HomeMy WebLinkAboutRESO 6405e •• .. RESOLUTION 6405
RESOLUTION AUTHORIZING
CONVEYANCE OF REAL PROPERTY
TO THE PALO ALTO HOUSING CORPORAT!ON
WHERE~, the City of Palo Alto on October 26, 1984 obtained tf tle to Lot 10
of Tract No. 7670 (Former Ortega School Site) a: satisfaction of the subdfvfder's
Below Market Rate Housing Program contribution; and
WHEREAS, the Palo Alto Housing Corporation, under Contract No. 3526 between
the City of Palo Alto and the Palo Alto Housing Corporation, aanin1sters the
Below Market Rate Housing program on behalf of the City of Palo Alto; and
WHEREAS, the Planned Connunity Ione change Ordinance for 3722-3724 Ortega
Court adopted by the Council of the City of Palo Alto on July 1, 1985 changed the
zoning of Lot 10 of Tract No. 7670 from R-2 to PC; and
WHEREAS, in adopting the Planned COlllDUnity zone change Ordinance for
3722-3724 Ortega Court the Council of the City of Palo Alto found that the
construction of said duplex lots would have no sfgniffcant adverse effect on the
environ•nt;
NOW THEREFORE, the Council of the City of Palo Alto does RESOLVE as
follows:
The Council of the City of Palo Alto hereby authorizes the Mayor to
~xecute the Grant Deed attached hereto as. E>.hibit I, upon notice from the
Building Inspection Division that the building permit for con~truction of the
duplex is ready to be issued.
INTRODUCED ANO PASSED: July 1, 1985
AYES: Bechtel, Cobb, Klein, Levy, Renzel, Sutorius, Witherspoon, Woolley
NOES: Hone
ABSENT: Fl etc her
ABSTENTIONS: None
APPROVED TO FORM:
~~~di-~ YAKeY
e.
Recorded at no charge in accordance w1 th
&overl9ent Code Section 6103 et the Request
of, 1nd when recorded Return to:
CITY CF PALO ALTO
Rea1 Estate Division
P. O. Box 10250
Palo Alto, CA 94303
A.P. No.:
Project No.: CF 24/18-84/33
Project: Conveyance of BflR Lot -Fot'l'ler
Ortega School Site
I : 6IMT DEED I
FOR VALUABLE CONSIDERATION, receipt of which is hereby acknow1 edged, the CITY OF PALO
ALTO~ a munic;pal corporation, does hereby GRANT to:
the Palo Alto Housing Corporation, a California no~profit CoTporation
the real property 1n the City of Palo Alto, County of Santa Clara, Stat.e of California
described as:
Rell property situated fn the City of Pa1o Alto, County of Santa Clara, State of
California, described as follows:
Lot 10 as shovn on the Map of Tract 7670, filed August 10, 1984, in Map Boot 532, page
43, santa Clara County Records and as corrected by that certain Certfficate of Correction
recorded September 6. 1984, Book 1854, page 1, Official Records.
This conveyance is 11ade expressly subject to the fo11owing:
1. n.e provisions of Ordinance No. adopted by the Ccuoci1 of the City of
Palo Alto on as aay be amended by said Council. Grantee further
agrees to convey the i ridividual units of the dup1 ex to be built upon the property to
purchasers qualffying under Grantor's •ae1ow Market Housing Program•. sa;d
conveyances shall include deed restrictions 1n the form of Exhibit A, attached
hereto.
2. The setback restrictions es set forth in the Agreenent between the Palo Al to Unifi e6
School District and the City of Palo Alto, recorded May B, 1984 in Book 1524, Page
379, Offic1a1 Records of Santa Clara County.
3. The aint•.in interior sideyarcl setbeck shall be 8 feet.
{:.
(
•
6r1ntor:
Dated: -----------------------
tit,y of P11o ~lto, 1
llktntctpa1 torporetion
ly----~~---------~
STATE OF CALIFORNIA; COUNTY OF SANTA CLARA: ss.
On • before •· the undersigned, t Notary Public
tn and for safd County and St&te, personally appeared,_ _________ •
tnown to• to be the of the City of Palo Alto,
the aunfdpal corporation that executed the within instr11nent on behalf of said
munfcipal corporation, and ackftO!llledg~ to me that said aun1cfpa1 corporetion
exer;uted the same ..
IY.
By
WITNESS._,, hind ind offictel seal.
ROttr,r Public in and for said County and
State
APPROVALS
Approved as to Form -Approved as to Content
Cit,J Attomey Budget and Resource Management/
"aell Estate Division
8,Y .
Approved as to Desert ptf on . Public Works{Engineering
By
DOC:9/80:9.0
. , t •
,•' .. • 't .
Stanrr TOI
A. . R1Qht of first •fusal.
Grantee hereby QnnU llrK! ;iws to the City of Palo Alto t•City•) a rioht to purchase
the mal prq»erty canwyed tereby md mty ~l"OYlllent.s thereon (the "Premises•) under ~
diticns hareinafter •t fcrt.h. City may designate a ~vennental er IO'lpr'Ofit arga."lization
t.o exerci• its right ol first refusal. City er its dttsignee my •sign this riQht tD an
indivi6Jal priwte tuyer W10 mets the City'• eli;lbilit.y C1Jalification&. After the exer-
ciH cf •id riQht by City, its desi~ or asignee in t.he mnner tereiMfter prescribed,
City, it.a designee er aui~ •Y easign uid right to PJrchMe to any amstitute illU-
vidual private tluyer who 19eta the City'• eligibility nc)liteJWtt.s enS is aipprcNed b)• the
CityJ p-ovided, hcwewr, that 9UCh aJ.t:mequent •sigment all net ecttmS artJ time limits
contained herein. ltny attapt to transfer title er any intenst therein in violation of
these corrwmants shall tie wid.
B. Prooecb."e an sale.
Whenever the owner <-owner• nfers to Gnnt.ee ..s all &KXaSson il'I interest) of said Premi•• no lcr9r dnins t.o om aid Pnmiou, Owner •11 nalifi City in -.riting to thlt
effect. &uctl rwxim mhall be tersonally delherwd er dlpcaitm in the ~ted Sta~ •il,
postage prepaid, first class" certified, ~ tx> City Maniiger, City cf Palo Alto, 250
lla'nilt.on Awn-.., Palo Alto, Clllifomia MlOl, vi.th a o:ipy to the Palo Alto Bcusin; Corpora-
tion, '67 llaliltai Avenue, lllite 24, Palo Alto, Cllifcxnia MJOl. City, its desi~ er
auignee mall then hive the right to •ercl• it.s right to p.irc:hBR aid Pnmises by
delivery of. written l!Otioe, by personal delivery er c.rtified ail, to the Oimer thl~reof et
any tJM Within sixty (60) days fram the nceipt by City of. ~ written nctice frcn Or.wr
of intent to •11 er dlspap d. the Pr8dw.
If the City, its dasi~ er -ignee nerci9es its right 'CO pm:hase aid Pnni.es,
cloee cf eac:rav d. aid parcha8e lhall be vi.thin ninety (90> days m the cpni:r~ of. aid\
eSC'rOlil t'.t' either party. Slid •crow Jlhall t. cpened 'IJOft dtliwry to Owner d. writ.t.er.
notice of the exercise of. the q.lt.ior. er • 8CCr\ thereafter • pssible.. In the went City
decides to -ign ttle right to pirchue P"C"'idld hentin, City ay pastpone cpning d
escrow until •lec:ticn of ~ -.si~, or • man therafter • possible, pr"Olided that
the cpening Qf tha escrow lhall not ta pcstpanad Jcnger than ninety (tO) days after the
Orner is notifi.S al Che City'• _.rci• of ita riQht t.o pirchMe.
Cle.ii.; emu m:5 title Uwunnce W.11 bt paid ~ to the mstara .m prect.ice in
tlle City cf 1'alo Alto at the u.. of the eipening of alCh eKZOlil. Seller ftll mar the
·~ af prc:widing a CWtWlt written npol'.t al. Sl lMpec:ticlA I\' e U09ftUd Structural
l9st Cont.rol aperat.or. All wort wwx u21dld in aid npcrt. to l'llpeir dl111ge mutled by
infestation er infection d uood-dlstrojing pests er er~ faln.1 .nJ all ta'k to
ccn.ct G:lndit.icns that m•••rS ll)cfl inf•t.aticn er infec:tian nll lie aw at the expense
of t:.tie Seller.. Jlf1 "tCrk to mrnct mndit.ions '*lall:.' di a~ likely m JHd to i.nfest.11t.ion
er lnfec:Uan d tCXJd-dllstioylng J39St.a er cirvanJ. .. , but "'9re.., Widera d inf•tatian er
ci.v.lJM> ...
..
. ' • ..
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infecticn i• fcund with nspect to aJdl CD1ditiona, is mt the nspotWibility c1 the
Seller, 8'd IUch wtir"k lhall te cbW' craly if nquest.ed b.f the Buyer er:! then at the expense
of the~. 'lhe Buyer lhall be nepa•ible tor•19y.m cf my pnpe.i'ft'8nt fees ~ ~
any lender ~ rusm cf the •l• al the prai-. 'lbe p.tn:hlllle price shall ta paid in cash
at the clcee of •c:row er • my bit atbtrvi• prcwidlld by aJtual -.i eenent c:L ~r .ro
&eller. 1'he p.irchue price of tht Pnmi ... -..11 bt fimd a the lower lin:Junt arrived et
via the follc:Ming tie> Jllethcds1
.. •
1. City er its dmignee hll ,. ... 1n 1ppnial 9de ~ an lppnliNr of its choice to
Ntablilh the -.rk•t value. '!he Omar •Y &l.llO .hlw an 1ppraiul ade by an appraiar
of Owner's choice to •t.ablilh the -.rket value. If qee11ent cannot be wa.ched, the
average of the two 1ppraisal1 llhall ta tat'md the market pr'ice.
2. Ebllars ( $ ) iolUS the lftDlnt ca _an_iy_pc_re_pa--,ynre-n~t--:f-ee_s_pa_i,...d......-:-~-the~-.~1!"1I~i-ng~CMne~ r at. tie t.ue sud OWner purchUed the
Prwniaes (base price), plus S) lllDUnt, if rttf• to ccnpensate for any increase in tJie
cost of living as -.sured by me third (l/l) of the ea.mer Price Index for tM San
FrancisCO"'Olkland ... p_1blimhed by tbe u. s. Qiparblent. d. tabor, &Jreau d. Labor
&Uitiatica (hereinafter •tt1e Index•). For that pirpose, the Index p-evaili"9 cm the
date of the p.1rchue by the •lling Omer d uid Pnmises all be CD!plred with the
lat:at Index available ai the date of receipt by City d rd:ioe m intent to ell.
1'he peroent.a~ iru...., in the Index, if any, lhall be CD!plted cd the tase ;rice
ahlll be increued by a. third (1/3) of thltt percent•; prcwided, h:Never, that t.tle
price 8hlll in no went be lower than the puchlse p-ice paid ~ the aellil'9 Omer
when he ptt'Cha!led the :s-r.u-. 'Ibis .Sjusted price shall b! increased ~ the value
of St:/ &1bst..antial tlt.Nctural er perMnent fi..S Mp.01 1 nu. w.ich m.mot t:e nm:wed
vithcut. &lbat.antial -.;. to tM Pr9aiw er .atantial er total lass ~ •lue d.
Mid inproumenta and ~ the value of Ill'/ 1ppliances, fixturm, er eQUipnent. purdlued
to replace i!pplianaes, fixtures, er _,..ipaent Wdch wre criginally ICQUired • part
of the Prwm.lses ty Gmers provided that 9Ud1 price .Sjust.nt fer nplacenent appli-
ances, fixtura, er e;uipent !Wlall be allowecS cnly whl!rl the etpenditure is neces-
•itAted __ ~ the ncn-cperathe er Cit.her deterionted ccndition t1 the ariginal appli-
m, fixture, er equi~ • If et the t.ille at fttllaC 1 e nt the cri~inal 1ppliance,
fixture, er ~ipwtt hid in..,.. « twenty percent (20t) of its original •tineted
wful life wining, owner mhall ~ to the City's aatisfaetion the condition
of the 11PPliance, fixture, er equipaent 1illhich mcmsiUted its nplacenent. It) 11.ldl
price lldjusbe!'!:. ehall be mde significantly in ecess t1 thlP NUa'lillble a:at to
replace t.he criginal appliance, fixture, or ~ipent vith • new appliance, fixture,
or 9QUipwmt of cmparaDle 91&lity • hereinafter prcwidld. It> 8Udl &djuatnent ahall
be mde except far illprcwments, 1pp1anc:., fixtul'a, or equipaent _. er irstalled
by the •llin; o.m.r. No ~, 1PPliance, fixtun, or SJUipaent all De
d• wed mumtantial W\l .. the K"t:Ml initial mat thenaaf to the Owner exc:Mds one
percent (1.ot) of the p.archue price paid by the Omer fer the Premises: p-cYided that
ttlia lliftiaa liaiutian nll ~ IR>lY 1n eitt.r cf the following aituat.ianss
(a) .._. the ependitun .. mcSe pJrSuant tD • .matcxy msessnent levied by the
aa.own.n• auociatian far the dtv.lcpent in ..nicb the Prmi .. ii lcasted,
Vhethlr 19vied fer i111J!"'1cmnta er •inunance to t.M Prai9eS, the mw1Ql'1 area,
crnl.ated~.
(b) "'8N the mcpendibant -. mde far the nplal:: ant d ippliances, fixtul"IS, er
~is-nt "'ich --.. criginally tr:quind • part d. the Prei.es b;r CMwr.
(IMr.l/N) 2.
• . , , ' ...
f .
lio .Sj.,.tMM: lhall a. mde fer tM value d. 111)' ~nu, 1ppliances, fixtures,
or *"1ipnant ri-tbe CMner hll ~nt to the City valid written cbc:l.inent.ation d.
t.M coct d aid UiproM1ant.s. 1'w valua cf aJCh iaprtMnents ~ W\ich the ale price
ahall ti. a'justed lhall la d9terminld • follows:
·(•) f!'he value cf .-,y iJlp?'0'11111ent, ippliance, fixture, or ec;uip»m, the original cast
of "1ich -. less than Five 'lbousand D:>llars ($5,000), lhall be the depreciated
ftl~ ct the ilpl'01191n8nt, ippliance, fixture er ec;ui;nent aalc:ulated in ccord-
ani:. vith principles r:l straight-line dltpreciatim 1pplied to the criginal cost
of the iapl"OY918nt, appliance, fixture er equipwent tased ""°" the •timated
original meful life t1 the ~r'OJJ'8nent, awlianoe, fixture er equipment.
(b) !be value d .ny inprovenent, a;ipliance, fixture, or equipnent, the crigirt.al oost
of Which ws Five Thousand It>llan ($SMOOO) er mr., mall be the 1ppraieed .net value of the inprwment, appliance, fixture er equipnent w.en considered
u en edditicn cr fixture to the premi ... (i.e., the mtD.Jnt by W'lich aid im--
pZ"O\lml!nt, appliance, fixture er 9qUipmnt mNnces the aarket value c'l the
pzwnises) •t the u.e CJf ale. Said val~ nll be dletem.ined in the same JlllL~r
•• the JMrket value at the fnl!d•s in net.hod 1 ~.
(C) Q\ January 1, 1982, and wery ti«> )49ars tbereafter, regardless f1 the dllte t1
execution r.r ~tion hereof, the .an of Five 1'lou8and Ebllars tSS,000)
referred tD in paragraphs <•> and (b) 1-ediately eave Slall be 1Utcnatically
lldjusted fer the p.1rpCM of tJvJae para;r..p.& in the following mmer. Ol -.ch
.Sjustaent date, the eon.mer Pric. Inc!ex far the San Franciaco-Oakland area
published ~ the lJ. S. Departnient m Laboe, aaeau of t.Mbcl' Statistics (•Index•)
prwvailin; en Jwnary 1, 1980, ahall be c:npued with the Index pvvailiftJ en the
date cl nc::crcSKion of this dNd. The peraent.q lncreue in the Index, if ~,
stall be mmputed .,_, the an d Five 1'Da.nd tlollars ($5,000) stv:U ta in-
cruseo in the ... pen:eneage. In m awiat all ~ tun be nd1.IC8d below Five
'l'tQJsand D;)llars ($5,000).
(d) lb price KJjustaent will tJe ..:ie ecept ~ presentation to City of written
doc\IEntaticn of. all expendi~ mete by OWner for 'ilbich an mjustment is
~ted.
An$ •le price detemin8d thrCUQh the ime of. this mthod rumer 2 Ctiase priee mjji.JSted
~ QJM\ner Price Inl5ex w value af iJlprc:Ntle'lU, 1R>lianoes, fixtures er tQUipnent
added) shall be mjusted ~ decrusini.l Mid price 1!t1 an ..:iunt tD a:lliJen&ate for
deferred •intarwnce cat1ts, Wiich n::unt llhall be determrmd • follows: t.p::lrl receipt
of notice cf Omer'• intent. to •11, City ar: its desiQNJe shall be entitled tc inspect
the Pr91-. City er its ctn.i.,_ llhall ·haW ., qJpOrtUnity to dttermine Wlet.her all
pl\ll!bin;, •lectl'~cal, met mating st•tens .. in tia'kin; crdert whether 8f'IJ violations
of -s:;>licabltt tuilding, pl\ll!binr~ar electric, fin, er housing cedes eist.J whet.her all
applUinon .taich wre crigi.Mlly furnished to omer • rart cf the Pnlni ... , er any
· npl.c rntAI tl'alnte>f, we in wxking «den tllhet.her wll•, ceilif9S n floors are
clear 8'd fl"M cl llQlu er at.her dlfeets (except fer holes \ypic:al cf picture hliVll•h whet.her cbXa, windows, .,.....,. md similar appanenaraa _.. craekad,
braken er tomJ wad whet.her carpets, dnpes 1111 aillil.ar fHtuns "1ich ~ cri;inally
f\lmiahed to Omer • part of the prwniMS, ar M'J nplac9!aent thereof. are clean ~
,..._ of holes, taars ar other defect.a. In t.M went d!ficiencm _. ~ed. the Jeal
J.
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Prcperty Mrt.iniatret.cr d City 9hall cict.ain •tiJMta m o.are the c:taervied dtficie~
ci•. 1'he Owner 8hall cunt the dtficiencies in a reuomble a."1ner ccept.able to City
or dtligme within sixty (60) days d being notified cf tt. rsulu ot the irw;.ction,
but in no event i.ter than cloee of •crow. &hculd CMin' fail to OJre IUCh deficien-
cin prier to the 9Chedule0 dllte cf clme t1 •crow, at the cptlori cf· City, its msiq-
~ nee er auigrwe, .acrow Mt bl cla'Jed, title paued mnd 1ltlMY pid to t.he •llinQ
Omar Wbject tc the ecndition that aK:h fun:Ss as are mcessary to pay for curi!'Wiil such
deficienc:i• (t:.led q:iori written •ti.mat• cbt.ained ty City) ahall ta Vi thheld fran
the ra.y ~ the •lling Omer m'ld held ~ the •craw ~lder for the p.ir.x:iee c1
curing aJCh deficencies. City, its designee er 1SGignee mall cauae aich deficiencies
to t.e a.ared mld ~ certification cf CCl!i>letian r:L '«Irk by City, acrow tr>lder llhall
utilize much funds to ray for aid won. Any rmaining funds llhall be paid to the
Hllin; Oitner. tb at.her P1yment shall be dJe aid Owner.
In no went llhall City becane in atrt way liable to OWner, nor a.~ obligated in any
manner, by ruscn of the •si;rnent Cf ita right to p.lrChMe, nr mhall City te in arr; way
obli;.ted er liable to omer for any failure of. City'• .asignee to ccnsumrate a p.arc:hue r1
the Premilff er to CICHl>lY vi th the tenas of arrs purctiae and ale .;reement.
Until alCh ti• • tne City's right to p.n."chue is ecerciaed, •ived, or expired,· the
Pnlni-end .-ry interest. in t.itle thereto mall net te 9Dld, leased, renteG, •signed, or
otherwiM transferred to any person er .m.ity •oept with the aprll8S written a:insent c1
City er iU dnignee, wueh cawnt llhall be c:nsiateht vitt. the City's ~l d creatini;,
preserving, •inUining, and protecting bousin; in Jlalo Alto for peracd of lClw arxS JIDder-
ate inc:a.. 'lhis pn:Hi•ion lhall not prohibit t! ' enc.vmering d title for the mle PJr-
pc:me c4. eemring financingi h::rdewr, in the ever.t d fDnclmure er transfer ~ dNd in
lieu off~, tile proyisi.ons d. Section! of this U.~ shall g:wem.
The following transf•ra of title er arr; interest therein an net. subject to the rioht
of first nfuaal provisiors of this dtedi transfer bf gift, devi.98, er imeritance to
grantee'• lpQJM er issue: taking ~ title by &l?'Viving joint teMnt.; transfer d. title t.o
•pouM • part of divorce er dissolution pcoceedin.;si w:quisiticn af title er interest
therein in conjunct.ian with Mrriager prorided, ~r, that U... covenants shall ccn-
tinue to run with the title to Mid Prmi.-. follawi~ •id tramfem.
c. O.V.lcper'a Right to ~rctw.
Should City er ita dlSignee manc1cn er decim net to exerci• the lboYe right to PJr-
chaH er decide tD •11 •id lt)it lit market pr-ice vithcUt. regard to t.he •t.hods c4. mter-
ainin; price •t forth herein (unless ~ .net p:ice is ~t.erndned to ~ the ippro--
priate price Wider •thod ruaber u, c•Dtvelqaer•)
or ite wign1e llhall hllw the .._ right • dt1 to pwct.-e aid Premias. In such
event, O.V.lcper llhall have sixty (60) days frcn the receipt by it of written rotic:e that
City will rot eercise tts right to p.arc:bUe, er will net cJme •craw, er that City will
Mll Slid' Ptwdw on tm q>en .net, vithin Wiicb ID exerci• Dr.ielaper's cption tD
purchase •id "-1-at the -price • iS 1FP1icable to City. '1he Develq>er er
autgnee, after -=9Jirlng title by eerci•in; its right to prchlN, 9hall bl free to aue
or •11 at arut ntea Md lhall tmw title froe em clMr fraa the prcwisions m ttese
died r.trieticns.
Jn thl went thmt City abandons or fail• tD eurci8e it.a ri~ to prc:tt.ue the Pr~
i-within aixty (60) dlys after it nceiws the mt.ice at w...i. to •11, City will mu•
~ .
(lltv .1/M) ...
...
•.·· to ·t. nccxmd in sanu Clara Ccunty • not.ice d. intMtt not to e.ercl• it.a right vith
iwpect to •id Pl'9mf. ... , w dtclaring that tht pr'(Niaiarll m thi• riilit ... ftO longer
applic.bl• to Mid Plwld-, Md ahlll dtliver •·ccpy tJwreof to Dtwlcpar n to OWner «
Aid Prai-.. S.id rotlce llhlll m ncotcs.d within fift.Nn US) days d. City'& dtciaion
not to exarci.lle ita right., but no later than sixty (60) days after City nceivaa the not.ice
of intent t.o eell. ~ l'9COl'dation d Mid notice, the provisions d. t.be right to pu!""'
chaH lhall no ~r be 1pplicabl• to said Prcni ... , except that Dewlcper er its •signee
&hill cuatimae to hive the right to parchaSe aid Pnnd1es fer sixty (60> days after re-
ceipt of vritten nxice that City Will not uerci• it.a right, or will not. clcse •crow, or
will •11 en the apen •rket. lf Developer fails to exercise its right, it shall, within
•aid aixty (60) days, record a waiver n release Cf it.a right to p.archue er to eliminate
arrJ further clcud a\ title to Mid Prem.i-•
D. 'l'enninetion of RiQht of First lef\.18&1.
n. provisions let forth j.n this died relating t.o City's and ~lC91tr's ri~ht to p.ir-
chue 9hall terminate and i.caue void aitcnatically fifty-nine (S9) years follcwino the
date ct ncordatic:n at. thi• deed.
Upc:l'a the npir•tion cL scid fifty-nine (59) year period, t.~ Palo Alto Housini; Corpor-
•tion, • 11Cn-Pl"Ofit charitable oroanization er its atcCHIOr czgani.ution, shall ha\."'e the
ri;ht to. pm:hUe the PremilleS, Md if owner no lcnger desires to cwn the Premi.ees, Gmer
shall notify the falo Alto Housing Corporation in accordance with the {rOC8dures for noti-
fying the City in Paragraph B above. U the Palo Alto Hcusing COrporation elects to exer-
cise its ri.;ht to pm:hue, it .i.11 ct> m in cocrdance with the p-ooedures and pr-ice 11et
fcrth far the City in ~aph B. abc7.le •
• £. DtfiNlt.
owner CDV'l'nants to :ause to te filed toe noxd in the Office d. the Recorder m the
Ccunt,i of Banta Clara • ntq.JeSt for a a:ipy cl. In'/ ~ice d. ~fault -.1 d. any mt.ice d.
nle \l'lde?' ~ ~ ct trust er non.gage vith powier cf ale enc:\KJering •id Premi!leS pur-
suant to Section 2924(b) of the Civil Code cf the State d. California. SUch request shall
specify that ~ atch rrtice lhall ta iailed to the City Manager, City of Palo Alto, 250
llllniltcn Avenue, Palo Alto, California MJOl. My notice d. ale given pursuant to Civil
Code Section 2924tf) shall conatitute • not.ice cl. intent to •11 henturder tn.1 City uy
exercise iu prc•ptiw right prior to l6JY trustee's ale, judicial foreclOEure ule, er
~ransfer by deed Jn lieu of foreclosure. In the .-..nt Owner fails to file such req.JeSt for
notice, City's right to pirehase shall run fran the date City obtains rtual knowled;,e cf a
&ale er proposed ale. ln the went City elects not to ecen:i.ee its right to purchase upon
default, any aJ:pl!.IB to which Owner my I» entitled JIUf'SUBnt to Code ol Civil Ptocedure
Sectica 727 llhall tie paid • follQIWS: '!hat port.ion ~ aitpll.S (after pa)'ftleflt cl en...-um-
brances), if ~, \I> to tut. not •ceeding the net lllDmt. that OWner '«lUld hBve noeived
•ft.er pymnt of ~anoes Wider the fo.mula •t forth tlbaie hid City •ercieed its
right to p..rchalle the property an th9 date r:I. the fonclolilure ale, llhall m 19id to C>wt'ler
on t.be date at the fonclaaure Ml.er the tai.nce d anplus, if lnJ, nl.l tJe peid to
Dtvel.aper or it.a aacceuan er .. 1gns.
F. DiatribUtion ct Jnsuranoe and Condaanation Proceeds.
Jn the went that the PrmiRS cawist of a amit in a o:rldcninim project lrld the a.n»-
ainhn project ia dNtroy-.1 Md insurance pcaeds .. distrib.ltad to Owner irstead al
being med to nb.tild, or in the 9Yent. cl. ocrdlwlatian, if poceeds ther.of are distributed
to Oilnar. or in tr. event. cf termination af the a:adallinim, liquidation ol. the -.ociation
ca...1114> s. MG.
• •. I I
•t I ~ , .
Md diatrUution of the MMt.a cf tht -.ociation to the lmlt.ers thent0f, including OWner,
any Maiplua cf poewds .., diatributed zwir.in; after p.yniant ~ 9nc.'\lllbranan cl Mid
Prmni-lhllll t. diatributed • follo.r ~t portion of the 9Ul'plus up to bJt. mt to
exceed the rwt ....-.t that O\ln9r .::iuld haft received under the fornulA •t forth lb:lve hid
City ece.;c:iMd its right to plrchilM the lft!Pl'rty on the dlt.e of the destn.K:tion, cc:nsr.n.-
ticn wluation dlte, or li~idaticn, wll ta distributed tt> OWner, Ind the blla.'"a cl such
aurplm, if my, llhall be distributed to Developer er its aacmssors er •si;ns.
All notion nQUir.d herein lhall tE •nt to the following iddresmes: .
CITrs City Marager
City of hlo Alto
2SO HMdltcn Avenue
Pale Alto, Califcmia 94301
•67 S.Ul ton AYam»
SUite 24
Palo Alto, CA 94301
By acceptance cf this dMd, Diner .:cept.S ~ aigt •• to be b::utd by ttie cu.-enants c:cntained herein.
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