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Home My WebLink About1993-039404 9- y- RECORDING REQUESTED BY Doc No: 1993 - 039404 Rec No: 46490 AND WHEN RECORDED RETURN TO: Official Records RF 28.00 CHRIS CHRISTIANSIN, CITY MANAGER San Luis Obispo Co. CITY OF ARROYO GRANDE FRANCIS M. GOONEY P. 0. BOX 550 Recorder ARROYO GRANDE, CA 93421 J T i 6, 1 2 4 Time: 11:: 24 (CO [ 7] TOTAL 28.00 (SPACE ABOVE THIS LINE FOR RECORDER'S USE) RELINQUISHMENT OF OPTION AND GRANT OF RIGHT OF FIRST REFUSAL TO PURCHASE REAL PROPERTY For mutual consideration including, but not limited to, that contained within this instrument, the receipt and adequacy of which consideration is hereby acknowledged by the parties hereto, the City of Arroyo Grande, a municipal corporation organized and existing under the laws of the State of California ( "City "), and Ottse Inc., a California corporation ( "Ottse "), agree as set forth herein. Ottse hereby relinquishes and quitclaims to City any and all rights under Paragraph 5. B. of a certain unrecorded "AGREEMENT FOR SALE AND PURCHASE OF REAL PROPERTY" made October 20, 1986 by and between City and Ottse and modified by a certain unrecorded "Amendment to Agreement for Sale and Purchase of Real Property" made January 30, 1992 with regard to portions of that ten acre parcel of real property (the "Property ") located within the City of Arroyo Grande, County of San Luis Obispo, State of California described as: Lot 136 of Tract 1132, according to map recorded December 10, 1986 in Book 13, Page 68 of Maps in the office of the County Recorder of San Luis Obispo County. VOL 411UP�cF 1 O Ottse warrants that it has not assigned, transferred or otherwise encumbered or divested itself of said rights. City hereby grants to Ottse the right of first refusal to purchase any portion of the 4.73 acres of the Property described as those 4.73 acres of the Property created by drawing a line parallel to the easterly property line of Lot 136 and as contained between that line and the said easterly boundary as indicated on the attached Exhibit A (hereinafter "4.73 acre portion ") as set forth below: In the event that the City receives an offer from any person or entity, except from an entity comprehended by Section 8 below, whether or not solicited by the City, to purchase, enter a ground lease or other transaction substantially equivalent to a sale of the fee ( "sale" or "purchase" herein) of all or any of the 4.73 acre portion and the City is willing to accept it, the City may sell or transfer the 4.73 acre portion, or part of it, only after the City has afforded Ottse, or its assignee, the following rights: (1) The City shall provide to Ottse a copy of the written offer and any other terms or conditions included or pertaining to the offer not less than thirty days prior to the contemplated conveyance or other transfer of the interest. (2) Ottse shall have twenty calendar days subsequent to being provided all of the items specified in Paragraph (1), above, to deliver written notification to the City of its commitment to purchase the portion of the 4.73 acre portion. (3) If Ottse shall fail to deliver the written notification to the City as described in Paragraph (2), above, 2 VOL 4119P then Ottse's rights of first refusal to purchase shall automatically cease and Ottse shall promptly, and without further consideration, execute and deliver to City a quitclaim deed or other instrument suitable to a reputable title insurer acknowledging the extinguishment of its rights hereunder. (4) If Ottse shall deliver the written notification to the City as described in Paragraph (2), above, then Ottse shall have thirty days from the date of delivery of said written notification, or such longer period as is designated in the said offer, to consummate the purchase. (5) Ottse's purchase shall be for the same price, and upon the same terms and under the same conditions as provided in the said offer. If the portion to be purchased by Ottse represents less than all of the property contemplated to be sold or transferred by City, then Ottse's purchase price shall be proportionate, based upon area, to the purchase price for the total area to be sold by the City. Ottse shall receive, for no additional consideration, legal access by fee or easement to and from an accepted City street for any use reasonably foreseeable for the property to be purchased by Ottse. (6) In the event that the said offer shall involve a proposed trade or exchange of properties, Ottse shall have the right to purchase at the fair market value of the property to be received by the City in the trade or exchange. The fair market value of the portion of the property to be traded to the City which is attributable to the portion of the Property being conveyed by the City in the trade or exchange shall be determined by three M.A.I. real estate appraisers whose decision shall be final; one appraiser to be appointed by each party and the third by the two appraisers first appointed. Each party shall make its 3 VOL 4119PAGE172 appointment of an appraiser within fifteen days that the need therefor shall arise. The third shall be appointed within fifteen days after both of the initial appraisers have been appointed. If either party fails to make its appointment within fifteen (15) days after the need arises, then the appraiser who has been appointed by the other party shall alone make the determination of fair market value. Within 30 days after their appointment (either the three appraisers or the single appraiser, as the case may be), the appraisers shall submit their decision of appraised fair market value in writing approved by the majority of the three appraisers. If a majority of the appraisers cannot agree, then the high appraisal and the low appraisal shall be discarded and the remaining appraisal shall govern and be binding upon the parties. Any determination by the appraiser(s) under this paragraph shall promptly be communicated to the City and Ottse. Ottse shall then have twenty calendar days after determination of the fair market value of said property in which to deliver written notice of its commitment to the purchase. (7) Should Ottse elect to not purchase the 4.73 acres, or portion of it, as presented to Ottse pursuant to Paragraph (1), above, then the City shall not thereafter sell or transfer the 4.73 acre portion, or portion of it, at a materially different price or under materially different terms or conditions without first again offering to Ottse the right of first refusal as provided above. City shall promptly notify Ottse of any changes in the price, terms or conditions. (8) Ottse shall have none of the above rights in the event of a sale by City to a public entity, to a private non- profit entity for purposes of a public recreational use, in the event of a sale or transfer by City to a third party required by 4 VOL 4119PAcE173 law, or in the event of transfer for public utilities or public purpose of easement, leasehold or license rights. (9) Ottse's rights under this instrument shall expire twenty (20) years after the date of its execution. (10) The rights provided in this document may be enforced performance by an action for specific in a court of competent jurisdiction. A conveyance in violation of this agreement may be set aside by such a court. Venue for any such action shall be in San Luis County, California. This instrument is executed this R ' day of June, 1993 at Arroyo Grande, California. OTTSE INC., A California corporation Donnalee Salzgeber,j.-cretary CITY OF ARROYO GRANDE / j am By ( jr Chris Ch,.stiansen, City Manager 5 VOL 4119 PAGF174 STATE OF CALIFORNIA ) ss COUNTY OF SAN LUIS OBISPO) On July 1, 1993, before me, a Notary Public in and for said State, personally appeared Chris C. Christiansen, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his/her/ their authorized capacity(ies), and that by his/her /their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. ____ . • t.:. '.. ., . "ANNE S. VENEMA L t� OFFICAAL SEAL "ANNE PUBLIC JEANNES.VENEMA y p-. � NOTAP.Y PUBLIC •CAL FO INIA y �= i� PPINCIPAL OF FcEW i' GAN LUIS OSISPO COtiNIY m:.; - My Commission Esp. Sept 5, 1995 STATE OF CALIFORNIA I SS. COUNTY OF Jan 1.4-4-1‘6 O(', 0 On C ) tin P- a, 3, I before me, 1 a Notary Public in and for said State, personally appeared onnal al" . . ■ - 'r personally known to me (or proved to me , the basis of 1 satisfactory evidence) to be the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his /her /their authorized - - - - capacity(ies), and that by his /her /their signature(s) on the S. C. MURAYAMA instrument the person(s), or the entity upon behalf of which the dW p.p. �. a COMM. #962151 m 4 � person(s) acted, executed the instrument. = ' U� NOTARY PUBLIC - CALIFORNIA i1 N SAN LUIS OBISPO COUNTY 0 WITNESS my hand and official seal. 'sun. My Comm. Expires Mar. 25. 1996 I. a Mhuta L-- Signature Signature (Seal) VOL 4119PAGE175 I • / COT 416 (/0. a0 avers) IR c r J J32 ,3 1 1 S. 27.9 PES ;� 4.73 4C.PE3 I h a P \./ tn O Q ` 1 1 .1■11= 1 I 0 SO too (00 \ EXHIBIT A TO RELINQUISHMENT OF OPTION AND GRANT OF RIGHT OF FIRST REFUSAL FND OF DOCUMENT 7, 411 11„,-1 7R