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HomeMy WebLinkAbout2018-1501 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 2018-150 RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, ACTING AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING THE PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS BETWEEN THE SUCCESSOR AGENCY AND PAC INV., LLC WITH RESPECT TO THE REAL PROPERTY LOCATED AT 839 NORTH MT VIEW AVENUE, SAN BERNARDINO, CALIFORNIA (APN 0140-222-26) AND APPROVING CERTAIN RELATED ACTIONS WHEREAS, pursuant to Health and Safety Code (the "HSC") § 34172 (a) (1), the Redevelopment Agency of the City of San Bernardino was dissolved on February 1, 2012; and WHEREAS, consistent with the provisions of the HSC, on January 9, 2012, the Mayor and + City Council of the City of San Bernardino elected to serve in the capacity as the Successor Agency to the Redevelopment Agency of the City of San Bernardino (the "Successor Agency"); and WHEREAS, consistent with the provisions of the HSC, the Mayor and City Council of the City of San Bernardino previously elected to serve in the capacity of the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino (the "Successor Housing Agency"); and WHEREAS, the Oversight Board to the Successor Agency (the "Oversight Board") has been established pursuant to HSC § 34179 to assist in the wind -down of the dissolved redevelopment agency; and WHEREAS, pursuant to HSC § 34176 (a) (2), the Successor Housing Agency was required to submit a Housing Asset Transfer form (the "HAT") to the California Department of Finance (the "DOF") that lists, among other things, all of the low- and moderate -income housing fund (the "LMIHF") real property assets, as more specifically defined in HSC § 34176 (e), to be retained by the Successor Housing Agency; and WHEREAS, consistent with the foregoing, the Successor Housing Agency submitted its HAT to DOF for review and thereafter provided DOF with pertinent supplemental and back-up information that resulted in DOF's August 11, 2016 approval of the HAT, as amended (the "Amended HAT"); and WHEREAS, the Amended HAT lists 141 parcels of land, one of which was sold in 2012, leaving 140 parcels to either be retained for housing purposes or sold; and 1 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 WHEREAS, as a part of its approval of the Amended HAT, DOF authorized 56 parcels to be transferred by the Successor Agency to the Successor Housing Agency at no cost (which has already occurred) and determined that 84 parcels are to be sold by the Successor Agency; 10 of which were acquired after the State's dissolution of redevelopment agencies and 74 of which constitute the "Arden -Guthrie" property that will ultimately be sold as a single site for commercial development purposes; and WHEREAS, the City's Housing Division previously evaluated the 10 -HAT for sale sites and identified three (3) residentially zoned parcels that are not needed to be acquired for affordable housing purposes and therefore are to be sold by the Successor Agency (the "3 -HAT for Sale Parcels"), as more particularly described within Exhibit "A" to this Resolution; and WHEREAS, the subject of this Resolution concerns one of the Successor Agency's 3 -HAT for Sale Parcels described as: i) Site No. 2 within Exhibit "A"; ii) an approximately 0.17 -acre vacant residential lot; iii) is located at 839 N. Mt. View Avenue, San Bernardino, California (APN 0140-222- 26) and iv) is zoned Medium Residential (RM) (the "Properly"); and WHEREAS, on March 6, 2017, the Successor Agency Board approved the original Property Disposition Strategy, which among other things, authorized a competitive process that would result in listing for sale of 18 real property sites with a real estate broker (two of which are owned by the City of San Bernardino); and WHEREAS, on August 16, 2017, the Successor Agency Board approved the "Amended Property Disposition Strategy," which: i) reduced the number of real property sites to be listed with a real estate broker from 18 to 16 (one of which is owned by the City of San Bernardino); ii) provided for an alternate method of real property disposition for the two real property sites removed from the group to be listed with a real estate broker; iii) where applicable, provided a current status update on completed and pending real property transfers; and iv) established an Escrow and Title Administrative Management Fee to allow the City to recover a portion of the cost of its services with respect to the management of the sale of real property assets; and WHEREAS, consistent with the "Amended Property Disposition Strategy," on October 18, 2017, the Successor Agency approved an agreement with Keller Williams (the "KW Agreement") to 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 I list and sell 15 real property sites of the Successor Agency, including the Property (the City entered J into a separate agreement with Keller Williams for its single real property site); and WHEREAS, the Property is included within the KW Agreement; and WHEREAS, as a part of the KW Agreement, KW is required to prepare a Broker's Opinion of Value (the `BOV") for each property that is to be sold; and WHEREAS, based on past practice, DOF has acknowledged that BOVs are an acceptable method and basis for confirming that the value of real property being sold is fair and reasonable; and WHEREAS, in response to the listing, KW received, thoroughly reviewed and vetted two (2) l offers to purchase the Property; and WHEREAS, on February 1, 2018, Pac Inv., LLC ("PI") offered to purchase the Property for 1 $55,000 (the "Purchase Price") (a copy of the offer is attached to this Resolution as Exhibit "B"); and WHEREAS, KW has confirmed that PI's purchase offer was the highest received, that PI is a credible buyer capable of purchasing the Property, and has recommended that the Successor Agency consider PI's purchase offer; and WHEREAS, on April 7, 2018, KW submitted its BOV, indicating its opinion that the market value of the Property, is $35,989 (the `BOV Market Value"); and WHEREAS, in consideration that the Purchase Price exceeds the BOV Market Value by $19,011 or 52.8%, it may be concluded that the purchase price offered by PI for the Property is fair and reasonable, as more fully described within the BOV, a copy of which is attached to this Resolution as Exhibit "C"; and WHEREAS, once the Property is sold, the Successor Agency will transfer the net Purchase Price to the San Bernardino County Auditor -Controller that will in turn divide and pay over the net Purchase Price to the affected taxing entities in proportion to their respective shares of the 1 % general tax levy, which will include the City; and WHEREAS, this Resolution will approve the Purchase and Sale Agreement and Joint Escrow Instructions (the "Purchase and Sale Agreement") between the Successor Agency and PI with respect to the Property, a copy of which is attached to this Resolution as Exhibit "D" and authorize certain related actions; and 3 I 2 3 4 5 6 7 8 9 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 WHEREAS, consistent with the provisions of the HSC, the effectiveness of the Purchase and Sale Agreement is subject to the approval of the Oversight Board and DOF; and WHEREAS, this Resolution has been reviewed with respect to applicability of the 1 California Environmental Quality Act (the "CEQA"), the State CEQA Guidelines (California Code I of Regulations, Title 14, § 15000 et seq., hereafter the "CEQA Guidelines"), and the City's I environmental guidelines; and WHEREAS, this Resolution does not constitute a "project" for purposes of CEQA, as that term is defined by CEQA Guidelines § 15378, because this Resolution is an organizational or administrative activity that will not result in a direct or indirect physical change in the environment, per § 15378 (b) (5) of the CEQA Guidelines; and WHEREAS, all of the prerequisites with respect to the approval of this Resolution have I been met. NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL I OF THE CITY OF SAN BERNARDINO, ACTING AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, AS FOLLOWS: Section 1. The foregoing recitals are true and correct and are a substantive part of this 1 Resolution. Section 2. The Purchase Price for the Property is determined to be fair and reasonable. Section 3. The Purchase and Sale Agreement between the Successor Agency and Pac Inv., LLC for the purchase and sale of the Property, attached hereto as Exhibit "D," is approved. Section 4. On behalf of the Successor Agency, the City Manager, in the capacity as Executive Director of the Successor Agency, or designee, is authorized and directed to execute the Purchase and Sale Agreement and the grant deed, the form of which is attached to the Purchase and Sale Agreement, and to take such other actions and execute such other documents as are necessary to effectuate and close the purchase and sale of the Property and as may otherwise be required to fulfill the intent of this Resolution. 4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Section 5. This Resolution is not a "project" for purposes of CEQA, as that term is defined by Guidelines § 15378, because this Resolution is an organizational or administrative activity that will not result in a direct or indirect physical change in the environment, per § 15378 (b) (5) of the Guidelines. Section 6. This resolution shall take effect upon: i) its adoption and execution in the manner as required by the City's Municipal Code; ii) the approval of the Purchase and Sale Agreement by the Oversight Board; and iii) its review by DOE 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, ACTING AS THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING THE PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS BETWEEN THE SUCCESSOR AGENCY AND PAC INV., LLC WITH RESPECT TO THE REAL PROPERTY LOCATED AT 839 NORTH MT VIEW AVENUE, SAN BERNARDINO, CALIFORNIA (APN 0140-222-26) AND APPROVING CERTAIN RELATED ACTIONS I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and City Council of the City of San Bernardino at a Joint Regular Meeting thereof, held on the 6t" day of June 2018, by the following vote, to wit: Council Members: AYES MARQUEZ BARRIOS VALDIVIA SHORETT X(5� NICKEL RICHARD k MULVIHILL NAYS ABSTAIN ABSENT 8zr Georgeann anna, CMC,t6ty Clerk The foregoing Resolution is hereby approved this 6th day of June 2018. R. Carey Davi/Mayor City of San B mardino Approved as to form: Gary D. Saenz, City Attorney ro 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 EXHIBIT "A" Description of the 3 for Sale HAT Parcels 1 0140-171-16 207/207-1/2 E. 10- St 0.16 RMH is[ 2 0140-222-26 839 N. Mountain View Ave 0.17 RM 1st 3 0145-171-11 693/695 W. Evans St 0.15 RMH 2nd 7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Purchase Offer from Pac Inv., LLC February 1, 2018 (See Attachment) '3 EXHIBIT "B" 19 -ASL i F 04CMAIA. DISCLOSURE REGARDING 4k A S S O Cy [ A T La N REAL ESTATE AGENCY RELATIONSHIP r ,9 (Selling Finn to Buyer) W40' Q If RAE L TI U _S� (As required by the Civil Code)) (C.A.R. Form AD, Revised 12114)) ❑ (If checked) This form is being provided in connection with a transaction for a leaseholds interest exceeding) one year as per Civil Code section 2079.13(k) and (m). When you enter into a discussion with a real estate agent regarding a real estate transaction, you should from the outset understand what type of agency relationship or representation you wish to have with the agent in the transaction. SELLER'S AGENT A Seller's agent under a listing agreement with the Seller acts as the agent for the Seller only. A Seller's agent or a subagent of that agent has the following affirmative obligations: To the Seiler: A Fiduciary duty of utmost care, integrity, honesty and loyalty in dealings with the Seller. Tojthe Buyer and the Seller: (a)Dlligent exercise of reasonable skill and care in performance of the agent's duties. (b)A duty of honest and fair dealing and good faith. (c)A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties. An agent is not obligated ft reveal to either party any confidential information obtained from the other parry that does not involve the of iiimative duties set forth above. BUYER'S AGENT A selling agent can, with a Buyer's consent, agree to act as agent for, the Buyer, only. In these situations, the agent is not the Seller's agent, even if by agreement the agent may receive compensation for services, renderedl,, either in full or in part fromithe Seller. An agent acting only for a Buyer has the following affirmative obligations: To the Buyer. A fiduciary duty of utmost care, integrity, honesty and loyalty in dealings with the Buyer. To the Buyer and the Seller: (a)Diligent exercise of reasonable skill and care in performance of the agents duties. (b)A duty of honest and fair dealing and good faith. (c)A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties. An agent is not obligated to reveal to either party any confidendai information obtained from the other party that does not involve the affirmative duties set forth above. AGENT REPRESENTING BOTH SELLER AND BUYER A real estate agent, either acting directly or through one or more associate licensees, can legally be the agent of both the Seller and the Buyer in a transaction, but only with the knowledge and consent of both the Seller and the Buyer. In a dual agency situation, the agent has the following affirmative obligations to both the Seller and the Buyer: (a)A fiduciary duty of utmost care, integrity, honesty and loyalty in the dealings with either the Seller or the Buyer. (b)Other duties to the Seller and the Buyer as stated above in their respective sections. In representing both Seller and Buyer, the agent may not, without the express permission of the respective party, disclose to the other party that the Seller will accept a price less than the listing price or that the Buyer will pay a price greater than the price offered. The above duties of the agent in a real estate transaction do not relieve a Seller or Buyer from the responsibility to protect his or her own interests. You should carefully read all agreements to assure that they adequately express your understanding of the transaction. A real estate agent is a person qualified to advise about real estate. If legal or tax advice is desired, consult a competent professional. Throughout your real property transaction you may receive more than one disclosure form, depending upon the number of agents assisting in the transaction. The law requires each agent with whom you have more than a casual relationship to present you with this disclosure form. You should read its contents each time it is presented to you, considering the relationship between you and the real estate agent in your specific transaction. This disclosure form includes the provisions of Sections 2079.13 to 2079.24, inclusive, of the Civil Code set forth on page 2 Read it carefully. !ANE ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE AND THE PORTIONS OF THE CIVIL CODE PRINTED ON THE BACK (OR A SEPARATE PAGE). C Buyer . Seller Landlord –]Tenant -?umpr..g `Frog 1nve31-1, GLC TT Date J Buyer 1 1 Seller Landlord ❑ Tenanit Date 04104/2018 195831 Agent _ M911ITTYM Awft #xr— BRE Lic. #Rf41R! !Real iCstate 6Brdkeri(F;irm) By .7feath9l, c6aefVdgen6erg [BREEic.4611 19 Date 04!04!20182021:08 (Salesperson or Broker -Associate) MhaM pFkMn a 1W1Ap r MwM Agency Disclosure Compliance (Civil Code §2079.14): . When the listing brokerage company also represents Buyetffenant: The Listing Agent shall have one AD form signed by SekerlLandlord and a different AD form signed .4y BuyerfTenant. e When Seller/Landlord andEBuyerfTenant are represented 4y dlfferent brokerage companies: �(i) the Listing Agent shall havemneaDtiorm signedthy Seller/Landlord and (VI) Me Buyer'sfTenanfs Agent shall ?have one AD form signed'by Suyer/Tenarlt and either that game wr ah diifferent °AD tform presented to Selleft-andlord for signature prior to presentation of the offer. if the: same form is used, Seller may sign here: SellerlLandlord Date —1:qeller&andIord Date 'Themapyrightlaws,of the United States'(Trde 17 U_S_ Code?forbid the unaiiihorized reproduction of this form; or any, portion thereof, by Photocopy machine orany other means, including facsimile or computerized formats. Copyright ®1991-2010, CALIFORNIA ASSOCIATION OF REALTORS®,'INC. Reviewed by Date ALL RIGHTS RESERVED. AD REVISED 12114 (PAGE 1 OF 2) DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP AD PAGE 1 OF 2 Keller UTUms Really, 1473 Ford Street Ste 280 Redlands CA 92373 Phone: (928164&8_58.; Fax: 839 K. Mountain t.m Fermnda Produced with ApForrr:® by ZpLoglx 18070 FiReen Mile Road. Fraser, LWOgan 48026 CIVIL CODE SECTIONS 2079.24 (2079.16 APPEARS ON THE FRONT) 2079.13 As used in Sections 2079:14 to 2079.24, inclusive, the following terms have the following meanings: (a) "Agent" means a person acting under provisions of'] Title 9 (commencing with Section 2295) in a real property transaction, and includes a person who is licensed as a real estate broker under Chapter 3 (eommendngI with Sections 10130) of Part 1 of Division 4 of the Business. and Professions Code; and under whose license a listing is executed or an offer to purchase is obtained. (13) ) "Associate licensee" means a person who is licensed as a real estate broker or salesperson Under, Chapter 3 (commencing with Section 10130) of Part 1 of Division 4, of the Business and Professions Code and who :is either licensed under a broker, or. has entered into a written contract with a broker to act as the brokerfss-agent' in connection with acts requiring a real estate license and to .function under the broker's supervision in the capacity of an associate licensee. The ageWihithe.real' property transaction bears responsibility for his or her associate licensees who perform as agents of the agent Wnen an associate licensee cwessaFdi'djr-WaM principal, or to any buyer or seller who is not a principal, in a real property transaction, that duty is -equivalent to the duty owed to that party by the broker forwhom,ther assoclate7licensee functions. (c) "Buyer' means a transferee:ina real property transaction, and includes a person who executes an offer to purchase real property fromt a seller through an agent, or who seeks the services.of an agent in more.than a casual, transitory,or preliminary manner, with the object of entering into,wreat.t property,transaction. "Buyer" includes vendee or lessee: (d) "Commercial real property" means all real property in the state, except single-family residentlaVmat' property, dwelling units made subject to.Chapter 2 (commencing with Section 1940) of Title; 5,.mobilehomes, as defined in Section 798.3, or recreatiormLVOffie1111K.as defined -in Section 799.29. (e) "Dual agent" means an agent acting, either directly orthrough an associate licensee, as agent for both the seller and the buyerinia real` property transaction. (f) "Lasting agreement" means a contract betweenan owner of real property and an agent, by which the agent has been authorizedtb;seNltiie;real' property or to find or obtain a buyer. (g) "Listing agent' means a person who has obtained,a listing of real property to act as an agent for compensation. (0))Mstingy price" is the amount expressed in dollars specified in the listing for which the seller is willing to sell the real property through the iasting agent (1) "Offering4prfiie- "as !tie, amount_ expressed in, dollars specified in an offer to purchase for which the buyer is willing to buy the real property. (j) "Offer to purchase" means a written conttadt executed by a buyer acting through a selling agent that becomes the=ntract for the sate of the real property upon acceptance by the seller. (k) "Real propeV means any estate specified by subdivision (1) or (2) of Section 761 in property that constitutes or Is improved with one to four dwelling units, any commercial real property„ any leasehold in these types of property exceeding one year's duration, and mobilehomes, when offered for sale or sold through an agent pursuant to the authority, contained in Section 10131.6 of the Business and Professions Code. (l) "Real property transaction" means a transaction for the sale of real property in which an agents is employed by one or more of the principals to act in that transaction; and includes a listing or an offer to purchase. (m) "Sell," "sale," or "sold" refers to a transaction - for the transfer of real property, from the seller to the buyer, and Includes exchanges of veal property between the sailer and buyer, transactions for the creation of a real property sales contract within the meaning of Section 2985, and transactions for the creation of a leasehold exceeding one years duration. (n) "Seller" means the transferor in a real property transaction, and includes an owner who lists real property with an agent, whether or not a transfer results, or who receives an offer to purchase real property of which he or she is the owner from an agent on behalf of another. "Seller" includes both a vendor and a �essor. (o) "Selling agent" means a listing agent who ads alone, or an agent who ads in cooperation with a isi ing agent, and who sells or finds and obtains a buyer for the real property, or an agent who locates property for a buyer or who finds a buyer for a property for which no fisting exists and presents an offer to purchase to the selier. (p) "Subagent" means a person to whom an agent delegates agency powers as provided in Article 5 (commencing with Section 2349) of Chapter 1 of Title 9. However, "subagert" does not Include an associate licensee who is acting under the supervision of an agent in a real property transaction. 2079.14 Listing agents and selling agents shall provide the seller and buyer in a real property transaction•, with a copy of the disclosure form specified in Section 2079.16, and, except as provided in subdivision (c), shall obtain a signers acknowledgement of receipt from that seller or buyer, except as provided in this section or Section 2079.15, as follows: (a) The fisting agent, if any, shall provide the disclosure torn to the seller prior to entering into the listing agreement. (b) The selling agent shall provide the disclosure form to the seller as soon as practicable prior to presenting the seller with an offer to purchase. unless the selling agent previously provided the seller with a copy of the disclosure form pursuant to subdivision (a). (c) Where the selling agent does not deal on a face-to-face basis with the seller, the disclosure form prepared by the selling agent may be fumished to the seller (and acknowledgement of receipt obtained for the selling agent from the seller) by the listing agent, or the selling agent may deliver the disclosure form by certified mail addressed to the seller at his or her last known address, in which case no signed acknowledgement of receipt is required. (d) The selling agent shall provide the disclosure form to the buyer as soon as practicable prior to execution of the buyer's offer to purchase, except that if the offer to purchase is not prepared by the selling agent, the selling agent shall present the disclosure form to the buyer not later than the next business day after the selling agent receives the offer to purchase from the buyer. 2079.15 In any circumstance in which the seller or buyer refuses to sign an acknowledgement of receipt pursuant to Section 2079.14, the agent, or an associate licensee acting for an agent, shall set forth, sign, and date a written declaration of the facts of the refusal. 2079.16 Reproduced on Page 1 of this AD form. 2079.17 (a) As soon as practicable, the selling agent shall disclose to the buyer and seller whether the selling agent is acting in the real property transaction exclusively as the buyer's agent, exclusively as the settees agent, or as a dual agent representing both the buyer and the seller. This relationship shall be confirmed in the contract to purchase and sell real property or in a separate writing executed or advtowiedged by the seller, the buyer, and the selling agent prior to or coincident with execution of that contract by the buyer and the seller, respectively. (b) As soon as practicable, the Bing agent shalt dsdose to the seller whether the Fisting agent is acting in the real property transaction exclusively as Ute sellers agent, or as a dial agent nepreserrfing bdh the buyer and seller. This relabonship shall be confirmed kr the contract to purchase and sell real property or fn a separate writing executed or admowledged by the seller and the fisfi ag agent.priorto or coinc'derd with the execution of that cxuilrad by the seller. (c) The confirmation required by subdivisions (a) and (b) shall be in the following fort. fDO NOT COMPLETE. SAMPLE ONLY) is the agent of (check cane): [ the seller exclusively: or `I both the buyer and seller. (Name of Listing Agerft) _ (DO iNOTcCOMPLEM.SAMPLE (ONLY) is the agent of (check one): the buyer exclusively, orr-lthe seller exclusively; or (Name of Selling Agent if not the same as the Listing Agent) L both the buyer and seller. (d) The disclosures and confirmation required by this section shall be in addition to the disclosure required by Section 2079.14. 2079.18 No selling agent in a real property transaction may act as an agent for the buyer only, when the selling agent is also acting as the listing agent in the transactio^. 2079.19 The payment of compensation or the obligation tofpay�corgper"tion,.to,an,agent by,the salter or buyer is ncd:neewsarily determinative,of,a[particular agency: relationship between an agent and the seller(or(buyaer. �AIlistirlg,agent ands sellingzgeot:maymgreeftocshame ariy (compensation or, commission i pad, cor any fight loany:compensation or commission fiorwYiieth anrcUsl)giatnn[arises,as therresdftaofraillce9ti9teitransartition, andlithe(temhs of any�surlhagreement,ghall notnecessarily be:determinative:of a particular relationship. 2079.20 Nothinginthis>at0de prevents an- agent -from .s laddog,ms 3accmndifionccffithe€egerttiseemplayment, a specific form of agency relationship not specifically Fprohabited bythis articleif the requirements of Section;2079 x14,and,'S'edtion,,2079:rf l areccorr)oliedhv tUt_ 2079.21 A dual agent shall,not disc se to the buyerlttrdtfthessdieris,v416ngfto€sdiithelprgpedty€at alpdoellass;thanithebMngtprire,rvM the eafpressawruttemconsent of the se'Yer. A dual agent shall notdis'close to the sditertthat thelbuyerlsivdlmghtolpay A,pifce�greaten'thanttheibffef [. ,r drtherexpress,, written, consent 6f the buyer:Thisssectionrdoes not aiter1n, any waytheduty, orresponsibility ofacdualagentta x}tnind patvJW pe¢tibooE3hider lirlfermAtion othefthan price. 2079.22 Nothnig'in this amticte precludes a listing=ilgentifrom, one argent does riot,:dfiftself, make3hatagent a:rduatagent 2079.23 A contract' between:.the.principal-and:agent mayl;b moMefd,.oraltered to change the agency relationship at any time before the performancecoftlimeact .whichis, thenbjectofthe agengywith'the written .c:onsentoflthe padies W the agency relationship. 2079.24:Nothing' in` his article sitall°beconstruedktoc herrtitirninisht.thectluty of disclosure owed buyers and sellers by agents,.anU=their assoaate Rifioerisees, sdrtlagerlta,,:and employees on:lo heli®ve,agents andtthelrFasskriiabeiilicensees,I:subagerrts, and .emptoyees:from! iabitityyfor^their conducHn eonnectiorrwilh-actis governed by this article -or forany breach: of a"fiduciary. dutyor-a dW.of disclosure. UbliPushed andDisbibuted by: REAL ESTATE BUSINESS SERVICES, INC. a subsidiary of the Carifomra Association of REALTORS® Reviewed by_ Date - 525 South Virgil Avenue. Los Angeles, California 90020 AD REVISED 12114 (PAGE 2 OF 2) DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP (AD PAGE 2 OF 2) Produced with apForrnO by apLogix 18070 Fifteen Mde Road, Fraser, Michigan 48026 wwwiloLoaix.eom 839 N. Mountain C AL L t F o R N f A VACANT LAND PURCHASE AGREEMENT 4iL AssOr;tArloly AND JOINT ESCROW INSTRUCTIONS lo. O i,- ti) A L'I O RS'=` (C.A.R. Form VLPA, Revised12115)) Date Prepared: I +M.2RM 1. OFFER: A. THIS IS AN OFFER FROM ("Buyer"), B. THE REAL PROPERTY to be acquired is iWhllMfo►rrraiw WmwAUamiw situated in 9btnawmwWam (lijh) , -gkmM rrardihw (Gounty)yCafif6rnia . 9ZKX (TpCbde)'sseswe&' ParceiNo:Property"). Further Described7A w C. THE PURCHASE PRICE7 offered' is,/FiR�NFaaor7limtearrd�I,ffig�ittNLrrafif�lmd��flt gilktiit� D — — Dollars $ U&R9.. D. CLOSE OF ESCROW shall occur on (date) (or Days After Acceptance), E. Buyer and Seller are referred to herein as they"Parties." Brokers are not Parties to this Agreement. 2. AGENCY: A. DISCLOSURE: The Parties each acknowledge receipt of a E9, "Disclosure Regarding Real Estate Agency Relationships" (C.A.R. Form AD). B. CONFIRMATION: The following agencyrelationst ips are hereby confirmed for this transaction: Listing Agent A MEAL LYW (Print Firm Name) is the agent of (check one): [ the Seller exclusively; or `'both. the Buyer and Seiler. Selling Agent bac. (Print Firm Name) (if not the same as the Listing Agent) is the agent of ((chede one): Y tlhe. Buyer, exclusively; or the Seller exclusively; or ❑ both the Buyer and Seller. C. POTENTIALLY COMPETING BUYERS AND• SELLERS. The Parties each acknowledge receipt of a g "Passible Representation of More than One Buyer or Seller- Disdosure and' Consent" (C.A.R. Form PRBS). 3. FINANCE TERMS: Buyer represents that fund's wilt be good when: deposited with Escrow Holder. A. INITIAL DEPOSIT: Deposit shall be in the amount of ......................... o .............. $ 3,G•J�.DG (1) Buyer Direct Deposit: Buyer shall deliver deposit directly to Escrow Holder by electronic funds transfer, Jcashier'scheck, {personal check, fiother BANx WIRE within 3 business days after Acceptance (or ); OR (2)❑ Buyer Deposit with Agent: Buyer has given the deposit by personal check (or ) to the agent submitting the offer (or to ), made payable to . The deposit shall be held uncashed until Acceptance and then deposited with Escrow Holder within 3 business days after Acceptance (or ). Deposit checks given to agent shall be an original signed check and not a copy. (Note: Initial and increased deposits checks received by agent shall be recorded in Broker's trust fund log.) B. INCREASED DEPOSIT: Buyer shall deposit with Escrow Holder an increased deposit in the amount of ... $ within Days After Acceptance (or ). If the Parties agree to liquidated damages in this Agreement, they also agree to incorporate the increased deposit into the liquidated damages amount in a separate liquidated damages clause (C.A.R. Form RID) at the time the increased deposit is delivered to Escrow Holder. C. De ALL CASH OFFER: No loan is needed to purchase the Property. This offer is NOT contingent on Buyer obtaining a loan. Written verification of sufficient funds to dose this transaction IS ATTACHED to this offer or [ Buyer shall, within 3 (or ) Days After Acceptance, Deliver to Seller such verification. D. LOAN(S): (1) FIRST LOAN: in the amount of ....................................................... $ This loan will be conventional financing or ❑ FHA, ❑ VA, :_J Seller financing (CAR. Form SFA), ❑ assumed financing ((C.A.R. Foran AFA), ❑ subject to financing, ❑2Dther . This loan shall be at a fixed rate not to exceed % or, ❑ an adjustable rate loan with initial rate inat to exceed %. Regardless,& the type of loan, Buyer shall pay points not to exceed % raftloan amour nut. ((2,)❑.1 ONDLOAN iindheacnountQof....................................................... $ his1aan will ibecon, uention, alffinanc ngtor [ elierfinancing (C.A.R. Form SFA), ❑ assumed financing ((CIAKF =/*ift❑siityedtftoUfinarrcang;I_,IT3ther This loan shall be at a fixed Irate Inot ito exceed N. (or, ❑ an ailjr2statile rate 'loan with'iriitial rate not to exceed %. gRegardFess of the type�ofBlnarf,[yer h®Il pay points not to exceed % of the loan amount. Q(3) FHAAFA . For any FHA aor VXloan specified in 3D(1), Buyer has 17 (or _ ) Days After Acceptance to Detiverto Sellerwritten notice'(C.A:R.`Form FVA)dfanykmder4egaiirediTgmim(or(cxxtsf9hatlBt;)wrlrequeb% Seller to pay for .or otherwise correct,.Selter`hasno(dtbligation1Dm pgy(ovs rlderatterrreg6ilemerttsmfiless eagnaediintwif ft. A FFli4 XP amens aWFycdause (C 4tR. Form FVAC) shall be a pati df_tFusitransac ion. E. cfADBUTCDNA'LffiltrA NCING`u7ER liS: Buyer's Initials ( )( ) Selter's Initials ( y { ©1996-2015, -California Association of REALTORS,'Inc ;� VLPA REVISED 12115 (PAGE 1 OF 11) 2t VACANT LAND PURCHASE AGREEMENT LPA PAGE 1 OF 11 Kcltcr Williams •Rulty, 4473 Ford Stmt Ste 200 Redlands CA 92373 Phone: 4928)SlWAS fax 839 ;1. Meantaio Lara Fernandez Produced whh ztpForm®by ziptoglx 10070 Fifteen Mite Road, Fraser, Michigan 48028 wwwzioLootxmm Property Addresw.83M WM6w#WinW6wy4Vmmsy Im FR ... ardbroom 92=1 Date: IY hFDh>2 nM F. BALANCE .OF DOWN PAYMENT OR PURCHASE PRICE in the amount oft........................ $ 5s1B8®B to be deposited with Escrow Holder pursuant to Escrow Holder instructions-, G. PURCHASE PRICE (TOTAL): .................................... .................. $(� H. VERIFICATION OF DOWN PAYMENT AND CLOSING COSTS: Buyer (orBuyer"s lendbrrorrloan broker pursuant to paragraphs 3J(1)) shall, within 3 (or _J Days After Acceptance, Deliver to Seller written verification of[Buyers.dbmmipayrnent and,�dbsing,,) costs. (, Verification attached.) I. APPRAISAL CONTINGENCY AND REMOVAL: This Agreement is (or [] is: NOT)j contingeMl upon a written appraisal[ of the Property by a licensed or certified appraiser at no less than the; purchase- pride: Buyer shall, as; speeift& tni paragraphs t9B(3), in writing, remove the appraisal contingency or cancel this Agreementtwithini1fh (or )7 Days After Acceptance: J. LOAN TERMS: (1) LOAN APPLICATIONS: Within 3 (or _) Days After Acceptance; Buyer shalil Deliver to Sellerar letter from, Buyers lender or loan. broker stating that,based on a review of Buyer's written applicatiow and credits report; Buyer is preglualifiedi or preapproved for any NEW loan specified in paragraph 3D. If any loan specified! In, paragrraphi 3D inti an adjtustable mates lbam, the prequalification or preapproval letter shall be based on the qualifying rate, not the initiall Ivan, rata:. (( ® Letter attached.)) (2) LOAN CONTINGENCY: Buyer shall act diligently and in good faith to obtain the. designated) Iban(s)�. Buyers qualificatibn for the loan(s) specified above is a contingency of this Agreement unless otherwise agreed in writings If there is, no appraisal contingency/ or the appraisal contingency has been waived or removed, then failure of the Property to appraise at the purchase price does not entitle Buyer to exercise the cancellation right pursuantto the loan contingency if Buyer is otherwise qualified for the specified loan Buyer's contractual obligations regarding deposit, balance of down payment and .dosing costs are not contingencies of this Agreement. (3) LOAN CONTINGENCY REMOVAL: Within 21 (or _) Days After Acceptance, Buyer shall, as specified! ini paragraph 19, in writing, remove, the loan contingency or cancel this Agreement. If there is an appraisal contingen, cy,. removall of, the loan contingency shall notbe deemed removal of the appraisal contingency. (4) C NO LOAN CONTINGENCY: Obtaining any loan specified above is NOT a contingency of this Agreement.. if Buyer does not obtain the loan and as a result Buyer does riot purchase the Property, Seger may be entitled to Buyees deposit or other legal remedies. (5) LENDER LIMITS ON BUYER CREDITS: Any credit to Buyer, from any source, for closing or other costs that is agreed to by the Parties ("Contractual Credif) shall be disclosed to Buyer's lender. If the total credit allowed by Buyer's tender ('Lender Allowable Credit") is less than the "contractual Credit, then (i) the Contractual Credit shall be reduced to the Lender Allowable Credit, and (ii) in the absence of a separate written agreement between the Parties, there shall be no automatic adjustment to the purchase price to make up for the difference between the Contractual Credit and the Lender Allowable Credit. K. BUYER STATED FINANCING: Seller is relying on Buyer's representation of the type of financing specified (including but not limited to, as applicable, all cash, amount of down payment, or contingent or non-contingent loan). Seller has agreed to a specific closing date, purchase price and to sell to Buyer in reliance on .Buyer's covenant concerning financing. Buyer shall pursue the financing specified in this Agreement. Seller has no obligation to cooperate with Buyer's efforts to obtain any financing other than that specified in the Agreement and the availability of any such alternate financing does not excuse Buyer from the obligation to purchase the Property and close escrow as specified in this Agreement. L. SELLER FINANCING: The following terms (or ❑ the terms specified in the attached Seller Financing Addendum) (C.A.R. Form SFA) apply ONLY to financing extended by Seller under this Agreement. (1) BUYER'S CREDIT-WORTHINESS: Buyer authorizes Seller and/or Brokers to obtain, at Buyer's expense, a copy of Buyer's credit report. Within 7 (or ) Days After Acceptance, Buyer shall provide any supporting documentation reasonably requested by Seller. (2) TERMS: Buyers promissory note, deed of trust and other documents as appropriate shall incorporate and implement the fallowing additional terms: (i) the maximum interest rate specified in paragraph 3D shall be the actual fixed interest rate for Seller financing; n) deed of trust shall contain a REQUEST FOR NOTICE OF DEFAULT on senior loans; ruD Buyer shall sign and pay for a REQUEST FOR NOTICE OF DELINQUENCY prior to Close Of Escrow and at any future time ff requested by Seller, (Iv) note and deed of crust shall contain an acceleration clause making the loan due, when permitted by law and at Seller's option, upon the sale or transfer of the Property or any interest in it; (v) note shall contain a late charge of 6% of the installment due (or )) if the installment is not received within 10 days of the date due; (vi) title insurance coverage in the form of a joint protection policy shall be provided insuring Seller's deed of trust interest in the Property (any increased cost over owner's policy shall be Ipaid by Buyer);:and t(a 0) tax service:shall be obtained and paid for by Buyer to notify Seller if property taxes have not been paid. (3j) ADDED, I EL�ETED OR SUBSTITUTED BUYERS: The addition, deletion or substitution of any person or entity uaderthis Agreemerdmrtto title .ptiortto Close Of Escrow shall require Selier's written consent. Seller may grant or withhold consedtiin Selleft;sdtediscretion. /Any additional orsubstituted person or entity shall, if requested by Seller, submit to Seller theserne documentation as required for the original named Buyer. Seller and/or Brokers may obtain a credit report, at Buryeeft expense, :on any such person or entity. 6M. ASSUMED OR "`SUBJECT TO" FINANCING:1Selter rrepresents ithdt,Seller [is rrttbt 461inqucent con €any (payments (due on any loans. Seller shall, within ;the time specified in 1paragraoh ,49, [provide (tries (of ,<611 rapfllicatile incites ends (deeds (,ofitnust, Moan balances°and currerit1fiterest rates to Buyer. lBuWr;AMIi,then,Fas,4pe drinlparograph'194(3),iremoveithisrcoTffipgenciycor ;cancel this Agreement. Differences between -etfirnAted�and,,aittudllloanIbalanc 4hall[beiatm}ustett€d Close(OfMscrow(o cash down paymerit.lImpound arc unts, ff any, eshall[ fae, assignetifankiccthacgodi ,tol.Bayer<antic¢reef�tto;SdHer.,,SMIeriis afdviseii thdt Butrees assumption_of_an::-existingiloankmay;ndtruse',SiOlertfromlliebillty onGtWtP4Gan.ttf.tMsiis an assumption of a VAILoan, the°sale]is c odbngentr.upon:Seller,-being proVided,.aFrefeasecoflfiabffitya-and sul3dtit Wncbfc$lig bility,n.urilessrotherwiseE.agreedin .writing.: If ^the :-Property is ;acquired <<sub*ect oto Gan Ccexisting i loan, iBuyer rank! `=Setter :are advised to consult with legal counsel regarding the abilityrof-an-existinglenderto call;theioan+due, and: he consegwenees°thereof. Buyers Initial'; ( �) ( _ } Seller's Initials VLPA REVISED 12115 (PAGE 2 OF 11) VACANT LAND PURCHASE AGREEMENT (VLPA PAGE 2 OF 11) Produced with zipForrn& by zipl-cox 18070 Meen Mile Road. Fraser, Michigan 48026 wwwzh3Lmix.com 1094 N. h1oontsin Property Address _l1MMMtmwtiinWi@wAyerruer.5bnMwnwdkrep.aTA 92=1 Hate: MhraHQ3f.7DM 4. SALE OF BUYER'S PROPERTY: A. This Agreement and Buyer's ability to obtain financing are NOT contingent upon the sale of any property owned by Buyer. OR B. ❑ This Agreement and Buyer's ability to obtain financing are contingent upon the sale of property owned by Buyer as specified in the attached addendum (C.A.R. Form COP). 5. ❑ MANUFACTURED HOME PURCHASE: The purchase of the Property is contingent upon Buyer acquiring a personal property manufactured home to be placed on the Property after Close Of Escrow. Buyer. C has ❑ has not entered into a contract for the purchase of a personal property manufactured home. Within the time specified in paragraph 19, Buyer shall remove this contingency or cancel this Agreement, (orl- this contingency shall remain in effect until the Close Of Escrow of the Property), 6. L CONSTRUCTION LOAN FINANCING: The purchase of the Property is contingent upon Buyer obtaining a construction loan. A draw from the construction loan ❑ will ❑ will not be used to finance the Property. Within the time specified in paragraph 19, Buyer shall remove this contingency or cancel this Agreement (or ❑this contingency shall remain in effect until Close Of Escrow of the Property). 7. ADDENDA AND ADVISORIES: A. ADDENDA: Addendum # (C.ALR. Ferw.,ADM) ❑Back Up Offer Addendum (C.A.R. Form BUO) ❑ Court Confirmation Addendtumm ((C.A.R.. Fortnm CCA) Septic, Welhandl Property; Monument Addendum (C.A.R. Form_ _S�',CIPI) Short Sale Addendum (C.A.R. Form SSA) E. Other B. BUYER,AND SELLER ADVISORIES.: IX Buyees Inspection Advisiory (C.AR . Form BIA E Probate. AdWsory (C.AR_ Form PA)) ❑ Statewi'dia Buyer and Seffer Ad&W, (G.A.R. Form) SBSA) _ Trust Advisory (CAR. Foran, TA) REO Adlrisory (CAR- Form REO) Short Sale Information! and Advisory (C.A.R. Form SSIA) L Other - 8. OTHER TERMS: 9. ALLOCATION OF COSTS A. INSPECTIONS, REPORTS AND CERTIFICATES: Unless otherwise agreed, in writing, this paragraph only determines who is to pay for the inspection, test, certificate or service ("Report") mentioned; it does not determine who is to pay for any work recommended or identified in the Report. (1) ❑ Buyer Q Seller shall pay for a natural hazard zone disclosure report, including tax © environmental ❑ Other: prepared by *MyNHD $74.95 _ (2) 1 Buyer[ Seller shall pay for the following Report prepared (3) [jBuyer bSeller shall pay for the following Report prepared by B. ESCROW AND TITLE: (1) (a) IY:, Buyer F, Seller shall pay escrow fee EACH TO PAY THEIR OWN HALF (b) Escrow Holder shall be SELLERS CHOICE (c) The Parties shall, within 5 (or _) Days After receipt, sign and return Escrow Holder's general provisions. (2) (a) ❑ Buyer,[X Seller shall pay for owner% tMe insurance policy specified in paragraph 18E (b) Own, ees title policy to be issued by SELLERS CHOICE (Buyer shall pay for any title insurance policy insuring Buyer's lender, unless otherwise agreed an writing.) C. OTHER COSTS: (1) C1. Buyer k Seller shall pay County transfer tax ror fee (2) Buyer L Seller shall pay City transfer tax or fee (3) Li Buyer L Seller shall pay Homeowners' Association (("HOA") transfer fee (4) Seller.shall,pay HOA fees for preparing all .documents. required to be delivered by'Cixiil(Co de§4525. (5) BuyerftoySfor anyliilOA€oertification fee. Q(f) lf3Lyar tSellerrshdllpay lROAPfeesiferiprepartirg all documents other than those required by Civil Code §4525. Ql) li Byer=' Sellerqdtrallypgyfforaaylprtvalteitransferfee Q(tO I[Baysr ;Sellerthdlllpay for ((9)I[Byyer !i�eiler shallipayffor �1D.CCLfOSINGIAND6POOSSESSION:4Rossession-;hdlllbe delivered to Buyer: (1) at 6 PM°cx:(D AM/ -IPM) -onithe(datefdf5ose Of Escrow; (il) i `no4aten'than calendar relays after(Close Of Escrow; or (iii) -at AMI Lt,?M on The Property :shall be unoccupied, unless rdtherwise :agreed in writing. Seller shall provide keys andlor means tto Mperiate Ball 'Property locks. If Propetty is located inaecommon interest subdivision, Buyer maybe required to pay a depositl tfimMomeowners Association ("HOA") to obtain keys to accesslblelE(OA, ffadilities. 11. ITEMS INCLUDED IN AMD'EXCLUDEDTROM SALE: A. NOTE TO BUYER AND SELLER: items listed as included ..or °excluded lin ithe IMUS, flyers w or marketing materials are not included sn the;purchase price orcexcluded fromlthe sale: unless; specified'oin'TTB,-or_C. Buyer's Initials ( TH 1( ] Sellers Initials ( 1( r VLPA REVISED 12115 (PAGE 3 OF 11) 12t VACANT LAND PURCHASE AGREEMENT (VLPA PAGE 3 OF 11), Produced with zrpForrn® by zipLoga 18070 Fifteen Mae Road, Fraser, Midhigan 48026 www.zigLog6c.com 839 N. Aluuntam Property Address :832WMMhua#AiinVJbw4Men tw, rnwdk=.0 W 92=1 Date..NW&vffiZ9J;2W'86 B. ITEMS INCLUDED IN SALE: (1) All EXISTING fixtures and fittings that are attached to the Property; (2) The following items: (3) Seller represents that all items included in the purchase price, unless.otherwise specified, are owned by (4) All items included shall be transferred free of liens and without Seller warranty. C. ITEMS EXCLUDED FROM SALE: 12. STATUTORY AND OTHER DISCLOSURES AND CANCELLATION RIGHTS: A. NATURAL AND ENVIRONMENTAL HAZARD DISCLOSURES AND OTHER BOOKLETS: Within the time specified in paragraph 19A, Seller shall, if required by Law: (f) Deliver to Buyer earthquake guide(s) (and questionnaire), environmental hazards booklet; (11) disclose if the Property is located in a Special Flood Hazard Area; Potential Flooding (inundation) Area; Very High Fre Hazard Zone; State Fire Responsibility Area; Earthquake Fault Zone; and Seismic Hazard Zone; and (Iii) disclose any other zone as required by Law and provide any other information required for those zones. B. WITHHOLDING TAXES: Within the time specified in paragraph 19A, to avoid required withholding, Seiler shall Deliver to Buyer or qualified substitute, an affidavit sufficient to comply with federal (FIRPTA) and California withholding Law (C.A.R. Form AS or QS). C. MEGAN'S LAW DATABASE DISCLOSURE: Notice: Pursuant to Section 290.46 of the Penal Code, information about specified registered sex offenders is made available to the public via an Internet Web site maintained by the Department of Justice at www.meganslaw.ca.gov. Depending on an offender's criminal history, this information will include either the address at which the offender resides or the community of residence and ZIP Code in which he or she resides, (Neither Seller nor Brokers are required to check this website:. It Buyer wants; further information, Broker recommends that Buyer obtain information from this website during Buyer's inspection; wntih,gency/ penodL Brokers do) not have expertise in this area_) D. NOTICE REGARDING GAS AND HAZARDOUS LIQUID TRANSMISSION PIPELINES: This notice is being providedsimply to inform you that information about the general location of gas and hazardous liquid transmission pipelines is available to the public via the National Pipeline Mapping System (NPMS) Internet Web site maintained by the United States Department of Transpcdation at http:/1www.npms.phmsa.dot.gov1. To seek further information about possible transmission pipelines near the Property, you may contact your local gas utility or other pipeline operators in the area. Contact information for pipeline operators is searchable by ZIP Code and county on the NPMS Internet Web site. E. CONDOMINIUM/PLANNED DEVELOPMENT DISCLOSURES: (1) SELLER HAS: 7 (or _ ) Days After Acceptance to disclose to Buyer whether the Property is a condominium, or is located in a planned development or other common interest subdivision (C.A.R. Form VLQ). (2) If the Property is a condominium or is located in a planned development or other common interest subdivision, Seller has 3 (or _) Days After Acceptance to request from the HOA (C.A.R. Form .HOA1): (i) Copies of any documents required by Law; (11) disclosure of any pending or anticipated claim or litigation by or against the HOA; (III) a statement containing the location and number of designated parking and storage spaces; (iv) Copies of the most recent 12 months of HOA minutes for regular and special meetings; and (v) the names and contact information of all HOAs governing the Property (collectively, "Cl Disclosures"). Seller shall itemize and Deliver to Buyer all Cl Disclosures received from the HOA and any Cl Disclosures in Seller's possession. Buyer's approval of Cl Disclosures is a contingency of this Agreement as specified in paragraph 19B(3). The Party specified in paragraph 9, as directed by escrow, shall deposit funds into escrow or direct to HOA or management company to pay for any of the above. 13. SELLER DOCUMENTATION AND ADDITIONAL DISCLOSURE: A. Within the time specified in paragraph 19, if Seller has actual knowledge, Seller shall provide to Buyer, in writing, the following information: (1) LEGAL PROCEEDINGS: Any lawsuits by or against Seller, threatening or affecting the Property, including any lawsuits alleging a defect or deficiency in the Property or common areas, or any known notices of abatement or citations filed or issued against the Property. (2) AGRICULTURAL USE: Whether the Property is subject to restrictions for agricultural use pursuant to the Williamson Act (Government Code §§51200-51295). (3) DEED RESTRICTIONS: Any deed restrictions or obligations_ (4) FARM USE: Whether the Property is in, or adjacent to, an area with Right to Farm rights (Civil Code §3482.5 and §3482.65). (5) ENDANGERED SPECIES: Presents' of endangered, threatened, 'candidate'species, or wetlands on the Property. (6) ENVIRONMENTAL HAZARDS: Any. substances, materials, or products that may be an environmental hazard including, but not limited to, asbestos, formaldehyde, radon gas, 'lead-based paint, fuel or chemical storage tanks, and contaminated soil or water on the (Property. (7) COMMON WALLS: Any features of 4f m [Property shared in common with adjoining landowners, such as walls, fences, :roads, and driveways, and agriculture and domestic°cwells whose use or responsibility for maintenance may have an effect on the Property. (8) LANDLOCKED: The absence of legalrorlphysical access to the Property. (9) EASEMENTSIENCROACHMENT-S:Any encroactrments, easements or similar matters that may affect the Property. (10) SOIL FILL: Any fill (compacted or otherwise), or abandoned mining operations on the Property. (11) SOIL PROBLEMS:tAnyislippagfe, sliding, flooding, drainage, grading, or other soil problems. (12) EARTHQUAKE DAMAGE:fMojor damage to the Property or any of the structures from fire, earthquake, floods, or landslides. (13) ZONING ISSUES: Any zoning,tiiolations, non -conforming uses, or violations of setback" requirements. (14) NEIGHBORHOOD PROBLEM& Anymmghborhood noise problems, or other nuisances. B. RENTAL AND SERVICE AGREEMENTS: Within the time specified in paragraph 19, Seller shall make available to Buyer for inspection and review, all current leases, rental agreements, service contracts and other relates[ .agreements, licenses, and permits pertaining to the operatiomonuse�ofttheUProperty. C. [] TENANT`1�OPPELtCERTIFICATES: Within the time specified in paragraph 19, Seller shall deliver to Buyer tenant estoppel certificates (C.AIR.7-orm'711C) completed by 'Seiler or Seller's agent, andsignedby tenants, acknoMedgigg:((i)tthatstenants' rental or lease agreements are,unmodifiediand in full force and effect (or if modified, stating all such modifications);((H)Ahat no lessor defaults exist; and (iii) stating the amount of any prepaid: rentor security deposit. Buyer's Initials ( 71FJ ) ( _ 1 Seller's Initials VLPA REVISED 12115 (PAGE 4 OF 11) VACANT LAND PURCHASE AGREEMENT (VLPA PAGE 4 OF 11) Produced with ApForm@ by ApLogix 18070 Fifteen Mile Road, Fraser, Michigan 48025 wwwaoLogix tom 839 N. M ..txm Property Address: ' 'alftM&inW&wAVmnW.Sbni%WwdN=. WA 92"r Date:.AltrraWM.21111788 D. MELLO-ROOS TAX; 1915 BOND ACT: Within the time specified in paragraph 19, Sellershalk (f) makeagood faith effort tri obtain a-notioe; from any local agencies that levy a special tax or assessment on the Property (or, if allowed, substantially equivalent notice); ,pursuanGftb the Mello -Roos Community Facilities Act, and Improvement Bond Act of 1915, and (Ii) promptly deliver to Buyer, any such notice obtainedi E. SELLER VACANT LAND QUESTIONNAIRE: Seller shall, within the time specified in paragraph 19, complete -andprovift,Buyerwitha= Seller Vacant Land Questionnaire (C.A.R. Form VLQ). 14. SUBSEQUENT DISCLOSURES: In the event Seller, prior to Close Of Escrow, becomes aware of adverse conditions materia y,�affecti'ngr the Property, or any materiai inaccuracy in disclosures, information or representations previously provided to Buyer of which i Buyer r is otherwise unaware, Seller shall promptly provide a subsequent or amended disclosure or notice, in writing, coveringthose1tems. Hbwever4, a subsequent or amended disclosure shall not be required for conditions and materiail Inaccuracies disclosed in reporilb ordered and paid for by Buyer. 15. CHANGES DURING ESCROW: A. Prior to Close Of Escrow; Seller may engage in the following acts,, ("Proposed Changes'); subject taBuyer"§ rightm htparagraph � 15& % rent or lease any part of the premises; (ii) alter, modify or extend any existing rental or lease agreementt°(lii))enter into, alter,, modif4y,or extend any service contract(s) or (Iv) change the statusW the condition of the Property. B. At least 7 (or _) Days prior to any Proposed Changes, Seller shall give written notice to Buyer of sucK Proposed; (Changes, Within 5, (or _ ) Days After receipt of such notice, Buyer, in writing, may give Seller notice. of Buyer's objgictiont to, the. Proposed Chranges;, fti, which case Seiler shall not make the Proposed Changes. 16. CONDITION OF PROPERTY: Unless otherwise agreed in writing: (1) the Property is sold (a) "AS -IS" in its PRESENT physical condition as of the date of Acceptance and (b) subject to Buyer's Investigation rights; (ii) the Property, including pool(, spa;, landscaping and'' grounrds;, is, to be maintained in substantially the same condition as on the date of Acceptance; and (in). all. debris, and; pereonall property, not ihdijded�i in, the sale shall be removed by Close Of Escrow. A. Seiler shall, within the time specified in paragraph 19A, DISCLOSE KNOWN MATERIAL FACTS AND DEFECTS affecting the Property, including known insurance claims within the past five years, and make any and all other disclosures required by law. B. Buyer has the right to conduct Buyer Investigations of the property and, as specified in paragraph 199, based upon information discovered in time investigations: (i) cancel this Agreement; or (UH) request that Seiler make Repairs or take other action. C. Buyer is strongly advised to conduct investigations of the entire Property in order to determine its present condition. Seller may not be aware of all defects affecting the Property or other factors that Buyer considers important Property Improvements may not be built according to code, in compliance with current Law, or have had permits issued. 17. BUYER'S INVESTIGATION OF PROPERTY AND MATTERS AFFECTING PROPERTY: A. Buyer's acceptance of the condition of, and any Other matter affecting the Property, is a contingency of this Agreement as specified in this paragraph and paragraph 19B. Within the time specified in paragraph I9B(1), Buyer shall have the right, at Buyer's expense unless otherwise agreed, to conduct inspections, investigations, tests, surveys and other studies ("Buyer Investigations"), including, but not limited to, the right to: (i) inspect for lead-based paint and other lead-based paint hazards; (ii) inspect for wood destroying pests and organisms; (iii) review the registered sex offender database; (iv) confirm the insurability of Buyer and the Property; and (v) satisfy Buyer as to any matter specified in the attached Buyer's Inspection Advisory (C.A.R. Form BIA), Without Seller's prior written consent, Buyer shall neither make nor cause to be made: (i) invasive or destructive Buyer Investigations except for minimally invasive testing; or (ii) inspections by any governmental building or zoning inspector or government employee, unless required by Law. B. Seller shall make the Property available for all Buyer Investigations. Buyer shall (i) as specified in paragraph 19B, complete Buyer Investigations and, either remove the contingency or cancel this Agreement, and (ii) give Seller, at no cost, complete Copies of all Investigation reports obtained by Buyer, which obligation shall survive the termination of this Agreement. C. Buyer indemnity and Seller protection for entry upon property: Buyer shall: (I) keep the Property free and dear of liens; (ii) repair all damage arising from Buyer Investigations; and (ilii) indemnify and hold Seller harmless from all resulting liability, claims, demands, damages and costs of Buyer's Investigations. Buyer shall carry, or Buyer shall require anyone acting on Buyers behatf to cavy, policies of liability. workers' compensation and other applicable insurance, defending and protecting Seller from liability for any injuries to persons or property occurring during any Buyer investigations or work done on the Property at Buyer's direction prior to Close Of Escrow. Seller is advised that certain protections may be afforded Seller by regarding a "Notice of NonxesponsibilW (C.A.R. Form NNR) for Buyer Investigations and work done on the Property at Buyer's direction. Buyer's obligations under this paragraph shall survive the termination or cancellation of this Agreement and Close Of Escrow. D. BUYER IS STRONGLY ADVISED TO INVESTIGATE THE CONDITION AND SUITABILITY OF ALL ASPECTS OF THE (PROPERTY AND ALL MATTERS AFFECTING THE VALUE OR DESIRABILITY OF THE PROPERTY, INCLUDING BUT NOT LIMITED'TO,THE LITEMS SPECIFIED BELOW. IF BUYER DOES NOT EXERCISE THESE RiGHTS, BUYER IS ACTING AGAINST THE ADVICE OF BUYER UNDERSTANDS THAT ALTHOUGH CONDITIONS ARE OFTEN DIFFICULT TO LOCATE AND DISCOVER, JUL LPROPERTY CONTAINS CONDITIONS THAT ARE NOT READILY APPARENT AND THAT MAY AFFECT THE VALUE OR DESIRABILITY OF THE PROPERTY. BUYER AND SELLER ARE AWARE THAT BROKERS DO NOT GUARANTEE, AND iN 'NO ' WAY ASSUME 'RESPONSIBILITY FOR, THE 'CONDITION OF THE PROPERTY. BROKERS HAVE NOT AND iMLL :NOT VERIFYANY°,DF r sHE ITEMS IN THIS PARAGRAPH 17, UNLESS OTHERWISE AGREED IN WRITING, E. SIZE, LINES, ACCESS AND BOUNDARIES: Lot,size,1prgpetWIines,Jegal<or�physical;access+andlboundaties induding`fegtumscdffthe �Prgperty;4hared :in ,common withadjoining landowners, udh las �walts, 4encep, roads �anti(driveways, v)hose ruse (mr rresponsibilityi'for maintenance may have an effect on the Property and anycercroatthmerits,zeasernerts�or;similarimatWmtthat€may€ srtithelPrgpeity. :(Fences, hedges, ^ walls and other rnatunal or constructed Iberfiers (or rmadkers ado rndt inecessa iijy i ideritgy (true iPrppetty [baundaiies. ;Property'lines may be' verified by survey:) (Unless athmviise�:spadhediin Fwd bpg,rarlyrnurnedcEii staitemerltsfbylBrdlcersrr gardirigfteitsize are APPROXIMATIONS ONLY, which.have not been-aridiNillindtteEveiWiW, anti€shoL#diniltlberrMiedi Vonl-WBwjer�) F. ZONING AND LAND USE: Past, present, or proposed flaws, r:ordlinances, rrusferendums, iinitiatives, wwdtes, <appliwtions A3nd l.perrnits affetting;the currentusenf4the:Propetty,4future-development,-,aorairsg,l:bdddfaimg,:size, gavernrnentallpe €andi idions.fArlYpzoriirog violations, non coilfomiingauses,-ortvi6lationsfiof "setbadk egdmments..f(Bgyerthoihldcalso:dnvestigatem#hetherithrese,matters-dffect ,Buyers intended use.ofth6Propei.ty' ) G..UTILMES,AND�SERVICES:-Availability, costs, restr cfions.and,•tomtion Gf urtitities and services, including but not limited to, sewerage, sanitation, septic and leach lines, water, electricity, gas, telephone, cable TV and drainage. Buyer's Initials ( M I ( ] Sellers Initials ( l VLPA REVISED 12115 (PAGE 5 OF 11) 12r VACANT LAND PURCHASE AGREEMENT (VLPA PAGE 5 OF 11) Prcducod with ApFom@ by apLogiz 18070 F ifte n Mie Road. Fraser, Middgan 48026 mamma LoaiiLcom 839 N. hr"nahus Property Address: 92W Date: IR.vath2Zj.2my, H. ENVIRONMENTAL HAZARDS: Potential environmental hazards,. including, but not limited to, asbestos, lead-based paint and other lead contamination, radon, methane, other gases, fuel, oil or chemical storage tanks, contaminated soil or water, hazardous waste, waste disposal sites, electromagnetic fields, nuclear sources, and other substances, including mold (airborne, toxic or otherwise), fungus or similar contaminant, materials: products or conditions. I. GEOLOGIC CONDITIONS: Geologic/seismic conditions; soil and- terrain stability, suitability and drainage including any slippage, sliding, flooding, drainage, grading, Of (compacted or otherwise), or other soil problems. J. NATURAL HAZARD ZONE: Special Flood Hazard Areas, Potential Flooding (Inundation) Areas, Very High Fre Hazard Zones, State Fire Responsibility,Areas, Earthquake Fault Zones, Seismic Hazard Zones, or any other zone for which disclosure is required by Law. K. PROPERTY DAMAGE: Major damage to the Property or any of the. structures or non-structural systems and components and any personal property included in the sale from fire, earthquake, floods, landslides or other causes. L. NEIGHBORHOOD, AREA AND PROPERTY CONDITIONS: Neighborhood or area conditions, including Agricultural Use Restrictions pursuant to the Williamson Act (Government Code §§51200-51295), Right To Farm Laws (Civil Code §3482.5 and §3482.6),schools, proximity and adequacy of law enforcement, crime statistics; the proximity of registered felons or offenders, Bre protection, other government services, availability, adequacy and cost of any speed -wined, wireless Internet connections or other telecommunications or other technology services and installations, proximity to commercial, industrial or agricultural activities, existing and proposed transportation, construction and development that may affect noise, view, or traffic, airport noise, noise or odor from any source, abandoned mining operations on the Property, wild and domestic animals, other nuisances, hazards, or circumstances, protected species, wetland properties, botanical diseases, historic or other governmentally protected sites or improvements, cemeteries, facilities and condition of common areas of common interest subdivisions, and possible lack of compliance with any governing documents or Homeowners' Association requirements, conditions and influences of significance to certain cultures and/or religions, and personal needs, requirements and preferences of Buyer. M. COMMON INTEREST SUBDIVISIONS: OWNER ASSOCIATIONS: Facilities and condition of common areas (facilities such as pools, tennis courts, walkways, or other areas co -owned in undivided interest with others), Owners' Association that has any authority over the subject property, CC&Rs, or other deed restrictions or obligations, and possible lack of compliance with any Owners' Association requirements. N. SPECIAL TAX: Any local agencies that levy a special tax on the Property pursuant to the Mello -Roos Community Facilities Act or Improvement Bond Act of 1915. O. RENTAL PROPERTY RESTRICTIONS: Some cities and counties .impose restrictions that limit the amount of rent that can be charged, the maximum number of occupants and the right of a landlord to terminate a tenancy. P. MANUFACTURED HOME PLACEMENT: Conditions that may affect the ability to place and use a manufactured home on the Property. 18. TITLE AND VESTING: A. Within the time specified in paragraph 19, Buyer shall be provided a current preliminary title report ("Preliminary Report"). The Preliminary Report is only an offer by the title insurer to issue a policy of title insurance and may not contain every item affecting title. Buyer's review of the Preliminary Report and any other matters which may affect title are a contingency of this Agreement as specified in paragraph 19B. The company providing the Preliminary Report shall, prior to issuing a Preliminary Report, conduct a search of the General Index for all Sellers except banks or other institutional lenders selling properties they acquired through foreclosure (REOs), corporations, and government entities. Seller shall within 7 Days After Acceptance, give Escrow Holder a completed Statement of Information. B. Title is taken in its present condition subject to all encumbrances, easements, covenants, conditions, restrictions, rights and other matters, whether of record or not, as of the date of Acceptance except for: (i) monetary liens of record (which Seller is obligated to pay off) unless Buyer is assuming those obligations or taking the Property subject to those obligations; and (ii) those matters which Seller has agreed to remove in writing. C. Within the time specified in paragraph 19A, Seller has a duty to disclose to Buyer all matters known to Seller affecting title, whether of record or not. D. At Close Of Escrow, Buyer shall receive a grant deed conveying title (or, for stock cooperative or long-term Lease, an assignment of stock certificate or of Sellers leasehold interest), including oil, mineral and water rights if currently owned by Seller_ Title shall vest as designated in Buyer's supplemental escrow instructions. THE MANNER OF TAKING TITLE MAY HAVE SIGNIFICANT LEGAL AND TAX CONSEQUENCES. CONSULT AN APPROPRIATE PROFESSIONAL. E. Buyer shall receive a "CLTA/ALTA Homeowner's Policy of Title Insurance"„ iif applicable to the type of property and :buyer. A title company, at Buyer's request, can provide information about the availability, desirability, coverage, and cost of various Me (insurance coverages and endorsements. Iff Buyer desires title coverage other than that required by this paragraph, Buyer shall iinstruct (Escrow Holder in writing and shall paymnydricrease in cost. 11 TIME PERIODS; REMOVAL OF CONTINGENCIES; CANCELLATION RIGHTS: The hollowing time periods may only be extended, altered, modified or changed by mutual wr-roan agreement. Any removal of contingencies or cancellation under this paragraph by either Buyer or Seller must be exercised1n.good faith and in writingc(C.A:R. Form CR or CC). A. SELLER HAS: 7 (or ) Days After Acceptance to Deliver to Bayer all :Reports, disclosures and information for which 'Seller is .responsible under paragraphs 3M, 7A, 8,-9, 12A, B, and E,13. 16A and 18A. Buyer after first sDelivering to Seller a _Notice to SdIlertto Perform'(C.A.R.'Form NSP) may cancel -this Agreement if.Seller has not Delivered the'ttems within "the time specified. B. (1) BUYER HAS: 17 (or__) Days After;Acceptance, unless otherwise agreed iwwriting, to: '(l) -complete all Buyer Investigations; review all disclosures, reports, and -other applicable information,°which Buyer rewivesffrom `Stiller; and approve sll matters -affecting'the (Property; -and (ii) Deliver to Seller Signed Cooies of Statutory Disclosures amici rather disclosures=Delivered bySellerinaccordance with,, paragraph 42A. (2) ",Within the ,time specified in paragraph '19B(1), Buyer may request-that'Selier: rrrake, repairs -or take any, otheuaetion.regardingtthe Property;.(C.A.R. Forrn RR). Sallerhasno obligation"to:agree4o orrespond::to',(C A.R. Form RRRR) Buyers requests. (3) E3y:the end.:of:the time spedfied'inyparagraph;19B(1),-(or-as�.®thervAse-specified,intlas Agreement),;Buyer shall dlivei:Ao`Sefleva removal of the; applir tiie wrftingeneyaor:cancellation; (CAR. Form CR; or."Csvyrdf tliis,`Agreemer9t.; hJowever,elf=any report, disclosure or information'fnr•.which se7legis. responsible is7notD6]ivered.;viiithin.the'time:specifiedi.in paragraph '19A, then Buyer -has 5 (or _ ) Days `After Detivery.of any:such'items,, or: the: time specifiied, tin, paragraph 19B(1), whichever is later, to Deliver to�Seller a removal of the applicable contingency or cancellation of this Agreement. Buyer's Initials ( _7T1 ( f Seller's Initials ( _J( S VLPA REVISED 12115 (PAGE 6 OF 11): �. VACANT LAND PURCHASE AGREEMENT (VLPA PAGE 6 OF 11) Produced with ApForff O by apLogix 18070 FiReen We Road, Fraser, Michigan 48026 wwwanLoaix.com 939 N. hl—Li. Property Address±,.83=WM/nurtAMnVNwA Vmmk- S%9rffirmsrdW%,=A SOW; Date_:MkcMM.2WW (4) Continuation of Contingency: Even after the,end of the time specified in paragraph 19B(1) and befbre:Se ller cancels, ifiatiall,l, pursuant to paragraph 19C, Buyer retains the right, in writing, to either (i) remove remaining contingencies, or (ii) cancel) this Agreement based on a remaining contingency. Once Buyer's written removal of atl contingencies is Delivered to Seiler, Seller, may not cancel this Agreement pursuant to paragraph 19C(1). C. SELLER RIGHT TO CANCEL: (1) Seller right to Cancel; Buyer Contingencies: If, by the time specified in this Agreement, Buyers does note Deliver to Seller a removal of the applicable contingency or cancellation of this Agreement, then Seller, after first Delivering to �BuW a<Nbticeao) Buyerr to Perform (C.A.R. Form NBP), may cancel this Agreement. in such event, Seller shall authorize the retumiofBuyer% deposits except for fees incurred by Buyer. (2) Seller right to Cancel; Buyer Contract Obligations: Seiler, after first delivering to Buyer a NBP, may, cancel I this, Agreement ifs by, the time specified'in this Agreement, Buyer does not take the following action(s): (I) Deposit funds as, regviied' by,paragraphi3A,or 3S or if the .funds -deposited pursuant to paragraph 3A or 313 are not good when deposited; (11) Deliver a notice: of FHA or VA costs or terms as required by paragraph 3D(3) (C.A.R. Foran FVA); (iii) Deliver a letter as required by paragraphs 3J(I); (iv) Deliver verification as required by paragraph 3C or 3H or if Seller reasonably disapproves of the verification provided by, paragraphs 3C or 31-1; (v) Return Statutory Disclosures as required by paragraph 12A; or (vi) Sign or initial a separate liquidated±dsmages form: for an, increased deposit as required by paragraphs 3B and 27B; or (vii) Provide evidence of authority to sign in a representative capacity as specified in paragraph 19. In such event, Seller shall authorize the return of Buyer's deposit, except for fees incurred by Buyer. D. NOTICE TO BUYER OR SELLER TO PERFORM: The NBP or NSA shall: (i) be in writing; (ii) be signed by the applicable Buyer or Seller; and (iii) give the other Party at least 2(or _) Days After Delivery (or until the time specified in the applicable paragraph,. whichever occurs last) to take the applicable action. A NBP or NSP may not be Delivered any earlier than 2 Days Prior to the expiiratlon of the applicable time for the other Party to remove a contingency or cancel this Agreement or meet an obligation specified in paragraph 19. E. EFFECT OF BUYER'S REMOVAL OF CONTINGENCIES: If Buyer removes, in writing, any contingency or cancellation rights, unless otherwise specified in writing, Buyer shall conclusively be deemed to have: (i) completed all Buyer investigations, and review of reports and other applicable information and disclosures pertaining to that contingency or cancellation right; (ij elected to proceed with the transaction; and (iii) assumed all liability, responsibility and expense for Repairs or corrections pertaining to that contingency or cancellation right, or for the inability to obtain. financing. F. CLOSE OF ESCROW: Before Buyer or Seller may cancel this Agreement for failure of the other Party to dose escrow pursuant to this Agreement, Buyer or Seller must first Deliver to the other Party a demand to dose escrow (C.A.R. Form DCE). The DCE shall: (i) be signed by the applicable Buyer or Seller; and (ii) give the other Party at least 3 (or ) Days After Delivery to dose escrow. A DCE may not be Delivered any earlier than 3 Days Prior to the scheduled dose of escrow. G. EFFECT OF CANCELLATION ON DEPOSITS: if Buyer or Seller gives written notice of cancellation pursuant to rights duly exercised under the terms of this Agreement, the Parties agree to Sign mutual instructions to cancel the sale and escrow and release deposits, if any, to the party entitled to the funds, less fees and costs incurred by that party. Fees and costs may be payable to service providers and vendors for services and products provided during escrow. Except as specified below, release of funds will require mutual Signed release instructions from the Parties, judicial decision or arbitration award. If either Party fails to execute mutual instructions to cancel escrow, one Party may make a written demand to Escrow Holder for the deposit (C.A.R. Form BDRD or SDRD). Escrow Holder, upon receipt, shall promptly deliver notice of the demand to the other Party. If, within 10 Days After Escrow Holder's notice, the other Party does not object to the demand, Escrow Holder shall disburse the deposit to the Party making the demand. If Escrow Holder complies with the preceding process, each Party shall be deemed to have released Escrow Holder from any and all claims or liability related to the disbursal of the deposit Escrow Holder, at its discretion, may nonetheless require mutual cancellation instructions. A Party may be subject to a civil penalty of up to $1,000 for refusal to sign cancellation instructions if no good faith dispute exists as to who is entitled to the deposited funds (Civil Code §1057.3). 20. REPAIRS: Repairs shall be completed prior to final verification of condition unless otherwise agreed in writing. Repairs to be performed at Seller's expense may be performed by Seller or through others, provided that the work complies with applicable Law, including governmental permit, inspection and approval requirements_ Repairs shall be performed in a good, skillful manner with imaterials of quality and appearance comparable to existing materials. It is understood that exact restoration of appearance or Cosmetic litems fallowing <all Repairs may not be possible. Seller shall: (i) obtain invoices and paid receipts for Repairs performed by others; {(i;) (prepare a written statement indicating the Repairs performed by Seiler and the date of such Repairs; and CHI) provide Copies of invoices and paid receipts and statements to Buyer prior to final verification of condition. 21. FINAL VERIFICATION OF CONDITION: Buyer shall have the right to make a final verification of the Property within 5 (or _) Days Pr ar to Close Of Escrow, NOT AS A CONTINGENCY OF THE SALE, but solely to confirm: (1) the Property is maintained pursuant to paragraph 16; (tt) Repairs have been completed as agreed; and (iii) Seller has compiled with Seller's other obligations under this Agreement (C.A.R. Form VP). 22. ENVIRONMENTAL HAZARD CONSULTATION: Buyer <and Iedler mitknowleoge: (()) IPederdl, state, rand ilofaai Itegittation impose kabiftyy upon existing and former owners and users of real property, in <gPplicable situations, for ccertain legislatively (defined, renvironmenta llly hazardous substances; (il) Broker(s) haslhavemade noiriRpresertMUon(eoncomingrthe€Epolicstiility of any such Lawtto4his€transactiomor4o Buyer or to Seller, except as otherwiseindicated '.in (this /Agreement; ((iii) lBrbki#(s) (hasfhave invade no rppreserftstion cc encemin(the existence, testing, discovery, location and evaluation(dfffor,�andifi#halposedfby,cenvirrmmerittil)yIhazardous csubstance%#arly,JocEited( on or potentially affecting the Property; :and(iv) Buyer and:Sdter�.areceadh adVisedf occonsuft�withLtedhriicbl<_and legalcexperts'coneeniiniglthe existence,'testing, disr.overy,'location and -evaivationedfffor, and risks posed by, environmentally hazardous substances, iirany, lhwdtod(.on .or potentially affecting the Property. 23.:PRORATIONS ,OF PROPERTY TAXES AND :OTHER ITEMS: Unless otherwise agreed in writing, the fasllowing iiiems shall Ibe PAiD CURRENT and prorated between Buyer and Seller as of Close Of Escrow: real property taxes and., assessments, i interest, i reitts, HOA regular, special, and emergency dues and assessments imposed prior to Close Of Escrow, premiums con insurance assumed by Buyer, payments on bonds and assessments assumed by Buyer, and payments on Mello -Roos and other , Spedsl Assessment Buyer's Initials ( M i ( ] Seller's Initials ( ) ( ) C VLPA REVISED 12115 (PAGE 7 OF 11) TM VACANT LAND PURCHASE AGREEMENT (VLPA PAGE 7 OF 11) Produced with ApFmnO by apl- g 18070 Fifteen Mie Road, Fraser, Michigan 48026 wwwzpLogix.00m 839 N. Moxnt.;n Property Address :MSNNMbeurtaiinW&wA4t rommi .3krfir .=A 923111M _ Date: Mhrcdr2!"j-200 District bonds and assessments that are now alien. The following items shall I be, assumed> by/ Buyer r WITHOUT CREDIT towards the. purchase price: prorated payments on Mello -Roos and other Special Assessment( District bonds, andl assessments and; HOA,, special) assessments that are now a lien but not yet due. Property will be reassessed uponichange ofownershipa Any, supplemental tax bilHsshailll be paid as follows: (1) for periods. after Close Of Escrow, by Buyer; and (ii) for periods,priorrto> Close OF Esarowj. byr Sellerr ($ae; C.A.f Form SPT or SBSA for further information). TAX BILLS ISSUED AFTER CLOSE OF ESCROWr S44ALL- BE HANDLED) DIRECTLY' BETWEEN BUYER AND SELLER. Prorations shall be made based on a 30 -day month. 24. BROKERS: A. COMPENSATION: Seller or Buyer, or both,, as applicable,_ agrees to pay compensation tb, Broker as. specified>` iii a separate writt6n) agreement between Broker and that Seller or Buyer. Compensation is payable upon Close, Of Escrow;, or if escrow, does not dose; as otherwise specified in the agreement between Broker and that'Seller or Buyer. B. SCOPE OF DUTY: Buyer and Seller acknowledge and agree that Broker. (1)) (Does not decide, what pride Buyer shou4 spay, or Seller should accept (ii) Does not guarantee the condition of the Properly; (III)) Does not guarantee: the performance;, adequacy or completeness of inspections, services, products or repair; provided or made by;, Seiler or others;; (¢4.)) Does not have:an[ obilgatlon fru, conduct an inspection of common areas or areas off the site of the,Property; (v)1 Shaill ootbe,responsibitasftr identifying, defects. on,tiie Property, in common areas, or offsite unless such defects are visually observable by an inspection, of reasonably accessible areas, of the. Property or are known to Broker, (vi) Shall not be responsible for inspecting public records, or permits-, concerning; the title: or 'use; of Property; (vii) Shall not be responsible for identifying the location of boundary lines or other items affecting title;< (rfli); -Sheep not be responsible for verifying square footage, representations of others or information contained] ins Investigation repo, Mlultipl`e, ildsting; Service, advertisements, flyers or other promotional material; (ix) Shall not be responsiblefordetermining the fair market valUue of the. Property or any personal property included in the sale; (x) Shall not be responsible for providing; legal or tax advice regarding any aspect of a transaction entered into by Buyer or Seller, and (xi) Shall not be responsible for providing other advice or infornati'on that exceeds the knowledge, education and experience required to) perform real) estate licensed activity: Buyer and] Seller agree to seek legal, tax, insurance, title and other desired assistance from appropriate professlona'is. 25. REPRESENTATIVE CAPACITY: If one or more Parties is signing the Agreement in a representative capacity and not for hirnfherself as an individual then that Party shall so indicate in paragraph 37 or 38 and attach a Representative Capacity Signature Addendum (CA.R. Form RCSD). Wherever the signature or initials of the representative identified in the RCSD appear on the Agreement or any related documents, it shall be deemed to be in a representative capacity for the entity described and not in an individual capacity, unless otherwise indicated. The Party acting in a representative capacity (i) represents that the entity for which that party is acting already exists and (ii) shall Deliver to the other Party and Escrow Holder, within 3 Days After Acceptance, evidence of authority to act in that capacity (such as but not limited to: applicable portion of the trust or Certification Of Trust (Probate Code §18100.5), letters testamentary, court order, power of attorney, corporate resolution, or formation documents of the business entity). 26. JOINT ESCROW INSTRUCTIONS TO ESCROW HOLDER: A. The following paragraphs, or applicable portions thereof, of this Agreement constitute the joint escrow instructions of Buyer and Seller to Escrow Holder, which Escrow Holder is to use along with any related counter offers and addenda, and any additional mutual instructions to close the escrow: paragraphs 1, 3, 48, 5, 6, 7A, 8, 9, 12B, 18, 19G, 23, 24A, 25, 26, 32, 35, 36, 37, 38 and paragraph D of the section titled Real Estate Brokers on page 11. If a Copy of the separate compensation agreement(s) provided for in paragraph 24A, or paragraph D of the section titled Real Estate Brokers on page 10 is deposited with Escrow Holder by Broker, Escrow Holder shall accept such agreement(s) and pay out from Buyer's or Seller's funds, or both, as applicable, the Broker's compensation provided for in such agreement(s). The terms and conditions of this Agreement not set forth in the specified paragraphs are additional matters for the information of Escrow Holder, but about which Escrow Holder need not be concerned. Buyer and Seller will receive Escrow Holder's general provisions, if any, directly from Escrow Holder and will execute such provisions within the time specified in paragraph 9%1)(c). To the extent the general provisions are inconsistent or conflict with this Agreement, the general provisions will control as to the duties and obligations of Escrow Holder only. Buyer and Seiler will execute additional instructions, documents and forms provided by Escrow Holder that are reasonably necessary to close the escrow and, as directed by Escrow Holder, within 3 (or _) Days, shall pay to Escrow holder or HDA or HOA management company oT others any fee required by paragraphs 9, 12 or elsewhere in this Agreement. B. A Copy of this Agreement including any counter offer(s) and addenda shall be delivered to Escrow Holder within 3 Days After Acceptance (or ). Buyer;and •Seller authorize Escrow Holder to accept and rely on Copies and Signatures as defined in this Agreement as originals., to open escrow •and .for either purposes of escrow. The validity of ttiis Agreement as between Buyer and Seller is not affected by vuhether,or when Escrow Holder Signs this Agreement. Escrow Holder shall provide Seller's Statement of Information to Title company when received from Seller.. If-Sellerrdelivers an affidavit to Escrow Holder to:satisfy Seller's FIRPTA obligation under paragraph 12B, Escrow Holder shall deliver to Buyer a Qualified Substtute statement,thatscompilies with federal law. C. Brokers am a ipaFiyy to the ,escrow ffnr dhe :sole purpose of ;compensation pursuant `to Paragraph 24A and paragraph D of the section titled Real Esb to Brokers mn page 11. Buyer and Seller irrevocably assign to Brokers compensation:specified °in paragraph 24A, and irrevocably instruct Escrow :+iotder`to disburse those funds to, Brokers at Close Of Escrow or pursuant to any other mutually executed cancellation agreement. Compensation instructions can be amended or revoked only with :the ;written .consent of Brokers. Buyer and Seller shall release and ihdId lharmtess Escrow Holder from any liability iresutting from Escrow Hotder's paymsuit :m Bn*er(s) of compensation pursuaiitttotthisiAgreement. M. Ajpon receipt, EscrowMoldevshall provide Seller and Seller's Broker verification of Buyet's:deposit:of funds>pursuant to;paragraph"3A sand 3BAGrice EscrowlHoider becomes aware of any.of the following, Escrow Holder,shall immediately notify all Brokers: (i)"if Buyers iriitialcoranyadditionaladepositiisinot made pursuant to this Agreement, oris:not„good at time of deposit4ith Escrow%older; or (11) ff [Buyer ando Seeller instruct Escrow Holder to cancel escrow. EE. 'A'Copy of any amendment tthat affects -any paragraph �df,this �A-greement rfor which Escrow bolder ois responsible shall be delivered to ,Escrow Nolder:within 3 Days=after mutualrexecdbon,ofithe amendment. Buyer's Initials ( �I ) ( _ r Seller's Initials ( I ( ) VLPA REVISED 12115 (PAGE 8 OF 11) VACANT LAND PURCHASE AGREEMENT (VLPA PAGE 8 OF 11) Produced with zipFomkO by zipLogix 18070 Fifteen We Road, Fraser, A W09an 48026 339 N. AfoaaWk Property Address:.8wisw44 mmft;.rWdkXp'CrA Date. A"n)M231,207& 27. REMEDIES FOR BUYER'S BREACH OF CONTRACT: A. Any clause added by the Parties specifying a remedy (such as release arforfeiture of deposit"making� depositsnon,� refundable) for failure of Buyer to completethe purchaseinviolation of,this Agreement shall Ibe deemed>`lhvalid unless the clause independently satisfies the statutory liquidated damages requirements set forth in the Civil Code. B. LIQUIDATED DAMAGES: If Buyerflaiis to complete this purchase because of Buyer's default, Seller shall retain, as liquidated damages,.the deposit actually paid. Buyer and Seller agree that this amount is a reasonable sum given that it is impracticallor extremely difficult to establish the amount of damages that would actually be suffered by Seilbrrihithe event Buyer were to breach, this Agreement. Release of funds will require mutual, Signed release instructions from both Buyer and Seiler, judicial decision or arbitration award. AT TIME OF ANY INCREASED DEPOSIT BUYER AND SELLER SHALL S1GNA SEPARATE LIQUIDATED DAMAGES PROVISION INCORPORATING THE INCREASED DEPOSITAS LIQUIDATED DAMAGES (C.A.R.FORM RID). Buyer's initials TH ! Seller's Initials_ I 28. DISPUTE RESOLUTION: A. MEDIATION: The Parties agree to mediate any dispute or claim arising between them out of this Agreement, or any resulting transaction, before resorting to arbitration or court action through the C.A.R. Consumer Mediation Center (www. consumermediation.org) or through any other mediation provider or service mutually agreed to by the Parties. The Parties also agree to mediate any disputes or claims with Broker(s), who, in writing, agree to such mediation prior to, or within a reasonable time after, the dispute or claim is presented to the Broker. Mediation fees, if any, shall be divided equally among the Parties involved. If, for any dispute or claim to which this paragraph applies, any Party (i) commences an action without first attempting to resolve the matter through mediation, or (ii) before commencement of an action, refuses to mediate after a request has been made, then that Party shall not be entitled to recover attorney fees, even if they would otherwise be,, available to that Party in any such action_ THIS MEDIATION PROVISION APPLIES WHETHER OR NOT THE ARBITRATION PROVISION IS INITIALED. Exclusions from this mediation agreement are specified in paragraph 28C. B. ARBITRATION OF DISPUTES: The Parties agree that any dispute or claim in Law or equity arising between them out of this Agreement or any resulting transaction, which is .not settled through mediation, shall be decided by neutral, binding arbitration. The Parties also agree to arbitrate any disputes or claims with Broker(s), who, in writing, agree to such arbitration prior to, or within a reasonable time after, the dispute or claim is presented to the Broker. The arbitrator shall be a retired judge or justice, or an attorney with at least 5 years of transactional real estate Law experience, unless the parties mutually agree to a different arbitrator. The Parties shall have the right to discovery in accordance with Code of Civil Procedure §1283.05. In all other respects, the arbitration shall be conducted in accordance with Title 9 of Part 3 of the Code of Civil Procedure. Judgment upon the award of the arbitrator(s) may be entered into any court having jurisdiction. Enforcement of this agreement to arbitrate shall be governed by the Federal Arbitration Act. Exclusions from this arbitration agreement are specified in paragraph 28C. "NOTICE: BY INITIALING IN THE SPACE BELOW YOU ARE AGREEING TO HAVE ANY DISPUTE ARISING OUT OF THE MATTERS INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION DECIDED BY NEUTRAL ARBITRATION AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING UP ANY RIGHTS YOU MIGHT POSSESS TO HAVE THE DISPUTE LITIGATED IN A COURT OR JURY TRIAL. BY INITIALING IN THE SPACE BELOW YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS THOSE RIGHTS ARE SPECIFICALLY INCLUDED iN THE 'ARBITRATION OF DISPUTES' PROVISION. IF YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE COMPELLED TO ARBITRATE UNDER THE AUTHORITY OF THE CALIFORNIA CODE OF CIVIL PROCEDURE. YOUR AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY." "WE HAVE READ /AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT OF THE MATTERS INCLUDED IN THE'ARBITRATION OF DISPUTES' PROVISION TO NEUTRAL ARBITRATION." Buyer's !initials M / Seller's Initials C. ADDITIONAL MEDIATION AND ARBITRATION TERMS: (1) EXCLUSIONS: The following matters are excluded from mediation and arbitration: (i) a judicial or nonyudiciall foreclosure or other action or proceeding to enforce a deed of trust, mortgage or installment land sale contract as defined in Civil Zzde J2985; (ii) an unlawful detainer action; and (ill) any matter that is within #* jurisdiction of a probate, small illeims or bankruptcy court. (2) PRESERVATION ODF ACTiONS: The following shall not constitute a waiver nor violation of the'mediation and arbitration provisions: (1) the filing of a court action to preserve a statute of limitations; (ii) the filing of a court action to enable the recording of a notice of pending action, for order of attachment, receivership, injunction,tor other provisional remedies; or (iii) the filing of aimechanid!sllien. (3) BROKERS: -Brokers >shall not'be obligated nor€cornpeited'Ltoi mediate ]Or arbitr#tecunlessAhey gree to do sooin writing. Any Broker(s) participating in mediation or arbitration shall not be deemed a party to theiAgrsement. 29. SELECTION i ^ FTIERViCE PROVIDERS: Brokers do, not guarantee the performance of any vendors, service orproductiproviders �(""Prowl[tern'%) whdtherrre€erredlbyIiBroie;r or selectedlby�Buyer, Seller or other person. Buyer and Seller may seiect"ANYWraviders aofitheirrovmi thaorang. 30 FMUL27[IPLELISTINGIISERViCE?(`,,MLS'T) 'Brokers, are, allthorizedAo°report to the6MLS,a pending -sale, -and, upon Close:Of Escrow, the sales price and other terms: of this transaction shall be, provided to.the MLS1& be published and disseminated to, persons and entities-authorized.to use the information on terms approved by the MLS. Buyer's Initials ( ITI ) ( 1 Seller's Initials ( ,I VLPA REVISED 12115 (PAGE 9 OF 11) 112t VACANT LAND PURCHASE AGREEMENT (VLPA PAGE 9 OF 11) Produced with ApForm® by apl ogix 18070 Fd1een Mae Road, Fraser, Michigan 48026 wwwainLooix.com 939 N. Mountain Property Address :8Kl fM0uu►feNnWlbwA4nemw, ,(WA 9001 _ Datw. MOireft427112MM 31. ATTORNEY FEES: In any action, proceeding, or arbitration between Buyer and Seller arising out of this Agreement; thwprevailing> Buyer. or Seller shall be entitled to reasonable attorneys fees and costs from the non-prevairing,Buyer or Seller, exceptias. providbd% in paragraph 28A. 32. ASSIGNMENT. Buyer shall not assign all or any part of Buyer's interest in this Agreement without first'having obtained the written consent of Seller. Such consent shall not be unreasonably, withheld unless otherwise agreed in writing. Any total or partiati assignment shall1not9 relieve Buyer of Buyers obligations pursuant to this Agreement unless otherwise agreed in writing by SeW((C A.R:.Forrn AOAA). 33. EQUAL HOUSING OPPORTUNITY: The Property is sold in compliance with federal, state and local anti -discrimination Laws. 34. TERMS AND CONDITIONS OF OFFER: This is an offer to purchase, the Property on the above terms, and conditions. The liquidated damages paragraph or the arbitration of disputes paragraph is incorporated in this Agreement if initialed by aWParties,or if incorporated by mutual agreement in a counteroffer or addendum. If at least one but not ail Panties initial, & counter offer is, required until agreement is reached. Seller has the right to continue to offer the Property for sale and to accept any, other offer at any time prior to notification of Acceptance. Buyer has read and acknowledges receipt of a Copy of the offer and agrees, to the confirmation of agency relationships. If this offer is accepted, and. Butter subsequently defaults, Buyer mayJ be,, responsible for payment of Brokers' compensation. This Agreement and any supplement, addendum or modification, including) any Copy;, may be Signed in two or more counterparts, all of which shall constitute one and the same writing. 35. TIME OF ESSENCE; ENTIRE CONTRACT; CHANGES: Time is of the essence. All understandings between, the Parties are incorporated in this Agreement. Its terms are intended by the Parties as a final, complete and exclusive expression of their Agreement with respect to its subject matter, and may not be contradicted by evidence of any prior agreement or contemporaneous orat agreement. If any provision of this Agreement is heli] to) be ineffective or invalids. the remaining provisions will nevertheless be given full force and effect. Except as otherwise specifiledi,, thin Agreement shalll be interpreted and disputes shall be resolved in accordance wth the Laws of the State of California. N'eWwr this Agreement rwr any provision in it may be extended, amended, modified, altered or changed, except in writing Signed by Buyer and Seger. 35. DEFINITIONS: As used in this Agreement: A. "Acceptance" means the time the offer or final counter offer is accepted in writing by a Party and is delivered to and personally received by the other Party or that Party's authorized agent in accordance with the terms of this offer or a final counter offer. B. "Agreement' means this document and any counter offers and any incorporated addenda, collectively forming the binding agreement between the Parties. Addenda are incorporated only when Signed by all Parties. C. "CAR. Form" means the most current version of the specific form referenced or another comparable form agreed to by the parties. D. "Close Of Escrow" means the date the grant deed, or other evidence of transfer of title, is recorded. E. "Copy" means copy by any means including photocopy, NCR, facsimile and electronic. F. "Days" means calendar days. However, after Acceptance, the last Day for performance of any act required by this Agreement (including Close Of Escrow) shall not include any Saturday, Sunday, or legal holiday and shall instead be the next Day. G. "Days After" means the specified number of calendar days after the occurrence of the event specified, not counting the calendar date on which the specified event occurs, and ending at 11:59 PM on the final day. H. "Days Prior" means the specified number of calendar days before the occurrence of the event specified, not counting the calendar date on which the specified event is scheduled to occur. 1. "Deliver", "Delivered" or "Delivery", unless otherwise specified in writing, means and shall be effective upon: personal receipt by Buyer or Seller or the individual Real Estate Licensee for that principal as specified in the section titled Real Estate Brokers on pagel 1, regardless of the method used (i.e., messenger, mail, email, fax, other). J. "Electronic Copy" or "Electronic Signature" means, as applicable, an electronic copy or signature complying with Califomia Law. Buyer and Seller agree that electronic means will not be used by either Party to modify or alter the content or integrity of this Agreement without the knowledge and consent of the other Party. K. "Law" means any law, code, statute, ordinance, regulation, rule or order, which is adopted by a controlling city, county, state or federal legislative, judicial or executive body or agency. L. `Repairs" means any repairs (including pest control), alterations, replacements, modifications or retrofitting of the Property provided for under this Agreement. M. "Signed" means either a handwritten or electronic signature on an original document, Copy or any counterpart. 37. EXPIRATION OF OFFER. This offer shall be deemed revoked and the deposit, if any, shall be returned to Brayer unless ithe cofferiis Signed by Seller and a Copy of the Signed offer is personally received by Buyer, or by who is authorized to receive it, by 5:00 PM on the third Day after this offer is signed by Buyer ((or ft AM/ I!PM, on (date)). C One or more Buyers is signing the Agreement in a representative capacity and not for himlherselfas aniindividual. See attached Representative Capacity Signature Disclosure (C.A.R. Form RCSD-B) for additional terms. Date °'p°Q0's' " BUYER Jumping Frog Snvestmen4 LLC (Print name) 11[m i�glFir lfr�a�hr _ MC Date BUYER (Print name) [: Additional Signature Addendum attached (CAA:f. JForm�ASA). Buyers Initials ( r]�I Y ( ) Seller's Initials ( _ ) ( VLPA REVISED 12115 (PAGE 10 OF 11) VACANT LAND PURCHASE AGREEMENT (VLPA PAGE 10 OF 11) Produced with ApForrrO by zlpL.ogix 18070 Mean Mie Road, Fraser, Michigan 40026 www.anLoaix.cem 939 Y. hfountam Property Address: 85391WMftwda inWeswAUsm -. .CUA %=I _ Datb Wa'oft►2211.2i 17ffi 38. ACCEPTANCE OF OFFER: Seller warrants that Seller. is the -owner ofthe:Prope , or has ,the.authority to)executeithis Agreement. Seller accepts the above offer and agrees to sell the Property on the above terms, ands conditions, ands agrees- tb) the, above; confirmation of agency relationships. Seller has read and acknowledges= receiptt of a< Copy/ of this Agreements, ands authorizes Broker to Deliver a Signed Copy to Buyer. -1 (If checked) SELLER'S ACCEPTANCE IS SUBJECTTO AT AI CHED,COUICTEMOFFER (QXRv,Fonn SCO or SMCO))DATED:,. L One or -more Sellers is signing the Agreement in a representative capacity(and not for him/herself as an individual. See attached Representative Capacity Signature Disclosure (C.A.R. Form RCSD-S) for additional terms. Date SELLER (Print name) Date SEKLER (Print name) E Additional Signature Addendum attached (C.A.R. Form ASA). ( 1 (Do not initial if making a counter offer.) CONFIRMATION OF ACC€PTANCE: A Copy of Signed Acceptance was (initials) ersonal�r received by Buyer or Buyer's authorized agent on (date) _ at _ 7 AM/ ; 1 PM. A binding Agreement is created when a Copy of Signed Acceptance is personally received by Buyer or Buyer's authorized agent whether or not confirmed in this document. Completion of this confirmation is not legally required in order to create a binding Agreement; it is solely intended to evidence the date that Confirmation of Acceptance has occurred. REAL ESTATE BROKERS: A. Real Estate Brokers are not parties to the Agreement between Buyer and Seller. B. Agency relationships are confirmed as stated in paragraph 2. C. If specified in paragraph 3A(2), Agent who submitted the offer for Buyer acknowledges receipt of deposit. D. COOPERATING BROKER COMPENSATION: Listing Broker agrees to pay Cooperating Broker (Selling Finn) and Cooperating Broker agrees to accept, out of Listing Broker's proceeds in escrow, the amount specified in the MLS, provided Cooperating Broker is a Participant of the MLS in which the Property is offered for sale or a reciprocal MLS. if Listing Broker and Cooperating Broker are not both Participants of the MLS, or a reciprocal MLS, in which the Property is offered for sale, then compensation must be specified in a separate written agreement (C.A.R. Form CBC). Declaration of License and Tax (C.A.R. Form DLT) may be used to document that tax reporting will be required or that an exemption exists. Real Estate Broker Selling Firm) Hi enbe Real Inc. CalBRE Lie. #01417409 By .YCeath 91fickaef-I enberg THeath Michael Hilgenberg CalBRE Lie. # 01242139 Date 04104rzo1e 2021:08 By CalBRE Lie. # Date Address City State Zip Telephone Fax E-mail heath.hilgenberg&qmail.com Real Estate Broker (Listing Firm) KELLER WILLIAMS REALTY CalBRE Lie. #01904376 By LAg?A FERNAWTEZ 1'7 LARA FERNANDEZ CaIBRE Lie. # 02015587 Date 04MQ01a 2226:04 By CalBRE Lie. # Date Address 1473 FORD STREET STE 200 CityREDLANDS State CA Zip 92373 Telephone (909j793-2100 Fax (9 0 91 793-8200 E-mail lana anel9 hoo.com - - - ESCROW HOLDER ACKNOWLEDGMENT: Escrow Holder acknowledges receipt of a Copy of this Agreement, (if checked, Ea deposit Fin the an=nt of $ ), counter offer numbers [; Sellers Statement of Information and , and agrees to act as Escrow !Holder subject to paragraph 26 of this Agreement, any supplemental escrow instructions and the terms of Escrow Holder's general provisions. Escrow Holder is advised that the date of Confirmation of Acceptance of the Agreement as between Buyer and Seller is Escrow Holder _lEscriov* By Date Address PhonelFax/E-mall Escrow Holder eras the following license number # [] Department of Business Oversight,`) Department of Insurance, I Bureau of Real Estate. MMSENTATit ODP OFFER: ( ) Listing Broker presented this offer to Seller on (date). Broker or Designee Initials 1MUECTIONOF OFFER: ( X ) No counter offer is being made. This offer was rejected by Seller on (date). Seller's Initials 01996-2015,`CaTifomia Assoaation ofREAI TORS ,'lnc. rbedtStdtes> �ost arao>ieddistibubor, disolay and reprodu�rrofy thls%form,-orany.po9tion thereof, by photocopy machineorapy:61hermeans:(indu[fi g" iniiieorcor(ipWei fomriffis. 'THIS-FORWHAS BEEN APPROVED BY;THE'CALIFORNIA`ASSOCIATION.OF(REALLTORS+Ft?(C".ARj)_IKC(REPRESENTATIONIfSIMADE-AS'TOTHE LEGAL YALIOTfY zOR ACCIJRACY.OF ANY PRONISION;IN`ANY:SPECIFIC`tIRANSACTION_I'AkREALIESTATE(BROKERIIS1TWE PERSON`QUAUFJEC TO ADVISE ON REAUMATE ITRANSACTIONSAPYOUDESIRE-EEGAL-OKTAxzADViCE, CONStULTaAN- APPROPRIATE PROFESSIONAL. Published and Distributed by: Buyer's Ackwwledge ff 11 is part of REAL, ESTATE..BUSINESS SERVICES,'INC_ this Agreement( ( 1 a subsidiary of the CALIFORNIA ASSOCIATION OF REALTORS® e525 South Vir it Avenue, Los Angeles, California 90020 Reviewed by VLPA REVISED 2115(PAGE 11 OF 11) 1 Braker or Designee m VACANT LAND PURCHASE AGREEMENT (VLPA PAGE 11 OF 11) Produced with zipFonnO by zipLogix 18070 Fidleen We Road, Fraser, Micrigan 488 w mLgjR1oaix.com 839 N. M—tain C NIL, I I F 0IR"Im, I W r Ai,S',,so C I HKM I O N, BUYERISINSMCTION ADVISMRW O'f (CAMPro wE9J4Aevised 11114)) Pfopert ,Address: 8M*Mhwrtsvn;Wea v SSHr B rmrrc>bi Q 9 1 ("Properly°) . 1'.. IMFGR71ANCMOF�PROPEfUNINVESMMAMG*,',Tfie.phiysiaallcondition of the land and improvements being purchased is not' guaranteed" byy either:, Seller ori Bfokem Ybw have ani affirmattve duty to exercise reasonable care to protect yourself;, ihdudings discoveryy off the- legalj. practical oand�techniaallimplications- of -disclosed facts, and the investigation and; verification of infarmatibwandl facts�thattyowknow orthat''are within+your diligent attention and observation. A general physical inspectian:typidally does nottcover alli aspect§,of,Fthe Ptop",fnoru°itemeaffecting the Property that-are.not physically located on the Property. If the professionals recommends further investigations;,ihcllyding &recommendation by a pest=nttol operator to inspect inaccessible areas of the Property; you should' contacttqualified7expeftb)conducttsuch,additional investigation& - Z.. BROKER, OBEIGAI DNSi r Brokers= do) not: have expertise: iia all areas and therefore cannot advise you on many items,- such as those listed belbw:.IfrBtckergjiresyou referrals to professionals;,. Btoker does not guarantee their performance. & YOU ARE STRONGLY ADVISED TU INVESTIGATE THE CONDITION AND SUITABILITY OF ALL ASPECTS OF THE PROPERTY, INCLUDING BUT NOT UNITED TO THE FOLLOWING. IF YOU DO NOT DO SO, YOU ARE ACTING AGAIN S CTHEADVICE OF BROKERS. A., GENERAL. CONDITION OF THE PROPERTY, iTS SYSTEMS AND COMPONENTS: Foundation, roof (condition, age, leaks,. useful] Iife)q, plumbing;. healing, air conditioning, electrical, mechanical, security, pool/spa (cracks, leaks, operatiom)i, other structural] and] nonstructural systems and components, fixtures, built-in appliances, any personal property included i'm, the: sate, and energy efficiency/of,the Property. B. SQUARE FOOTAGE;, AGE, BOUNDARIES: Square footage, room dimensions, lot size, age of improvements and boundaries. Any numerical statements regarding these items are APPROXIMATIONS ONLY and have not been verified by Seller and cannot be verified by Brokers. Fences, hedges, walls, retaining walls and other barriers or markers do not necessarily identify true Property boundaries. C. WOOD DESTROYING PESTS: Presence of, or conditions likely to lead to the presence of wood destroying pests and! organisms. D. SOIL STABILITY: Existence of fill or compacted soil, expansive or contracting soil, susceptibility to sNppage, settling or movement, and the adequacy of drainage. E. WATER AND UTILITIES; WELL SYSTEMS AND COMPONENTS;WASTE DISPOSAL: Water and utility availability, use restrictions and costs. Water quality, adequacy, condition, and performance of well systems and components. The type, size, adequacy, capacity and condition of sewer and septic systems and components, connection to sewer, and applicable fees. F. ENVIRONMENTAL HAZARDS: Potential environmental hazards, including, but not limited to, asbestos, lead-based paint and other lead contamination, radon, methane, other gases, fuel oil or chemical storage tanks, contaminated soil or water, hazardous waste, waste disposal sites, electromagnetic fields, nuclear sources, and other substances, materials, products, or conditions (including mold (airborne, toxic or otherwise), fungus or similar contaminants). G. EARTHQUAKES AND FLOODING: Susceptibility of the Property to earthquaketseismic hazards and propensity of the Property to flood. H. FIRE, HAZARD AND OTHER INSURANCE: The availability and cost of necessary or desired insurance may vary. The location of the Property in a seismic, flood or fire hazard zone, and other conditions, such as the age of the Property and the claims history of the Property and Buyer, may affect the availability and need for certain types of insurance. Buyer should explore insurance options early as this information may affect other decisions, including the removal of loan and inspection contingencies. 1. BUILDING PERMITS, ZONING AND GOVERNMENTAL REQUIREMENTS: Permits, inspections, certificates, zoning, other governmental limitations, restrictions, and requirements affecting the current or future use of the Property, its development or size. J. RENTAL PROPERTY RESTRICTIONS: Some cities and counties Impose restrictions that limit the amount of rent that can be charged, the maximum number of occupants, and the fight of a landlord to temhinate a tenancy. Deadbolt or other looks and seclrfty systems for doors and windows, including window bars, shodd be examined to determine whether #hey satisfy legal requirements. K. SECURITY AND SAFETY: State and local Law may require the installation of barriers, access alarms, self -latching rnecianisms and/or other measures to decrease the risk to children and other persons of existing swimming pools and hot tubs, as mil as various Tire safety and after measures concerning other features of the Property. L NEIGHBORHOOD, AREA, SUBDMSION CONDITIONS; PERSONAL FACTORS: Neighborhood or area conditions, including schools, taw enforcement, icrime statistieS, .registered ;felons or offenders, fire protection other government services, avallability, adequacy and cost of interneit connections or other (technology services and installations, (commercial, industrial or:agricultural activitieS, eAs#ing and ;proposed transportation, (construbtion and development Sint ;may (affect noise, view, or traffic, Ori port noise, rnoise or odor from any source, wild ,and (domestic :animals, other ;nuisances, [hazards, car circumstances, ;protected species, wetland properties, botanical diseases, [histol c (or (other cgovemmentally 1 prdteoted ,sites car i improvements, (cemeteries, facilities and conditionofcommon.areasof(common*iterest;subdivisions,(andfpossibte4ackcof(compliance with wiy�governlrtg ,documents or Worneowners' Association ,requirements, conditions <and influences of significance 4D certain cultures andior religions, and personal needs, requiremerits�andlfrreferences of Buyer. By signing 'below, :Buyers acknowledge `that they have mwiid, understand, accept and [have,received a Copy of tthis Ad.Kiisarvy. Buyers are encouraged to read tt carefully. Buyer�mp;,rog`ratusrmrriis.ctL' oate4rzoaastsssha Buyer 9 499120(14,: California, Association of'REALTORS0, incl. THISf FORMiHASIBEEN.APPRDVED BYTHE'CALIFORNiA ASSOC(AT1ON OF REALTORS9 (CA.1M)JNO 'REPRESENTATION AS MADE'AS TO THE] LEGAL'VAIJDiTY'OR(ACi'CURACY OF ANY PROVISION 1N ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKEWIS, `THS PERSON QUALIFIED TO ADVISE "ONREAL ESTATE TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. t Published and Distributed by: Ll 12t REAL ESTATE BUSINESS SERVICES, INC. Reviewed by Date a subsidiary of the California Association of REALTORS® 525 South Virgil Avenue, Los Angeles, California 90020 BIA REVISED 11/14 (PAGE 1 OF 1)` BUYER'S INSPECTION ADVISORY (BIA PAGE 1 OF 1) Keller Williams Rwlty, 1473 Ford Street Ste 2D0 Redlands CA 92373 Phone: (928)84"S85 Fax: 839 \. aa®oatl o I.. Fernandez Produced vAth zipFanrM by ziplcgix 19070 Fifteen Sli'e Road, Fraser, Mchigan 48026 +y .v_zioLrgixxom c NrJ )IA ©>RNL11A POSSIBLE REPRESENTATION OF MORE THAN ONE BUYER r AS SOC RAT I O tN OR SELLER - DISCLOSURE AND CONSENT 10410, OF N A -LTO 1T` S (C.A.R. Form PR$5,11114) A real estate broker (Broker), whether a corporation, partnership or sole proprietorship, may represent more than one buyer or seller. This multiple representation can occur through an individual licensed as a broker or salesperson or through different individual broker's or salespersons (associate.licensees) acting under the Broker's license. The associate licensees may be working out of the same or different office locations. Multiple Buyers: Broker (individually or through its associate licensees) may be working with many prospective buyers at the same time. These prospective buyers may have an interest in, and (make offers on, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested in the same property. Multiple Sellers: Broker (individually, or through its associate licensees) may have listings on many properties at the same time. As a result, Broker will attempt to find buyers for each of those listed properties. Some listed properties may appeal to the same prospective buyers. Some properties, rnayl attract mare; prospective buyers than others. Some of these prospective buyers may be represented by Broker and some may not.. Broker will market all listed properties to all prospective buyers whether or not Broker has another or other listed! properties that may appeall toy the same prospective buyers. Dual Agency: If Seller is represented by Broker, Seller acknowledges that broker may represent prospective buyers of Seller's property and consents to Broker acting as a dual agent for both seller and buyer in that transaction. If Buyer is represented by Broker, buyer acknowledges that Broker may represent sellers of property that Buyer is interested in acquiring and consents to Broker acting as a dual agent for both buyer and seller with regard to that property. In the event of dual agency, seller and buyer agree that: (a) Broker, without the prior written consent of the Buyer, will not disclose to seller that the Buyer is willing to pay a price greater than the offered price; (b) Broker, without the prior written consent of the seller, will not disclose to the buyer that seller is willing to sell property at a price less than the listing price; and (c) other than as set forth in (a) and (b) above, a dual agent is obligated to disclose known facts materially affecting the value or desirability of the property to both parties. Offers not necessarily confidential: Buyer is advised that seller or listing agent may disclose the existence, terms, or conditions of buyer's offer unless all parties and their agent have signed a written confidentiality agreement. Whether any such information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice in the real estate community, the listing agent's marketing strategy and the instructions of the seller. Buyer and seller understand that Broker may represent more than one buyer or more than one seller and even both buyer and seller on the same transaction and consents to such relationships. Seller and/or Buyer acknowledges reading and understanding this Possible Representation of More Than One Buyer or Seller - Disclosure and Consent and agrees to the agency possibilities disclosed. Seller Date Seller Date Buyer dumping 'Frog Investments, LLC Jumping Inves6nents. LLC Bate aamarzo,a A9:5631 Buyer Date Real Estate Broker (Firm) IDLER !!w r uMS AEALT1r LAMA CaIBRE Lie # 0190ti3n Date tCtBRE Lie # 02015W Date �trn4m„a IRedIEAtatte Broker ((Firmn)Ar ReaftA c, C411BRE Lic#I141174ft Date By jTmtf?-%1khad1j l,*d6eV CaIBRE Uic* ®tl'A'(i2'439 1Daite ItlelaA� a�iidri«d►i�.�r Q 2014,`Cali%rrua Association of REALTORS®, Inc. United States.copydghtllaw,(Title it7l fU:S.CCc d$)'ifutbids[Ume unautlwrized distribution, display and reproduction of this form, or any portion thereof, by photocopy machine orany other means,imduding4acsim lecor cornput®iizedformbts. THIS FORM HAS BEEN APPROVED BY THE CALIFORN[AIASSQC1AT(ON,OF!REALTORSO((CAIK),INOIREPRESEffrAT(ON IS MADEIAS'TO THE LEGALWALIDITY OR ACCURACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION.,A' REAL [ ESTATE IBROKER IIS'THEIPERSON QUALIFIED 70/ADVISE ON REAL ESTATE TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. Ttds°tmm isvnm de,avadablettorreai.estate professionalsthrough an agreement with or purchase from the CallftTla Association of REALTORSe, It is not intended to identify theA seras a'REAL7ORW."REAI]TTOR0 is a registered collective membership mark which may be used only by members of the NATIONAL ASSOCIATION OF REALTORSS ,wbo subscribe to Sts Code,ofiSthi s. I „3 Published and Distiibuteif;by: REAL ESTATE BUSINESS°SERVICES,INC. NE ca subsidiary of the Cafffomia Associetron of REACTORS® " n;525 South Virgil Avenue, Los Angeles, Carifomia 90020 ' Reviewed by .Date f — PRBS 11114 (PAGE 4_1OF"1) I0R" POSSIBLE REPRESENTATION OF_ MORE THAN ONE BUYER OR, SELLER PRBS PAGE 1 OF 1 Keller Williams Rnitc,1473 Ford Sweet Ste 208 Redlsads CA 92373 Phone: (928)8484585 Fax: 839 N. mannialn tan Feroaodez Produced with zipF«m® by ApLoguc 18070 Fifteen We Road, Fraser. N6ohigan 48026 worw2ipLoau_corn 1 2' 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Broker's Opinion of Value Prepared by Keller Williams (See Attachment) E EXHIBIT `°C" Psi. Mit;llrntain ''r:`4 ?r f.E=. 'a=iar'iit".II l: :,+ -T I1 1 1 1 1A]Ljt Ms. Lisa Connor Project Manager Successor Agency to the Redevelopment Agency of the City of San Bernardino 290 N. "D" Street - 3rd Floor San Bernardino, CA 92401 FOR THE PROPERTY LOCATED AT: 839 N. Mountain View Ave. San Bernardino, CA 92401 AP N: 0140-222-26 April 7, 2018 KW COMMERCIAL KENNETH •PATTERSON DOUGLAS. REYNOLDSON 1473 Ford Street Redlands, CA 92373 Agent Commercial Real Estate Investment Advisor 0 909.793.2100 0 909.793.2100 C 909.478.4517 kenpcommercial@gmail.com drenoldson@kwcommercial.com Cal6RE #01456022 We obta'ffmd the intormatim above from sources we believe to be retable. Hm—r, we have not veiled "ts a;a: wy and make ro guarantee, warranty or reWeseMation about rt. h is sub -tied subject to the paesibiily of errors omissions change of pew, re -Tal c oih.- mMffia �.. p7`c- sae. 'ease or fnanc'vig, a WtMrawal w&-ut rwtioe. We it ch de projections, optr . aseurrrpt"n or estimates for ®'ample oriyand they may not represent ourrent a fllali£ perfcrr?arce ct the property. You and y— tax a^d legal zdEssors Should conduct your ovm lr%vestgation of the property and iraraactm irvium,pi"riAL i TABLE OF CONTENTS Broker's Opinion of Value a Property Profille a Location Aerial a Assessor's Parcel Maps ® Location Map Comparable Sales Comparable #1 • Property Profile • Assessor's Parcel Map • Aerial Comparable #2 • Property Profile • Assessor's Parcel Map on Aer%a.l Comparables #3 • Property P'roffle • Assessor's Parcel Map • Aerial", Leading Broker's Resume KW:CONIMERCIAL KENNEM PATTERSON DOUGLAS REYNOLDSON 1473 Ford Street Redlands, CA 92373 Agent Commercial Real Estate Investment Advisor 0 909.793.2100 0909 ' 793.2100 C 909.478.4517 kenpcmmercial@gmail.com dreyynoldson@kwcommercial.com CaIBRE #01456022 We obtained the information above from sources we believe to be reliable. Howe .we have rot verified its axuracy and make ro garantee, warranty cr representation about iL It is s8nvtted sA*d to the possibility of emors, onvssions, rtwnge of frim, rsrial cr cthar oondi cos, poor sale, lease or financing, or withdrawal without notice. We include profer9ors, opinions, asssryLons or estirnates for example oriy, and they may nrl represent Current or future perfomnance of the property. You and your tax and legal advisors should conduct your own rNestlgation of the properly and transaction. _rzl' t=1ESI III'l: April 7, 2018 Ms. Lisa Connor Project Manager Successor Agency to the Redevelopment Agency of the City of San Bernardino 290 N "D" Street — 3rd Floor San Bernardino, California 92401 RE: Broker Opinion of Value for Site No. 48 —APN 0140-222-26 Dear Ms. Connor: We have prepared the following report regarding our opinion of value for the above referenced property. We utilized a comparable sales approach to determine our opinion of value for this property. Subject Property The subject property is zoned Residential Medium ("RM"), which allows for the development of multi -family townhouses, condominiums and apartments. The property consists of one parcel of land approximately 0. 17 acres (7405.2 SF). Comparable Sales As further described within this report, within the last 22 months, there have been 3 property sales which can be used as sale comparable for this Site. The comparable are all zoned RM. The Sale Comparable dates run from June 2016 to October 2017. The Sale Comparables are summarized below: Property Site Sale Comparable #1 Sale Comparable #2 Sale Comparable #3 KW. COMMERCIAL . 1473 Ford Street Redlands, CA 92373 W Sales Comparables Summary APN Address Lot SF Sale Value Price/SF Sale Date 0140-222-26 839 N. Mountain View Ave. 7,405.2 0279-074-33 7961 Pedley Rd. 6,190 $38,000 $6.14 9/7/2017 0273-103-04 6955 Perris Hill Rd. 20,000 $85,000 $4.25 6/30/2016 i0140 -12P-09 V"9di'st. 7500 1$31�500 1420 10/26/2017 ,Average,'1Pr11cWSF `$4:86 KENNECHPAITERSOW DOUGLASREYNOLDSON• Agent Commercial Real Estate Investment Advisor 0 909.793.2100 0 909.793.2100 C 909.478.4517 kenpcommercial@gmail.com dreyynoldson@kwcommercial.com CaGE #01456022 We obtained the idwmation above from spaces we behave to be rehabe. Flpverrer, we have not verified its apaasy and make r o guarantee, warranty or representation about it. It is snbntitted &J*d to the possibaty of errors, cn issons, change of price. rer&al or other conditions, prior sale, lease a finning, or whMrawal withpII rotice. We include projections, opirsons, assanptiars a esdoates to ararple or*, and ttrey may not represent current a fnnhae perfonmarce of the property. You and yaw tax and legal advisors shpltl conduct your own iwestigaton of the property and transaction. www:Mcom me rcial.com r-rratar=diro CA Broker Opinion of Value Based on the foregoing, the average price per square foot of the three vacant Sale Comparables is $4.86. Applying this average price per square foot to the lot square footage (7,405.2 SF), a value of $35,989 results. It is our opinion that the subject property is worth $35,989. We appreciate the opportunity to prepare this report. Please do not hesitate to call with any questions. Sincerer, 14 - Kenneth Patterson BRE #00774852 1473 Ford St. 4200 Redlands, CA 92373 951-318-8516 kenpcommercial@gmail.com KW COMMERCIAL KENNETH PATTERSON DOUGLAS REYNOLDSON 1473 Ford Street Agent Commercial Real Estate Investment Advisor Redlands, CA 92373 0 909.793.2100 0 909.793.2100 C 909.478.4517 kenpcommercial@gmail.com dreyynoldson@kwcommercial.com CLARE #01456022 We obtained the information above from sources we bdm to be refable. H--er, we r a not verified its accuracy and make w guarantee, warranty or representation about it It is submitted subject to the possbbty of errors, anissions, change of price. renal or odd conditions, prior sak, lease or fnendng, or withdrawal Without notice. We include projections, operions, assumptions or estimates for example only, and toy may not represent current a future pertomance of the property. You and your tax and legal advisors should conduct you c m'vrvestigation of the property and transaction. 839 N Mountain View Ave, San Bernardino, CA 92401-1021, San Bernardino County Multiple Building Property Summary a 2 Single Family Res Condition. Average _ 1 1,501 7,500 $54,000 ACkaue Listang Lot Frontage: Beds Bid%ftiffti Lot<Sit,,l ft MLF-Lh;tPria Public Service Lot Depth: 2 1941 SFR 08/05/2011 Furnace Lot Acres: Bath, s. Ylir Bilailt Tbvpe= Sale; Date: Evap Cooler G,w.rt.er° Lnfo:rmatlon 7,500 Roof Material: Tile Owner Name: Successor Agency/Rda City Of Tax Billing Zip: 92401 Frame San Bdn 1,501 Year Built: Mail Owner Name: Successor Agency/Rda City Of Tax Billing Zip+4: 1520 San Bdn Tax Billing Address: 201 N E St #301 Owner Occupied: No Tax Billing City & State: San Bernardino, CA Location Information Zip Code: 92401 Census Tract: 58.00 Carrier Route: C010 Topography: Flat/Level School District: San Bernardino Neighborhood Code: 092-092 Comm College District Code: San Bernardino Vly 3 Tax Information APN : 0140-222-26-0000 Lot: 3 Tax Area: 7012 Block: 64 Tax Appraisal Area: 12 Water Tax Dist: San Bernardino Vly 3 Legal Description: CITY N 50 FT S 100 FT W 1/2 LOT 3 BLK 64 A-sessment & Tax Assessment Year 2016 2015 Assessed Value - Total $103,452 $101,898 Assessed Value- Land $24,405 $24,038 Assessed Value - Improved $79,047 $77,860 YOY Assessed Change ($) $1,554 YOY Assessed Change (%) 1.53% Tax Year Total Tax Change ($) Change (%) 2015 $1,352 2016 $11475 $124 9.14% cdha radterWics County Land Use: 2 Single Family Res Condition. Average Universal Land Use: SFR Water: Public Lot Frontage: 50 Sewer: Public Service Lot Depth: 150 Heat Type: Furnace Lot Acres: 0.1722 Cooling Type: Evap Cooler Lot Area: 7,500 Roof Material: Tile Style: Conventional Construction Type: Frame Building Scl Ft: 1,501 Year Built: 1941 Courtesy of LARA FERNANDEZ, KELLER WILLIAMS REALTY, California Regional MLS The data within this report is compiled by CoreLogic from public and private sources. The data is deemed reliable, but is not guaranteed. The property Detail accuracy of the data contained herein can be independently verified by the recipient of this report with the applicable county or municipality. Cene,ated on 04/10/20'-8 Page 1 of 4 Gross Area: 1,501 Effective Year Built: 1941 Stories: 1 Other Impvs: Porch Total Rooms: 5 Porch: Patio/Porch Bedrooms: 1 Porch 1 Area: 119 Total Baths: 2 Porch Type: Patio/Porch Full Baths: 2 # of Buildings: 2 Estft ate>d;Wbe RealAVMT`" (1): $165,796 Confidence Score (2). 81 RealAVMT`" Range: $147,558 - $184,034 Forecast Standard Deviation (3): 11 Value As Of: 03/29/2018 value and shou;d no: be used in lieu of appraisal. The Confidence Score is a measure ,3; to the AVM at time of estimation. hr that the true value of certainty. Lfstfn;gi Infarmatian, MLS Listing Number: EV17251253 MLS Current List Price: $54,000 MLS Status: Active MLS Original List Price: $54,000 MLS Area: 274 - SAN BERNARDINO MLS Listing Agent: Evfernlar-Lara Fernandez MLS Status Change Date: 11/04/2017 MLS Listing Broker- KELLER WILLIAMS REALTY MLS Listing # 682834840 5658554 P452673 MLS Status Active Expired Closed MLS Listing Date 10/18/2017 05/11/2011 06/01/2005 MLS Listing Price $54,000 $110,000 $279,000 MLS Orig Listing Price $54,000 $110,000 $279,000 MLS Close Date Document Type Rerecorded Deed 06/30/2005 MLS Listing Close Price $0 07/10/2003 $260,000 MLS Listing Cancellation Date 01/27/2003 06/14/2011 06/30/2005 Last Market Sale & Sales History Recording Date: 12/20/2011 Sale Date: 08/05/2011 Sale Price: $71,000 Price Per Square Feet: $47.30 Document Number: 538472 Recording Date 05/07/2012 12/20/2011 Sale Date 03/14/2012 08/05/2011 Sale Price $71,000 Nominal Y Affordable Hsng Affordable Housing Buyer Name Solutions Solution Of Sa Seller Name Armt 2005-11 US Bank Na 2005-11 Document Number 175869 538472 Document Type Rerecorded Deed Grant Deed Recording Date 03/29/2004 07/10/2003 Sale Date 02/25/2004 01/27/2003 Sale Price $171,000 Nominal Y Buyer Name Nguyen Hien T Secretary Of Hud Seller Name Secretary Of Hud Countrywide Home Loans Sale Type: Deed Type: Owner Name: Seller: 06/15/2011 06/07/2011 $119,000 US Bank Na Armt 2005-11 Cal -Western Reconveyance 242754 Trustee's Deed 01/29/2003 01/24/2003 $133,948 Countrywide Home Loans Inc Ctc Real Real Estate Svcs Unknown Grant Deed Successor Agency/Rda City Of San Bdn US Bank Na 2005-11 07/25/2005 06/07/2005 $260,000 Nguyen Van T K Nguyen Hien T 532187 Grant Deed 07/25/2005 07/18/2005 Y Nguyen Van T K Nguyen Peter B 532186 Interspousal Deed Transfer Courtesy of LARA FERNANDEZ, KELLER WILLIAMS REALTY, California Regional MLS .,} The data within this report is compiled by Core Logic from public and private sources. The data is deemed reliable, but is not guaranteed. The Property ` Detail accuracy of the data contained herein can be independently verified by the recipient of this report with the applicable county or municipality. M Y Generated or. 04/10/20!8 Page 2 of 4 Document Number 211486 503752 57523 Document Type Grant Deed Corporation Grant Deed Trustee Deed Mi[,rl oaRL Hj iw(I ry" Mortgage Date 12/06/2006 07/25/2005 03/29/2004 04/10/2002 06/19/2001 Mortgage Amount $70,000 $182,000 $153,000 $125,037 $80,000 Mortgage Lender Bank Of America Brooksamerica Mtg Commonwealth United Guaranty Resid'I Lndg Private Individual Corp Mtg Inc Mortgage Code Conventional Conventional Conventional Fha Private Party Lender Mortgage Date 10/06/1999 08/18/1998 11/21/1996 Mortgage Amount $115,874 .. $88,753 _ _ ._ , .. .... _ .. $47,500 . ... - .. . .. .. . ............ Mortgage Lender .. .. Assoc Fin SVcs Ca Miscellaneous Fin Private Individual Mortgage Code Conventional Fha Private Party Lender Foreclosure Hisrfiory Document Type Notice Of Trustee's Sale Notice Of Trustee's Sale Notice Of Default Notice Of Default Notice Of Trustee's Sale Default Date 06/18/2009 04/24/2009 Foreclosure Filing 09/30/2010 07/27/2009 06/18/2009 04/24/2009 Date Recording Date 10/18/2010 07/30/2009 06/19/2009 04/24/2009 01/07/2003 Document Number 430367 333569 268241 175411 9589 Default Amount $3,138 $6,866 Final Judgment $204,198 $192,135 $133,124 Amount Original Doc Date 07/25/2005 07/25/2005 12/06/2006 07/25/2005 01/03/2003 Original Document 532188 532188 841628 532188 177497 Number Property Mar c � 2 A s a w Math St dz F TemVle St 2 W 9-h St m z So' 50' � � I - z iso' z C a a c i, ffiS. Y'�N' 3k 21 5 yards. -.200 ,cards . L'm l 0! 'A-_ _.f.: r ._ ., e:i a +�'rc=_ � I.1a�,1 s} W,i_=.�_ are Fstimated Building 1 of 2 Courtesy of LARA FERNANDEZ, KELLER WILLIAMS REALTY, California Regional MLS The data within this report is compiled by Corel-ogic from public and private sources. The data is deemed reliable, but is not guaranteed. The accuracy of the data contained herein can be independently verified by the recipient of this report with the applicable county or municipality. Property Detail Generated on 04/io/20i8 Page 3 of 4 ChaIraacbartiktibw County Land Use: 2 Single Family Res Water: Public Universal Land Use: SFR Sewer: Public Service Lot Frontage: 50 Heat Type: Furnace Lot Depth: 150 Cooling Type: Evap Cooler Lot Acres: 0.1722 Roof Material: Tile Lot Area: 7,500 Construction Type: Frame Style: Conventional Year Built: 1941 Building Sq Ft: 877 Effective Year Built: 1941 Gross Area: 1,501 Other Impvs: Porch Stories: i Porch: Patio/Porch Total Rooms: 2 Porch 1 Area: 119 Total Baths: 1 Porch Type: Patio/Porch Condition: Average Building 2 of 2 CharacterrFsti'cs: County Land Use: 2 Single Family Res Total Baths: 1 Universal Land Use: SFR Water: Public Lot Frontage: 50 Sewer: Public Service Lot Depth: 150 Heat Type: Furnace Lot Acres: 0.1722 Cooling Type: Evap Cooler Lot Area: 7,500 Garage Type: Detached Garage Style: Conventional Garage Sq Ft: 360 Building Sq Ft: 624 Parking Type: Detached Frame Garage Gross Area: 1,501 Roof Material: Tile Stories: 1 Construction Type: Frame Total Rooms: 3 Year Built: 1948 Bedrooms: 1 Effective Year Built: 1948 Courtesy of LARA FERNANDEZ, KELLER WILLIAMS REALTY, California Regional MLS The data within this report is compiled by Corel-ogic from public and private sources. The data is deemed reliable, but is not guaranteed. The Property Detail accuracy of the data contained herein can be independently verified by the recipient of this report with the applicable county or municipality. p Y Generated on 04/10/2018 Page 4 of 4 r,l KW.COMMERCIAL KENNETH PATTERSON DOUGLAS REYNOLDSON 1473 Ford Street Agent Commercial Real Estate Investment Advisor Redlands, CA 92373 0 909.793.2100 0 909.793.2100 C 909.478.4517 kenpcommerciai@gmail.com dreynoldson@kwcommercial.com CaIBRE #01456022 We obtaned the information above from s ces we believe to be rc4atde. However. we have rot verified its acouracy and make no guarantee, warranty cr represer twm about it. h is sl rr&ted stgect to the possibity of errors, omissions, charge of price, rental or other conddiorrs, prior sale, lease or frknci g. or withdrawal witlxxa notice. We kcWe prcpct xt% ophwm. ass nwtms or estimates for example o*, and they may not represent cement or fume performance of the property. You and your tax and legal advisors shove oorduct yoirown nvesagahon of the property and transacW� www: kwcommerciaLcom c"i M CV O CD I 1-- kv --- ---------------*43+i- o ' 0 C 52'11 N m p m CoQ I I [n m O I _ cp o pn X � — Cl C:) I I I O I I I -Q I L I T f I N -+(Ni 3-hi'� � - �- • - - -fk3-I lr !� I Y� Nil $fl- m - - cn m I o: i V I I O Nf OSI _ I I � 2101 0911 O ---- ---- -- I I I - SL 19 9i*14 09 OS 09 H U 09 ~ 09 AY py S:.I: 7961 Pedley Rd, San Bernardino, CA 92410, San Bernardino County Owner Informati:oni Owner Name: Mail Owner Name: Tax Billing Address: Tax Billing City & State: Locations rnformna.tion Zip Code: Carrier Route: Zoning: Tract Number: School District: Tax Information APN : Tax Area: Tax Appraisal Area: Legal Description: Assessment & Tax Assessment Year Assessed Value - Total Assessed Value - Land YOY Assessed Change ($) YOY Assessed Change (%) 2016 2017 Special Assessment Co Land Svcs/Fire Hazard Sb Valley Muni Wtr Dbt Svc School Bonds San Bdno Comm College Bond Co Ventor Control Total Of Special Assessments (Chal a&AriStiCs N/A N/A 6,180 $38,000 Wedir BIdjt9fq,Fti LeotRSgaFt, yaliia-Rivae N/A N/A VCNT LND-NE 09/07/2017 Baths Yr Build Tye, 3aIL-Dates Ferrero Tina Tina Ferrero 1200 Sunnyside Ave Redlands, CA Tax Billing Zip: 92373 Tax Billing Zip+4: 6535 Owner Vesting: Widow Owner Occupied: No 92410 Comm College District Code: San Bernardino Vly J C011 Census Tract: 65.00 RM Topography: Flat/Level 2345 Neighborhood Code: 092-092 San Bernardino 0279-074-33-0000 7 Lot: 107137 Water Tax Dist: San Bernardino Vly J 12 Fire Dept Tax Dist: San Bernardino Co TR NO 2345 COTTAGE GARDENS LOTS 6 AND 7 EX S 2 FT SD LOT 7 2017 2016 2015 $17,499 $17,156 $16,898 $17,499 $17,156 $16,898 $343 $258 2% 1.53% Total Tax Change ($) Change (%) $225 $220 -$4 -1.84% $677 $457 207.43% Tax Amount $450.30 $26.68 $17.62 $6.57 $1.30 $502.47 County Land Use: Vacant Land Lot Acres: Universal Land Use: Vacant Land (NEC) Lot Area: Lot Frontage: 60 Water: Lot Depth: 103 Sewer: Last Market Sale & Sales History Courtesy of LARA FERNANDEZ, KELLER WILLIAMS REALTY, California Regional MLS The data within this report is compiled by Core Logic from public and private sources. The data is deemed reliable, but is not guaranteed. The accuracy of the data contained herein can be independently verified by the recipient of this report with the applicable county or municipality. 0.1419 6,180 Public None Property Detail Gere-ated on 04/07/2018 Page 1 of 2 Recording Date: 09/19/2017 Sale Type: Sale Date: 09/07/2017 Deed Type: Sale Price: $38,000 Owner Name: Document Number: 386678 Seller: Recording Date 09/19/2017 Sale Date 09/07/2017 Sale Price $38,000 Buyer Name Ferrero Tina Seller Name Ramirez Josie J Document Number 386678 Document Type Grant Deed Pro perly,-14ap: t: L Full Grant Deed Ferrero Tina Ramirez Josie J F �103'' r Ward' is J. 109' 110' t 3 5th 5t 103' Monterey Ave Monterey Ave ,4 25 yards, '4 V C 2:775 LI.: =ar,: all C,.] a i7^ a 2'.1 c ��iERE V St *Lot Dimensions are Estimated ur 4th St c �y 200 yards _ a s6 Courtesy of LARA FERNANDEZ, KELLER WILLIAMS REALTY, California Regional MLS ,ir 1n7 within this report is compiled by Core Logic from public and private sources. The data is deemed reliable, but is - Property Detail accuracy of the data contained herein can be independently verified by the recipient of this report with the applicable county municipality. Y Y Cenerated Page 2 of 2 r— C=1 rn N O a CD OD m = M F --� e ——----3"+AVF—---- ——- -— -- --�F�9�4I+FM— �--, SS 11 IL'/CI to IL•ICI ^ on o m IS'YCI !9 ZS'19 SZ 111 i/'6S1 ~_____________ ._ LS'YCI 9S'Y51 Ou nL'9f eat - 9•rn N O S9'/CI :N OC 101 I __ ------ — 11'1[1 I 99'1[1 I I'L ICI ti'N /O I 69 O/EIM e c r+ � 0 0 U m d tTO O O c � � a mm O - � C C) C-4 VI O SD nr m O Y y O C N O O Q m N N m N W � N CL. F- m E o - � o o I i/'6S1 cc 1. Ou O O O L9i I wjn o5 -6S LY -L01 OS 05 CL•65 91 OS _ S[ E---—0toI-—--- .-- �r�.—__------.k3193+---� r 91 OS OS I CL'6S OS O OS SL•6S �SL'Z � e c r+ � 0 0 U m d tTO O O c � � a mm O - � C C) C-4 VI O SD nr m O Y y O C N O O Q m N N m N W � N CL. F- m E _,';; L,, [��rr:urr��u� Vir:�h: a,_.f-r.r,Ee >>-xr �ter�•«r�;ir,c: ..A . _ KW COMMERCIAL KENNETH PATTERSON DOUGLAS REYNOLDSON 1473 Ford Street Agent Commercial Real Estate Investment Advisor Redlands, CA 92373 0 909.793.2100 0 909.793.2100 C 909.478.4517 kenpcommercial@gmaii.com dreyynoldson@kwcommercial.com CaVE #01456022 We obtained the ff fortnabon above from sources we believe to be refsble. Fkhuevvr, we have rapt vented its aoaracy and make rho guarantee, warranty a representaton abona iL tt n submitted subject to the possbky of ernes, omissions, change of price. rental a other conditions, prior sale, lease a financing. a v&xkaeat wffl uA notice. we the mie projec Wns, opinions, aswx npbors a estirrates for exmnple c*. and they may rot represent axrart a Lfim perkxrnsnce of the property. Vou and yar tax and legal advisors shwa conduct your own vrvestigah. of the property.. transact., wwv,. kwcor n m ercia1. clam `" t'rl:l.l l;ilf' ''f; A 'fcl'I.E? _,w _v 'mil :in; _i+ f'.'. Comparable Sale #2 • Property Profile • Assessor's Parcel Map • Aerial KW.COMMERCIAL 1473 Ford Street Redlands, CA 92373 KENNETH PATTERSON DOUGLAS REYNOLDSON Agent Commercial Real Estate Investment Advisor 0 909.793.2100 0 909.793.2100 C 909.478.4517 kenpcommercial@gmail.com dreynoldson@kwcommercial.com CaIBRE #01456022 We obtaemed the information above from sxrces we believe to be rek"efiwrever, we heve not venfoed its aavacy oral make no gaarantee, wananty a representation about R. R is submitted smmject to the poss"rLy of errors. onwasiors. charge of prim. mtA or other condltiors. prior sale. lease a Trancing. a willWrawal without notice. We M We prgecbom. olmons, am r pbom or estimates for example onq, and they may not represent mme t or future peAamaroe of the properly. You and "tax and legal advgors shmdacorWuaymow on of the propeAwWnar—ctm www. kweomrnercial.cool 6955 Perris Hill Rd, San Bernardino, CA 92404, San Bernardino County I _ N/A N/A 20,000 $85,000 + �+- +•� Y� n� 6edk BldtV94�F3t, LotiSkpft MUSFS-aIbP-riae �w N/A N/A VCNT LND-NE 06/30/2016 Wathw Yf BJ---- MIt3 Sal Via# Owner Information Owner Name: A & L Alaska Inc Tax Billing City & State: San Bernardino, CA Mail Owner Name: A & L Alaska Inc Tax Billing Zip: 92404 Tax Billing Address: 6955 Perris Hill Rd Owner Occupied: Yes Locatlont Infarmatron Zip Code: 92404 Comm College District Code: San Bernardino Vly J Carrier Route: C004 Census Tract: 63.02 Zoning: RM Topography: Flat/Level Tract Number: 1964 Neighborhood Code: 091-091 School District: San Bernardino Tax Information APN : 0273-103-04-0000 Block: 3 Tax Area: 107144 Water Tax Dist: San Bernardino Vly J Tax Appraisal Area: 12 Fire Dept Tax Dist: San Bernardino Co Lot: 12 Legal Description: TR NO 1964 BASE LINE GARDENS S 1/2 LOT 12 BLK 3 EX 1/2 MNL RTS Assessment & Tax Assessment Year Assessed Value - Total Assessed Value - Land YOY Assessed Change ($) YOY Assessed Change (%) Tax Year 2015 2016 2017 Special Assessment Sb Valley Muni Wtr Dm Svc School Bonds San Bdno Comm College Bond Co Ventor Control Total Of Special Assessments (Chaarcaciteir stics County Land Use: Universal Land Use: Lot Frontage: Lot Depth: Listing Information 2017 $86,700 $86,700 $25,785 42.33% Total Tax $416 $779 $1,120 Tax Amount $132.21 $87.30 $32.59 $1.30 $253.40 2016 $60,915 $60,915 $29,515 94% Change($) $363 $341 Vacant Land Lot Acres: Vacant Land (NEC) Lot Area: 100 Water: 200 Sewer: MLS Listing Number: CV15249288 MLS Original List Price: Courtesy of LARA FERNANDEZ, KELLER WILLIAMS REALTY, California Regional MLS ..r_ • within this report is compiled by CoreLogic from public and private sources. The data is deemed reliable, but is not guaranteed, The accuracy of the data contained herein can be independently verified by the recipient of this report with r� a applicable cumr.ly yr n 2015 $31,400 $31,400 Change (%) 87.26% 43.79% 0.4591 20,000 Public Public Service $95,000 Property Detail on 04/07/2018 Page 1 of 3 MLS Status: MLS Area: MLS Status Change Date: MLS Current List Price: Closed 274 - SAN BERNARDINO 06/30/2016 $95,000 Larst ftrketcSA &Sales Mkt®;Ir r Recording Date: 06/28/2016 Sale Date: Tax: 06/09/2016 MLS: 06/30/2016 Sale Price: $85,000 Document Number: 255184 Recording Date Sale Date Sale Price Nominal Buyer Name Seller Name Document Number Document Type Recording Date Sale Date Sale Price Nominal Buyer Name Seller Name Document Number Document Type Mortgage Histo Mortgage Date Mortgage Amount Mortgage Lender Mortgage Code Closing Date: MLS Sale Price MLS Listing Agent: MLS Listing Broker Sale Type: Deed Type: Owner Name: Seller: 06/30/2016 $85,000 C23430-Dionisio Vallejos REALTY EXECUTIVES EXPERTS Full Grant Deed A & L Alaska Inc Appa Investments LLC 08/09/2017 06/28/2016 05/08/2015 12/19/2007 09/13/2006 08/08/2017 06/09/2016 04/30/2015 12/14/2007 08/31/2006 $85,000 $35,000 $180,000 Y A & L Alaska Inc Miramontes Samara Appa Investments LLC Gildner Family Trust Chejoka Nart Miramontes Samara Appa Investments LLC Gildner Family Trust Chejoka Nart & Danial Gildner Family Living Trust L 323271 255184 191272 704284 626472 Grant Deed Grant Deed Grant Deed Quit Claim Deed Grant Deed 11/14/2001 02/11/1991 02/11/1991 11/14/2001 01/1991 01/1991 $62,000 Y Gildner Trust Wsdc Inc W S D C Inc Wsdc Inc Mccormick Brian 520274 48621 48620 Quit Claim Deed Corporation Grant Deed Deed (Reg) 06/28/2016 $42,500 Private Individual Private Party Lender 09/13/2006 $170,000 Private Individual Private Party Lender Courtesy of LARA FERNANDEZ, KELLER WILLIAMS REALTY, California Regional MLS The data . i ii this report is compiled by CoreLogic from public and private sources. The data is deemed reliable, but is Property Detail accuracy of the data contained herein can be independently verified by the recipient report with the applicable county municipality. or. 04/07/2018 O 3 0141 N 1 � L•1 — o zA O � A gyp. T I I m, i27 S 446 50 B6 w I20 .' 01 c 7737 Is 44 48 x m r I (179.91) 0 13 47 r , ° Par. 1 13 so I % 119.91 I w JO so - Par. 2 - I 200 Na I I I _ I I 1 I 1 OS --------------------- 3A I I O6 m � I 28 11 I c 01 169 1 I 27 1 20 56.7 I 6e I I 1 F 26 — 25 10 zo 200 I 101 BLK. 01 1 23 156.7 22 27 I I 0 21 22 i1 ~ 31 f/1mD . p O H 70w JO T. m m rn m Oo Na p CN y ti 7 p p 09p-0 o - ------------------- m � c O 28 y _ 160.06 Par 1 m `N Par. 2vls 38 JQ. u A 126 iE 160.08 , 2 167.68 ` I I 49 T.R.A, lei 107102 I.R.A. -101137 Ph. Lot o2 .1 .A. W- 1e71Ae `� 03 1 4a I 117131 107144 J9 I 107110 as - I I O6 I f6 I 07 1010 107137 08 I I 37 I I 17 43 1.06 AC. 1 I ]3 201 J6 I 19 12 gl 107137 107017 17 20 4 1 .I.A. 107137 T.A.A. f071J4 15 I I I I I I 01 - 07 03 107137 a4 107144 107137 20 l9 11 06 - 01 - a6 103 BLK. 0s J 107007 107137 10 9 II 107137 107144 12 13 107137 14 15 107144 T.R.A. 1.07177 _ 1fi IB0 200 � I CD Q W CD r CD C7 Q Q_ CD 3 Q n Z 0 to m -P 11 � N co 4- 4 --j - jV� N O m O N CZ) CD V V -1(n O� p CD - O - Vim =3 O V V p m O p O CD V'oOC O co V V p_ N rn 0 N V W I 1=100 O YIl;I.1'T;zll 'E515` xt'F'i'l,E?. iE t=1' 'Ezi' :II'1; �; +-t. Lik KW COMMERCIAL 1473 Ford Street Redlands, CA 92373 KENNETH PATTERSON DOUGLAS REYNOLOSON Agent Commercial Real Estate Investment Advisor 0 909.793.2100 0 909.793.2100 C 909.478.4517 kenpcommercial@gmail.com dreyynoldson@kwcommercial.com CaIBRE #01456022 We obtained the information above from sources we b to be rraliat9 However, we have not verified "7.s accuracy and make no guarantee, warranty o• rep esentation about it. it is submitted subject to the possipily of errors, orrissions, charge & pope, rental or oma conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for examgffiily, oand they may.rot represent cement a future performance of the property. You and your tax and 1%0 advisers should conduct your own investigation of the propeRy and Varsection. www.kwcommarrial.com rA Comparable Sale #3 • Property Profile • Assessor's Parcel Map • Aerial KW COMMERCIAL KENNETH PATTERSON DOUGLAS REYNOWSON 1473 Ford Street Agent Commercial Real Estate Investment Advisor Redlands, CA 92373 0 909.793.2100 0 909.793.2100 C 909.478.4517 kenpcommercial@gmail.com dreyynoldson@kwcommercial.com CaIBRE #01456022 We obtaned the inbm?at rn above from sources we believe to be reliable. Havener, we tare rot vented fts accuracy and make no guarantee, warranty or rep•eserrtat n about it. It is m baked sLtject to t".e possibRy of errors, omissions, change of price, rental a Other catdftions, prl r sale, Lase or f—c'rg, or wMldrawaf wl—A notce. We'nclude pro"eoticns, opafcrs, assVmpions a es"m rrates for example orly, and they may rot represent aarent or future pedormance of the property. You and your tax and NW advisors st o conduct yaa own investigaion of the property and transaction. W 9th St, San Bernardino, CA 92401, San Bernardino County N/A N/A 7,500 $31,500 r - W tM EtEv�1NN Bieidiv B1 do, S4{ Ft Illat 97cpPt( M'MS`a10r Price I N/A N/A VCNT LND-NE 10/26/2016 yrfw ray i� Bathe YrnEFuiIt TVP W M`IllS Sal licDate- Gwner° Information Owner Name: Perez Yesenia Tax Billing City & State: Los Angeles, CA Mail Owner Name: Yesenia Perez Tax Billing Zip: 90044 Tax Billing Address: 1234 W Gage Ave Tax Billing Zip+4: 2732 Location Infarma.fion, Zip Code: 92401 Census Tract: 57.01 School District: San Bernardino Topography: Flat/Level Comm College District Code: San Bernardino Vly J Neighborhood Code: 092-092 Tax Information. APN : 0140-221-09-0000 Lot: 8 Tax Area: 7001 Block: 63 Tax Appraisal Area: 12 Water Tax Dist: San Bernardino Vly J Legal Description: CITY W 50 FT E 100 FT N 150 FT LOT 8 BILK 63 Assessment & Tax Assessment Year 2017 2016 2015 Assessed Value- Total $31,500 $21,300 $18,750 ...... ... -- ........................ Assessed Value - Land _.. $31,500 .. ...... $21,300 ... ,..... I . $18,750 YOY Assessed Change ($) $10,200 $2,550 ....... .... YOY Assessed Change (%) 47.89% 13.6% Tax Year Total Tax Change ($) Change (%) 2015 $249 2016 $422 $173 69.43% 2017 $561 $139 32.96% Special Assessment Tax Amount Sbcofire Fp-5 City Snbndo $152.98 Sb Valley Muni Wtr Dbt Svc $48.03 School Bonds $31.72 San Bdno Comm College Bond $11.84 Co Ventor Control $1.30 Total Of Special Assessments $245.87 CCktiara':Ct istic5 County Land Use: Vacant Land Lot Area: 7,500 Universal Land Use: Vacant Land (NEC) Water: Public Lot Acres: 0.1722 Sewer: Public Service Listing 1I-riforcnation MLS Listing Number: IV16135032 MLS Original List Price: $35,000 MLS Status: Closed Closing Date: 10/26/2016 MLS Area: 274 - SAN BERNARDINO MLS Sale Price : $31,500 MLS Status Change Date: 10/26/2016 MLS Listing Agent: Ivbhatkav-Kavita Bhatia Courtesy of LARA FERNANDEZ, KELLER WILLIAMS REALTY, California Regional MLS The data - , 1. .: Property Detail cyofthe accuracy of the data � h the recipient - � report with the applicable municipality. Generated on 04/07/2018 MLS Current List Price: $35,000 MLS Listing Broker LastiMarket S=aie 8e.5aJbs HIsrary^ Recording Date: 10/26/2 Sale Date: Tax: 09/ 10/26/2 Sale Price: $31,500 Document Number: 450574 Recording Date 10/26/2016 Sale Date 09/14/2016 Sale Price $31,500 Nominal Buyer Name Perez Yesenia Seller Name Hossain Fida Document Number 450574 Document Type Grant Deed Property Maps ki tiiri I Dimensions : _ Estimated 016 Sale Type: 14/2016 MLS: Deed Type: 016 Owner Name: Seller: 10/26/2016 10/26/2016 10/18/2016 10/13/2016 Y Y Perel Yesenia Hossain Fida ............... ..... .... .. Rodriguez -Gomez Cesar Hossain Shemul A 450573 450572 Interspousal Deed Interspousal Deed Transfer Transfer Z REAL ESTATE Full Grant Deed Perez Yesenia Hossain Fida 04/09/2004 10/18/1979 03/03/2004 $26,091 $14,000 Hossain Fida Raymundo Florentino L & Raymundo Remedios Raymundo Florentino L & Remedios A 246278 132 Grant Deed Deed (Reg) a1 IV* .�. z W 9th St w wtlh sit f• �' Z it 50' s z Z C E Temple SF 2 3 a� W 9th S1 149' 149'S C Z a' S Cp +� R m L N O 2 Z 2 Z lW 8th St 50' a Pim; k S VIM St L 4i 25 ds J 20U yarels . Courtesy of of LARA FERNANDEZ, KELLER WILLIAMS REALTY, California Regional MLS ::r. Core Logic from public and private sources. The data is deemed reliable, but is not The property Detail accuracy of the data :: wr -1-• 1::r be independently verified by the recipient of this report with _ applicable county municipality. Generated on 04/07/2018 Page 2 of 2 Z REAL ESTATE Full Grant Deed Perez Yesenia Hossain Fida 04/09/2004 10/18/1979 03/03/2004 $26,091 $14,000 Hossain Fida Raymundo Florentino L & Raymundo Remedios Raymundo Florentino L & Remedios A 246278 132 Grant Deed Deed (Reg) a1 IV* .�. z W 9th St w wtlh sit f• �' Z it 50' s z Z C E Temple SF 2 3 a� W 9th S1 149' 149'S C Z a' S Cp +� R m L N O 2 Z 2 Z lW 8th St 50' a Pim; k S VIM St L 4i 25 ds J 20U yarels . Courtesy of of LARA FERNANDEZ, KELLER WILLIAMS REALTY, California Regional MLS ::r. Core Logic from public and private sources. The data is deemed reliable, but is not The property Detail accuracy of the data :: wr -1-• 1::r be independently verified by the recipient of this report with _ applicable county municipality. Generated on 04/07/2018 Page 2 of 2 IV* .�. z W 9th St w wtlh sit f• �' Z it 50' s z Z C E Temple SF 2 3 a� W 9th S1 149' 149'S C Z a' S Cp +� R m L N O 2 Z 2 Z lW 8th St 50' a Pim; k S VIM St L 4i 25 ds J 20U yarels . Courtesy of of LARA FERNANDEZ, KELLER WILLIAMS REALTY, California Regional MLS ::r. Core Logic from public and private sources. The data is deemed reliable, but is not The property Detail accuracy of the data :: wr -1-• 1::r be independently verified by the recipient of this report with _ applicable county municipality. Generated on 04/07/2018 Page 2 of 2 Courtesy of of LARA FERNANDEZ, KELLER WILLIAMS REALTY, California Regional MLS ::r. Core Logic from public and private sources. The data is deemed reliable, but is not The property Detail accuracy of the data :: wr -1-• 1::r be independently verified by the recipient of this report with _ applicable county municipality. Generated on 04/07/2018 Page 2 of 2 0 V e- - o SI'11 OSI B9 Z9 1S'4f OS 9Y'IS 0 1 Of I Jy. O$2 O - DSI d O , O i I � I t!"Cf1 BS f91 n141 -------001 - 45'[91 I l o a I I O� I ti K OSI"Y � I I I I - - I I 1 I , OS OS OSI o5 OS OSI I T ]Ill - - p ' m� T"! 1 - -III T1 11 L M-1 I7"1111 cRl- o CV 001 OS S'LY S'Iy SS OS OS p01 o 0 0 I � I o� ------ I T. N N O U ago v v c CL. v NO O i� ` y 0 ID N m N 1 N O C y O v Ca V) ':c ". t'ft:l,l•l�kll '"F:'.':' +l'!?I' Ji: _kit' tst 'ikt'at't; +, i•. 100 4!I I , 1,�� +� �''?lam-+'•`�� - [ ��- _ _ 1,��, l Wim': *� r 1 • A KW.COMMERCIAI KENNETH PATTERSON DOUGLAS REYNOLDSON 1473 Ford Street Agent Commercial Real Estate Investment Advisor Redlands, CA 92373 0 909.793.2100 0 909.793.2100 C 909.478.4517 kenpcommercial@gmail.com driynoldson@kwcommercial.com CalBRE #01456022 We obtained the -vtomnation above from sources vve bell e W be retable. However, we have not v Ified hs accuracy and make no guarantee, warranty or representation about t. ft is s birvtted subject to the possfbfty of mors, omissions, charge of price, rental or other condifiws, prior sale, lease or financing, a vvithdrawal w,thmA notice. we ind projections, opinionz assmvi a est'nzatas for aran-Oe surly, and they may not represent current or future performance of the property. You and your tat and 6_QJ al - should conduct ycurcwn investigffib , of ttm properly and trarsactk n 1 d% 7v201 Resume for Kenneth Patterson: 1975 to late 1979 Mess Management Specialist for USN (pnimaryjobs: Staff Cook, Mess Manager, maintained food supplies and Buyers agent for shg'ps, fb'od)� I was E4 at time of discharge. Licensed as a California Real Estate Agent in 1979 Licensed as a California Real Estate Broker in 1989 Licensed as a Security Dealer with the National Association of Security Dealers (FINRA) in 1995. (Series 7 and 63 license, State of California Fixed and Variable life license) 1993-1995 Manager of Neighborhood Mortgage Corp. in Costa Mesa, Ca. (4 offices in Southern Ca.) We did over $80 million in Originating Residential and Commercial loans yearly. 1995 through 1997 Independent Security Dealer with American Express Financial Advisor. Since 1998 through 20111 managed Investment Retirement accounts for clients as an Independent Security Dealer and Small Group Health Benefits; through Lighthouse Capital Corporation out of Monterey, CA. From 1979 through 1999 I primarily sold and developed land to and for developers as an independent agent/broker. From 2000 to 2005 I incorporated residential sales into my sales activities because of demand by builders/developers I worked with. At which time I became an associate broker with Coldwell Banker Kivett-Teeters, I averaged 70 closed transactions per -year, until the recent down turn in the market. Mid -year 2005 to August 2012; Coldwell Banker Commercial Kivett-Teeters became the newest Commercial franchise. I deal in Commercial Sales, Building Leases, Ground Leases, land Sales and development. 2003-2007 I have been awarded the International Presidents Circle from Coldwell Banker International, which places me in the top 5% of Sales Associates Internationally. KW:COMMERCIAL KENNETH PATTERSON DOUGLAS REYNOLDSON 1473 Ford Street Agent Commercial Real Estate Investment Advisor Redlands, CA 92373 0 909.793.2100 0 909.793.2100 C 909.478.4517 kenpcommercial@gmail.com dreyynoldson@kwcommercial.com CIRE #01456022 We cbtarad the irformation above from sauces we Neve to be reliable_ However, we taus rot verifed its accuracy and make w guarantee, warranty a representation about it. it is submitted subject to the possibility of errors, ornisvorrs. chargye of price, rental or other conditions, prior sale, Wase or Prancing, or withdrawal without notice. We include projections, opir:ons, assumptions or estimates for exmri le orly, and they rtay rot mpreeemd current Or futlua pedortnarca of the property. You and your tax and Wgai advisors should conduct your own investigation of the property and trarsacti ,al.com c,: -"Q 16. M`(Dl rftiiC' August 2012 to Current I moved to Keller Williams Commercial as an Associate Broker in Redlands Ca. Doing the same business practices in the commercial arena, plus�tlnow work with Asset Managers for Defaulted Notes and Real Estate, Probate and Banihmptcy Trustees. I'm also currently an Independent Financial Advisor for Colorado Financiat Services. Kenneth Patterson KW Commercial 1473 Ford St Ste #200 Redlands, Ca. 92373 951-318-8516 cell 909-793-8200 Fax kgLapeonnnercial ail.com Ca Lic400774852 KW COMMERCIAL KENNETH PATTERSON DOUGLAS REYNOLDSON' 1473 Ford Street Agent Commercial Real Estate Investment Advisor Redlands, CA 92373 0 909.793.2100 0 909.793.2100 C 909.478.4517 kenpcommercial@gmail.com drenoldson@kwcommercial.com Ca%RE #01456022 We obtained to information aborta frau — we believe to be reliable. However, we have not veriried its accuracy and make no guarantee, warranty o, representation auto. .t. tt is submitted subject to the po sibLty of errors, omissions, change of price, rental or other conditions, prior sale, lease a f'nandng, or v thdrawal v&Kn d notice. We rdode p.jediors, cpn ors, assn npr— a esmtes for example Dory, and they may rat represent current a future performance of the property. you and yotr tax and legal advisors should conduct ynur-ovvn investigat¢m of the property and transaction. www.kwcommercial.com PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS SELLER: Successor Agency to the Redevelopment Agency of the City of San Bernardino BUYER: Pac Inv., LLC, a California limited liability company DATED: June 6, 2018 (839 N. Mt. View Avenue, San Bernardino, California, APN 0140-222-26) BASIC TERMS Buyer: Pac Inv., LLC, a California limited liability company Buyer's Address: Pac Inv., LLC, a California limited liability company Attention: Bunjong Harnvichitchai 1252 Paseo Grande Corona, CA 92882 Tel. (951) 817-1678 Email: City: The City of San Bernardino Closing Contingency Date: September 14, 2018 Closing Date (or Closing) Estimated to occur by July 1, 2018, but not later than the Outside Date Deed: A grant deed in the form of Exhibit B hereto Effective Date: June 6, 2018 Escrow Holder: Commonwealth Land Title A Fidelity National Financial Company 888 S. Figueroa Street, Suite 2100 Los Angeles, CA 90017 Tel: (213) 330-3059 Attention: Crystal Leyvas, Vice President, National Accounts National Commercial Services Direct: (213) 330-3059; email: Cleyvas(&cltic.com (or another escrow holder mutually acceptable to Buyer and Seller) Independent Consideration Amount: Two Hundred Dollars ($200) Outside Date: October 9, 2018; provided that such date may be extended by mutual writing agreement by Seller and Buyer Purchase Price: Fifty -Five Thousand Dollars ($55,000) Real Property: That property described in Exhibit A hereto; the subject property is sometimes referred to as APN 0140-222-26 Seller: Successor Agency to the Redevelopment Agency of the City of San Bernardino Seller's Address: 290 N. "D" Street — Third Floor San Bernardino, California 92418 Attention: Andrea M. Miller, City Manager Tel. (909) 384-5122 Fax: (909) 384-5138 Email: N illirr- AnAshai .orga Soil and Title Contingency Date: August 14, 2018 Title Company: Commonwealth Land Title A Fidelity National Financial Company 888 S. Figueroa Street, Suite 2100 Los Angeles, CA 90017 Tel: (213) 330-3059 Attention: Crystal Leyvas, Vice President, National Accounts National Commercial Services Direct: (213) 330-3059; email: C'leyvas�a cfltie.corn (or another title company mutually acceptable to Buyer and Seller) 2 PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS This PURCHASE AND SALE AGREEMENT 'AND JOINT ESCROW INSTRUCTIONS ("Agreement") is made and entered into as of , 2018 (the "Effective Date") by and between Seller and Buyer. [ RECITALS A. Seller is the fee owner of the Real Property. The Real Property is approximately 0.17 acres of vacant parcel. B. Seller has offered to sell to Buyer the Real Property described herein for the price and subject to the terms set forth below. Buyer has considered the offer by Seller and agrees to buy from Seller the Real Property, as more specifically described below. C. In addition to the Purchase Price, material considerations to Seller in agreeing to enter into this Agreement, Buyer has agreed to pay to Seller the Independent Consideration Amount; NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows: 1. Purchase and Sale. Seller hereby agrees to sell the Real Property to Buyer, and Buyer hereby agrees to purchase the Real Property from Seller, on the terms and conditions set forth in this Agreement. The term Real Property is defined collectively as the following: (a) The fee interest in the Real Property to be conveyed by a grant deed in the form of the Deed; and (b) All personal property, equipment, supplies, and fixtures owned by Seller and located at the Real Property. 2. Payment of Consideration. As consideration for the sale of the Real Property from Seller to Buyer, Buyer shall, at the Closing (as defined below), pay to Seller the Purchase Price for the Real Property. Upon payment of the Purchase Price (less any adjustments made to clear liens and to defray Seller's costs of sale including, but not limited to, the preparation of legal documents and validation of the purchase price incurred by the City of San Bernardino and the Seller's share of closing costs), the use of sales proceeds by Seller is a matter with which Buyer is not concerned. 3. Escrow and Independent Consideration. (a) Opening of Escrow. For the purposes of this Agreement, the escrow ("Escrow") shall be deemed opened ("Opening of Escrow") on the date that Escrow Holder receives a copy of this Agreement fully executed by Buyer and Seller. Buyer and Seller shall use their best efforts to cause the Opening of Escrow to occur on or before five (5) business days after the Effective Date. Escrow Holder shall promptly notify Buyer and Seller in writing of the date of the Opening of Escrow. Buyer and Seller agree to execute, deliver and be bound by any reasonable or customary supplemental escrow instructions or other instruments reasonably required by Escrow Holder to consummate the transaction contemplated by this Agreement; provided, however, that no such instruments shall be inconsistent or in conflict with, amend or supersede any portion of this Agreement. If there is any conflict or inconsistency between the terms of such instruments and the terms of this Agreement, then the terms of this Agreement shall control. Without limiting the generality of the foregoing, no such instruments shall extinguish any obligations imposed by this Agreement or any other agreement between Seller and Buyer. (b) Independent Consideration_. Within two (2) days after the Effective Date, Buyer shall pay to Seller the Independent Consideration Amount to be retained by Seller as non- refundable independent consideration. The Independent Consideration Amount has been bargained for and agreed to as consideration for Seller's execution and delivery of this Agreement and Seller holding the Real Property off the market for a period commencing as of the Effective Date and continuing until the Outside Date and for the rights and privileges granted to Buyer herein, including any and all rights granted to Buyer to terminate this Agreement under the circumstances provided for herein. Notwithstanding anything to the contrary contained in this Agreement, the Independent Consideration Amount shall be non-refundable in all events, except for (i) Seller's default hereunder, (ii) the failure of the Oversight Board of the Successor Agency to the Redevelopment Agency of the City of San Bernardino (the "Oversight Board") to approve the sale of the Real Property as provided under this Agreement, and (iii) actions by the California Department of Finance ("DOF") which prevent the disposition of the Real Property to Buyer as provided under this Agreement. If the Closing occurs, a credit shall be applied to the Purchase Price based upon payment of the Independent Consideration Amount. (c) Closing. For purposes of this Agreement, the "Closing" or "Closing Date" shall be the date the Deed (as defined below) is recorded pursuant to applicable law in the county in which the Real Property is located. Unless changed in writing by Buyer and Seller, the Closing shall occur on the Closing Date, or as soon thereafter as the conditions precedent to closing are satisfied pursuant to Sections 6 and 7 of this Agreement. If the Closing has not, for any reason, occurred by the Closing Date, then either Buyer or Seller may terminate this Agreement by delivering written notice to the other at any time after the outside Closing Date; provided, however, that if either party is in default under this Agreement at the time of such termination, then such termination shall not affect the rights and remedies of the non -defaulting party against the defaulting party. 4. Seller's Delivery of Real PrmTh! and Formation Documents. Within ten (10) days after the Effective Date, Seller shall deliver to Buyer the following items (collectively, the "Property Documents"): (a) Such proof of Sellers' authority and authorization to enter into this Agreement and to consummate this transaction as may be reasonably requested by Buyer and the Title Company consistent with the terms of this Agreement, including without limitation approval of the Oversight Board of the sale of the Real Property by Seller to Buyer. In addition, Seller shall cause Escrow Holder to obtain and deliver to Buyer a Natural Hazard Report as provided for under Sections 1102 and 1103 of the California Civil Code (the "Natural Hazard Report") on or before the Soil and Title Contingency Date. 5. Buyer's Right of Entry. From and after the Opening of Escrow through the earlier to occur of the termination of this Agreement or the Soil and Title Contingency Date, or as otherwise agreed in writing by Seller prior to entry is effected, Buyer and Buyer's employees, agents, consultants and contractors shall have the right to enter upon the Real Property during normal business hours, provided reasonable prior notice has been given to Seller. (a) Investigation of the Real Property. In addition to the foregoing, the Buyer shall have the right, at its sole cost and expense, prior to the Soil and Title Contingency Date, to engage its own environmental consultant (the "Environmental Consultant") to make such investigations as Buyer deems necessary or appropriate, including any "Phase 1" or "Phase 2" investigations of the Real Property. If, based upon such evaluation, inspections, tests or investigation, Buyer determines that it, in its discretion, does not wish to proceed with purchase of the Real Property based upon the condition of the Real Property, Buyer may cancel this Agreement by giving written notice of termination to Seller on or before the Soil and Title Contingency Date which specifically references this Section 5. If Buyer does not cancel this Agreement by the time allowed under this Section 5, Buyer shall be deemed to have approved the evaluation, inspections and tests as provided herein and to have elected to proceed with this transaction on the terms and conditions of this Agreement. Buyer shall provide a copy to the Seller of all reports and test results provided by Buyer's Environmental Consultant promptly after receipt by the Buyer of any such reports and test results without any representation or warranty as to their accuracy or completeness. Buyer shall bear all costs, if any, associated with restoring the Real Property to substantially the same condition prior to its testing by or on behalf of Buyer if requested to so do by Seller but excluding any latent defects or Hazardous Materials (as defined below) discovered by Buyer during its investigation of the Real Property. Buyer agrees to indemnify, protect, defend (with counsel satisfactory to Seller) and hold Seller and the Real Property free and harmless from and against all costs, claims, losses, liabilities, damages, judgments, actions, demands, attorneys' fees or mechanic's liens arising out of or resulting from any entry or activities on the Real Property by Buyer, Buyer's agents, contractors or subcontractors and the contractors and subcontractors of such agents, but in no event shall the indemnity of this Section include the discovery of pre-existing conditions by Buyer or any such liabilities, costs, etc. arising from the negligence or willful misconduct of Seller and/or its consultants. The indemnity obligations of Buyer set forth in this Section 5(a) shall survive any termination of this Agreement or the Close of Escrow. "Hazardous Materials" means any substance, material, or waste which is or becomes regulated by any local governmental authority, the County, the State of California, regional governmental authority, or the United States Government, including, but not limited to, any material or substance which is (i) defined as a "hazardous waste," "extremely hazardous waste," or "restricted hazardous waste" under Sections 25115, 25117 or 25122.7, or listed pursuant to Section 25140 of the California Health and Safety Code, Division 20, Chapter 6.5 (Hazardous Waste Control Law), (ii) defined as a "hazardous substance" under Section 25316 of the California Health and Safety Code, Division 20, Chapter 6.8 (Carpenter -Presley -Tanner Hazardous Substance Account Act), (iii) defined as a "hazardous material," "hazardous substance," or "hazardous waste" under Section 25501 of the California Health and Safety Code, Division 20, Chapter 6.95 (Hazardous Materials Release Response Plans and Inventory), (iv) defined as a "hazardous substance" under Section 25281 of the California Health and Safety Code, Division 20, Chapter 6.7 (Underground Storage of Hazardous Substances), (v) petroleum, (vi) friable asbestos, (vii) polychlorinated biphenyls, (viii) listed under Article 9 or defined as "hazardous" or "extremely hazardous" pursuant to Article 11 of Title 22 of the California Administrative Code, Division 4, Chapter 20, (ix) designated as "hazardous substances" pursuant to Section 311 of the Clean Water Act (33 U.S.C. §1317), (x) defined as a "hazardous waste" pursuant to Section 1004 of the Resource Conservation and Recovery Act, 42 U.S.C. §6901 et seq. (42 U.S.C. §6903) or (xi) defined as "hazardous substances" pursuant to Section 101 of the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. §9601 et seq. (b) No Warranties as to the Real Property. The physical condition and possession of the Real Property, is and shall be delivered from Seller to Buyer in an "as is" condition, with no warranty expressed or implied by Seller, including without limitation, the presence of Hazardous Materials or the condition of the soil, its geology, the presence of known or unknown seismic faults, or the suitability of the Real Property for development purposes. In addition, Seller makes no representations, warranties or assurances concerning the Real Property, its suitability for any particular use or with regard to the approval process for entitlements as to the Real Property. (c) Buyer Precautions after Closing. Upon and after the Closing, Buyer shall take all necessary precautions to prevent the release into the environment of any Hazardous Materials which are located in, on or under the Real Property. Such precautions shall include compliance with all laws, ordinances, statutes, codes, rules, regulations, orders, and decrees of the United States, the state, the County, the City, or any other political subdivision in which the Real Property is located, and of any other political subdivision, agency, or instrumentality exercising jurisdiction over the Real Property ("Governmental Requirements") with respect to Hazardous Materials. 6. Buver's Conditions Precedent and Termination Rip -ht. (a) Conditions Precedent. The Closing and Buyer's obligation to consummate the purchase of the Real Property under this Agreement are subject to the timely satisfaction or written waiver of the following conditions precedent (collectively, "Buyer's Contingencies"), which are for Buyer's benefit only. (i) Title Review. Within twenty (20) calendar days after the Opening of Escrow, Seller shall cause the Title Company to deliver to Buyer a preliminary title report (the "Report") describing the title to the Real Property, together with copies of the plotted easements and the exceptions (the "Exceptions") set forth in the Report; provided that the cost of the Report shall be borne by Seller. Seller acknowledges that the Buyer's Title Policy shall include an endorsement against the effect of any mechanics' liens; Seller will provide such indemnity or other assurances as necessary to induce the Title Company to provide such endorsement. On or before the Soil and Title Contingency Date, Buyer shall have approved in writing, in Buyer's sole discretion, any matters of title disclosed by the following (collectively, the "Title Documents"): (i) the Report; (ii) the Exceptions; (iii) the legal description of the Real Property and (iv) any survey Buyer desires to obtain at Buyer's sole cost and expense. Buyer shall have the same rights to approve or disapprove any exceptions to title that are not created by Buyer and that come into existence after issuance of the Report but prior to Closing. Seller shall, on or before the Closing, remove all deeds of trust, mortgages, and delinquent taxes (but not the lien for any real property taxes or assessments not yet delinquent). (ii) Buyer's Title Policy. On or before the Closing, the Title Company shall, upon payment (by Buyer) of the Title Company's premium, have agreed to issue to Buyer, a standard ALTA owner's policy of title insurance insuring only as to matters of record title ("Standard Buyer's Title Policy") in the amount of the Purchase Price showing fee title to the Real Property vested solely in Buyer and subject only to the (i) the standard, preprinted exceptions to Buyer's Title Policy; (ii) liens to secure payment of real estate taxes or assessments not yet delinquent; (iii) matters affecting the Real Property created by or with the written consent of Buyer; and (iv) those matters specifically approved in writing by Buyer. Buyer shall have the right, at its sole cost and expense, to obtain coverage beyond that offered by a Standard Buyer's Title Policy (such as an owner's extended coverage ALTA policy); provided, however, that Buyer's ability to obtain such extended coverage shall not be a Buyer's Contingency and Buyer's obligations hereunder shall in no way be conditioned or contingent upon obtaining such extended coverage. Buyer shall have sole responsibility for obtaining, and bearing the cost of, any endorsements and for any survey or other matters required by the Title Company for such extended coverage. In the event Buyer enters into a loan agreement to generate moneys to purchase the Real Property from Seller under this Agreement, Buyer and not Seller shall be responsible for the title insurance, closing costs and any other costs, fees or expenses in relation to Buyer obtaining such loaned moneys. The sale shall be all cash to Seller. (iii) Physical and Legalpections and Studies. On or before Soil and Title the Contingency Date, Buyer shall have approved in writing, in Buyer's sole and absolute discretion, the results of any physical and legal (but not feasibility or economic) inspections, investigations, tests and studies Buyer elects to make or obtain, including, but not limited to, investigations with regard to zoning, building codes and other governmental regulations; engineering tests; soils, seismic and geologic reports; environmental audits, inspections and studies; environmental investigation or other invasive or subsurface testing; and any other physical or legal inspections and/or investigations as Buyer may elect to make or obtain. (iv) Natural Hazard Report. Seller shall cause the Escrow Holder to provide to Buyer prior to the Soil and Title Contingency Date the Natural Hazard Report described at Section 8(a)(iii) of this Agreement; provided that Seller shall bear the cost to prepare such Natural Hazard Report. (v) Propert% and Formation Documents. On or before the Soil and Title Contingency Date, Buyer shall have approved in writing, in Buyer's reasonable discretion, the terms, conditions and status of all of the Property Documents. (vi) Delivery of Documents. Seller's delivery of all documents described in Section 8, below. (vii) Representations and Warranties. All representations and warranties of Seller contained in this Agreement shall be materially true and correct as of the date made and as of the Closing. (viii) Title Company Confirmation. The Title Company shall have confirmed that it is prepared to issue the Buyer's Title Policy consistent with the provisions of this Agreement. (ix) Oversight Board and DOF Approval. The Oversight Board and, if required as a condition of the issuance of title insurance or by either party hereto, approval by DOF, shall have been given as to the disposition of the Real Property by Seller to Buyer under this Agreement. (x) No Default. As of the Closing, Seller shall not be in default in the performance of any material covenant or agreement to be performed by Seller under this Agreement. 7 (b) Termination Right. Each of (i), (ii) and (iii) shall operate independently and each shall entitle Seller to terminate this Agreement, as follows: (i) If the Independent Consideration Amount is not paid by Buyer to Seller by the time set forth therefor in Section 3(b)(i) of this Agreement, then this Agreement shall terminate upon Seller giving notice thereof to Buyer; (ii) If any of Buyer's Contingencies are not met by the Closing Contingency Date, and Seller so informs Buyer, Buyer may, by written notice to Seller, terminate this Agreement. If this Agreement is so terminated, then (except to the extent expressly allocated to one party hereto by this Agreement) any escrow, title or other cancellation fees shall be paid by Buyer, unless Seller is in default hereunder, in which case Seller shall pay all such fees. If the Agreement has not been terminated pursuant to (i) or (ii) of this Section 6(b) and Buyer has not terminated this Agreement in writing ("Termination Notice") on or before 5:00 p.m. on the Monday preceding the scheduled Closing ("Termination Notice Deadline"), then all such Buyer's Contingencies shall be deemed to have been satisfied and this Agreement shall continue pursuant to its terms. If Buyer has not delivered a Termination Notice as the items set forth in Sections 6(a)(i)-(xi) inclusive, prior to the Termination Notice Deadline, such Buyer's Contingencies shall be deemed to have been satisfied. If this Agreement is terminated, then (except to the extent expressly allocated to one party hereto by this Agreement) any escrow, title or other cancellation fees shall be paid by Buyer, unless Seller is in default hereunder, in which case Seller shall pay all such fees. (c) Seller's Cure Right. Buyer shall notify Seller, in Buyer's Termination Notice, of Buyer's disapproval or conditional approval of any Title Documents. Seller shall then have the right, but not the obligation, to (i) remove from title any disapproved or conditionally approved Exception(s) (or cure such other title matters that are the basis of Buyer's disapproval or conditional approval of the Title Documents) within five (5) business days after Seller's receipt of Buyer's Termination Notice, or (ii) provide assurances reasonably satisfactory to Buyer that such Exception(s) will be removed (or other matters cured) on or before the Closing. With respect to any such Exception, it shall be sufficient for purposes hereof for Seller to commit in writing, within the applicable period, to remove such Exception at or before the Closing. Seller's failure to remove such Exception after committing to do so shall be a default hereunder. An Exception shall be deemed removed or cured if Seller furnishes Buyer with evidence that the Title Company will issue the Buyer's Title Policy, as defined herein, at the Closing deleting such Exception or providing an endorsement (at Seller's expense) reasonably satisfactory to Buyer concerning such Exception. If Seller cannot or does not remove or agree to remove any of the disapproved Exception(s) (or cure other matters) within such five (5) business day period, Buyer shall have three (3) business days after the expiration of such five (5) business day period to give Seller written notice that Buyer elects to proceed with the purchase of the Real Property subject to the disapproved Title Document(s), it being understood that Buyer shall have no further recourse against Seller for such disapproved Title Exception(s). 7. Seller's Conditions Precedent and Termination Right. The Closing and Seller's obligations with respect to the transaction contemplated by this Agreement are subject to the timely satisfaction or written waiver of the following condition precedent ("Seller's Contingencies"), which are for Seller's benefit only: (a) Completion of Title Review. Seller shall have received written confirmation from Buyer on or before the Soil and Title Contingency Date that Buyer has completed its review of title and that the condition of title satisfactory. (b) Confirmation Concerning Site. Seller shall have received written confirmation from Buyer on or before the Soil and Title Contingency Date that Buyer has reviewed the condition of the Real Property, including without limitation concerning Hazardous Materials, zoning and suitability, and approves the condition of the Real Property. (c) Confirmation Regarding Buyer's Title Policy. Seller shall have received written confirmation from Buyer on or before the Soil and Title Contingency Date that Buyer has approved a pro forma title policy. (d) Liens. Seller shall have obtained the consent of any lien holder to the release of such liens prior to or concurrent with closing. (e) Oversight Board and DOF Approval. The approval by the Oversight Board and DOF shall have been given as to the disposition of the Real Property by Seller to Buyer under this Agreement. (f) Delivery of Documents. Buyer's delivery of all documents described in Section 9(a), below. Should any of Buyer's Contingencies not be met by the respective times set forth for the satisfaction for such contingency (and without regard to whether all such contingencies have been removed or satisfied) and Buyer has so informed Seller, Seller may, by written notice to Buyer, terminate this Agreement; such termination rights shall be in addition to those termination rights of Seller as set forth in Section 6. If this Agreement is so terminated, then (except to the extent expressly allocated to one party hereto by this Agreement) any escrow, title or other cancellation fees shall be paid by Buyer. 8. Seller's Deliveries to Escrow Holder. (a) Seller's Delivered Documents. At least one (1) business day prior to the Closing Date, Seller shall deposit or cause to be deposited with Escrow Holder the following items, duly executed and, where appropriate, acknowledged ("Seller's Delivered Items"): (i) Deed. The Deed. (ii) FIRPTA/Tax Exemption Forms. The Transferor's Certification of Non -Foreign Status in the form attached hereto as Exhibit C (the "FIRPTA Certificate"), together with any necessary tax withholding forms, and a duly executed California Form 593-C, as applicable (the "California Exemption Certificate"). (iii) Hazard Disclosure Report. Unless earlier delivered to Buyer, Seller shall cause Escrow Holder to obtain and deliver to Buyer, at Seller's cost, a Natural Hazard Report as provided for under Sections 1102 and 1103 of the California Civil Code (the "Natural Hazard Report") before the Closing. E (iv) Possession of Real Property. Possession of the Real Property free of any tenancies or occupancy. (v) Authority. Such evidence of Seller's authority and authorization to enter into this Agreement and to consummate this transaction as may be reasonably requested by Buyer and the Title Company which are consistent with the terms of this Agreement. (vi) Further Documents or Items. Any other documents or items reasonably required to close the transaction contemplated by this Agreement as determined by the Title Company which are consistent with the terms of this Agreement. (b) Failure to Deliver. Should any of Seller's Delivered Items not be timely delivered to Escrow, Buyer may, by written notice to Seller, terminate this Agreement; provided, however, that Buyer may (but shall not be obligated to) in such notice provide Seller with five (5) business days to deliver all of Seller's Delivered Items. If Buyer's notice provides Seller such five (5) business days to deliver Seller's Delivered Items, and if Seller's Delivered Items are not delivered within such period, then this Agreement shall automatically terminate without further action or notice. In the event of any such termination, any cash deposited by Buyer shall immediately be returned to Buyer. Under no circumstances shall Buyer have any responsibility to or duty to pay consultants or real estate brokers retained by Seller, Seller being solely responsible in connection with any such contractual arrangements of Seller. 9. Buver's Deliveries to Escrow. At least one (1) business day prior to the Closing Date, Buyer shall deposit or cause to be deposited with Escrow Holder the following, each duly executed and acknowledged, by Buyer as appropriate ("Buyer's Delivered Items"): (a) Purchase Price. The Purchase Price, less amounts which Seller confirms in writing to Escrow Holder were theretofore paid to Seller as the Independent Consideration Amount, together with additional funds as are necessary to pay Buyer's closing costs set forth in Section 10(b) herein. In the event Seller does not qualify for an exemption from California withholding tax under Section 18662 of the California Revenue and Taxation Code, as evidenced by the delivery at Closing of the California Exemption Certificate duly executed by Seller, Title Company shall withhold three and one-third percent (3-1/3%) of the Purchase Price on behalf of Buyer for payment to the California Franchise Tax Board in accordance with Section 1 l(b) hereof. In the event Seller is not exempt from such withholding or does not otherwise deliver the California Exemption Certificate at Closing, Buyer shall execute and deliver three (3) originals of California Form 593 to Title Company at or immediately after Closing. (b) Change of Ownership Report. One (1) original Preliminary Change of Ownership Report. (c) Final Escrow Instructions. Buyer's final written escrow instructions to close escrow in accordance with the terms of this Agreement. (d) Authority. Such proof of Buyer's authority and authorization to enter into this Agreement and to consummate the transaction contemplated hereby as may be reasonably requested by Seller or the Title Company. 10 (e) Moneys for Buyer's Real Estate Broker. Buyer shall deposit any moneys due and payable to Buyer's Real Estate Broker in connection with the sale of the Real Property. (f) Further Documents or Items. Any other documents or items reasonably required to close the transaction contemplated by this Agreement as determined by the Title Company. 10. Costs and Expenses. (a) Seller's Costs. If the transaction contemplated by this Agreement is consummated, then Seller shall be debited for and bear the following costs: (i) costs and charges associated with the removal of encumbrances; (ii) Seller's share of prorations; (iii) the premium for a Standard Buyer's Title Policy with coverage in the amount of the Purchase Price; (iv) documentary recording fees, if any; (v) documentary transfer tax, if any; (vi) The Seller's Real Estate Broker's Commission of Five Thousand Five Hundred Dollars ($5,500) which the parties acknowledge and agree that at Close of Escrow, Seller shall pay Seller's Real Estate Broker's Commission for sale of the Property in accordance with Seller's listing agreement with Seller's Real Estate Broker and that the broker's commission shall be divided equally between Buyer's Real Estate Broker and Seller's Real Estate Broker; (vii) one half of the escrow charges; and (viii) costs, if any, allocable to Seller under this Agreement and costs for such services as Seller may additionally request that Escrow perform on its behalf (which foregoing items collectively constitute "Seller's Costs and Debited Amounts"). (b) Buyer's Costs. If the transaction contemplated by this Agreement is consummated, then Buyer shall bear the following costs and expenses: (i) the Escrow Holder's fee; (ii) Buyer's share of prorations, (iii) the premium for title insurance other than or in excess of a Standard Buyer's Title Policy based on the Purchase Price, and, if applicable, the cost for any survey required in connection with the delivery of an ALTA owner's extended coverage policy of title insurance; (iv) one half of escrow charges; (v) recording and other costs of closing; (vi) costs, if any, for such services as Buyer may additionally request that Escrow perform on its behalf, and (vii) any costs associated with Buyer borrowing money in order to pay to Seller the Purchase Price (collectively, "Buyer's Costs and Debited Amounts"). (c) Generally. Each party shall bear the costs of its own attorneys, consultants, and real estate brokers, other than broker's commission, in connection with the negotiation and preparation of this Agreement and the consummation of the transaction contemplated hereby. The parties acknowledge and agree that at Close of Escrow, Seller shall pay Seller's Real Estate Broker's Commission for sale of the Property in accordance with Seller's listing agreement with Seller's Real Estate Broker and that the broker's commission shall be divided equally between Buyer's Real Estate Broker and Seller's Real Estate Broker. 11. Prorations: Withholding. (a) All revenues (if any) and expenses relating to the Real Property (including, but not limited to, property taxes, utility costs and expenses, water charges and sewer rents and refuse collection charges) shall be prorated as of the Closing Date; provided that all delinquent taxes shall be satisfied at the expense of Seller. Not less than five (5) business days prior to the Closing, Seller shall deliver to Buyer a tentative schedule of prorations for Buyer's approval (the "Proration and Expense Schedule"). If any prorations made under this Section shall require final adjustment after the Closing, then the parties shall make the appropriate adjustments promptly when accurate 11 information becomes available and either party hereto shall be entitled to an adjustment to correct the same. Any corrected or adjustment proration shall be paid promptly in cash to the party entitled thereto. (b) In the event Seller does not qualify for an exemption from California withholding tax under Section 18662 of the California Revenue and Taxation Code (the "Tax Code") as evidenced by the delivery to Buyer at Closing of the California Exemption Certificate duly executed by Seller, (i) Title Company shall withhold three and one-third percent (3-1/3%) of the Purchase Price on behalf of Buyer at Closing for payment to the California Franchise Tax Board in accordance with the Tax Code, (ii) Buyer shall deliver three (3) duly executed copies of California Form 593 to Title Company at or immediately after Closing, (iii) two (2) copies of California Form 593 shall be delivered by Title Company to Seller, and (iv) on or before the 20`h day of the month following the month title to the Real Property is transferred to Buyer (as evidenced by the recording of the Grant Deed), Title Company shall remit such funds withheld from the Purchase Price, together with one (1) copy of California Form 593 to the California Franchise Tax Board on behalf of Buyer. Buyer and Seller hereby appoint Title Company as a reporting entity under the Tax Code, authorized to withhold and remit the withholding tax contemplated under the Tax Code, together with such other documents required by the Tax Code (including, without limitation, California Form 593), to the California Franchise Tax Board. 12. Closinz Procedure. When the Title Company is unconditionally prepared (subject to payment of the premium therefor) to issue the Buyer's Title Policy and all required documents and funds have been deposited with Escrow Holder, Escrow Holder shall immediately close Escrow in the manner and order provided below. (a) Recording. Escrow Holder shall cause the Deed to be recorded pursuant to applicable law in the county in which the Real Property is located and obtain conformed copies thereof for distribution to Buyer and Seller. (b) Disburse Funds. Escrow Holder shall debit or credit (as provided herein) all Buyer's Costs and Debited Amounts, Seller's Costs and Debited Amounts and General Expenses, prorate matters and withhold funds as provided herein. The Purchase Price, less any applicable debits or credits (including any liens as to which such liens and the amount to satisfy such liens shall have been confirmed in writing by Seller to Escrow Holder) shall be distributed by check payable to Seller unless Escrow Holder is instructed otherwise in writing signed by Seller (and, in such event, in accordance with such instructions). Seller authorizes Escrow Holder to request demands for payment and to make such payments from the Purchase Price (or such other funds, if any, as are advanced by Seller) to defray the cost of removing deeds of trust, liens and other encumbrances (but not for obligations of Buyer). Escrow Holder shall disburse on behalf of Buyer such moneys as are deposited by Buyer (in addition to the Purchase Price and Buyer's share of closing costs) as the commission for Buyer's Real Estate Broker (unless Buyer's Real Estate Broker shall deliver a written statement to Escrow Holder which indicates that Buyer has arranged to pay Buyer's Real Estate Broker outside escrow and that payment of such remuneration is a matter with respect to which Escrow Holder and Seller need not be concerned). (c) Documents to Seller. Escrow Holder shall deliver to Seller a conformed copy of the Deed, and documents, if any, recorded on behalf of any lender, as duly recorded among the official land records of the County of San Bernardino, and a copy of each other document (or copies thereof) deposited into Escrow by Buyer pursuant hereto. 12 (d) Documents to Buyer. Escrow Holder shall deliver to Buyer the original FIRPTA Certificate, the original California Exemption Certificate (as applicable), and a conformed copy of each of the Deed as duly recorded among the official land records of the County of San Bernardino, the Natural Hazard Report, and each other document (or copies thereof) deposited into Escrow by Seller pursuant hereto, including, without limitation, those documents referenced in Section 8. (e) Title Company. Escrow Holder shall cause the Title Company to issue the Buyer's Title Policy to Buyer. (f) Closing Statement. Escrow Holder shall forward to both Buyer and Seller a separate accounting of all funds received and disbursed for each party. (g) Informational Reports. Escrow Holder shall file any information reports required by Internal Revenue Code Section 6045(e), as amended. (h) Possession. Possession of the Real Property shall be delivered to Buyer at the Closing. 13. Representations and Warranties. (a) Seller's Representations and Warranties. In consideration of Buyer entering into this Agreement and as an inducement to Buyer to purchase the Real Property, Seller makes the following representations and warranties as of the Effective Date and as of the Closing, each of which is material and is being relied upon by Buyer (and the truth and accuracy of which shall constitute a condition precedent to Buyer's obligations hereunder), and all of which are material inducements to Buyer to enter into this Agreement (and but for which Buyer would not have entered into this Agreement) and shall survive Closing; provided that each of the representations and warranties of Seller is based upon the information and belief of the Executive Director of the Successor Agency: (i) Seller believes that it has the legal power, right and authority to enter into this Agreement and the instruments referenced herein, and to consummate the transaction contemplated subject to the approval of the Oversight Board and, as may be applicable, DOF. (ii) Subject to the approval of the Oversight Board and, as may be applicable, DOF, Seller believes that all requisite action (corporate, trust, partnership or otherwise) has been taken by Seller in connection with entering into this Agreement and the instruments referenced herein; and, by the Closing, all such necessary action will have been taken to authorize the consummation of the transaction contemplated hereby. (iii) Subject to the approval of the Oversight Board and, as may be applicable, DOF, the individual executing this Agreement and the instruments referenced herein on behalf of Seller has the legal power, right and actual authority to bind Seller to the terms and conditions hereof and thereof. (iv) Seller believes that neither the execution or delivery of this Agreement or the documents or instruments referenced herein, nor incurring the obligations set forth herein, nor the consummation of the transaction contemplated herein, nor compliance with the terms of this Agreement or the documents or instruments referenced herein or therein conflict with or result in the 13 material breach of any terms, conditions or provisions of, or constitute a default under, any bond, note or other evidence of indebtedness or any contract, indenture, mortgage, deed of trust, loan, lease or other agreement or instrument to which Seller is a party or that affect the Real Property, including, but not limited to, any of the Title Documents or the Property Documents. (v) There is no pending litigation nor, to the best of Seller's knowledge, threatened litigation, which does or will adversely affect the right of Seller to convey the Real Property. There are no claims which have been received by Seller that have not been disclosed to Buyer. (vi) Seller has made no written or oral commitments to or agreements with any governmental authority or agency materially and adversely affecting the Real Property, or any part hereof, or any interest therein, which will survive the Closing. (vii) There are no leases or rental agreements in effect as to the Real Property. (viii) Seller is not in default of its obligations under any contract, agreement or instrument to which Seller is a party pertaining to the Real Property. (ix) There are no mechanics', materialmen's or similar claims or liens presently claimed or which will be claimed against the Real Property for work performed or commenced for Seller or on Seller's behalf prior to the date of this Agreement. (x) There are no undisclosed contracts, licenses, commitments, undertakings or other written or oral agreements for services, supplies or materials concerning the use, operation, maintenance, or management of the Real Property that will be binding upon Buyer or the Real Property after the Closing. There are no oral contracts or other oral agreements for services, supplies or materials, affecting the use, operation, maintenance or management of the Real Property. (xi) There are not as of the Effective Date, nor will there be as of the Closing, any written or oral leases or contractual right or option to lease, purchase, or otherwise enjoy possession, rights or interest of any nature in and to the Real Property or any part thereof, and no person other than Buyer shall have any right of possession to the Real Property or any part thereof as of the Closing. (xii) No person, excepting Seller, has possession or any rights to possession of the Real Property or portion thereof. (b) Subsequent Changes to Seller's Representations and Warranties. If, prior to the Closing, Buyer or Seller should learn, discover or become aware of any existing or new item, fact or circumstance which renders a representation or warranty of Seller set forth herein incorrect or untrue in any respect (collectively, the "Seller Representation Matter"), then the party who has learned, discovered or become aware of such Representation Matter shall promptly give written notice thereof to the other party and Seller's representations and warranties shall be automatically limited to account for the Representation Matter. Buyer shall have the right to approve or disapprove any such change and to terminate this Agreement by written notice to Seller if Buyer reasonably disapproves any such change. If Buyer does not elect to terminate this Agreement, Seller's representation shall be 14 qualified by such Seller Representation Matter and Seller shall have no obligation to Buyer for such Seller Representation Matter. (c) Buyer's Representations and Warranties. In consideration of Seller entering into this Agreement and as an inducement to Seller to sell the Real Property, Buyer makes the following representations and warranties as of the date hereof and at and as of the Closing, each of which is material and is being relied upon by Seller (and the truth and accuracy of which shall constitute a condition precedent to Seller's obligations hereunder), and all of which shall survive Closing: (i) Buyer has the legal power, right and authority to enter into this Agreement and the instruments referenced herein, and to consummate the transaction contemplated hereby. (ii) All requisite action has been taken by Buyer in connection with entering into this Agreement and the instruments referenced herein; and, by the Closing, all such necessary action will have been taken to authorize the consummation of the transaction contemplated hereby. (iii) The individuals executing this Agreement and the instruments referenced herein on behalf of Buyer have the legal power, right and actual authority to bind Buyer to the terms and conditions hereof and thereof. (iv) Neither the execution and delivery of this Agreement and the documents and instruments referenced herein, nor incurring the obligations set forth herein, nor the consummation of the transaction contemplated herein, nor compliance with the terms of this Agreement and the documents and instruments referenced herein conflict with or result in the material breach of any terms, conditions or provisions of, or constitute a default under, any bond, note or other evidence of indebtedness or any contract, indenture, mortgage, deed of trust, loan, partnership agreement, lease or other agreement or instrument to which Buyer is a party or by which any of Buyer's properties are bound. (d) Subsequent Changes to Buyer's ReRresentations and Warranties. If, prior to the Closing, Seller or Buyer should learn, discover or become aware of any existing or new item, fact or circumstance which renders a representation or warranty of Buyer set forth herein incorrect or untrue in any respect (collectively, the "Buyer's Representation Matter"), then the party who has learned, discovered or become aware of such Buyer's Representation Matter shall promptly give written notice thereof to the other party and Buyer's representations and warranties shall be automatically limited to account for the Buyer's Representation Matter. Seller shall have the right to approve or disapprove any such change and to terminate this Agreement by written notice to Buyer if Seller reasonably disapproves any such change. If Seller does not elect to terminate this Agreement, Buyer's representation shall be qualified by such Buyer's Representation Matter and Buyer shall have no obligation to Seller for such Buyer's Representation Matter. 14. Fair Value Price. Each of Buyer and Seller believe that the Purchase Price represents a fair value price for the Real Property. At such time as Buyer makes improvements to the Real Property, the costs for planning, designing, and constructing such improvements shall be borne exclusively by the Buyer and the Buyer shall construct or cause to be constructed such improvements in compliance with all the zoning, planning and design review requirements of the San Bernardino 15 Municipal Code, and all nondiscrimination, labor standard, and wage rate requirements to the extent such labor and wage requirements are applicable. Buyer, including but not limited to its contractors and subcontractors, shall be responsible to comply with Labor Code Section 1720, et seq., if applicable, and its implementing regulations, regarding the payment of prevailing wages (the "State Prevailing Wage Law"), if applicable, and, if applicable, federal prevailing wage law ("Federal Prevailing Wage Law" and, together with State Prevailing Wage Law, "Prevailing Wage Laws") with regard to the construction of improvements to the Real Property, but only if and to the extent such sections are applicable to the development of the Real Property. Insofar as the parties understand that Buyer is paying a fair market price for the Real Property, the parties believe that the payment of prevailing wages will not be required. In any event, Buyer shall be solely responsible for determining and effectuating compliance with the Prevailing Wage Laws, neither the Seller nor the City makes any final representation as to the applicability or non -applicability of the Prevailing Wage Laws to improvements to the Real Property, or any part thereof. Buyer hereby releases from liability, and agrees to indemnify, defend, assume all responsibility for and hold each of the Seller and the City, and their respective officers, employees, agents and representatives, harmless from any and all claims, demands, actions, suits, proceedings, fines, penalties, damages, expenses resulting from, arising out of, or based upon Buyer's acts or omissions pertaining to the compliance with the Prevailing Wage Laws as to the Real Property. This Section 14 shall survive Closing. 15. General Provisions. (a) Condemnation. If any material portion of the Real Property shall be taken or appropriated by a public or quasi -public authority exercising the power of eminent domain, Buyer shall have the right, at its option, to (i) terminate this Agreement or (ii) proceed with the purchase of the Real Property and receive all of the award or payment made in connection with such taking. (b) Notices. All notices, demands, requests or other communications required or permitted hereunder (collectively, "Notices") shall be in writing, shall be addressed to the receiving party as provided in the Basic Terms section above, and shall be personally delivered, sent by overnight mail (Federal Express or another carrier that provides receipts for all deliveries), sent by certified mail, postage prepaid, return receipt requested, or sent by facsimile transmission (provided that a successful transmission report is received). All Notices shall be effective upon receipt at the appropriate address. Notice of change of address shall be given by written notice in the manner detailed in this Section. Rejection or other refusal to accept or the inability to deliver because of changed address of which no Notice in accordance with this Section was given shall be deemed to constitute receipt of such Notice. The providing of copies of Notices to the parties' respective counsels is for information only, is not required for valid Notice and does not alone constitute Notice hereunder. (c) Brokers. Seller assumes sole responsibility for any consultants or brokers ("Seller's Agents") it may have retained in connection with the sale of the Real Property (and Buyer shall have no responsibility in connection with such matters). Seller represents that it has engaged Keller Williams Realty as "Seller's Real Estate Broker" and that Seller shall be solely responsible for any commission, cost, fee or compensation of any kind due to Seller's Real Estate Broker. Seller represents to Buyer that Seller has not engaged any consultants, finders or real estate brokers other than Seller's Real Estate Broker in connection with the sale of the Real Property to the Buyer, and there are no brokerage commission, finder's fee or other compensation of any kind due or owing to 16 any person or entity in connection with this Agreement other than Seller's costs with respect to the Seller's Real Estate Broker Commission. Seller agrees to and does hereby indemnify and hold the Buyer free and harmless from and against any and all costs, liabilities or causes of action or proceedings which may be instituted by any broker, agent or finder, licensed or otherwise, claiming through, under or by reason of the conduct of the Seller in connection with this Agreement. Buyer assumes sole responsibility for any consultants or brokers ("Buyer's Agents") it may have retained in connection with the purchase of the Real Property. Buyer represents that it has engaged Hilgenberg Realty, Inc. as "Buyer's Real Estate Broker" and other than the portion of the Seller's Real Estate Broker's Commission that is payable to the Buyer's Real Estate Broker per Section 10(a) of this Agreement, Buyer shall be solely responsible for any other cost, fee or compensation of any kind due to Buyer's Real Estate Broker, if any., Buyer represents to Seller that Buyer has not engaged any consultants, finders or real estate brokers other than Buyer's Real Estate Broker in connection with the sale of the Real Property to the Buyer, and there are no brokerage commission, finder's fee or other compensation of any kind due or owing to any person or entity in connection with this Agreement. Buyer agrees to and does hereby indemnify and hold the Seller free and harmless from and against any and all costs, liabilities or causes of action or proceedings which may be instituted by any broker, agent or finder, licensed or otherwise, claiming through, under or by reason of the conduct of the Buyer in connection with this Agreement. The Parties acknowledge and agree that Buyer has been represented in this transaction by Hilgenberg Realty, Inc. as "Buyer's Real Estate Broker." At Close of Escrow, Seller shall pay Seller's Real Estate Broker's Commission for sale of the Property in accordance with Seller's listing agreement with Seller's Real Estate Broker. The broker's commission shall be divided equally between Buyer's Real Estate Broker and Seller's Real Estate Broker. (d) Waiver, Consent and Remedies. Each provision of this Agreement to be performed by Buyer and Seller shall be deemed both a covenant and a condition and shall be a material consideration for Seller's and Buyer's performance hereunder, as appropriate, and any breach thereof by Buyer or Seller shall be deemed a material default hereunder. Either party may specifically and expressly waive in writing any portion of this Agreement or any breach thereof, but no such waiver shall constitute a further or continuing waiver of a preceding or succeeding breach of the same or any other provision. A waiving party may at any time thereafter require further compliance by the other party with any breach or provision so waived. The consent by one party to any act by the other for which such consent was required shall not be deemed to imply consent or waiver of the necessity of obtaining such consent for the same or any similar acts in the future. No waiver or consent shall be implied from silence or any failure of a party to act, except as otherwise specified in this Agreement. All rights, remedies, undertakings, obligations, options, covenants, conditions and agreements contained in this Agreement shall be cumulative and no one of them shall be exclusive of any other. Except as otherwise specified herein, either party hereto may pursue any one or more of its rights, options or remedies hereunder or may seek damages or specific performance in the event of the other party's breach hereunder, or may pursue any other remedy at law or equity, whether or not stated in this Agreement. (e) Cooperation. 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 all reasonable efforts to accomplish the Closing in accordance with the provisions hereof and, following Closing. (f) Remedies. Without limitation as to the availability of other remedies, this Agreement may be enforced by an action for specific enforcement. 17 (g) Time. Time is of the essence of every provision herein contained. In the computation of any period of time provided for in this Agreement or by law, the day of the act or event from which said period of time runs shall be excluded, and the last day of such period shall be included, unless it is a Saturday, Sunday, or legal holiday, in which case the period shall be deemed to run until 5:00 p.m. of the next day that is not a Saturday, Sunday, or legal holiday. Except as otherwise expressly provided herein, all time periods expiring on a specified date or period herein shall be deemed to expire at 5:00 p.m. on such specified date or period. (h) Counterparts; Facsimile Signatures. tures. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which, together, shall constitute but one and the same instrument. A facsimile signature shall be deemed an original signature. (i) Captions. Any captions to, or headings of, the sections or subsections of this Agreement are solely for the convenience of the parties hereto, are not a part of this Agreement, and shall not be used for the interpretation or determination of the validity of this Agreement or any provision hereof. 0) Obligations to Third Parties. City shall be deemed to be a third party beneficiary of this Agreement. Excepting only for the City, the execution and delivery of this Agreement shall not be deemed to confer any rights upon, nor obligate any of the parties to this Agreement to, any person or entity other than the parties hereto. (k) Amendment to this Agreement. The terms of this Agreement may not be modified or amended except by an instrument in writing executed by each of the parties hereto. (1) Waiver. The waiver or failure to enforce any provision of this Agreement shall not operate as a waiver of any future breach of any such provision or any other provision hereof. (m) Applicable Law. This Agreement shall be governed by and construed in accordance with the local law of the State of California. (n) Exhibits and Schedules. The exhibits and schedules attached hereto are incorporated herein by this reference for all purposes. (o) Entire Agreement. This Agreement supersedes any prior agreements, negotiations and communications, oral or written, including, without limitation, that certain Standard Offer, Agreement and Escrow Instructions for Purchase of Real Estate dated February 1, 2018, and contains the entire agreement between, and the final expression of, Buyer and Seller with respect to the subject matter hereof. The parties hereto expressly agree and confirm that this Agreement is executed without reliance on any oral or written statements, representations or promises of any kind which are not expressly contained in this Agreement. No subsequent agreement, representation or promise made by either party hereto, or by or to an employee, officer, agent or representative of either party hereto shall be of any effect unless it is in writing and executed by the party to be bound thereby. (p) Successors and Assi s. This Agreement shall be binding upon and shall inure to the benefit of the permitted successors and assigns of the parties hereto. 18 (c) Assignment. Neither party may assign its rights under this Agreement without the prior consent of the other party. [signatures begin on the following page] 19 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above. "SELLER" SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BE NARDINO, a public entity, corporate and politic By: Andrea M. Miller Executive Director Approved as to form: Gary D. Saenz, City Attorney By: ' «B „ PAC INV., LLC a California limited liability company By: Name: Bunjong Harnvichitchai Its: 20 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 OnZ z �/'�7 p` ozd `d , before me, ss. {' 4 /4'� e e A'94�0-t� 4 , Notary Public, (Print Name of Notary Public) personally appeared Aa� e"O' //) • who proved to me on the basis of satisfactory evidence to be the persor4�<whose namek%)-is/aj&-subscribed to the within instrument and acknowledged to me that, i,- she/they-executed the same in lai�er/tbeir-authorized capacity(' , and that by kiVffier/thea signaturc(-Ts on the instrument the perso , or the entity upon behalf of which the persor�ted, 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. VALERIE R. MONTOYA yNotary Public '. California = San Bernardino County D z Commission * 2159279 My Comm. Expires Aug 2, 2020t WITNESS y hand and of ,4aW0[�l�/�11 seal. Though the data below is not required by law, it may prove valuable to persons relying on 8 ocument and could prevent fraudulent reattachment of this form. CAPACITY CLAIMED BY SIGNER DESCRIPTIO ATTACHED DOCUMENT ❑ Individual ❑ Corporate Officer Title(s) ❑ Partner(s) ❑ Limited ❑ ❑ Attorney -In -Fact ❑ Trustee(s) p Guardian/Conservator ElOther: Signer is representin; Name Of Person(OOr Entity(ies) Title Or Type Of Document Number Of Pages Date Of Documents s) Other Than Named Above IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above. "SELLER" SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, a public entity, corporate and politic Andrea M. Miller Executive Director Approved as to form: Gary D. Saenz, City Attorney 52 "BUYER" PAC INV., LLC a California limited liability company By: Name: Its: Bun ong Harnvichitchai Y -,v 2zc- Acceptance by Escrow Holder: Commonwealth Land and Title Company hereby acknowledges that it has received a fully executed copy of the foregoing Purchase and Sale Agreement and Joint Escrow Instructions by and between the Successor Agency to the Redevelopment Agency of the City of San Bernardino, a public entity, corporate and politic ("Seller"), and Pac Inv., LLC ("Buyer") and agrees to act as Escrow Holder thereunder and to be bound by and strictly perform the terms thereof as such terms apply to Escrow Holder. Dated: , 2018 COMMONWEALTH LAND AND TITLE COMPANY IM EXHIBIT A LEGAL DESCRIPTION The following described real property in the County of San Bernardino, State of California: THE NORTH 50 FEET OF THE SOUTH 100 FEET OF THE WEST V, OF LOT(S) 3, BLOCK 64, IN THE CITY OF SAN BERNARDINO, COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 7 PAGE(S) 1, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. Address: 839 N. Mt. View Avenue APN: 0140-222-26 A-1 EXHIBIT B DEED NOT FOR SIGNATURE RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: Pac Inv., LLC 1252 Paseo Grande Corona, CA 92882 Atten: Bunjong Harnvichitchai APN: 0140-222-26 Address: 839 N. Mt. View Ave., San Bernardino, California [Space above for recorder.] DOCUMENTARY TRANSFER TAX computed on the consideration or value of property conveyed; OR computed on the consideration or value less liens or encumbrances remaining at time of sale. Signature of Declarant or Agent determining tax - Firm Name GRANT DEED FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, the Successor Agency to the Redevelopment Agency of the City of San Bernardino, a public entity, corporate and politic ("Grantor"), hereby grants to Pac Inv., LLC ("Grantee"), that certain real property located in the County of San Bernardino, State of California, more particularly described on Attachment No. 1 attached hereto and incorporated herein by this reference (the "Property"), subject to existing easements, restrictions and covenants of record. IN WITNESS WHEREOF, Grantor has executed this Grant Deed as of 52018. SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: NOT FOR SIGNATURE Andrea M. Miller Executive Director I: ATTACHMENT NO. 1 TO GRANT DEED LEGAL DESCRIPTION The following described real property in the County of San Bernardino, State of California: THE NORTH 50 FEET OF THE SOUTH 100 FEET OF THE WEST V2 OF LOT(S) 3, BLOCK 64, IN THE CITY OF SAN BERNARDINO, COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 7 PAGE(S) 1, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. Address: 839 N. Mt. View Avenue APN: 0140-222-26 ATTACHMENT NO. 1 TO GRANT DEED TO EXHIBIT B EXHIBIT C FIRPTA CERTIFICATE TRANSFEROR'S CERTIFICATE OF NON -FOREIGN STATUS To inform Pac Inv., LLC, (the "Transferee"), that withholding of tax under Section 1445 of the Internal Revenue Code of 1986, as amended ("Code") will not be required upon the transfer of certain real property to the Transferee by the Successor Agency to the Redevelopment Agency of the City of San Bernardino (the "Transferor"), the undersigned hereby certifies the following: 1. The Transferor is not a foreign person or citizen, foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Code and the Income Tax Regulations promulgated thereunder); 2. The Transferor's social security number or U.S. employer identification number is as follows: The Transferor's home or office address is: The Transferor understands that this certification may be disclosed to the Internal Revenue Service by the Transferee and that any false statement contained herein could be punished by fine, imprisonment or both. Under penalty of perjury, I declare that I have examined this certification and to the best of my knowledge and belief it is true, correct and complete, and I further declare that I have authority to sign this document. t [ �A Successor Agency to the Redevelopment Agency of the City of San Bernardino C-1