HomeMy WebLinkAboutRESO 6582,,. ••• . ' RESOLUTION HO. 6582 I RlSOLUTIO~THORIZING CONYEYA)ICE OF REAL PERTY
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TO THE PALO ALTO HOUSING CORPORATION 0~1G11v.
~~ WHEaEAS, the City of Palo Alto on July 1, 1986 obtained title to Lot 3 (922-
924 llanthta Court) of Tract No. 7758 (former OeAnza School Sfte) as satfsfactir.ln
of the subdivider 1 s Below Market qate Hou~1ng Prograe contrfbutfon; and
WHEREAS, the Palo Al to Housing Corporatf on. under contract No. 4327 between
the Cf ty of Palo Al to and the Palo Al to Housing Co-rporatfnn, administers the
~low Market Rota Housing progra• .on behalf of the City of Palo Al to; and
WHEREAS, Planned Colmunity zone change Ordinance No. 3726 for 922-924 Ban-
tista Court, adopt~d by t~ Council of the City of Palo Alto on November 24. 1986
changed i:l1e zonfng of Lot 3 of Tract 7758 frm R-2 to PC to a1lo.; a balow •rket
rate duplex on the site; and
WHEREAS, in adopting the Plar-ed Collllun1ty zone change Ordinance for 922-924
Bantfsta Court. the Council of tiff= City of Palo Alto found that the cons'buction
of s.,1d duplex would have no sfgrificant adverse 4!ffect on the envh-onment;
NOW THEREFORE. the Council of the City of Palo Al to does RESOLVE as
fol lows:
The Council of the City of !>alo Alto he.-eby author-ize::. the Mayor to execu-
tive +.he Grant Deed attached hereto as Exttibit 1, upon notice fram the Bu'fldfng
Inspection Dfvisfon thit the bvilding penirit fc-r constr'UCtfon of the duplex at
922-924 Bautista Court 1s ready to be issued.
IITRODUCED AJIO PASSED: January 5. 1987
AYES: Bechtel, Cobb, Fletcher, ~lein. L~vy, Pat1tucc1, Renzel, Sutorius, Woolley
NOES : Notie
ABSTEJTIONS: None
ABSENT: Hf:me
APPR0\'£0:
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Recorded at Request of:
--~---------~:PACE MOYE ~IS L111£ FOR RECOR!>ER'S USE ONLY
A.P. lo.:
Parcel lo.: Cf lS/2-86/7
Project~ COnftyan-:e of DeAnza 8'IR
Lot 3. Tract 77 ~
========·:stJ aMf 1mJ
Felt A YM.OAIL£ COl$11QATJOI. recetpt of wlrtdl ts Mreby actnowledged, the
CITY Of PM..0 ALTO. • Wf d.pal cctpor"Jtlon.. does llRrebY 6IWIT to:
~Pal• Alto lloultq ~ti.oft, 1 Ca1tf0f'ftf& ........,oru corp<nt1on
the rMl pl"iprt¥ fn tile Cttr of Palo Al'°• Coufttr of 5-ata Clara, State of
caltfont1~ -._.;ribed &$: -
Lot 3. u .-.... . .,... •t owtai• Map of n~ 1151, ftltd for record on
.lan•f"J 23 1M6 t.a _ _. 555 of Maps at pqes 21 aacl 22, Sana Clara touftt.Y Records. . .
Tttts coneyuce ts •• _ nprusly subject 10 • fo11owtng~
1. De prcwfs10M of Ordfance llo. 3726 adopted t.w u.e c:ounct1 of tile City
Gf PALO Alto Oft ....... 24~ 1086 as IQ ...... , .. bf l!fcl Councfl• Gra•• ftrtlMtr •V-. to COWH1 tlldfvi•1 •t• of tile duplex to be Milt"'°" •......,.tr tD .---clRset"s qua1tfJt81 under .,.at.or's ";elow
1'arbt llout .. P""f& • Slid CGIWQIMB .,_11 111elo cll81I ruW,~dlM tn tai ~-Of bMbi' A. attactt.d lllNto. .
.• HINT b.-,
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Dated: -----------------
STATE Of CALIFORNIA; COUllTY OF SANTA CLARA: ss.
•
6RANTOR:
-Cfty of Palo Alto, ;;,
Munfcfpat Corporation
By: -----
On , before •· the undenfgned, a Notary Publ .le fn and for Aid Counti and stife, personally appeared . •
Ctt,y Manager ltnown to • to be the § Mayor _
Assf stut Cft¥ Manager
of the City of Palo Alto, the .,n1ctpal_corporatfo, that •'teeuted the within
tnstnment on behalf uf said .... tctpil '-orpOratfon, and 1-Cknowledgecl to • that
said .,,.fcfpal cmoporatfon execvted the saae.
WITNESS !W hind and offfcfal leal.
: liti'"1 Piib1 iC \ft iftd for
Af d COUftt8 and State
-APPROVALS
11. ________________________ __
By--..-----------
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tDoc:7/85:1.0) •'·
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Sla1ECl' !?=
l'., Riqt!t of Pirc RefUaal.
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Grantee hereby gmntll and gives to the City ct IBlo Alto (-city") 8 ri# to puRhase
the :real piq»rty c:icnwyed benby and my illprov t *8 thereon (tbe ":PraUaes•l under con-
ditions bm:einafter aet forth .. City may des!Qnete a ~taler r:apofit czvanizatJ.on
to exercise its right u first. zefusal. City er its dis~ my aasi.Qft this right ti> an
indivi<lal private b.iyer W10 mets the City's elig.ihility qmlifications. >.fter . ·• ecer-
cise of 8id right ~ City, its desi.-e « MSi~ in die iialier hereinafter pscribed,
City, its desion&e er msignee RVrJ iasign uid right t.D padlaae tD M'fi mbstiblte indi-
vid.Jal private tuyer 1lhO .-eta the City'• eligibility ~ am is approft9d by tmt
City; provided, tcwe.e£. that 8UCh 'JUbeequent wigl int ..U net estent ~ tme l.imita
contai~ h!Eein.. IJlry ..ttenpt to transfer title er 111'1 ~ theatin in violation t1
these ccnV9Nlnt.S 8hall bit void.
Whenever ti. omer l ~ r.e!ers to Gram:-ml .U 9.ICCeSm in intenstl of aid
Pr9ni9eS aJ kn;n'. dlaJ.ns ·to om _Mid_ Pr99fees, OMnlt' DU natify City in writirr;i to· t.bat
effect. Suc.t\ notice tlball tm ~Y dltlivend cr-dlpciBit-1 in ti. Uni.tea Stats •il•
postage prepajd, first elm, certified, .ic1rea11d 1D City -•~1111, City '1. pi.J.o Alto. 250
Bmiltt.n Awnue, Palo Alto, Qdifomia MlOl, vitb a «1¥ to ttJe blo Alto Rousing Qapaca-
tioo, 467 llmni.lmn Avenue, adte 2-&, Palo Alto, Qa1.ifcmi.a M301. City, ita -~ er
assignee shall tban. have the right tD exea:t. its ~ to pad e •id Prad.-!Jy
delivery« written nxice, hy .perscnal mli~ er cst.ifiet WJ., 1D ttae Qwnar'·tbereaf at
any tiM_ wit.bin sixty (60)..,. flUD tl'a nceipt t¥ City Clf adl witten nctiee fttm ~!'
of intent to •11 er aiepoR ca the ~.
If the City, its dasi!1'*' er ·111i~ ...-ciw its rlgbt to purchl8e •id Pn!!miaes#
clcae m escrow ~ aid tw:ctme llhall m vltilin ninety (to) days « thl q1e0ing ~ IUCh
UC£OW qr either party. Said ~ 9hall be q;l8\Wd mpan d&liWEy -tQ-OWner d. writt:en
notice of the ...-ct. r1 the qJtion or• 9CDl'l dlenaftar • pmsible. In the event Ciey
dec:ides to wign the right to JIUft:bW pECIVided ._.in, City -.r p:stpa• cpninrJ d
WWW ....U.l •lection d 9UCh -~. er -ar;Dl llmiMf~ -pssible, tre"idlld that ~ apaning cf the 8BCZ'CM llball mt ta paatpanad ..... tMa Dint¥ ( 90) days after the o..wr is notified of the City-as wdlla d. its~ to pa'dlrn.
Cl.o&iftg CD11tS ad tit.le ~ Dll te paid~ to tba o_,. emd 1&.;.':tice ln
the City of PMo Alto 11t tbe U. Cf t.be epen1ng C adl Ci.oemlf. S._Uer ahall ----tha
upan88 cl Pft"'iding a cuu:ent written ftlJ(XXt d. • ii=tmd.ic:wl by a licehl 11! Sttv::::tuR1
JIMt CcntJ:Ol ·;:_,.tcr,. -All .wart ffC* trmd in ~:Aid npa1't to npair •• Qe GM m d tly
inf.-atian ,:r intectlcn al ~ng pests er. ~ fD.ni mt-all ta.tr. to
cuict canditiaw tbat cmm14 IUCb infestation er w.ctkn llhall bl d':lne. 11t --the ~
of u. a.Uer • .arw llCICk to cxaect antitians ••llf t• n 13 Wraly tD lHd to im..i:.at.m
· er J.nfectian d .m-dW.zoytng pll8tS ar m:gentw, ~Jt ~ so 9idance r1 mr.t.aticn er
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inf~ion is found with nspect. to such a:inditians, is not the r•pousibility t1 U'Je
seller, and such 1«rk llh4ll be done cnly if ~ by the 8uver am then at the etpense
of the Buyer. '1he Buyer 8hall be rnpcnsible for paymnt of. any ~ files !llp e&.1 by
any lender by reasai m the ale r1 the prmiaes. "lhe pa:d\ase price llhal1 be p1id in msh
at tne close of •crow er • may be otherwise pcovided by nutual agr at d. lkiyer ..:!
seuer. 'lbe purchase price of the Premi.9es Bhall l'le fixed at the lower B:U\t arived at
via the folloring b«l methods:
l. City er its dasignee llhall tw.va an 81JPraisal mtle by an apprai9er d it.a choice tD
establish the mrket value. 1be Owner •Y a1m have an appraial mde by an iipprai8er
of Owner's moice to establist. tbe .net vahle. If 3gr8lllleJ1t cannct. .be nached, the
averaged. the t1«> appraisals ahall m te.,.., the arket price.
2. lbl lllJ"S ( s ) plus the aacunt cf
any ~ fees paid by the •lling CMner' at the time aid OlmeE' p11c:tznd the
Pnnises (base pd.at) I plus ml 811U'lt1 if Sl/f 1 to ccmpensate fer m.f increa9e j.n tm
cost. of. living • •asured ~ ane t.hi.J:d (1/3) of tt• Consumer Price tmex for the san
Fnnciscc-Oaklvd area pit;>lished by the u. s. Daparblent of Laber, B.JrNU d. Labor
St.tistics (hereinafter "the ~). l\x' that pzq>aae, the Ima prew.iling m the
date of. the p.1ni\ase by the Elling 0Wner d aid~ sball be c:mp..~ vith t.he
latest Index available cm the date ot moeipt. by City ct mtice ~ int4Mit to ~11.
The percentage incAase in the Index, if my, llhllll be CXllllpUttd mi tm .tlllle ~ice
shall be increased by cine third (1/3) of that (IHQtntaoeJ powided, ID11VK1 that the
price 9hall in m event Ile loiler than tlle pad r a Jrice 1Bid by the elling ONner
when be p~cbaeed the ~. 'Dais mjusted price llhall be ila• a 1d by the . .iue
of my mbetantial structum.1 or pw .... at f:i.-d ~ tlbic:b mmct ta a:wwwed
withcut •.Jbstantial. d ge tD th! P.rwt .. a: ~ial er td:al ~ d ..iue cf
Daid ~and bf tbe -1.ue of. any appliances, fixtures, er 9Qui1-:1t prchwd
t.o replace lllJPlianoes, fixtures, er qri~ ! It mk:b wre cr.iginally ~ • part
of the Pnnises t¥ IMJerJ pt'OV'i.ded tbat 8UCh p:ice adjusta~lt fiat nplac: • 1ppli-
ant'.:le&, fixturet, CE equiptent 9hall be al JiTIJld mly W*1 ttl£ .....,.sitw:e is rw-
sitated ty tbe mo .. operative er ot.b8r dr-erionted cxnii.ti.an d. tm ariginal llJPli-
.ance, fixtmv, ex 811•iplent. lf at the t.iae t1 niplacarerdo the «i.ginal Cl(1Pliance ..
fixture, er 6J.1ipnent bad in ea::w of twenty~ (lt>l) of ia original etimt:ed
useful life~. Omer llhall doarrent to tbe City's_..~ tlw a:n:tition
of the appliance, fixtme, er ~dpllont vbidl mcessitatm its nplk It. It> lllCh
price adjtmtmnt 1lhall be mda ~ifi,cant-..ly in St.WIS t% the IE r Flllble mst. to
repl.&ce the criginlµ. 1Wli..~, fixbma. er «fd(M'ftt with ~ ~ Q]!m, fixture,
or equii-nt of ccaparable C1-9lity 1111 mninafta-proridad. lb ..m· mjustmnt 5"11
be mete except toe ~, a.ppU-.0.., fiJ.'tmea, er 411a11 • mde er imtallBd
by the •llin; Omer. Ro i&pr:uua nta, wu .... , fiJttUle, w 911n5 it hll bl
da ad &tbstantial mlra1 tJle actual initial mat thereof ID t:be Ollls' ..,_. cnt
pen:ent (l.OI) of tbe p.ucttur price paid by tbe OMnel" Sir the Jlrais111 pmvided t.bat
this ~-iDla liaitaticn lhmll ilCt q>ly in eitller of the follawing ~'
<•> .__ the epmlCliture ws m£le JllftUllnt ti> a ..mtocy 11111 a il Jnim by ~
It: wn' Maocieticn bx-tbe cte.1•1 11t in 'Mbich ~ P!9dw1 :Is loca~,
Vhethar levied fer isp:QW' nt.s er mi~ ~ the PlWt r , tbe aamn m:aa,
or nlat.9d pKPC»eS.
(b) ..... tlw 911iJC!llditum W5 W'.. 6:r the l'llp* I Into of. W11--, f:bcb.1na, er
9C1-iillF Int "1ich 19E9 original.Ly ~nd a pml!t cf die fnFIJC by Gwlm'.
(JWv.1/94) 2.
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No adjuatlrdnt 9hall be 9'te for the value d. ~ Dprownents, appliances, fixtures,
or eq.iip!&'\t. unless the <Mner shall present to tne City valid written cbonentation of
the mst of aid :inprovments. '1he value of aldl ~ by tilhich the &Wt price
•hall be adjusted Slall be determined -fol.lcMS:
(•) 'l'he ftlue of llllY iAlproveent, aA>liance, fimn:e, er eguipnent, the original oost
of which ws lw..s than Five Thousand D:>Jlms ($5,000), shall °' the depreciated
value of the iJlt'rovtae~:t, appliance, ftmne er eguipment calculated in cccrd-
anoe with prtnc;ples cf straight-line depnciaticn applied t.o tt. criginal cc:st
of the in;>rouiment, appliance, fixture er «Jripnent tew.ad ~ the mtinated
original useful life of the inprovemerat, 11ppliance, fixtuA er equipment.
(b) 1be w.lue of my inp~nt, appliance, fixture, or equipmnt, the criginal ce&t
of 111hich M!IS Five T.lousand D:>llars ($:>,COO) c:r m, shall be the lppl'aised
market value « the iBpl'OVSBlmt, appliance, fixture er equipaent WWin cansidend
as m aiiliticn or fixture to the f~~aes (i.e., th'=" mo.mt l7,I tbich •id ill-
p1"0YeDl.mt, 11Wliance, fixture or eguii-ent er.ances the narket value f1 the
premi89S) at b)a u. of ale. Said wlue tlball bf: mte:mined in the SDe armer
u the narket valua of. the pl"8fii9es ir1 mtbad 1 at>ave.
(c~ On .Janulii..ry 1, !982, ancJ every two ~ thenlafter, t9C)Udless of the date c1
execution or HCU'dat.icln heAOf, tbe man:. d. Five '1'bousand lbllam ($5,000)
... ferred to in paragraphs (•) and (b) 1-liat.ely aboue shall be IUtCl8tically
adjusted tor ttae papoee et tboee p.r-4apa in u. fxillowi.ng mmer. cm w:h
.Sj~twnt date, tt1e oor~ Price IDdez tar the san Frmw:i~ araa
publiahed l?.' t.be u. s. ~ of. 1Mlac" amtau d !.abcz' Statistics t•InCJex-J
pmvailing en Jlltw6ct 1, 1980, lhall be "'¥'1"d with dte Indn prevailing~ tbe
date d. noordation of th1a daed. 'lhe ~ ~ in the Index, if any,
1:~ be a:llpltflJd mc5 the .. of Five 'ft!Qeard tbllus ($5,000) shall be in-
creased in tt-.e sane percentage. In ro event llhaU the a.n be reduced below Five
TbouS6nd D:Ulars ($5,000;.
(d) No price mjust:M.'lt vill be lll!lde ~ qJ'Jri pHentation to City cf vrit~en
docmentaticn cf all expenditur~ ,_._ ~ OlnK' ftr mich an mjus•Mr«o is_
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Any ala p:iCE deterained throu "'1 the me of this .um 11."0tr 2 < mae price mjusted
~ ~aer Price Il'lOa and a.ue of illp:osments, appliances, fixtuna er 9qtlipmer.t
ac'ded) Shall be adjusted by dectwing Mid price by m ..ult tD ~ fer
deferred •intenance a.ta, wch mD.int llhall be detendneO • foilowa: ~ nceipt
of notice of Owmr'a intent to aell, City er its d!tsignee shall be ftlf:1.tled tD iJWpect
the Praiaes. City er it.& desi~ shall t.-. • CRJCrtUnity ta:> datemine met.her all
pbabing, electrical, mid ,_ti.rig eyst.e..Js ate ill~ crden "'9ther q rioJ.Aticns
of 11RJlicable b.tilding, pl•llbin!;J, electric, tin, er tn.ing axles -1att wllMJler all
an>liarats Wlidi wre criginally fumiabad tD 0..-•part 'Cl. tilt ~me, « mt
replac nenta ~reof, eze :m tl:X'kin;. <Ederr .a.tmr .us, ceilings and flaaa me
clear and free of m\es oc other dafec:ts (•~ far boles twdcal cl. picture
hl'"lgBI'Sh whet.her .D:>rs, vit1dows, llC19'MB ..s. ldraUar ~ ae cracked,
brdten er ~: &!Id whet.her cmpet.a, drapes .m mlll\r features Wl.'.ch wn criginally
fumi•W tD Oi.mer • i:art d. the prmiaes, er aq.~ nplac-.mc.. thenof, _. claan aid
f me c4. h'.:>le&, t.eara er other defect.a. In t:m euent def i:iencu me rD:.ed, the Real
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Property ~nistrator cf. City shall obtain estimtes to cure the amened daficien-
ciea. "1be Owner shall Q.lre the deficiencies in a reasonable mmer acceptable tD City
or dasignee within amy (60) days d. t:eing notified of the nsulta t1 the inspection,
but in m event later than close of. EerOW. SbclUld OWner fail to cure aac:h deficien-
cies pr:ior to the scheduled date of close cf escrcw, at the q>t.icn ol City, its dlsio-
nee er mignee, escrow may be cloaed, title pt•-1 11¥1 ~DWY plid tD the •lling
OWner 9Ubject t.o the a:nliticn that such turds• are l'J90Haary to IBY fDr curing alCh
deficie~lCies (baaed "l)Ort written estimates cbtained by City) shall be withheld frm
the m:ney me the •llil'VJ Omer .., held by the esatM mlder for the p.u:poae d.
curing much defir.eneies. City, its designee er aai.9nee aball cause suc:b deficiencies
to be mred and upcn cartification d. a:mpletion cl.. wark by City, escrow b:>lder llhall
utilize a&Ch turds to pay for aid work. AiTJ nmining t..m llhall te paid to the
selling Omer. re other payment shall be cl.MJ said o.ner.
In m event 21hall City .becane in lln'f tey h.able to Omer, nor becase d>ligated in any
manner, by l:'MSa'l d the assignment of. its right to putdlaae, nor shall City Ile in W1!J W'J
obligated er liable to Omer for any failure of City's 811111Signee tD CCl"ISUlmBte a purchase d
the Premises or to ~ly wi~ the te?111S d. ~ ~Jrchaee and ale agreenent .•
Until ax:h tine as the City'• right to purchase is exercise-d, '8ivad, or axpired, the
Premiaes and my lnt.2rnt in title thereto Shall net be aold, 1.....-d, rented,. •si9Md, or
otherwise transferred to any ir.raon er ~ty mcept with t.be ~ess written consent. of
City er its dlsignee, WU.ch m:eent llhall be com~ with the City's pl Clf ereatiftl,
preserving. •intaining, and ptat.ecting b:lusing in 1lalo Alto for p.r'ltCns o'f. Im ard B>der--
ate incamc '1bia 1EOVision llball not prohibit the encmbaring .X. title for the 9Dle -pr-
pose of 98CUrlng financing: bDwewr, in the event d. fDnc1aame er transfer t:iy deed in
liw of fcrecl.osum, the prori.sions t:I. ~ion E of tbia instrmant llhall pem.
The following ~"Wfers ot tiUe er my intermt therein are not subject to the rl¢t
of first refusal i;rcwisions of t:his daed: transfer ~ gift, devise, er imeritanae tD
grantee's BpOJSe or issuer taking t%. title ·ty miving joint tenant: transfer d. title to
πA.IM as part of. divott:e er diS$0luticn prooaecti.nos; acquisitian d. tiUe er inteA&t
therein in conjunction with illE'riege: provi1ed, boweuer, tbat tbeee muenants mhall ccn-
tinue t.o run .Ii th the ti tie to sald Premiaea follow:ino •id transfers.
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stD1ld Cit;y er its daai~ abanclon er decide nat tD exercim the abcJN right tD pur-
chase er dacide t:o •ll said U\it. at market p:-ice vithcut ngm::d tD the •tllods « dtan-
minirt; price •t forth herein (unless pnsent. mn.t price ia dlttemined to be the appro-
priate price under •thcd rHlbar 1), ( •DevelqJer" >
C'r its assignee llhall bave the ... H;tit • dtN to ·pm:hMe iiid PEwlims. In aJCh
event, Davelcper shall have sixty (60) days ma tbe receipt by it d. witter. nctice t.bat
City vill rot merciae its right to pircbue, er vill net. clcae 9Cl:'OIW, er tba~ City vill
Hll aid 119ti"as c:n the q>en .net, wtttrli) wbicb to· aezct. Daveltp='s q>tico tX>
purchase said Pnlliw at thB --price • .:\a awlicable to City. !hi! Developer -er
LiBignae, after accJiiring title by mcerciaing its ri9Jt to pirc:hw, liball ba fne to lease
or •ll at .meet m.tes m:i lhall haw tiue free ..s claar frm tt.t p:~ions of these
d9ed Ratrict.icms.
In the evmt t:bllt !:ity ~ er fails to ellel'Cia its right to prcn.e the ~
i-within s1xt:y (60) days after it remivea tbe aice af intent t:o •11, City will c:ame
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to be recorded in £ rt.a Clara County a not.ice c:t. intent mt to exerciae its right with
respect to aid PreA..NS, and dllclaring thl!t the prcwisions c:t. this right are no longer
applicable to •id Prami.ses, w ehall delh-er a cq.ty' thereof to lleYeloper am to omer c:t.
nid Prwniaes. said notice 9hall be recorded within fifteen (15) days c1 City's dtcision
not to 4Deerciae its right, but no later than sixty (60) days after City nceives the mtica
of intent to eeu. ~ recordation t1 said ~ice, the Jlm"isions c1 the-ri9ht to pur-
chase llha.11 no looger be ipplic:able to said Premises, exmr~ that Developer er its -~
Phall axitinue to have the riQtlt to purchase mid Prmia99 fee si.~ (60) days after ~
ceipt of written RX.ice that City will not exercise its right., ar will mt clase escr.:JW, or
will •ll Cl'l the cpen narket. If Developer fails t.o exerciae its right, it ahall, vithiL
said sixty (60) da)"S, mcord a waiver mid release r1. its right to pm::hBse er to eliminate
any further .;:loud Cl'l titlb to Mid fnlmises.
D. Teminiltion of Right of First Refusal.
The provisions set fc-th in this deed relati19 to City's arm D!wloper's right tD pn.-
chase E'lall teminate . .mll! becane void aJtanatic:ally fifty~ ( 59) years follCMing the
date of ncordatiCl'l d. th.is deed.
Upon tl• expirntion of said fafty-nine (59) ~ period, t.he Palo Alto Housing Coqlor-
ation, a mn--profit charitable crganization or its successor organization, shall hBve the
right to pm::hase the Premiees, and if owner no longer desires tD om t.he Prarises, owner
shall notify the Palo Alto Bwsing c.ar-poration in mdance with tbe ~ foe noti-
fying tbe City in Paragraph 8 abcwe. If the Palo Alto Beus~ Cmpcmtion elects tD ser-
cise itra right tc pm::hmie, it ehall cb ao in accmdanm with the procedure ard price mt
forth far the <:ity in ~ B. above ..
E. Default.
Ownet <XM!nantS to cause to te filed for r«:md in the Office cL the Recmder d the
Ccunty of santa Clara a EeC:JJeSt far a CXlP.J' of any JU.ice c:t. default am d any n:•.ice c:L
sale \W.ler any deed « trust er llDI'tgage vi th pcMer" d. sale encumbering said PrmU.ms p.ar-
suant to section 2924(b) of the Civil Code af the State of califomia. &x:h mq.est &hall
specify that any such notice llhall be mr.iled to tile City ltlneger, City '1 Palo Alt.o, 250
Bmnilton Avenue. Palo Alto, ~ifomia 94301 •. l1a.I mtice d. ale given pursuant to Civil
Code Section 2924(f) shall camtitute a notice d intent U> ell hereurder ad City may
exercise its preenptive right prior to any trustee's &Ile, judicial fcnclosure &ale, ex
tmnsfer by deed in lieu of ·fonclosure. ln the event. Dln!r fails to file auch ~t for
notice, City's right to purchase shall nm &cm the date City abtah• actual !mowledge d a
sale or prqxiaed sale. ln the event City elects net to acerda its riqlt to pun:haDe upon
default, any airplus to llhich ONner my .be entitled preuant to Code of Civil Procedure
Section 727 8hall be paid • follows: 'lbat portian d aaplm (after pr,Jmnt cL enaan-
~s > , if SlY, ·up to tut. not 6'XOMdirr;1 the mt. mr:JUnt that <>wner 1U.lld have i.-eived
after pa)'l81.t of tn:UDtrances mder the foJ:mla met fcrth above tm City .erciaed its
right to p.arcbus the JrQPerty en the date of the frxeclmme ale, llhall ta paid tr:> Omar
on the date of t.be foreclmun ale1 the tal.anae d mq>lus, if any, lball be paid tD
Developer er its ax:cessors er maigns.
F. Di.stributiC\ of Insurance and ~.-.ation Pr.lceem.
In the event that the Premi8es consist d: a mit ir. a ccndaliniulll pioject. and the ccnb-
llinim project 15 destroyed and irauranoe pnX*I:.·& are distrit:uted tD Omer instead c1
being used to rebuild, ar in the want of condwnatian, if prgar'"1ds t:MX90f are distributed
to Owner r or in the event of teminatian ti the ~ liquidation of tbe A9IOd.ation
(atv.l/84) s. m.;.
4 i.', .' , •• .t ,.
and distribJtion of the assets of the msoeiation to the IBllbers thereof, including OWner,
any S!rplUS of p:ooeeds a> distributed nmaining after payment. c1 oil!nC\Stt>rances d said
Premises shall be distributed as folla.tS: 'lhat pxt.ion of the autplus up to brt. rtt tc
exceed the net au.mt that Owner woold have noeived under the foD1L1la set forth abcwe had
City exercised its right to purchase the property Cl1 the date d. the destructioo, coudemia-
tiai valuation date, or liquidation, llhall be distrib.Jted to Omer, and the tal.ance d such
smplus, if my, 8hal! be di.Strit.ated to Developer er its sucoessors ar assigns.
All notices required herein shall be •nt to the fOllcwi.ng addresses:
CITY: C-Zty~
City of Palo Alto
hO Bmd.ltonAverme
Palo Alto, Califamia 94301
> •
467 a.ilton Avaut
SUi\.-e 24
Palo Al.to, CA 94301
By acoeptanoe of tbis died, Omer accepts md a;p:ses t::> be tDrd by the .xwen&nts mnta.ined
herein.
(Rn.l/84) .....
6.