contact the Office of the City Clerk at (408) or for final document. D4_Director's_Deed_Rev_

10 Number DD ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of } SS On before me,, Here insert Name and Title of the Officer personally appeared, who 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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature (Seal) DRAFT--Contact the Office of the City Clerk at (408) or CityClerk@sanjoseca.gov for final document. D4_Director's_Deed_Rev_

11 DRAFT--Contact the Office of the City Clerk at (408) or for final document.

12 DRAFT--Contact the Office of the City Clerk at (408) or for final document.