Contracts & Agreements_152-2016 - Laserfiche WebLink

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ASSIGNMENT OF REAL PROPERTY PURCHASE AND SALE AGREEMENT This Assignment of Real Property Purchase and Sale Agreement ("Assignment Agreement") is made and entered into this 19 day of July, 2016("Effective Date"),by and between the Redlands Conservancy, a California non-profit public benefit corporation ("Assignor"), and the City of Redlands, a California general law city and municipal corporation ("Assignee"). Assignor and Assignee are sometimes individually referred to herein as a "Party" and, together, the "Parties." RECITALS WHEREAS, Assignor has entered into a certain Real Property Purchase and Sale Agreement ("Purchase/Sale Agreement") with Thomas Arthur Hudson, Successor Trustee of the Hudson Survivor's Trust, as to an undivided 56% interest and Thomas Arthur Hudson, Successor Trustee of the Hudson Family Trust, as to an undivided 44% interest, together as "Seller," and Assignor as "Buyer," which Purchase/Sale Agreement is dated April, 12, 2016, for the purchase and sale of certain real property (the "Property") situated in the City of Redlands and more particularly described in the Agreement, a copy of which is attached hereto as Exhibit "A;" and WHEREAS, Assignor desires to assign, transfer, sell and convey to Assignee, all of Assignor's right, title, and interest in, to and under the Purchase/Sale Agreement; and WHEREAS, Assignee is desirous of receiving all of Assignor's right, title and interest in, to and under the Purchase/Sale Agreement; NOW THEREFORE, in consideration of the mutual promises contained herein, and for such good and other valuable consideration, the receipt of which is hereby acknowledged, the Parties agree as follows: AGREEMENT Section 1. Assignor's Assignment. Assignor hereby assigns, transfers, sells and conveys unto Assignee all of Assignor's right, title and interest in, to and under the Purchase/Sale Agreement, with the exception of the "Charitable Pledge Agreement"referenced in Section 2.2 of the Purchase/Sale Agreement. Section 2. Assignee's Assumption. Assignee hereby assumes all of Assignor's rights, duties and obligations under the Purchase/Sale Agreement, except as may be expressly provided otherwise herein. Section 3. Return of Deposit. At the Close of Escrow under the Purchase/Sale Agreement, Assignee shall cause Escrow Holder to return half of the Deposit to Assignor. If the Agreement and escrow are terminated prior to the closing date and the Purchase/Sale Agreement provides for a return of the Deposit to the Buyer, then Assignee shall cause Escrow Holder to return the Deposit to Assignor. If the Agreement and escrow are tenninated prior the closing date and the 1 RC to City o(Redlands Assignment Agreemem 001 RS69-000--2240046.1