HomeMy WebLinkAboutAgreementFIFTH 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 FIFTH AMENDMENT TO AGREEMENT FOR EXCI-IANGI: OF REAL
PROPERTY AND JOINT ESCROW INSTRUCTIONS ("Agreement") is made and
entered into as of this 1st day of March, 2011, by and between the CITY OF NATIONAL
CITY, a municipal corporation, ("City"), and ILLES FAMILY TRUST ("Liles"). 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 Illes Property at 2020 Hoover Avenue, National City.
B. The Agreement was subsequently atnended on or about November 9, 2010
("First Amendment"), December 23, 2010 ("Second Amendment"), January 11, 2011
("Third Amendment"), and January 24, 2011 ("Fourth Amendment").
C. Section 3.2 of the Agreement provides that Close of Escrow shall occur on
or before the date that is thirty (30) days after expiration of the Contingency Period, as
defined in Section 6.1.2.
D. Pursuant to Section 6.1,2, as revised pursuant to the Fourth Amendment,
the Contingency Period shall expire at 5:00 p.m. of the third day following receipt by the
Parties of the soils investigation report for 522 West 8th Street by Geosyntec Consultants
pursuant to Geosyntec's proposal dated January 21, 2011 (the "Soils Report").
E. The Soils Report was received by the Parties on February 8, 2011, making
the expiration of the Contingency Period 5:00 p.m. on February 11, 2011, and resulting in
a Close of Escrow date of March 13, 2011.
F. The Illes Property at 2020 Hoover Avenue is encumbered by a small
business loan which must be satisfied prior to closing. Pursuant to the regulations
governing small business loans, the pay-off of the subject loan must occur on March 17,
2011. Therefore, in order to facilitate the pay-off of the small business loan, it is
necessary to amend Section 3.2 of the Agreement to extend the date of Close of Escrow
to March 17, 2011.
NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and for other good and valuable consideration, the Parties agree that
Section 12 of the Agreement for Exchange of Real Property and Joint Escrow
Instructions dated September 23, 20I0, as amended, is amended to read as follows:
3.2. Close of Escrow. "Close of Escrow" shall be the
date that the grant deed, the form of which is attached hereto as Exhibit "E"
("City Grant Deed"), conveying the City Property to Illes, and the grant
deed, the form of which is attached hereto as Exhibit "F" (the "Ines Grant
Deed"), conveying the tiles Property to the City, are recorded in the Official
Records of San Diego County, California ("Official Records"). The Close
of Escrow shall occur on March 17, 2011 (the "Closing Date"). The City
shall deliver possession of the City Property to Illcs on the Closing Date,
and files shall deliver possession of the Ines Property to the City pursuant
to Section 6.1.27, entitling Illes to lease back the Property, upon the Close
of Escrow, subject only to the "Approved Condition of Title" (as defined in
Sections 4.1 — 4.4 below) and the provisions of the City Grant Deed and the
Illes Grant Deed.
With the foregoing exception, each and every provision of the Agreement for
Exchange of Real Property and Joint Escrow Instructions dated September 23, 2010, as
amended, 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 Ines, Trustee Ron Morrison, Mayor
By:
Beverly Ann files, Co -Trustee
APPROVED AS TO FORM:
Claudia G. Silva
City Attorney
Between the City of National City
2 of 3
and Richard Illes of Real Property and Joint Escrow Instructions
5th Amendment to Agireement 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:
, 201 I. Stewart Title Company
a California corporation
By:
Its Authorized Agent
Name:
Title:
Between the City of National City
3 of 3
and Richard [Iles of Real Property and Joint Escrow Instructions
5th Amendment to Agreement for Exchange