Contracts & Agreements_50-1994 - Laserfiche WebLink

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CITY OF REDLANDS AGREEMENT FOR PURCHASE AND SALE AND ESCROW INSTRUCTIONS THIS AGREEMENT FOR PURCHASE AND SALE AND ESCROW INSTRUCTIONS ("Agreement"), dated November .20 , 1994, ("Effective Date")is made and entered into by and between Mark Buoye and Larry Klenske, partners ("Seller"), and the City of Redlands ("Buyer") sometimes herein collectively referred to as the "Parties"). RECITALS A. Whereas, Seller owns 34 shares of East Pioneer Mutual water stock ("Stock") and approximately 9.75 acres of real property located along San Bernardino Avenue in the City of Redlands (the "City"), San Bernardino County, California, which is more particularly described in Exhibit "A" attached hereto and incorporated herein by this reference (the "Property"); and B. Whereas, Seller agrees to sell to Buyer and Buyer agrees to buy from Seller the Property and Stock on and subject to the terms and conditions contained herein; NOW THEREFORE, in consideration of the mutual promises contained herein, the Parties hereto do hereby agree as follows: AGREEMENT 1. PURCHASE PRICE The purchase price for the Property and stock shall be paid at Close of Escrow and shall be in the total amount of Three Hundred Forty One Thousand Two Hundred Fifty Dollars ($341,250.00) (the "Purchase Price"). 2. TITLE TO PROPERTY Seller shall, at the Close of Escrow, by grant deed convey to Buyer good and marketable fee title to the Property as evidenced by a Standard form A.L.T.A. Joint Protection Policy of Title Insurance in an amount equal to the Purchase Price of the Property issued by Commonwealth Title Company (the "Title Company") showing title vested in Buyer subject to the exceptions to title approved by Buyer pursuant to Section 3.1 below. Seller shall be responsible for the premium for the standard policy of title insurance. Any additional endorsements or policy coverage requested by Buyer shall be at Buyer's sole cost and expense. MPIIOLE 1 r7'nid+,+'GaF.>�.':%:�7`r.