HomeMy WebLinkAboutFourth Amendment to AgreementFOURTH AMENDMENT TO
AGREEMENT FOR EXCHANGE OF REAL PROPERTY
AND JOINT ESCROW INSTRUCTIONS
TO: Stewart Title Company Escrow No.: 288553
7675 Mission Valley Road Escrow Officer: Rhonda Bernardini
San Diego, CA 92108-4429 Title Order No.:
(619) 692-1600 Title Officer: Frank Green
("Escrow Holder")
THIS FOURTH AMENDMENT TO AGREEMENT FOR EXCHANGE OF
REAL PROPERTY AND JOINT ESCROW INSTRUCTIONS ("Agreement") is made
and entered into as of this 24th day of January, 2011, by and between the CITY OF
NATIONAL CITY, a municipal corporation, ("City"), and ILLES FAMILY TRUST
("flies"). The City and Illes are sometimes hereinafter referred to collectively as the
"Parties".
RECITALS
A. On or about September 23, 2010, the Parties entered into an Agreement
whereby they agreed to the exchange of the City Property at 522 West 8th Street, National
City, for the Ilies Property at 2020 Hoover Avenue, National City.
B. Section 6.1.2 of the Agreement provides that the Grantee Party shall have
forty-five (45) days after the Effective Date (the "Contingency Period") to review and
approve or disapprove, inter alia, soils and environmental reports pertaining to the
Grantor Party's Real Property.
C. On or about November 9, 2010, the Parties amended the Agreement to
extend the Contingency Period by forty-five (45) days, for a total on ninety days.
D. On or about December 23, 2010, the Parties amended the Agreement to
extend the Contingency Period by an additional twenty-two (22) days, for a total of one
hundred twelve (112) days.
E. On or about January 11, 2011, the Parties amended the Agreement to
extend the Contingency Period by an additional ten (10) days, for a total of one hundred
twenty-two (122) days.
F. To facilitate completion of the exchange transaction, Geosyntec
Consultants ("Geosyntec") has prepared a proposal dated January 21, 2011 for a soils
investigation study of the City Property located at 522 West 8th Street, pursuant to which
Geosyntec will conduct such study and prepare a report.
G. It is necessary, in order to allow the Parties to review and approve the soils
investigation report prepared by Geosyntec, to further extend the Contingency Period
until 5:00 p.m. on the third day following the receipt of said report by the Parties.
NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and for other good and valuable consideration, the Parties agree that
Section 6.1.2 of the Agreement for Exchange of Real Property and Joint Escrow
Instructions dated September 23, 2010, is amended to read as follows:
6.1.2. Review and Approval of Documents and
Materials. The Grantor Party shall deliver to the Grantee Party within ten
(10) days after the Effective Date the documents and materials set forth
below which pertain to the Grantor Party's Real Property that are in the
Grantor Party's possession or control or are reasonably available to the
Grantor Party, and to the extent that the Grantor Party has actual
knowledge thereof at no expense to the Grantor Party ("Documents and
Materials"). From the Effective Date until 5 p.m. on the third day
following the receipt by the Parties of the soils investigation report for 522
West 8th Street prepared by Geosyntec Consultants, pursuant to
Geosyntec's proposal dated January 21, 2011, the Grantee Party shall have
the right to review and approve or disapprove, in its sole discretion, any or
all of the Documents and Materials; provided, however, the Contingency
Period and Closing Date shall be extended by one (1) day for every day
that the Grantor Party is late in delivering any of the Documents and
Materials or any of the Title Documents beyond the date that the Grantor
Party is required hereunder to deliver the same to the Grantee Party.
With the foregoing exception, each and every provision of the Agreement for
Exchange of Real Property and Joint Escrow Instructions dated September 23, 2010, shall
remain in full force and effect.
IN WITNESS WHEREOF, the Parties hereto have executed this Amendment to
Agreement as of the day and year first written above.
ILLES FAMILY TRUST CITY OF NATIONAL CITY
By: By:
Richard Illes, Trustee
By:
Beverly Ann Illes, Co -Trustee
Between the City of National City
2
and Richard Illes of Real Property and Joint Escrow Instructions
•
Chris Zapa /y Manager
4th Amendment to Agreement for Exchange
Acceptance by Escrow Holder:
Steward Title Company hereby acknowledges that it has received a fully executed
original or original executed counterparts of the foregoing Agreement for Exchange of
Real Property and Joint Escrow Instructions, and agrees to act as Escrow Holder
thereunder and to be bound by and strictly perform the terms thereof as such terms apply
to Escrow Holder.
Dated:
, 2011. Stewart Title Company
a California corporation
By:
Its Authorized Agent
Name:
Title:
Between the City of National City 3 4th Amendment to Agreement for Exchange
and Richard llles of Real Property and Joint Escrow Instructions