HomeMy WebLinkAbout0177.091~ WI
March 21, 1991
· .
HONORABLE CITl COUNCIL
Palo Alto~ California
\
.~.-.
/
7
orrp. MtD ltp''''3" TO PUJ.CIMI I"'· PRorpn -81'!,1 Dr.} SITI
lIember. of the Council:
Rp9rt; ia sri.t
This report requests that Council accept the Ili'lll bid in the ","ount
of $1,215,000 for the purcha.se of the Se.ale Well site on Bryant
street and approve i!l Budget Amencl.aH!nt Ordinance to re-c.ai ve proceeds
fro. the sale. in the Reserve for Ca.pital Projects and the Housing
Reserve FUnd.
Itckar otlA4
In 1988, council approved a utilities oepartJlent recommendation to
abando-n and. dispose of four of the .city's ten 'Wells, includinq the
Seale Well site (a map of the site is inclUded in tbe. attached
Otfer and Aqreement to Purchase Real Property). On June 25, 1990~
Council directed s~ff to wake an application to rezone the Seale
Well aite to R-l{929), Single Faaily Residential, and to send out
a R.quest tor 3id proposal (RFBP) for the sale of the site with a
aini.um bid of $750,000. on october lSI 1990, Council adopted an
.ordinance. rezoning the site to R-l(929}. On OCt~r 2.9, 1990,
council directed staff to process a Certificate of Compliance to
remove any underlyinq lot lines on the site~ On December 2~ .. 1990,
a Certificate of compliance removing the underlying lot lines on
the Sea, Ie Well site was recorded with the County of Santa Clara.
8&1., Irocdur •
In January, flyers were sent to persons on the SurplUS Property
lIa111"9 List, and advertlseaents of tile aale of tile property were
CMR:l17:91
-.-.
placed in tba San Jose Mercury Ne~a, the Peninsula Times Tribune,
the Palo Alto Weekly, the Buainess Journal and the San Francisco
euainess Tia.ell. In response to this advertisl119, over 50 RFB?
paekages vere malled or given to intere.ted partie •.
"r.' of \hI oeC.ring
The .ajor teras of the offering .a contained in the RFBP for ~~e
sale of the Seale well site were as follows:
1. Hin~ bid was $750,0004
2. Sealed vritt"" bids, accompanied by a good faith deposit in
the aaount of $7,000, to be opened on February 27, 1991 (the
February 19 date vas extended). Follov.1nq openinq of written
bids, oral bids to be 8ccepted beginning at 5 percent above
the hiqbest written bid. Only those subDitting written bidS
were allowed to participate in oral biQding4
:!. Within ... ven days tolloving notificatio:n trom city that bidder
vo. the qualified high bidder, bidder to pay City the differ
ence between the $7$ 000 900d faith deposit and 20 percent of
the total amount bid.
4. FollOfll'ing acceptance of the bid by the city council, .scrow to
be open&d, and Buyer paying the balance of the purchase price
throuqh escrow within 90 days.
S. The Buyer to pay all title and escrow costs.
,. Buyer is responsible tor the deaolition and removal of the
vell equipment and any other facilities on the site.
li4. l.a.1ye4
CD February 21, 1991, the following written bids ~e~e received4
1.
2.
J.
4.
Bidder
David G. Jackson
stuart Baraan , June BoYer
Robert S. , Valerie RUbenstein
steven II. Schat~
8id AJJount
$750,000
$760,OOil
$800,000
$775,000
Oral bids were then accepted at $840,0(/0 (5 percent above the
hIghest writtan bid). The highest oral bid received was
$1,215,000, aul:m.itted by Robert S. and valeri. Rubenstein. Mr. and
1Ir •• RUbenstein then submitted the required 20 percent of high bid
($.2'43,OOO} a. eet forth in the Ofter and Aqreuent to Purchase Real
Property. The Offer and Agreement to Purchase Real Property
CIIR:177:91
retlectinq the hiqh bid s~i~ted by Robert s. a~ Valerie
Rubenstein is attached.
'rop'ed' ttoa 'hI ,.1.
On Hoveab4r 19* 1991~ Council adopted Budqet Amendment ordinance
3998, which autbori!ed the loan of one million dollars trom the
Housing Reserve FUnd Industrial-Commercial account to the Residen
tial account in order to provide sufficient tunas to contribute
$2.1 .111ion to the Palo Alto Housing corporation tor the purchase
of 630 Los Robles Avenue. '!'he Ordinance authorized the transfer of
$362,500 (50 percent ot the Seale Well aite .inL.ua sale price)
frem the Rea_rye for Capital Projects to tbe Industrial-Commercial
account to ensure sufficient funds tor thIs purchase. Accordinq to
Ordinance 3998, the $362,500 transfer ~ro. the Reserve tor Capital
Projects va. to be adjusted once the actual sale aaount was
determined, so that SO percent of the actual net proceeds frOB the
sale of the seale Well site would reiaburse the lndustrial
c~erclal aC"".AUnt. Tberet"ore, $607,SOC ot the $1,215j1000 received
tor thia sale will 90 to the Indu8tri~1-Ca.»ercial account~ Tbe
other $607 jl500 goes to the General Fund Reserve tor Capital
Projects.
_iro.aphl aariu
Tbe City council adopted a neqative declaration for the rezoning ot
the eite. on october 15, 1990. No further review under the
Calitornia Eroviro","""tal Quality Act is required concerning the
sele of the property.
'ktt IM?""tI't.!CP
The attached Ofter and. AqreeBIent to Purchase Rea.l Property has been
approved as to tor. by the city Attorney's otfice. staff reco.
.ends Council accept the high bid by,
1. Authorizinq the Mayor to execute the Otfer and Aqreeaent to
Purchase Real Property reflecting the high bid submitted by
Robert S. and Valerie RUbenstein (exact vesting to be deter
ained prior to openilI9 escrow), and the Grant Deed and any
other ~ts necessary to accomplish the conveyance of the
property. The docwaents will be placed into escrow to
accomplish the sala.
2. Approve the attached. Budqet AlIIencllllent Ortlinance to receive
funds in the CIP Reserve and rei.oorae the Hous 1"9 Reserve
FUnd.
CJIR,177,91 3
•.
I
ClIR,117:U
, '" -
OROlI/ANC! I/O.
ORDINANCE 01' THE COUNCIL OF THE crTY OF PALO ALTO
AJIEHl)ING THE BUDGET FOR THE FISCAL YEAR 1990-91 TO ACCZPT
PROCEEDS FROtI THE SALE OF TIlE SEALE WELL SITE
ON BR:€ANT STREET III PALO ALTO
WHEREAS, pursuant to the provi.iona ot Section 12 of Article
lIZ ot the Charter ot the City at Palo Alto, the Council on June
18. 1990 did adopt a budqet for fiscal year 1990-91; and
'Irr"'HER.EAS" on June 25" 1990,. the City Council direoted ataff to
send out a Request for Sid Proposal lRFBP) for the sale. of the
Seale ~ell site on Bryant stroet in the City of Palo Alto; 5nd
WH!i:REAS. the City council on November 19. 1990 adopted
I)rdinance 3998, which author! zed a. transfer;. of Three Hundred Sixty
Two Thousand Five Hundred Dollars ($362,500) from the Reserve ror
Capital Projects to the Industrial-CO .... rcial Account of the
Bous!nq Reaerve Fund to provide sufficient funds for the loan to
purchase 6JO Los Robles Avenue in the City of Palo Alto; and
WHERXAS, the transfer fro. the Reserve for Capital Projects
was to be adjusted by ~~e actual n~t proceeds or tbe Seale Well
site sale so that 50 percent of the proceeds from the sale will
ra1J1burse the Industrlal-Coaaercial Account of the Housinq Rese.rve
Fund; and
WHEREAS, Ordinance 3998 also required that the remaining 50
percent of the proceeds fro. the Seale Well Bite .ale be designated
to the Reserve for Capital Projects in the General Fund; and
'.
WHEREAS, tbe city receivad rour written bids frOD the RFBP on
February 27, 1991 which authorized the bidders to partIcipate in
oral bids beginning five percent hiqher than the hiqheat written
bid; and
WHEREAS, the highest oral bid for the sale of the Seale Well
site was subaitted ~y Robert S. and Valerie Rubenstein;
I/OW. THEREFORE, the Council of the City ot Palo Alto does
ORDAIN as fDllows,
SECTION 1. The sua of Thr .... HUndred Sirty-Two Thousand Fi ""
Hundred Dollars ($3U,500) is hereby transferred to the I<eserve tor
capital Projects and the Housinq Reserve Fund is correspondingly
reduced.
•
-,
",
/:
; . ,"
SECTION 2~ Th .. sua of Six Hundred Seven Thousand Five Hundred.
Dollars ($607,500) i. hereby designated to the Industrial-commer
cial Account of the Housing Re •• rve FUnd.
S EC'lIQH '. The _WI of Six Hundred Seven Th~lJ.8and Five Hundred
Dollar. ($607,500) rs hereby deaignated to the Reserve tor Capitol
Projects.
SJijCTIOH f. This transaction wIll reduee the Housing Reserve
Fund tro. $1.,4<5 .. 141 to $1 .. 689,641 and the Reserve for Capital
Prcjacta fro. $4,650,312 to $5,620,312 as of February 28, 1991.
S!lCTIOM 5. The council of the City of Palo Alto hereby finds
that the anact..ent o~ thi. ordinance i. not a project under the
California BnviroruMntal Quality Act and, therefore, no environmen
tal t.pact a88$8 SlIlent is necessary.
SECTIQN ~.
lIUnic ipal COde,
"d~lcion.
As provided in section 2.04.375 of the Palo Alto
this ordinance shall become effective upon
IJITRODI1C!D AND PASSED:
AYES:
JIOBS:
ABS'l'EIITIONS:
ABSENT:
ATTEST:
city Clerk
APPROVJ!I) AS TO FORK:
Asst. city Attorney
APPIIOVI!D:
city IIaM9&r
DIrector of Finance
APPltOVJ!I).
Hayor
90-1.28
,
•
\
. ,
.. •
PARCEL NO: 124-8-15
PROJECT: Se.'e Well Sit.
OfFER AIIll AGREOONT TO PIlRCHASE REAL PROPERTY
(Full Clsh Paymeot)
SELLER: City of p.!o Alto
B100£R, RMU! S. RIQ6}l5f€tN ,i !lAuRIE' R~*NJTt,-,ti
In cons!derotlon of SEllER'S propo .. l to •• 11 the re,l property describ.~ 'nd
shown on the fo .... of gr,nt deed labelled ExMblt A. attached hereto. by
c....,etlthe bids to be rec,hod Febru,ry 19. 1991. BIDD(R agrees to purchase soid ~I
r •• l pro;>ert! foS the sum of: ~ :::...0 0, ~III\OI(L 1"..,D::::£O :e: fi~ ~ ~AO --"'-'I;;-:='~~;;:'-~!~ ~~ro~~t:A~ fIL-'''-
-~mc.bO· (AiDunt In Nu~b.rs)
and herewith, In Iccordonce with subpar.graph 7 below. gives SELLER. good faith
deposit (Proposal Deposit) In the .lIOunt of $_-1-7, ... 00""'0 .... 0,,°'--______ _
Ills bid I, conditl""od upon and .ade with the understanding that:
I, Upon notl~e fr .. SELLER'S Rell Est.te Dlvlsloo that BIDDER is the
qualified blgh b!dder, BIOOER ,hall wlthl. 1 days .fter said notice
pay SELLER an additional ... equal to the difference between said
good f.lt~ deposit and ~ of t~e tot.l -.cunt bid, Should BIDDER,
for any relSon whotsoever. fall to pay to SELLER said addit ion.l
lBOunt, .ald good filth deposit s~al1 be ret.ined by SELLER .s set
forth in subp.ragroph 7 below,
~. Within twenty-four [24} days .fter BrDOER his paid SEllER the
addltlonol ,uo referred to I. Parogroph J above. SELL£R 'h'll
consider this bid ond accept Dr reject It.
3. Should this bid b. rejected by SULER or should SELLER fail to
accept or rej.ct this bid .1t~i. the time period set forth in
Plragraph 2 above, BIDDER .. y withdriw this bid and ill money paid
to SELLER by BIOOeA sh.11 be refunded to BIDDER.
4. If this bid Is acc.pted by SELLER. Slid good faith deposit and the
additlon.l su. paid to SELLER .s provided I. 'aragraph 1 above shall
const!tute • portion of the Igreed purchas. price paid to SELLER
outside of escrow, with the b.l.nte to be plid through escrow IS set
f.rth below,
5. If this bid Is .cc.pted by SELLER, SELLER'S Rell Estate Oiyislon
shall open an .sc ..... with Contlnenhl Lawyers Tin. tompany. H9
H .. ilton Ave, , P.lo Alto. Ca,
I
.-
5.
•
The opentos dlt. of escrow .~.ll be the date upon which the escrow
holder RUled lbove receive. wrltt"" ."thorIZltl~" from SELLE~'S Real
Estat. Dlv!.lon t. open SlId .,crow.
The b.lance ~f the purchase price .hall be paid through escrow and
the escrow perIod shall run for a perIod of .Inatl I~O) days from
the opening dot. of escrow.
SelLER shall delIver to SlId escrow. Grant Deed In the form of
Exhibit A ond such other doc ..... I ... ar. requIred to transfer tit'e
subject only to those exceptIons shown I. the attached Preliminary
Report No. 146175, dated 12-28-~O, labelled Exhibit 8 and "ade a
part hereof I and any ns.erv.at f ons I covin ants Ind condit f ~ns t 1 f any t
set forth In the GTint DeeG referred t •• Iv.,",e.
Prior t. the d.te set for cl •• e of escrow, BIDDER sholl deposit into
escrow the difference between the tot. 1 purchase price and the total ,u. paId to SELLER out, Ide of escrow.
The close of escrow .. y occur -prior to tl1e 't111e ,period s.et fGrt~
above if It Is .utually daslrabl. to SELLER'S Re.l Estat. DIviSion
and BIOOU. Po ..... r. said tl .. perIods shall not be extended "nless
authorl2ed In writing by SELLER'S R.al Est.t. Division st.ff.
Clos. of escrow 'hall be the dlt. that the do<uaents are filed fer
recordatlo. with the County Recorder.
1. The good faith deposit and the .dditlonal sum referred to 10
Paragraph 1 above shall be iR the fona of a ~a$hler's or certifIed
check .ade payable to the City of Palo ~lt.. The good faith deposit
.ust be ,uboltted together wit~ this Agreeeent. Said good faith
deposit shall be held by the SELLeR IS a guar.nte. securing the
obligations BIDDER agrees to ass_ In tM, Agree .. nt. BIOOER
agree. that In the event that this Offer and Agreement to Purcha.e
Real Property Is accepted by SELLER .nd BIOOER fai)s to ... t the
teTII' hereof. saId good f.lth depos!t and the addltlon.l sum
r.ferred to In Paragraph I repr •• ent a f'lr and reasonable estimate
of SEllER'S costs In connection with thIs tTlnSlction, and BIDDER
further agree. that $ild SWI shall· be retained by SELLER as
ca.pensatfon for Slfd costs.
8. lItl. Insurance on the subject property shall be supplied by
Cont'nentaJ Laoyers Tltl. Company .t Buyer's expense.
Title sh.n be .ested. as specifIed I. Para9raph 10 belOIt and ,,,.11
be subject to the exceptions· shown I. Prellalnary Report No.
PS146175, ,nd anI r • .erYatl.ns. condition. or covenantt. If ony, set
forth in the Grant Deed referred to 10 Paragraph 6 above.
If SELI.ER Is unable to dell.er title IS speclf;ed here," prior to
the date set for close of escrow, BIDOER sh.ll have t~e option to:
A. Accept tltl. I. the condlt!on 1. which It exIst •. Acceptance of
such tltl. by SIDOE. sh.l1 constitute full satl"action of the
teras of this Agre_nt IS they relate t. title, and SfLUR
2
•
.
\
• ~.ll I" no way be liable for It. failure to deliver title a5 set
fort~ ~.reln, or
8. Te .. l.at. t~i. Agree.ent by dellyerlng written notice thereof to
SELLER'S
REAL ESTATE DIVISION
250 Hamilton Avenue
Pal. Alt., CA 94301
and to the escrow holder. Thereupon, all monies palo by BlOOfR
hereunder shall be refunded to BIDDER, and SELLER .nd BIDD£R
shall be relieved of furthe. obllg.tlon to one another. In the
event of tenolnatfon as provided In this .ubp.ragraph, all
escrow and tltl. fees Incurred shall be paid by SEllER, and
BlOO£R shall' not be li.ble therefor.
Nelthe. Subparagraph SA nor Ba hereinabove shall .pply If SELLER
delivers bette. title than that .et out In Paragraph 6 .bove.
9. I" addU;on to the .... unt specified in Paragrapil 6 lbove, BlOO£R
shall depo.lt loto escrow. sum suffiolent to pay the tot 11 co,t ~f
title 1ns~rance. esc~ fees, Real Property Transfer Tax, and all
recording fees applfcabTe to thfs transactlo~.
10, Title to the r .. l property conveyed pursuant to this A~r.elHnt shall
be vested in BIDJ(~ IS set forth below, (Please type or print
cl •• rly, An example of one of the s.',.ral way. title "ay be vested
Is: John Doe Ind J.n. Doe, hu,band Ind wife, is Joint tenant,,).
~Q.'" ,) ~;j.1'''~IN ~y~jA!"~J&71.'jSUIN.
II. This Offer llId Agr .... nt to Purchl •• Rell Property .. y be withdrawn
it "1 time prior to the time set for opening bid' but except .s
provided under P.ra.raph 3 "bove .'Y not be withdrawn .fter the time
set for such opening.
12. SELLER roserv •• the r!ght to reject any or all bid. ond to accept
that bid whfc~ w~11, In its opinton, best se~e the public interest.
13. All dccu.ents t corre$po"der~e. and com.un1cations conc&raing t~is
trlnsa~tlo" sholl be directed "' follow.,
(Address)
PlItt. If L'Te (II 1'130 I
Telephone:" ~ SY"k
... </"'t·'tiU:.
3
TO: lliill
CITY OF PALO ALTO
c/o Real E,tat. Division
250 H .. ilton AYenue
P.O. Box 1025
PlIo ,,~ ... CA 9430]
ATTN: J'lIn1>t Fre .... nd
•
/
/
14. Tl .. 'S of the .ss.nte of this Ag~eoent.
15. BIDDER Icc_pts property'" !s'. SeLLeR hi. nO responslblllt1 for
the existIng condition of the propertJ. BIDDER ..... 11 be responsible
for t~e dO<lOlftlon lnd Or I"ftOvll of the ... 11 tqlilJllll'nt ~nd
.1lclltttes on the rell property ducrlbed In ExMblt.... T. the
best of SELLER'S kn ... ledge, .... 11 facllttles Ind equlptlent on the
.Ite cU1'l'entb Ir.elude the ... 11, wIIlch hu been ... led, I ref.fo~ed
concreto reserrolr. 40 fe.t 'n dIameter lnd 11 feet de.p; Ind • t60
sq.,re foot IOOOd 'rue PlIIII' house. BIDilER 's responsIble to
det ... ln. ~.t othor fICl1Itl •• , If ony, exist on the sIte.
4
•
BIDDER hereby ,ut.lt. thh offer wlth full cognillnce of the term, and conditions
c .. tllned herein.
51
/
/
SELLER ha. considered and Iccopt. this offer:
Oate
"nEST:
cm CLERK
By ________ _
APPROVED AS TO fOflM:
CITY ·AnCRlIEV
8y ___ -'-____ _
APPIIOVED AS TO AUDIT:
~ITY AUDITOR
By _________ _
RECMIDIOED fOR APPROVAL:
DIRECTOR OF fINANCE
~---------
REAL £STAT£ DIViSION
~-----------
5
lliill:
CITV Of PALO ALTO
By-........ ml1"''''"''''';r,,''''',..''''~OR. clTv OF PALO ALTo
•
EXHIBIT A
Recorded at Request of:
and when recorded return to:
city of Palo Alto/Real Estate
250 Hamilton Avenue
PO Box 10250
Palo Alto, CA 94303
.'
SPACE ABOVE THIS LINE FOR
RECOJWER'S USE ONLY
A.P. Mo.:
Parcel No.:
Project:
124-08-15
CF 9(17-90/3
Se.', ~." -8rjf,nt Street.
Sale of Surplus Property
________ IG RAN TOE E Dl ______ _
FOR A VAL~ABLE CONSIDERATION, receipt of which is hereby
acknowledged, THE CITY OP PALO ALT0 1 a municipal corporation,
does hereby grant to:
the real property in the City of Palo Alto, County of Santa
Clara, State of California described as:
See Exhibit A attached hereto and
aa~e & part hereot tor leqal description.
Dlted:, ________ _
STAT[ Of CALIFORNIA: COUNTY Of SMTA Cl.W: lS.
6RAllTOR:
(itl 0' PlIo Alto, I
Munlclp.l Corpor.tlon
Iy: '------
On • before at, the .nder,lsned, • lotlry Public I. and fer Hid toonG .na Sut., P1r ..... ll, Ippolred __________ _
City IIIn'ser
known to .. to be the § lIl¥or
Ass I ,tint Cl tI Manoser
of tile (1t1 of PlIo Alto, tile .. nlelpal eorporltlon tIIlt .KKuud t~. wltllin
fnst,.....,nt on beIIllf of soU .. njelpa! corporltlon, Ind letnowledged to .. t~.t
$lId .. nlelp.l corporation .xecuted tile ....
WITNESS ~ hind and officIal ••• 1.
APPROYED AS TO FORM
City Attorney
By
APPAOYflJ AS TO DESClIPTJON
'ubI Ie Vort,lEnglneorlng .,
(DOC:7185:9.0)
APJ>AOYALS
IDtirl Pu61fc fft and for
Hid COIIntl Ind St.lU
APPROVED AS TO COIITENT
nnonu Dep.I_V
... 1 Ettoto .,
81
.-.:<. -" ,/.-'-", ,
LEGAL DEscR1PTlQli
PARCEL 1
A.P. NO. ]24-06-015
PREPARED B¥: J. D. I<IEHLdI'
CHECKLD BY: J. RH1LEY "
APPROVED B¥: J. REMLEYpf~
[tATE:-NOVEMBER 28 1 1'990
Beqinning at a point on the northeasterly line of Bryant street.
Said point beil19 southeasterly 140.00 feet from the intersection
of the southeasterly line of Coleridge with said northeasterly
lin9 of Bryant Street;
THENCE South.easterly 110.00 feet;
TIIENCE lIortheasterl y 20C.OO feet;
THENCE: Northwesterly 100.00 feet;
THENCE Southwesterly 1)5.00 teet;
TIIENCE Northwesterly 10.00 :fe-e~ ;
TIIENCE SOUthweste .. ly 65.00 feet; to the point of beginning
Being all of Lots 19 ang 20 and portions of Lots 17 and 1S in
Block 19 of Subdivision Number 2 Seale Addition to the Town of
Palo Alto recorded Ma, 15, 1905 in Book K of Haps at Page 75 of
Santa Clara County Official Recorcs.
JR:jk
1<406015.doc
" l..J
(~
I ---~
ld
::-J
Z
lei
>
<J:
f~1
lJ
r~
.... -< u::
W
-.-J o
u
t
LOT 17 LOT 2J
L_-ic-t--BRYAr,jT ---" Tt2[E T ---(tl[i'
1 ~E.[:frf[):
!'. ~ ~J;.
. -.... ~ .... "'., ... ;;...-:.,;. ...... ' ~ ... .;'::." .......
~~~-'-r---'-----, -, -'
: M",';.tJ~,-:;..~ i· -.'
I
! I. • ".-, •. ' •. ---_ .. "... -
[':7'1' L}" ~':'.::~ "!.i::. CA:"'F~lt.'~.i·" j -_._-.----.----~.,-.---~
•
. . ~---:.
• UDPATED
EXHIBlT B
CONTINENTAL LAWYERS TITLE COKPAN¥
A SUJSIDIAR~ <)r
lAWYERS TITLE INSURANCE CORPORATION
2150 N. fiRST 5T.,102
SAN JO~E, CA 95131 (408) 922-0814
CITY OF 'ALO ALTO •• EAL [STATE
DIVISION ESCRO~ OFFICER ~ATHY O'JRtEN
•
• 250 HAMILTON AVE~UE, LEVEL A
'ALO ALTO. CA 94501 TITLE OfFICER ~ICHAEl D. HICKEY
IUYERS NAME
ATTN: JANET FREELAND PROPERTY ADDRESS APN: 124-08-015
YOvA NO.
OUA NO. p$146175 DATE9 1.5 OF DECEHIEA 28, 1990 AT 7,JQ A.H.
IN RESPONSE TO THE ABove REFERENCED APPlICATIO~ FOR A POLICY OF TITLE
INSURANCE.
CONTINENTAL LAWYERS TITLE CO"PANY
HEREBY REPORTS THAT IT IS PRE'ARED TO ISSUE. OR CAUSE TO IE ISSUEO AS OF
THE DATE HEREOF, A POLICY OR POLICIES OF TITLE INSURANce DESCRI~ING THE
lAN' AND TUE ESTATE OR INTEREST TNeREIN HE~EIHAFTER SET FORTH. INSU~ING
AGArNST LOSS WHItH HAY fE SU5TAINE~ BY REASON OF ANY OEFECT. LI,N OR
ENCUMBRANCE HOT SHOWN OR REFEARee TO .S AN EXCEPTION IN SCHEDULE ! OR NOT
EXCLUDED FROM COVERAGE PURSUANT TO THE PRINTED SCHEDULES, CO~DIT!ONS AND
STIPULATIONS OF SAID POLICY FORMS.
THE PRINTeD EXCEPTIONS AND EXCLUSIONS FROM THE COVERAGE OF SAID POLICY OR
POLICIES ARE SET FORTN IN THE ATTACHED lIST. COPIES OF THE POLICV FORMS
SHOULD BE READ. THEY ARE AYAILABlE FROM THE OFFICE ~HICH ISSUED THIS
REPORT.
THIS AEPO~T CAN~ ANY SUPPLEMENTS OR AMENDMENTS HERETO) IS ISSUED SOLELY F(
TNE PURPOSE OF FACILIT~TING THE ISSUANCE OF A POLICY OF TITLE INSURANCE A!
NO LIA'ILiTY IS ASSUMfD HE~£IY. iF IT 1$ DESIR.D TUAT LIABlllTV BE A$SU"'
PRIOA TO TH. ISSUANCE OF A POLICY OF TITLE INSURANCE. A BINDEA OR CO~~IT
ME NT SHOULD If REQUESTED.
THE FOR~ OF POLitY OF TITLE INSURANCE CONTEMPLATED BY THIS RE'ORT IS:
1. CALIFOR~iA LAND TITLE ASSOCIATION STANDARD COVERAGE POLICY
2. AMERICAN LAND TITLE ASSOCIATION OWNERS POLICY
J. AMEIICAH LAND TITLE ASSOCIATION RESIDENTIAL TITLE INSURANCE POLICY
4. AMERICAN LAND TITLE ASSOCIATION LOAN POLICY r
~....f2:>. ,,~
~iJtf~I1ICflAEl~
,
SCHEDULE A
PAGE 2
ORDER NO. psl~617'
THE ESTATE OR INTEREST IN THE lAND HEREIHAFTE~ DESCAIIED OR REFERRED TO eOVERED IY THIS REPORT 1$,
A FEE
TITLE TO SAID ESTATE OR INTEREST AT THE DATE HEREOF IS VESTED IH:
THE CITY OF rALO ALTO
THE lAND REFERRED TO HEREIN IS SITUATED IN THE STATE OF CALIFORNIA, caUN
OF SANTA tLA~A, CITY OF PALO ALTO AND IS DESCRIIED AS FOLLOWS:
SEE EXHIBIT ·A· ATTACHED HERETO
EXIIIBIT "A"
PAGE }
ORDER NO. ps146175
IEGIKHING AT A POINT ON THE MOATHEASTERLY LINE OF IRYAHT STREET. Sf
POINT .EING SOUTHEASTERLY 1'0.00 FEET 'RO" T~E IMTEASEtTIOM Of T~E
SOUTHEASTERLY lIME OF COLERIDGE ~ITH SAID HORTHEASTER~Y LI~E Of
BRYANT S'I"IHl:
THENtE SOUTHEASTERLY IlGJ8 fEETI THENCE NORTHEASTERLY Zoo.OO FEET;
THENCE NORTHWESTERLY 100. FEET; THENCE SOUTK~ESTERLY 135.00 FEET;
THENCE MORTHHESTERLV 10. FEETJ THENtE SOUTHWESTERLV 65.00 FEET; 1
TV.E POINT OF BEGINNING.
IEING ALL OF LOT 19 ANV 20 AND fORT IONS OF LOT 17 AND 18 I~ BLOCK 1
OF SUaDIV1S10N NU"'E~ 2 SEALE ADDITION TO THE TOWN QF PALO ALTO
REtORDEI HAY 15, 190~. IN JOOK K OF MAfS. AT PAGE 75 OF SANTA CLA~'
COUNTY OFFICIAL RECORDS.
"PH 12.-08-015
'.s-·
1.
SCHEDULE a
'AGE ~
ORDER NO. p$146175
THE lIEN OF SUPPLEHIMTAl TAXES. IF AMV. ASSESSED PURSUANT TO THE PI
VISIOHS OF CHAPTER 5.S (COMMENCING WITH SECTION 75} Of T~E REVENUE AND TAXATION CODE QF THE STATE OF CALIFORNIA.
KATTERS MHICH KAY IE DI5C~OSED IV AN INSPECTION OR IV A SURVEY OF
SAID LAND THAT IS SATISFACTORV TO THIS COMPANY, OR BY INQUIRY OF , PARTIES IN POSSESSION THEREOF.
.~. ".
SCH£l)Il1. E I
CONTINUED
PAGE 5
•
,
ORDER MO. P5146175
MOTE NO· 1: THERE ARE NO COMVEYII.NCES MFECTtNG SAID L"IIO. RHORDED WIH'
TWO (2) YEARS OF THE DATE Of THIS REPORT.
NOTE No.2: THE CHARGE FOR A POLley OF TITLE INSURANCE. WHEN ISSUED 'H.
THIS TITLE ORDER. WILL BE lASED ON THE BASIC (NOT SHORT-TERM) TITLE
I NSURANCE UTE.
NOTE No.3, THIS CO~~ANY WILL REQUIRE THAT AN OWNERS DE"LARATION !E COM
AND lXECUTED iY ALL REtDRD OWNERS OF SAID lAND I1FOa£ ISSUING ANY POLICY
OF TITLE INSURANCE. PLEASE CONTACT THIS COMPANY PRIOR TO CLOSING FOR 1H
PROPER fORM TO IE tOMPLETEP.
NOTE No.4: ON OR AFTER JULY 1, 1985, THE taUNTY RECORDER'S OFFICE WILL
CHAR5E, 1M ADDITION TO THE REGULAR RE~ORDING ~HARGES, AK EXTRA $20.00
RECORDING FEE. UHLESS A DOCUMENT E~IDEMCIMG A CHANGE OF O~NERSHIP IS ACC'
PANIED IY A "PRELIMINARY CHAMGt O~ OWNERSHIP IEPORT." IN LIEU Of SAID
REPORT, SIGH£D IY THE TRANSFEREE, THE RECORDER WILL HOT CHARGE AN EXTR, I
IF THE nOtUMEHT IS ACCOMPANIED IV AN AFFIDAVIT SIGMED BY THE TRANSFEREE
THAT THE TRANSFEREE IS IN FACT NOT A RESIDENT OF CALIFORNIA. OUR TITLE
IILLINO ~JLL IE ADJUSTED TO INCLUDE SUCH ADDITIONAL FEES WHEN APPLICA3LE
NOTE No.5: PURSUANT TO THE TAX REFORM ACT OF 1986. AN ESCROW AGENT ~US;
REPORT TO THE INTERNAL REVENUE SERVICE THE GROSS SALES PRotEEDS [SALE PRr
eEl FDA EACH REAL ESTAT~ TRANSFER HANDLED.
fAilURE TO FROVIDE A CORREtT TAX I.D. NUHIER (SOCIAL SECURITY NUMBER) ~ll
nELAY CLOSIN~, AND KAY IEOUIRE 201 (OF SALES PRICI) FEDERAL INC~E TAX
IIITHHOLDIHG.
WOTE No.6, THE COMPANY MAY HA~E OTHER REQUIREMENTS OR EXCE9TIONS UPON
REVIEW Of THE PRO'OSED DOCUMENTS CREATING THE ESTATE OR INTEREST TO 8E
INSURED OR OTHERWISE ASCERTAINING DETA!~S OF THE TRANSACTION.
D. T. lI14/91
"DHhD
D.T.12/13/89
MDH/NG
:--\-. ! , ,
•
v,
•
•
•
__________ . ______ .-l.L:..---"'=~~c
€f /. .. .: