HomeMy WebLinkAboutRESO 6325... • ,
RESOL.Unm AUTIIOllZllB
CtmtTAEE (F R£AL PltOP£ITY
TO THE PALO Al.TO llOUSll& COIPGIATIOI
RESOLUTION NO. 6325
WHEREAS, the City of Palo Alto obtained title to Lot #8 of Tract No. 7554 (For111er
Crescent Park School Site) as satisfaction of the subdfv1der's Below Market
Rate lious1 ng Progr·• contribution; and
WHEREAS, the Palo Alto Housing Corporation, under Contract No. 3526 between the
City of Palo Alto and the Palo AltO Housing Corporation, acbfnfstrates the
Below Market Rate Housing program on behalf of the City of Palo Alto; and
WHEREAS, Ordinance No. 3571 adopted by the Council of the Cf ty of Palo Al to
on October 1, 1984~ changed the zoning of Lot #8 of Tract No. 7554 from R-2
to PC. Said PC class1ffcat1on requires that a duplex be constructed and that
each unit be sold at a price not exceeding $90,000, unless a different
1n~tfal sales price ts approved by the Council of the City of Palo Alto; and
WHEREAS, fn adopting said Ordinance No. 3571. the Council of the Cfty of Palo Alto
found that the construction of said duplex lots would have no si gn1 f1cant
adverse -.ffect on the environment; and
M<M THEREFat.E, the Councfl of the City of Palo Alto does RESOLVE as follows:
SELTIOM 1. The Council of the City of Palo Alto hereby authorizes the Mayor
t.o execute the Grant Deed attached hereto as Exh1bf t I, upon notice frm the
Building Inspection D1v1s1on that the building pel"llft for construction of the
duplex 1 s ready to be issued.
• • •
SECTION 2. The $90,000 per unit maximum sales prfce set forth in Ordinance
No. 3571 is hereby increased to the actual cost of construction as documented to
the City1 s Director of Planning and Connun1ty Envirornent, but in no event to
exceed $104,000/per unit.
INTRODUCED AND PASSED: November 5, 1984
AYES: Bechtel, Cobb, Fletcher, Klein, Levy, Renzel, Sutorius, Woolley
NOES: None
ABSENT: Wi therspcon
ABSTENTIONS: None
t
CCJ14tMITY ENVIROKNT
~ ~~C>~d 'at.·Request of: e
City of Palo/Real Estate Division
P.O. Box 10250
Palo Alto. CA 94303
and when recorded return to:
• Palo Alto Housing Corporat1ori
467 Hamilton Avenue Suite 24 Palo Alto. CA 94301
_________________ .. llS'PACE ABOVE THIS LINE FOR RECOKOER'S USE ONLY•
A.P. No.: Parcel No.:
Project: lot 18 Tract No. 7554
(Crescent Park BMR Lot)
FOR A VALUABLE COHSIDERATI~, receipt of whf ch 1s hereby ac:kno.ledged, the CITY Of PALO ALTO,
a lilUnf cipal corporation, does hereby GRANT to:
the Pale Alto Housing corporation, a California non-profit Corporation
the real property in the City of Palo Alto, County of Santa Clarat State of tal1fom1a described as
lot 8 as shown on the •P of Tract 7554. ·filed April 11. 1984 in Map Book 527,
page 5, Santa Clara County Records.
This conveyance ts made expressly. subject to the provisions of Ordinance ... ·
Ho. 3571 adopted by the Council of the City of Palo Alto on Novembar s.,-1984,
as uy be eEnded by said Council. 6rAnt.~ further agrees to convey the
individual units of the duplex to be built upon the property to purchasers
qualifying under Grantor's "Below Market Housing Program11 • Said
conveyances shal 1 include deed restrictions in the fonn of Exhibit· A, attached hereto.
(DOC:9/80:5.1)
Signature Page .City as Grantor
STATE OF CALIFORNIA; c
GRANTOR:
City ot Palo Alto, a
municipal corporation
By:_Llb._.. t ·•--..; 2.
l t ~ : &1 J.,.. .llN'f?J ~ .,
SANTA CLARA: ss.
On__,,t:.k.~llf:il~~L..J.11.~~L.::,~~~~· before me~ the undersigned,
and Stdte, person 1 peared
~~IY.dPG~.-<~~~~----~ known to me to be the -t..ie...-..~-.....---
_ _!~'tf2.2fdD~~~--of the City of Palo Alto, the mu
corporatio executed the within instrument on behalf
municipal corporation. and acknowledged to me that said municipal
corporat~on exec~ted the same.
WIT NESS 11y hand and off I c la 1 sea I -~~~r.im:::~a!fS:::".::_.JI,......J...-4;,-c~~e:z~
APPROVALS
Form:
Approved as to Description: Pub I Works/Engineering
Notary
County
By: \ ---\--,---
I .. ,. ..
Sl8JECl' TC4
A. IUS!ht of First 1'8fuaal.
Grantee t.reby grants and gives to the City ~ Palo J.Ito <•City•) a right to p.irchase
the J:Nl prtJperty cx.:inveyed tereby mid Wrt iJll>roYenenU thereon (the •Pranises•) urr.ter o:n-
diticna bareinafter aet forth. City may desionete a CJ)Vermental er nonprofit orga.'1ization
to axerciee its right of first refusal. City er its dtsignee may asign this riQht tr:> an
indivici.lal private bJyt'H' "1o meets the City's eligibility QUDlifications. After the ex~~
ciae of •id right. by City, its dnignee er assignee in the manner hereinafter prescribed,
City, its designee er •si~ 1111y msign Mid right t.o purchase to any SJbstitute indi-
vi~al private tuyer .illo mets the City's eligibility requirenents ard is ~roted by the
City~ provided, h:Jlliilewr, that such aibeequent ass ignent 9hall rot extend atrJ time limits
contained mrein.. Any attenpt to transfer title er t11y interest therein in violation c1
these mnvenants llhall be \Oid.
B. ~on Sale.
Whenever the OWner ( •awner• ntfers b:> Grantee ma all aicoessors in interest) of aid
Premises no longer desins to own said Pnmiaes, OWner shall l'Eltift City in writinQ tD that
effect. S'Uc:h rd.ice shall be personally delhend er deposited in t.he tJnited States •il,
pcst,aoe pnpaid, first class, certified, llddr8sed to City Manager, City f1 Palo Alto, 2SO
Hamilton Avenue, Palo Alto, California 94301, with • cx:py t:D the Palo Alto Housi~ Corpcxa-
t.icr>, 467 lllmilt.at Avenue, t\lite 24, Palo Alto, califomia 94301. City, its desi~ er
assignee shall then have the right to exerci• its rlc;aht to p.irchase said Pcemises by
delivery of. written l'l'Jtioe, by personal delivery er certified mail, to the OWner thereof at
aey time within sixty (60) days 1'1:m the nceipt by City m audl written ncti~ frCJa omer
of intent to all er dispoee of the Prmi ...
If the C~ty, its designs~ er .nignee exercilleS its right to p.irchase said Premises,
close of Mc:row of •id ?>rchue lhall tie within ninety (90) days cl. the q-iening d. lllch
esc:rcw ~ either party. Seid escrow 8ha.ll te c:pned \.1>6, deliveey to CMner cl. written
notice r1 the exercise cl the apt.ion er • 9'Cl1 thereafter as pogsible. In the event City
decides to .sign the rif#lt to PJrcbase provided htrein, City '1'111'/ p::istpone cpening of
esc:raw until •leeticm of mleh assi~, er • mocn thereafter as possible, trCNided that
tbt ~ing of the -.craw lhall mt ta p:stporwd longer than ninety (90) days after the
OWnar is notified of tJw City•s exereiae d. its ri~ to purehase.
CJ.csiftg oost.s Ind title in&uranoe 9hall tie paid pas.iant to the c:ustCll ard practice in
the City of Palo Alto llt. dw U-d. the cpeniflj d. ~ .crow. Seller llhall bNr the
eJCpllMe of pro11iding a a..u"Ant written tepofi d. In in•p•et.ion by a licermed Structural
h9t Ccntrol (4lerat.a-. All work nicx;uaenOed in aid nport. t.o npair dlnlllge cau.ed by
infestatian er infection d. ~t.roying pests er cr\1aniw found lrd all work tn
cmzect a:inditions that Cl!ieed mJc:h infestation er infection llhall be done at the -..nae
of the Seller. Alty 1111Crk to cccrect cmditions uaally dlaied likely to lead to infestaticn
er infection of tem-destzwing pest.s er ~iw, but \l'lere no evidence cf infestation er
REG.
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· infection i• fourd "'it.h respect to aich a::inditions, is fl)t the responsibility c1 the
seller, .nd aach w::rk 9hall bt <b\e cnly if t'9qUe!lted ~ the Buyer w then at the e:xperee
of the Buyer. 1')e &rjer shall be responail>le for· payment of any prepayment fees inp:lsed by
.iy lender tJra.' mason of the sal~ of the pnmi9e9. 1he p.lrc:haM price Wll be paid in aash
at the cloee of •crt'Jlii' or • uy ta cxherwise pz'O\/ided ~ nutual a;reen1111!nt cL aJyer aoo
Seller. the p.:rchase price d. the Prmniees INlll be fixed at the lower lnl:lUnt arri "9d at
via the follCMinQ two nethods:
l. City « its designee lhall haw ., appraisal ..:Se by an apprai•r c1 its choice to
wt"ablilh the W'ket value. 'lhe Owner •Y also have an appraisal llllde ~ an appraiser
of Owner's choice t:o establish the market value. If aoreeraent cannot bt reached, the
ewrage c1 the two appraisals llhaill be termed the mrket price.
2. tbllars ( $ > plus the a11n1nt c1
any prepa~nt fees paid 1',' the •lling Oimer at the time said Otmer p.ircha&ed the
Prmises (base price), plus an llO.lnt, if wry, to caapensat.e for any increase in the
cast ot living es measured by cne third U/3> of the Consumer Price Index for the San
FnnciSco-oakland area ;ublished ~ the u. s. DlpartJrent. of Labor, 8J.reau d. Labor
Stati•tics (hereinafter •t.ne Index•). For that purpose, the Irdex i;revailing on the
date of. the purchase by the •lling o.mer r1 aid Premises shall be CXll'plrad with the
let.est Index 41V<lilable an the date cf nceipt by City r1 notice at. intent to •11.
The percent.a;e increue in the Index, if any, shall t:e o:'llpJted am the mse pl"ice
shall be increued by cne third (1/3) of that percentage; provided, tr:>wever, that the
price lhall in no event bl lower than the pirchase p-ice paid by the aelling Oimer
when be p.1rchased t.he Prai99S. 'lhis adjusted price shall b8 increased ~ the value
of my aabstantial structural er .. permanent fixed illprwenenta ~ich camct .be rmcved
withcut aibstantial damage to the Premises er SJbatantial oc total loss of 'Mlue d.
said inproY818nts and ~ the value of lJlti appliances, fixtures, or "'QUipment ~
to replace appliances, fixtures, or equipaent. which .. re ociginaU.y acquired • part.
of the Premises ~ o.mer, provided that aJCh pl"ioe cjustment fer niplaoe:tient; appli-
ances, fixtures, or equipment Shall m allowed mly when the experditunt-is neces-·
•itated ~ the 11co-operativie er other deteriorated a:ndition ~ the original ippli-
ance, fixture, or 9Q'Ji;ment. If ~ the time at teplaoelftent the cri~inal applimlee,
fixture, er ~ipqent had in excess of twenty ~rcent (20U of it.'I criginal estimated
u•ful life renaining, Oimer shall ~ to the City's sati11faction the cr:n:Htion
of the 1R>liance, fixture, or equipment W\ich T90e&sit.eted its replacement. tt> &ld1
price adjustment shall be made significantly in excess cl. the rusonable cx:st to
replace the criginal appliance, fixture, or equipnent with a new ~lianc::e, fixture,
or equi;Mr>t c:4 ~able <JJ&lity • hereinafter pl'tWided. No such ldjustnent Shall
be Jl8de except for il!prcr-'ements, appliances, fixtura, or equipnent 18'e or installed
by the aellif1ti1 ewner~ No inprOYement.s, appli~.nce, fixture, or ~ipnient shall te
d1 -d Slbltantial t.S\lus the ctual initial ro.st thereof to the Omer ecceeds a'18
percent. (1 .. 0\) of the p1rchue price paid by the Owner for the ~aes; Pf'°"ided that.
this rainian limitation llhall not apply in either of the following situations:
<•> '1lm'e the ~iture ~ JMde pursuant to a amatory ......-nt levied by the
~rs' association for the dewloptent in which the Praaiees ia located,
whither levied for illpraoniments er •intenanoe t.o the Prtn!SH, the CXIBiiCln aru,
or related ~·
(b) tt.re the ~iture was ~ for the Nplacenent of l()pliancee, fixtur9, er
~ipient which were originally EQ\.lired • .s-rt c1 the Pnniaes by Oimer.
(""9.1/14) 2.
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No edjust:Jrent lhall be nade foe the value of .-ay inprovenents, appliances, fixtures,
or ec,Ji(JN!nt \S\less dw c.Mner shall present to the City valid written cb:1.1Tentation of
the CIDSt of said Ulpl"O'l1emf!nt.s. 1'w value of IUch inprowment.s by whieh thll! sale P"ice
shall ta -'justed lhall be ~termined 115 follows:
<a> '1'he val u. d. ,,..'i iJrproYement, appliance , fixture, er ~i patent, the ori ~i na1 cx:ist
of llhich was less than Five tbouurd D:>llus \$5,000), shall tie the liepreciated
value ot. the iJll>roYtlftent, tppliance, fixture er equipmtnt. calculated in a:CO['d-
ance vith principles of straight-line depreciation applied to the criginal oost
of the inprovelDent, appliance, fixture er equipment tB98d q>al the •timnted
ori;inal useful life of the ~rtMIN!'nt, ~liance, fixture er equipnent.
(b) The value ot. any inprowment, appliance, fixture, or eguipnent, the ori~inal C06t
of which was Five 'lhluAnd ll',)llrrs (SS,000) or S>re, lhall be the apprai9ed.
market value of. the inpl'0111!1ftent, appliance, fixture er equip'lleflt "1en CXl'\Sidered
u an additicn er fixture t.o the pcemiaes (i.e., the ma.ant by lliich aid u,...
provement, iiR>lianoe, fixture er «i}Uipment w.a.noea the llat'ket value '1 the
prmnises) at the time of !lllll.e. Slid value shall be detemined in the sarae aanner
u the market value of the premises in net.hod l ~.
(c) On January 1, 1982, and f!NerJ two years thereafter, regardless c1 the date c:L.
execution er 1'900r'dation hi.4eof, the MCJUnt d. Five Thousand il:>ll&rs ( SS,000)
referred to in pira;raphs (a) and (b) i'Dlllediately lbc1le shall be &Jtanatically
adjusted for the purpose ct those paragraphs in the following nanner. ~ each
adjustment date, the con.l.Rer Price Index for the san Francisco-Oakland area
published by the u. s. ~nt c1 Labor, aireau c:4 Labor Stat.istics (•Index•)
prevailing an January 1, 1980, all be ca.pared with the Index pnvailing ai the
date of. moxdation t1 this deed.. 'Ihe percentage increase in the Index, it q,
shall te a:llplted and the un t1 Five 'Ihousard b:>llars (SS,000) shall be in--
creaseo in the same percentage. In n::> event ahall the an be Aduoed below Five
'J'hQ.:sand D:>llars ($5,000}.
ten No price adjustllent will be IMde except ~ presentation to City c:4 written
doc\nentatian of. all expencSi tires ade by Omer for "'ich ., mjustment is
r91.1Jested.
Art/ ale price determined through the use of this Method ,....r 2 (tue price IC!j~ted
by ~r Price I~x and val\Je « iJlprcwments, 1H>liances, fixtures er tquipwtnt
t dded) shall be adjusted l:.!t' d&creasi~ uid price by m lllCU'tt to ~nsat.e for
~ferred •intenanoe costs, llthich aru.ant llhall ~ determined • fcllCMS: Upon receipt
of notice of. OWner'a intent to •ll, City er it• desiQnee shall be entitled to inspect
ttw Pnnises. City er its dni~ lhall ·ha\"e an qiportunity tD determine Wlether all
pllllbing, electric.l, md hHti11Q 11J/9ttn& a1"I in wcrking mder; Wlether arrt violations
of applicable b.dlding, pl\llbi~, electric, flre, er tnaing codM aist1 whether till
app11·enoes .tlich were cri;inally furnished to CMner • part « the Preniaes, ex q
npl.-.nts U.nlOf, .. in ~ing anlarJ whether wll•, ceilings am floors ..
clear Ind fr. af toles er other defect.a (•xcept fer boles typical c:i picture
tt.ngenh vhet.hftr cbon, vird:Ms, 1e1..,. md aimilar appwn.enances are cracked,
bn*en er tom; end whet.he ca~t.1, drapes n similar features lltich •re criginally
fumist.d to Oiilner • part al the pnrUMS, or In/ replac:...nt. t:Mreof, are clean &rd
fne cf b:>las, tun er Cit.her citfecu. In the w.nt deficiences an n:ited, the ,.al
3. JS:;.
Property ldniniat.rator c:t. City shall ODt.ain •ti.Jmtes to OJre the ot.erved d!fieien-
cies. 1'he OWner shill l aJre the def icifmcies in a ?PSOnabltt ma."ltWr £Oe;>ta.ble to City
or dni;nN within sixty (60) days ol being notified of the ~ult.a ol the ins;-ction,
but in no went later than close oi. scrow. Should o.mer fail to cure 11.1ch deficien-
ciu prior to the scheduled dilte d close of a<:roit, at the ~icn '1· City, its desig-
nee er assignee, escrow roay be closed, title passed and ncney paid to ti.. •llifrli3
Omer subject to the a:Jndition that auch tums as are rwcessary to pay for o.iriAd such
deficiencies Cbesed ~ written •ti.mates ci>t.ained b.a' City) shall be WitMeld fran
tbl w:ney tile the •lling CMner and held by the e&crtM tclder for the pll'p08e c1
curin; lalCh deficiencies. City, its desi~ or: assi~ shall cause su~ deficiencies
tote QJred and upon cenification m c:csrpl&tion of. tCrk by City, •crow tDlder shall
utilize much funds to pay for said work. Any nnaining funds shall be paid to the
selli~ Omer. No other payment shall be d.Je said a.mer.
In no event llhal 1 City l»eare in any \!BY liable to a.mer, nor atCOTIP obligated in any
manner, by reason d. the assig1tnent Of. it.a right t.o p.srchase, nor shall City i:le in any _.y
obligated er liable to o.mer for M'i failure of City'& assignee to oonsunmate a p.J.?chase c1
the Prer.ises er to catply with the t""tnns cf any p.archue and sale ~reement.
Until &JCh time as t1'le City's right to turchase is exercised, wah'ed, or expired, the
Premises ~ my interest in title thereto shall not te aold, leased, rented, assigned, or
otherwi&e transferred to any person er entity exce1)t with the e<press written <X:ll'\Sent m
City or its desiqnee, "1ic:h CXJnSent shall be consistent with the City's cpal d c:reat:ng,
preserving, maintaining, and P"Otecti.ng h:Jusing in Palo Alto for persons of l°" am l'!Dder-
ate incare.. 'lllis i'C'OYiaion shall J'WJt {r'dlibit the 8!\C\.llbering of title for the mle pur-
poae of aecuring financing: toifever, in the event d foreclosure or transfer ~ med in
lieu of. foreclosure, the P'O"i•ions t1 Section E of this inst.nnent shall ~m.
The foll01J1ing t.ransf~rs « title er any interest therein are not subject to the right
of first refusal provisions e4. this med: transfer ~ gift, devi•, er imeritance to
grani..e's llpOJ&e er issue: taking <1 title ~ airviving joint tenant; transfer ~ title to
spouse as part of divorce or dissolution t-eoceecU~s: acquisition of title er interest
therein in con junction with marri~; provided, however, that theSe c;:1011enants st"".al l oon-
t inue to run vith the title to •id Premises folloo~ said t.ra.~fers.
C. D!velOJ:!'r's Ri,ght to PUrc:hase.
Should City er its designee abandon er decide not t.o exercise the abcNe rig.t}t to pur-
chase ex decide to eell said lk'lit at market pr-ice withtlut ~ to the •thods d. deter-
aining price aet forth htrein (unless present •net price is clttemined to be the a;>pro-
priate price Wlder nathod ruftber 1), (110tveloper•>
or its assi;nee shall haw the same right • City to p.lrct'.ase said Premises. In sud'l
ev.mt, Developer shall hr"4! sixty (60) days fran the receipt by it t1 written notice that
City will not exer~i• iu right to purchase, er will not close •crow, er t.hat City will
Mll uid' Prtniaes an t.he qien .arket, within lllhic:h to exerci• Dr.ielqer•s q>tion to
purchase said Preni... at the _. price • is applicable to City. 'IM Develcper or
assignee, after acquiring title by 9'Cercising its right to purc:haM, ahall .be free to lease
or eell at .net rate aid snall have titl.9 free ard cleu fram the provisions m t.._se
deed rwtrictions.
In the eYent that City abilndona er fAil• to exereiae it.a riQht to p.archale the Prsn-
iMI within sixty (60) dlys after it Aetiws Ula 1¥'.ltict d. int._,t to •11, City will cause
Rm •
(J'9Y. l/84) ••
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to .t» r.corded in Senta Clara C.cunty a rotice cL intent mt to exercise it.a right with
res;aect to uid Premi.MS, m'\:i dtclaring that the proyisions el thia ri~ht are no l~r
applic.abl• to said Premises, and nll deliver • .a:ipy thereof to Develqier we t.o Oilner c1
said PrllRiM•. Seid notice shill be recordeid within fifteen (15) days C'L City's dltc:ision
not to nitrciM it.a right, but no later than sixty (60) days after City receives t.._ notice
of intent to aell. Upon ~rdation ol. Mid notice, the provisions ct tt. ri~t to pur-
chase shall no ~r be appli~le to said Premises, except that DeY9loper er ita assionee
shall ccntinu. to have the right to pJ.rdi.ue said Premises for sixty (60) days after re-
ceipt Of written notice that City vill not eHrci• its ri~t, or vill not. C'loee •crow, or
will •ll en the cpen •rket. lf Developer fails to exercise its right, it shall, Within
aaid sixty (60) days, record a waiver arlC! release ol. its right t.o PJrchue er to eliminate •n.v further clcu:! a"\ title to seid Premises ..
D. Termination of Right of First P.efusa.1.
1be provisions aet forth in this deed relating to City's anCI Developer's ri~ht to p.ir-
chue 9hall terminate and becane 1i1t>id &Jtomatieally fifty-nine (59) years follcwing the
dete r1 reoordaticn ol. this &!ed.
Upon the expiration of said fifty-nine (59) year period, the Palo Alto Housing Cor-r0r-
ation, a rcn-profit dlarit&b!e a:ganiz.ation oc its sucoessor 0l'9ani2ation, shall have the
right to PJrchase the Premi9K, -.d if cwner no longer desires to cwn the Prerr.ises, a.mer
shall R:>tify the Palo Alto Housing Corporation in accordance with the p:ocedures for noti-
fying the City in Para;raph B atx:we. If the Palo Alto Housing Corporation elects to exer-
cise its ri~t to~, it llhall d:> ao in aca>rdance with the procedures ard price et
forth for the City in Para~aph B. Above •
•
E. O.fault.
OWner (X)venants to cause to be filed for record in the Office c1 the Recorder of. the
Co.mti of Santa Clara a reqJeSt for a ~ ol. any n::it.ice el. default an:! of. aey rttice of.
sale under arrt deed cL. trust or nortgage with power of. sale encuaring seid Prerrlses pir-
suant to Section 2924(b) of the Civil Code ~ the State of Ot.lifomia. Such request shall
specify that any aich rotice shall l::a Jailed to the City Manager, City of. Palo Alto, 250
Hamilton Avenu9, Palo Alto. California 94301. Illy notice of. Ml• given p.asuant. to Civil
Code Section 2924(f) shall constitute a rot.ice of intent to aell :t'ereun:Ser and City may
exerei• its preenptiw right prior to any trustee's ale, judicial foreclosure sale, ~
transfer tiy deed in lieu c:t. foreclmure. rn the event Owner fails to file ad1 nq.>est for
notie9, City'• right to purchase shall run f~ the date City obtains actual knc:MlediJE! of a
sale er prcposed sale. In the event City elects am to exerciee its right to purchase upon
default, any IU:rplus to which Owner my t:e entitled p.tt'SUant to Code cf Civil Proc::edure
Section 727 shall be paid • follows: 'lbat portion of wrplus (after payment r1 ~-..
brances) , if any, '-I> to but not exceeding the mt SICUnt that Owner wculd have noei ved
•fter p1ymnt of ~ W\der the fornula •t fccth llbc:we hid City ccerciaed its
right to ~rchMe the pro.-rty an the dlte al. the foreclosure sale, shall tit paid t.o Owner
on the date ot the fonclc.ure ale; tJw balance r1 surplus, if aft/1 llhall bit paid to
Dave leper er it.a au:ceaaon er asi gns.
F. D!striWticn of lnswr&.'\Ce and Condennation Proceeds.
In the event that the Prsises consist r1 a W\it in a a::nbnini'8 project Ind tt.., cordo-
llinim project i.s drt&troyed and insurance prOJMds are distributed to CMner bat.ad '1
t.ing WMd to nbuild, or in the event ti. cadenuation, if picceeds tl'wAOf are distributed
to o..ner, or in the went t1 termination af the c:andalinil.9l, liquidlit.icn of tht 11UXiation
(Rev.1/84) s.
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and distrU:uticn of the assets of the •aociation to the nl!!n'bers thereof, inc:ludini; o.iner,
any wrplu.a of proceeds 10 distributed rmaaini~ aft.er payment ~ ~ranees d said
Pnn.ites nll ta distributed • follows: 1hat portion of the au-plus up to tut not t.o
exONd the twt lllD.Jnt that o.mer tlbJld hllve r"309ived under the fornula •t forth lbc:/.le had
City axerciled its right to PJ.rchaae the property on the date cL the destroction, CO'"'ide"'.t~
tion valuation date, or liquidation, shall be distributed to o.rner, and the tal&noe d. such
surpluat if S'f'J, shall be distributed to Dewloper ar its aJcOMsors or assigns.
All not.ices NqUired herein lhall be •nt to the following addresses:
Ctn: City Ma~
City Of Palo Alto
2!:>0 Hamilton Aven:Je
Palo Alto, california 94301
467 Hamilton Avenue
Suite 24
Palo Al to, CA 94301
By acoeptanc» of this deed, Omer ccept.s and agxees to b! to.ind ~ the co..eMnts oont.ained here~.n.
(Rtv.1/84) Rm.
6.