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HomeMy WebLinkAbout00492C - MILDRED BROWNE MOU SEC 30 PARCEL TRUST PROPERTYMERGED AREA NO. 1 ......rv-. •�n}„1�� i f "� �M � � , 'y �n "'4�.�rc'w ,ny ry � �. n gnn ,' dN IPM'" "'^Cj4' �n°wj' +},��,1'I- ,.{ ,�`, f ,M@ ,P,rrnx'i',gl �;la„ ) a.!y.d' .arl, .k %rp,�q',NIi41"d`W, !ANv,f"dhi;,,oilw:++lY+� Ai"'. . ,:;.',.C"renrNne.l;. df^M6�M'" `u"+dw.,3n.krw l4y ":,wa.rveo. �y,h rig "..., .eM�p+�rM', ;!. ^+m}!`Ir:,;✓r�'v;.RtlMvryC/r veN'A!tfl�4Jq.y6�d,,.a, 'Wp e'wy,�pti�e��Ad'Af�YbYdtlFaf�ra�y4'.'@�0"b�u.,A"IMIr'•1A,.W��.�1 l.,Ll rrr"�.',r,.in„-d�,w. �"e+. ��y.irw;4,n.,;..,i^p�.�➢veu,"".�61AP1dW."�•^' ,dbV,..kpreb�.rM�+J�v"yWI ' wi 11 'm...ca'' Q 0 • d1 o C O ? 1 � I +a m E i 0 ` J6 , �'' a 0+, 0 O Wl u II � �a U Imo ' 7-I - - _— V' N � ✓y Y O II � 1 II w ' � P J m 1 N 6I m c • 'P �' 3 r 11 C O d W o in _, ,la I L r o y L7 �� I 3� I' I a 01 N fG 61 0 m '��I 0 i;l .0 1 2 V �,J, ! 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RAYMOND THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS 3200 E.TAHOUITZ CANYON WAY PALM SPRINGS, CALIFORNIA 92263 RE::vacant land APN 681-070-016, Palm Springs, CALIFORNIA Escrow No: 52050042 Dear Mr. Raymond, In connection with the above referenced escrow,we enclose the following items: PLEASE SIGN AND RETURN THE FOLLOWING, RETAINING ADDITIONAL COPY FOR YOUR RECORDS: Escrow Instructions. Amendment dated November 2, 2005 Tax Withholding Notice Commission Instruction PLEASE FILL IN COMPLETELY, SIGN AND RETURN: 1099 593-C Property Information Sheet If we can provide any additional information or answer any questions you may have, please give us a call. Thank you for choosing Chicago Title Company. Sincerely, CHICAGO TITLE COMPANY U Linda Salcido Escrow Officer 52LTH--08/22/96bk ESCROW INSTRUCTIONS SIGN AND RETURN TO: CHICAGO TITLE COMPANY, licensed by the California Department of Insurance 78-000 Fred Waring Drive, SUITE 103, PALM DESERT, CALIFORNIA 92211 (760)345-0750 Fax(760)772-8463 Escrow No. 52050042-K42 Escrow Officer LINDA SALCIDO Date October 28,2005 1. On or before the TIME LIMIT DATE of NOVEMBER 7, 2005 2. 3. The attached"Memorandum of Understanding",dated February 2,2005, between Seller and Buyer as referenced 4. below, is incorporated herein and made a part hereof.You are authorized to act in accordance with these 5. instructions, and any amendments thereto.You are not to be concerned with or liable for, any memoranda or other 6. agreements between the parties as contained in the attached document, except those relating to the transfer of title, 7. prior to the close of escrow.the parties to this transaction wil cause any balance of funds due and or documents 8. required to be deposited with you. 9. 10• THE FOLLOWING ADDITIONAL TERMS AND CONDITIONS SHALL APPLY IN THIS ESCROW: 1t. 12. The following supplemental escrow instructions, are added for clarification purposes and for the purposes of enabling 13. Chicago Title Company as Escrow Holder to utilize said agreement as your escrow instructions. In the event of a 14. conflict between the agreement and the escrow holder's general provisions the terms of the agreement shall control. 15. 16. The United States of America, in Trust for MILDRED L. BROWNE,AKA MILDRED PETE KITCHEN MORRIS, an Indian 17. of the Agua Caliente Reservation, Seller, herein will hand you, in trade, a Grant Deed and a Certificate of Acceptance, 18. conveying the property described herein 19. (Exhibit A-Parcel 681-070-016)to vestee named below; 20. 21. THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, buyer(s) herein; 22. 23. Buyer will hand you prior to date of close of escrow; Grant deed to record concurrently herewith to 24. Seller herein, covering property known as Exhibit B, parcel #508-070-042 covering approximately 4.96(gross) acres 25. of vacant land in Palm Springs, California,attached hereto and incorporated herein by reference, 26. 27. appraised for $2,164,942.00 28. (TWO MILLION, ONE HUNDRED, SIXTY FOUR THOUSAND, NINE HUNDRED&FORTY TWO DOLLARS) 29. 30 and prior to close of escrow BUYER WILL HAND YOU FUNDS IN THE AMOUNT OF 31. $595,058.00 32. (FIVE HUNDRED AND NINTY-FIVE THOUSAND, FIFTY-EIGHT DOLLARS) 33. 34. TO COMPLETE A TOTAL APPRAISED VALUE OF $2,760,000.00 35. (TWO MILLION, SEVEN HUNDRED AND SIXTY THOUSAND DOLLRS) 36. 37. SUBJECT TO :Covenants, conditions, restrictions, rights of way, easements and reservations of record. 38. 39. which you are instructed to use when you can obtain a CLTA OWNERS POLICY,which policies of title insurance will 40. contain the insuring clauses, exceptions, exclusions, provisions and stipulations customarily contained in the printed 41. provisions of such form with liability not less than$2,760,000.00 describing the land in the City of Palm Springs 42. County of RIVERSIDE State of California,described as: 43. 44. APN 661-808-016, marked parcel EXHIBIT A,which is attached hereto and incorporated herein by reference, 45. COVERING approximately 8.78 gross acre per survey of vacant land in Palm Springs, California 46. 47. 48. 49, E115H--10/11/95bk (Page 1) ESCROW INSTRUCTIONS (Continued) TO! CHICAGO TITLE COMPANY Escrow No. 52050042-K42 Date October 28, 2005 1 SUBJECT TO AND CONTINGENT UPON:The Bureau of Indian Affairs Pacific Region Director and Bureau of Land 2. Management survey, if required by Agency, prior to close. Sellers deposit of executed Grant Deed and Certificate of 3. Acceptance shall be deemed their approval and satisfaction of said contingency. 4. 5. CONTINGENT UPON the successful close of said property described Vacant land,Assessors parcel number 6. 6B1-070-016(marked Exhibit A)to PARTNERS LAND DEVELOPMENT, LLC,AN ARKANSAS LIMITED LIABILTY 7. COMPANY with Chiago Title Company,Palm Desert, California, Escrow#52050042A S. 9. BUYER agrees to pay:All costs and expenses for this transaction, including but not limited to environmental 10. assessments,appraisals,title insurance policies for both parcels, (6%)eight percent of$2,760,000.00 in commissions 11. for Noia Investments and Group One Realty, all escrow fees in connection with this transaction. Parties aware there 12. are no property taxes or document transfer stamps charged in connection with this exchange of properties. 13. 14. SELLER'S payment will be net of all expenses, $595,058.00 (FIVE HUNDRED NINETY FIVE THOUSAND, FIFTY 15. EIGHT DOLLARS). 16. 17. MEMORANDA--THE FOLLOWING ARE MATTERS BETWEEN THE BUYER AND SELLER WITH WHICH ESCROW 18. HOLDER IS NOT CONCERNED, LIABLE OR RESPONSIBLE AND ARE NOT A CONDITION OF THE ESCROW: 19. 20, 1.The parties to this transaction understand that NOIA INVESTMENTS,a licensed real estate broker, represents the 21. Seller and GROUP ONE REALTY,a licensed real estate broker represents the Buyer in this transaction and upon 22. execution of these instructions by all parties hereto,they hereby accept them as their agent. 23. 24. END OF MATTER OF RECORDS. 25. 26. Parties shall notify escrow holder, in writing, prior to close of escrow, if Parties elects to effect a tax deferred 27. exchange through this escrow. In the event escrow holder does not receive written notification from Buyer or Seller, 28. escrow holder will close this escrow without any provisions for an exchange for the benefit of either Buyer or Seller. 29. 30. Buyer shall furnish Escrow Holder with a completed Preliminary Change of Ownership Report required by 31. Assembly bill 3121, State of California. In the event said report is not handed Escrow Holder for submission to the 32. County Recorder upon recording the Grant Deed, Buyer herein acknowledges that the County shall access an 33. additional$20.00 feet for recording Grand Deed and Escrow Holder shall debit the Buyer for same. Escrow Holder 34. shall be relieved of all responsibility and or liability in connection with the accuracy, completeness or correctness. 35. 36. Parties to this transaction are aware and understand that as a result of the passage of the Tax Reform Act of 37. 1986 which added Section 6045(e)to the Internal Revenue Code,the closing of this transaction will be delayed in the 38. event Seller(s)to this escrow should refuse to remit to Escrow Agent/Holder, prior to close of escrow, "Seller's 39. Certification for Compliance with Real Estate Reporting Requirements,"with all necessary information fully completed 40. and duly executed. 41. 42. Escrow Holder shall not be concerned with, or liable for payment, adjustment or proration of, Supplemental 43. Taxes assessed pursuant to Chapter 498, Statutes of 1983, State of California, unless specifically reflected on the Tax 44. Assessor's rolls. All assessments not shown on the tax rolls are to be adjusted outside of escrow.The title policy will 45. contain an exception for the lien of any assessmentof Supplemental Taxes assessed pursuant to Chapter 498, 46. Statutes of 1983.THIS ACCEPTANCE OF AN AGENCY AS ESCROW HOLDER IS FURTHER CONDITIONED ON THE 47. FOLLOWING: BEIIC8H-10/14/96bk (Page 2) ESCROW INSTRUCTIONS (Continued) TO: CHICAGO TITLE COMPANY Escrow No. 52050042-K42 Date October 28,2005 1. 2. 1. ESCROW HOLDER'S GENERAL PROVISIONS WHICH ARE INCORPORATED HEREIN BY THIS REFERENCE I AND ATTACHED HERETO; 4. 5. 2. ESCROW HOLDER RESERVES THE RIGHT TO REQUIRE MUTUAL INSTRUCTIONS IN THE EVENT THIS 6• ESCROW IS TERMINATED,AND UPON ANY SUCH TERMINATION TITLE AND/OR ESCROW CHARGES FOR 7. SERVICES RENDERED MAY BE DUE; e. 9. 3. ESCROW HOLDER RESERVES THE RIGHT TO REQUIRE MUTUAL DISBURSEMENT INSTRUCTIONS IN THE 10. EVENT SUCH DISBURSEMENT IS TO BE MADE PURSUANT TO EARLY RELEASE PROVISIONS,THE 11. TERMINATION OF ESCROW OR A LIQUIDATED DAMAGE PROVISION CONTAINED IN SAID AGREEMENT; 12. 13. 4. ESCROW HOLDER RESERVES THE RIGHT TO REQUIRE THE PARTIES TO DELIVER WRITTEN APPROVAL, 14. SATISFACTION OR WAIVER OF ALL CONDITIONS PRECEDENT TO (1)ANY RELEASE OF FUNDS AND/OR (2) 15. CLOSE OF THIS ESCROW; 16. 17. 5. ANY PROVISIONS FOR RELEASE (PAYMENT) OF FUNDS PRIOR TO THE CLOSE OF ESCROW IS MADE WITH 18• THE KNOWLEDGE OF THE CONDITION(S) OF ESCROW AND TITLE TO THE PROPERTY THAT IS THE SUBJECT 19• OF THIS ESCROW. ESCROW HOLDER SHALL HAVE NO RESPONSIBILITY OR LIABILITY EXCEPT COMPLIANCE 20. WITH ANY SUCH RELEASE (PAYMENT) INSTRUCTION AND ANY PAYMENT SO MADE IS WITHOUT RECOURSE 21. UPON CHICAGO TITLE COMPANY; 22. 23. 6. IF YOU WANT TO WIRE TRANSFER FUNDS TO CHICAGO TITLE COMPANY, PLEASE USE THE FOLLOWING 24. WIRING INSTRUCTIONS: BANK: UNION BANK 25. 2001 MICHELSON DRIVE 26. IRVINE, CALIFORNIA 92714 27. BANK ABA: 122 000 496 28. ACCOUNT NAME: CHICAGO TITLE C&I ESCROW ACCOUNT 29. ACCOUNT NO: 9120052850 30. FOR CREDIT TO: ESCROW NO.52050042-K42 31. ATTN: LINDA SALCIDO 32. PLEASE NOTIFY ESCROW HOLDER WHEN YOU WIRE FUNDS. 33. 34• Parties acknowledge that depending on the type(commercial, residental)and Location (city) of real property 35. involved in this Escrow,there may be disclosure(s) as well as civil ordinance requiement(s)that would affect the 36. transfer of the real property.The Buyer and Sellers signature on these instructions shall be deemed evidence by 37. escrow holder that Buyer and Seller have obtained counsel,are aware of any disclosures/civil ordinance 3e. requirements will comply with same outside of escrow. Unless otherwise instructed in writing to the contrary 39. elsewhere herein, Escrow Holder shall have no responsibilities or liabilities in connnection herewith except as 40. provided under the designation agreement. 41. 42. Escrow holder shall not be liable or responsible for the content or enforceability of any document(s) drawn outside of 43. escrow. Escrow holder's only responsibility in connection with said document(s) is to deliver and/or to record same 44. as per the parties instructions. 45. 45. 47. END OF INSTRUCTIONS. BEII CSH--10/I4/9 bk (Page 3) GENERAL PROVISIONS TO: CHICAGO TITLE COMPANY Escrow No. 52050042 - K42 Date October 28, 2005 1. Time is of the essence of these instructions. If this escrow is not in a condition to close by the TIME LIMIT DATE as provided for herein and written demand for cancellation is received by you from any principal to this escrow after said date,you shall act in accordance with paragraph 7 of the General Provisions. 3 no conflicting instruction or demand for cancellation is made,you will proceed to close this escrow when the principals have complied with the escrow instructions. In the event one or more of the General Provisions are held to be invalid, those remaining will continue to be operative.Any amendments of or supplements to any instructions affecting escrow must be in writing.You are authorized to order demands for, and pay at the close of escrow any encumbrances of record necessary to place title in the condition called for without further authorization.You are further authorized, prior to the close of escrow,to pay from funds on deposit any fees necessary to obtain any demand and/or report as may be required in this escrow and at the close of escrow charge the parties as appropriate. The principals will hand you any funds and instruments required from each respectively to complete this escrow. Interest on any new financing may begin to accrue on the date loan funds/proceeds are disbursed by the new lender,and borrower agrees to pay same in accordance with lender's instructions. 2. You are instructed to deliver and/or record all documents and disburse all funds when you can comply with these instructions and issue any title insurance policy as called for herein. These instructions, together with any amendments and/or supplements, may be executed in counterparts and together shall constitute one and the same document. If these instructions relate to a sale, and if there is no other written agreement between the parties pertaining thereto, buyer agrees to buy and seller agrees to sell upon the terms and conditions hereof. Al documents, balances and statements due the undersigned are to be mailed to the respective addresses shown herein, unless otherwise directed. In the event that any party to this escrow utilizes facsimile transmitted signed documents, all parties hereby agree to accept and hereby instruct the escrow holder to rely upon such documents as if they bore original signatures. Buyer and seller further acknowledge that any documents to be recorded bearing non original (facsimile)signatures will not be accepted for recording by the county recorder. 3. The phrase"close of escrow'(or COE)as used in this escrow means the date on which documents are recorded,unless otherwise specified. 4. Assume a 30 day month in any proration herein provided, and unless otherwise instructed, you are to use the information contained in the latest available tax statement, including any supplemental taxes of record, rental statement as provided by seller and beneficiary's or association statements delivered into escrow for proration purposes. 5. Upon close of escrow you are instructed to charge our respective accounts the costs attributable to each,including but not limited to costs as provided for herein and/or in accordance with our respective estimated statements attached hereto and made a part hereof. 6. Recordation of any instruments delivered through this escrow,if necessary or proper for the issuance of the policy of title insurance called for, is authorized.No examination or insurance as to the amount or payment of personal property taxes is required unless specifically requested. 7. If demand to cancel is submitted after the Time Limit Date,any principal so requesting you to cancel this escrow shall file notice of demand to cancel in your office in writing.You shall within three (3)working days thereafter mail by certified mail one copy of such notice to each of the other principals at the address stated in this escrow. Unless written objection thereto is filed in your office by a principal within fifteen (15) calendar days after the date of such mailing, you are instructed to cancel this escrow. H this is a sale escrow, you may return the lender's papers and/or funds upon lender's demand. 8. In the event that this escrow is canceled,any fees or charges due Chicago Title Company including cancellation fees and any expenditures incurred or authorized shall be paid from funds on deposit unless otherwise specifically agreed to or determined by a court of competent jurisdiction. Upon payment thereof,return documents and monies to the respective parties depositing same,or as ordered by the court,and void any executed instruments. 9. If there is no written activity by a principal to this escrow within any six-month period after the Time Limit Date set forth herein, Chicago Title Company may, at its option,terminate its agency obligation and cancel this escrow,returning all documents,monies or other items held,to the respective parties entitled thereto,less any fees and charges as provided herein. 10. If,for any reason,funds are retained or remain in escrow after the closing date,you may deduct therefrom a reasonable charge as custodian, of not less than$25.00 per month,unless otherwise specified. (Continued) BEIGP I SH-1 o/23/ee-Irc GENERAL PROVISIONS (Continued) TO: CHICAGO TITLE COMPANY Escrow No. 52050042 - K42 Date October 28, 2005 11. In the event that you should receive or become aware of conflicting demands or claims with respect to this escrow,or the rights of any of the parties hereto,or any money or property deposited herein,you shall have the absolute right at your option to discontinue any or all further acts until such conflict is resolved to your satisfaction. 12. In the event that any Offer to Purchase,Deposit Receipt,or any other form of Purchase Agreement is deposited in this escrow,you,as escrow holder,are not to be concerned with the terms of such document and are relieved of all responsibility in connection therewith.The foregoing is not applicable in any transaction in which Chicago Title has specifically agreed to accept an Offer to Purchase, Deposit Receipt or other form of Purchase Agreement as escrow instructions. In any event,you are not to be concerned or liable for items designated as"memoranda"in these escrow instructions nor with any other agreement or contract between the parties. 13. The parties hereto,by execution of these instructions acknowledge that the escrow holder assumes no responsibility or liability whatsoever for the supervision of any act or the performance of any condition which is a condition subsequent to the closing of this escrow. 14. In the absence of instructions to the contrary, you are hereby authorized to utilize wire services, overnight, next day, or other expedited delivery services(as opposed to the regular U.S.Mail)and to charge the respective parry's account accordingly. 15. Concerning any real property involved in this transaction you are released from and shall have no liability, obligation or responsibility with respect to (a)withholding of funds pursuant to Section 1445 of the Internal Revenue Code of 1986 as amended, and to Sections 18662 and 18668 of the California Revenue and Taxation Code, (b) advising the parties as to the requirements of said Section 1445, (c) determining whether the transferor is a foreign person or a non-resident under such Section, nor (d) obtaining a non foreign affidavit or other exemption from withholding under said Sections nor otherwise making any inquiry concerning compliance with such Sections by any party to the transaction. 16. If you pay a demand to pay in full a revolving line of credit or equityline loan,you are hereby instructed on my behalf and for my benefit,to request that the lender issuing said demand cancel said revolving line or equityline of credit. 17. You are authorized to furnish to any affiliate of Chicago Title Company, any attorney,broker or lender identified with this transaction or any one acting on behalf of such lender any information,instructions,amendments,statements,or notices of cancellation given in connection with this escrow. If any check submitted to escrow is dishonored when presented for payment,you are authorized to notify all principals and/or their respective agents of such non payment. 18. All notices, change of instructions,communications and documents are to be delivered in writing to the office of Chicago Title Company,as set forth herein. 19. All funds received in this escrow shall be deposited with other escrow funds in one or more non-interest bearing demand accounts of Chicago Title Company in any state or federal bank or any state or federal savings and loan association ("the depository institutions") and may be transferred to any other such accounts. The parties to this escrow acknowledge that while these accounts do not bear interest,because of these and other banking relationships with the depository institutions,Chicago Title Company and its affiliates may receive from some of the depository institutions an array of banking services, accommodations or other benefits.Chicago Title Company and its affiliates also may elect to enter into other business transactions with or obtain loans for investment or other purposes from some of the depository institutions.All of such services,accommodations and other benefits shall accrue, directly or indirectly, to Chicago Title Company and its affiliates and they shall have no obligation to account to the parties to this escrow for the value of such services, accommodations or other benefits.All disbursements shall be made by Chicago Title Company check,unless otherwise instructed. Chicago Title Company shall not be responsible for any delay in closing if funds received by escrow are not available for immediate withdrawal. Chicago Title Company may, at its option, require concurrent instructions from all principals prior to release of any funds on deposit in this escrow. 20. You are authorized to destroy or otherwise dispose of any and all documents, papers, instructions, correspondence and other material pertaining to this escrow at the expiration of six (6)years from the close of escrow or cancellation thereof,without liability and without further notice. (C:OIITIDDOCI) 13EIOP23H d0/23/90-Irc GENERAL PROVISIONS (Continued) TO: 'CHICAGO TITLE COMPANY Escrow No. 52050042 - K42 Date October 28, 2005 IMPORTANT NOTICE Except for wire transfers,funds remitted to this escrow are subject to availability requirements imposed by Section 12413.1 of the California Insurance Code. CASHIER'S, CERTIFIED or TELLER'S checks, payable to CHICAGO TITLE COMPANY are generally available for disbursement on the next business day following the date of deposit. Other forms of payment may cause extended delays in the closing of your transaction pursuant to the requirements imposed by State Law. Wire transfer information available upon request) ALL PARTIES TO THIS ESCROW ACKNOWLEDGE THAT CHICAGO TITLE COMPANY DOES NOT PROVIDE LEGAL ADVICE NOR HAS IT MADE ANY INVESTIGATION, REPRESENTATIONS OR ASSURANCES WHATSOEVER REGARDING THE LEGAL ASPECTS OR COMPLIANCE OF THIS TRANSACTION WITH ANY TAX, SECURITIES OR ANY OTHER STATE OR FEDERAL LAWS. IT IS RECOMMENDED THAT THE PARTIES OBTAIN INDEPENDENT LEGAL COUNSEL AS TO SUCH MATTERS. THE FOREGOING ESCROW INSTRUCTIONS AND GENERAL PROVISIONS HAVE BEEN READ AND ARE UNDERSTOOD AND AGREED TO BY EACH OF THE UNDERSIGNED. THE UNITED STATES OF AMERICA, IN TRUST FOR MILDRED L. BROWNE, AKA COMMUNITY REDEVELOPMENT AGENCY MILDRED PETE KITCHEN MORRIS OF THE CITY OF PALM SPRINGS, CALIFORNIA A PUBLIC BODY, CORPORATE AND POLITIC ITS: CHAIRMAN ATTEST: BY: ITS: A SSTANT SECRETARY APPROVED A L,T0 FORM, WOODRUF S RADLIN & S T BY: L DOUG S C. HOLLAND, AGENCY COUNSEL -rJ Current Address: Current Address: 901 E. TAQUITZ CANYON WAY 3200 E.TAHQUITZ CANYON WAY SUITE C PALM SPRINGS, CALIFORNIA 92263 PALM SPRINGS, CALIFORNIA 92262 Telephone: Telephone: ordB1PH1, H=131PH21 BEIGP35H-10/23/98-Irc AMENDMENT TO ESCROW INSTRUCTIONS _ TO: CHICAGO TITLE COMPANY, licensed by the California Department of fn"�`'6�'ARD RETURN URN • 78-000 Fred Waring Drive, SUITE 103, PALM DESERT, CALIFORNIA 92211 (760)345-0750 Fax(760)772-8463 Escrow No. 52050042-K42 Escrow Officer LINDA SALCIDO Date November 2, 2005 Property: vacant land APN 681-070-016, Palm Springs, CALIFORNIA 1. Your original escrow instructions dated October 28,2005 and any amendments and/or supplements thereto, are 2. hereby amended and/or supplemented as set forth herein: 3. 4. Buyers and Sellers acknowledge and agree that,with the exception of receipt by Escrow Holder of funds and 5. documents required pursuant to the agreements as amended herein, all conditions to the close of escrow have been 6. satisl ied and/or waived. 7. 3. ALL OTHER TERMS AND CONDITIONS ARE TO REMAIN THE SAME. 9. 10. 11. THE (UNITED STATES OF AMERICA, IN TRUST FOR 12. MILDRED L. BROWNE,AKA 13. MILDRED PETE KITCHEN MORRIS 14. 15. 16. BY: 17. 18. ITS: 19. 20. 21. BY: 22. 23. ITS: 24. - 25. 26. 27. COMMUNITY REDEVELOPMENT AGENCY 28, OF THE CITY OF PALM SPRINGS, CALIFORNIA 29. A PU13LIC BODY, CORPORATE AND POLITIC 3 . ^ 31. 32. BY:( l/ 33. CHAIRMAN 34. ATTE; 35. '�t�"'a�"�4�33,k rn3 _a`a 'D'1'ad CLJI-Lva VW'tu��*ffv 04k U'-V"' h 36. BV`�• �..-�.�_, .�.-�-?e'!"'"ii \ Gad i C;{,�.`� G'`h.l�, l a��/' �' n �!,7 37. A�ZY,I ANT SECRETARY 38. 39. � 1 . 40. APPROVE FORM; 41. WOODR F RAID SRy�RT 42. 43. BY: 44. DOUGLAS . HOLLAND,AGENCY COUNSEL 45. 46. 47. 48. 49. 50. CHICAGO TITLE COMPANY ;110RETURN 78-000 Fred Waring Drive,SUITE 103,PALM DESERT,CALIFORNIA 92211 (760)345-0750 Fax(760)772-8463 EScroWNO 52050042 - K42 Escrow Olficer LINDA SALCIDO Date November 3, 2005 NOTICE OF TAX WITHHOLDING REQUIREMENTS In accordance with Sections 18662 and 18668 of the California Revenue and Taxation Code,a buyer may be required to withhold an amount equal to THREE AND ONE-THIRD percent (3-1/3%) of the sales price In the case of a disposition of California real property Interest by either: 1. A seller who is an Individual or when the disbursement instructions authorize the proceeds be sent to a "financial Intermediary"of the seller,OR 2. A corporate seller that has no permanent place of business In California. The buyer may become subject to penalty for failure to withhold in an amount equal to the greater of Ten percent(10%) of the amount required to be withheld or five hundred dollars($500). However, notwithstanding any other provision included in the California statutes referenced above, no buyer will be required to withhold any amount or be subject to penalty for failure to withhold if: 1. The sales price of the California real property conveyed does NOT exceed one hundred thousand dollars($100,000),OR 2. The seller executes a written certificate, under the penalty of perjury, certifying that the seller is a corporation with a permanent place of business In California,OR 3. The seller,who Is an individual,executes a written certificate,under the penalty of perjury,of any of the following: A. That the California real property being conveyed is the Seller's principal residence (within the meaning of Section 121 of the Internal Revenue Code). B. That the California real property being conveyed is or will be exchanged for property of like kind (within the meaning of Section 1031 of the Internal Revenue Code),but only to the extent of the amount of gain not required to be recognized for California income tax purposes under Section 1031 of the Internal Revenue Code. C. That the California real property has been compulsorily or involuntarily converted (within the meaning of Section 1033 of the Internal Revenue Code)and that the seller Intends to acquire property similar or related in service or use so as to be eligible for nonrecognition of gain for California income tax purposes under Section 1033 of the Internal Revenue Code. D. That the California real property transaction will result In a loss for California income tax purposes. The seller Is subject to penalty for knowingly filing a fraudulent certificate for the purpose of avoiding the withholding requirement. The California statutes referenced above include provisions which authorize the Franchise Tax Board to grant reduced withholding and waivers from withholding on a case-by-case basis for corporations or other entitles. Additionally,under the federal"Foreign Investment in Real Property Tax Act"(FIRPTA)as amended and related laws, a buyer may be required to withhold, and could be liable for, an additional tax equal to TEN percent (10%) of the sales price of the real property being conveyed, In the case of a seller who may be classified as a"foreign person"under Section 1445 of the Internal Revenue Code of 1986. IRS Regulations state that a foreign seller lacking an Individual Taxpayer Identification Number(ITIN) will automatically be subject to withholding upon the transfer of real property.A seller may apply for an ITIN,however,it must be obtained prior to the time of transfer. The Federal statute referenced above includes provisions that authorize the IRS to grant reduced withholding and waivers from withholding on a case-by-case basis. The parties herein may wish to investigate these options with their own legal or financial advisors or the Internal Revenue Service. (Page One of Two) NMR-12/11/0zM CHICAGO TITLE COMPANY 76-000 Fred Waring Drive, SUITE 103, PALM DESERT, CALIFORNIA 92211 (760)345-0750 Fax(760) 772-8463 Escrow No. 052050042 Escrow Officer LINDA SALCIDo Date November 3, 2005 NOTICE OF TAX WITHHOLDING REQUIREMENTS (Continued) The escrow holder will not undertake to withhold or remit funds to any taxing authority, unless specifically instructed in writing to do so. In the event escrow is so requested,appropriate mutual instructions will be required. DUE TO THE COMPLEXITY OF THESE TAX LAWS, AND THE PENALTY PROVISIONS FOR FAILURE TO WITHHOLD, IT IS RECOMMENDED THAT THE PARTIES TO THIS TRANSACTION SHOULD SEEK THE PROFESSIONAL ADVICE AND COUNSEL OF AN ATTORNEY, ACCOUNTANT OR FINANCIAL ADVISOR CONCERNING THE EFFECT OF THESE LAWS ON THIS TRANSACTION AND SHOULD NOT ACT ON ANY STATEMENTS MADE OR OMITTED BY THE ESCROW OR CLOSING OFFICER. COMMUNITY REDEVELOPMENT AGENCY PARTNERS LAND DEVELOPMENT, LLC, AN OF THE CITY OF PALM SPRINGS, CALIFORNIA ARKANSAS LIMITED LIABILITY CORPORATION A PUBLIC BODY, CORPORATE AND POLITIC BY: ITS BY:_ =f7'-�i� ; CHAIRMAN ATTEST: BY: ITS : ASS SXANT SECRETARY (/APPROVED AS TO FO E1-7 -' - ! ,t WOODRUFF, SP L & S T I-/Y�' vd/ DOUGLAS C. HOL , AGENCY CO SEL YEAR CALIFORNIA FORM 2005 Real Estate Withholding Certificate 593•C Part II — Seller's Information Return this form to your escrow company. Name(including spouse,if jointly owned-see instructions-type or print) SSN,FEIN or CA Corporation no. Address;(number and street) I Private Mailbox no. Spouse's SS (d jointly owned) City State ZIP Code Note: If you do not furnish your lax ID number,this certificate is void. Property address(If no street address,provide parcel number and county) Ownership Percentage % Read the following and check the appropriate boxes. (See line-by-line notes in the instructions.) Part III—Certifications which fully exempt the sale from withholding: YES NO 1. Does the property qualify as the seller's(or decedent's,if being sold by the decedent's estate)orincitial residence within the meaning of Internal Revenue Code(IRC)Section 121? ............................................................................ El El2. Did the seller(or decadent,if being sold by the decedent's estate)last use the property as the seller's(decedent's)principal residence within the meaning of IRG Section 121 without regard to the two-year time period? ............................................. ❑ ❑ 3. Will the seller have a logs,or zero gain for California income tax purposes on this sale? (To check"YES",you most complete Form 593-L,Real Estate Withholding—Computation of Estimated Gain or Coss,and have a loss or zero gain on line 16.) .............. ❑ ❑ 4. Is the property being compulsorily or involuntarily converted and does the seller intend to acquire property that is similar or related in service or use to qualify for nonrecognition of gain for California income tax purposes under IRG Section 1033? ...4................ ❑ ❑ 5. Will the transfer qualify for nonrecognition treatment under IRC Section 351 (transfer to a corporation controlled by the transferor)or IRG Section 721 (contribution to a partnership in exchange for a partnership interest)? ............................... ❑ ❑ 5. Is the seller a corporation(or an LLC classified as a corporation for federal and California income tax purposes)that is either qualified through the California Secretary of State or has a permanent place of Business in California? .......4............................. ❑ ❑ 7. Is the seller a partnership(or an LLC that is not a disregarded single member LLC and is classified as a partnership for federal and California income tax purposes)with recorded title to the property in the name of the partnership or LLC? (If yes,the partnership or LLC must withhold on nonresident partners or members as required.) ......................4............ ❑ ❑ 8. Is the seller a tax-exempt entity under either California or federal law? ........................................................ ❑ ❑ 9. Is the seller an insurance company,individual retirement account,qualified pension/profit sharing plan,or charitable remainder trust? ... ❑ ❑ Part III —Certifications that may partially or fully exempt the sale from withholding: Escrow Officer:See instructions for amounts to withhold. 10. Will the transfer qualify as a simultaneous like-kind exchange within the meaning of IRC Section 1031? ............................. ❑ ❑ 11. Will the transfer qualify as a deferred like-kind exchange within the meaning of IRC Section 1031? ................4................ ❑ ❑ 12. Will the transfer of this property be an installment sale that you will report as such for California tax purposes and has the buyer agreed to withhold on each principal payment instead of withholding the full amount at the time of transfer? .................... ❑ ❑ Part IV—Seller's Signature Under penalties of perjury,I hereby certify that the information provided above is,to the best of my knowledge,true and correct. If conditions change,I will promptly inform the withholding agent. I understand that completing this form does not exempt me from filing a California income or franchise tax return to report this sale. Seller's Name and Title Seller's Signature Date Spouse's Name Spouse's Signature Date Seller: If you checked"YES"to any question in Part II,you are exempt from real estate withholding. If you checked"YES"to any question in Part III,you may qualify for a partial or complete withholding exemption. If you checked"NO"to all of the questions in Part II and Part III,the withholding will be 31/3 percent of the total sales price. If you are withheld upon,the withholding agent should give you two copies of Form 593-B, Real Estate Withholding Tax Statement. Attach one copy to the lower front of your California income tax return and keep the other copy for your records. For Privacy At[Notice,get form FTB 1131(Individuals only). �^ 5 93 C0410 3 Form 593-C C2 2004 Instructions for Form 593-C Real Estate Withholding Certificate What's New and you have no financial ownership,enter 0.00 and skip to Due to passage of AB 1338;State,2004, Ch.04-528,effective Part IV. You will not be withheld upon. January 1,2005: Examples of sellers who are on title for incidental purposes are. • The waiver process for a non-individual is replaced with a • Co-signors on title(e.g.,parents co-signed to help their child self-cerfrfication process. Non-individuals will now use qualify for the loan). Form 593-C instead of Form 593-W. Non-individuals may no . Family members on title to receive property upon the owner's longer request reduced withholding on small gains. They death. can self-certify on Form 593-C that they are exempt from withholding if they will have a loss on the sale,are doing an IRC Section 1031 exchange,or the property is being Part II Certifications That Fully Exempt involuntarily converted and the seller intends to replace it to Withholding meet the requirements of IRC Section 1033. • The exemption for the sale of a principal residence is Line 1 if Principal Residence To qualify as your principal residence under Internal Revenue expanded to include sellers who last used the property as their principal residence even though they do not meet the Code(IRC)Section 121,you (or the decedent)generally must "two out of the last five years"requirement or one of the have owned and lived in the property your main home for at special circumstances. least two years during the five-year period ending on the date of sale.Military and Foreign Service,see FTB Pub.1032,Tax • The exemption for the sale of a principal residence is also Information for Military Personnel. expanded to include sales by estates when the property was You can only have one main home at a time.If you have two the decedent's principal residence. homes and live in both of them,the main home is the one you • There is no longer an exemption for estates when the lived in most of the time. decedent was a California resident. There are exceptions to the two-year rule if the primary reason • There is no longer an exemption for irrevocable trusts that you are selling the home is for a change in the place of have a California resident trustee. employment,health,or unforeseen circumstances such as • Both individuals and non-individuals will use the 2005 death, divorce,or loss of job, etc.For more information about Form 593-0/Form 593-L Booklet. what qualifies as your principal residence or exceptions to the two-year rule,get IRS Publication 523,Selling YourHome.You Purpose can get this publication by accessing the Internal Revenue Use this form to determine if you meet any of the exemptions to Service's Website at www.irs.gov,or by calling the IRS at withholding.For sales closing in 2005,this form is to be used for (800)829-3676. both individual and non-individual sellers. Note: If only a portion of the property qualifies as your principal residence,insert the percentage allocated to the principal Note:Qualifying for an exemption from withholding or being residence in the space above line 1 and inform the escrow withheld upon does not relieve you of your obligation to file a person. California tax return and pay any tax due on the sale of the The allocation method should be the same as the seller used to Califomia real estate. determine depreciation. Part i Seller's Information Line 2—Property last used as your principal residence If the property was last used as the seller's or decedent's Name,Address,and Taxpayer Identification Number principal residence within the meaning of IRC Section 121 Enter the name,address,and tax identification number of the without regard to the two-year time period, no withholding is seller or other transferor.If the seller is an Individual,enter the required. If the last use of the property was as a vacation social security number(SSN).If the sellers are husband and home,second home or rental,you do not qualify. You must wife and plan to file a joint return,enter the name and SSN for have lived in the property as your main home. If you have two each spouse.Otherwise,do not enter information for more than homes and live in both of them,the main home is the one you one seller.Instead,complete a separate Form 593-C for each lived in most of the time. seller. Line 3—Loss or Zero Gain If the seller is a revocable trust,enter the grantor's individual You have a loss or zero gain for California income tax purposes name and SSN.For tax purposes,the revocable trust is when the amount realized is less than or equal to your adjusted transparent and the individual seller must report the sale and basis.You must complete Form 593-L,Real Estate claim the withholding on their individual tax return. Withholding—Computation of Estimated Gain or Loss, If the seller is an irrevocable trust,enter the name of the trust and have a loss or zero gain on line 16 to certify that you and the trust's federal employer identification number(FEIN). have a loss or zero gain on this sale. Do not enter trustee information. You may not certify that you have a net loss or zero gain just If the seller is a single member,disregarded LLC,enter the because you do not receive any proceeds from the sale or name and tax identification number of the single member. because you feel you are selling the property for less than what it is worth. Escrow Officer: If you choose to provide a copy of Form 593-C to the buyer,you may delete the seller's tax Line 4—Involuntary Conversion identification number on the buyer's copy. The property is being involuntarily or compulsorily converted when: Ownership Percentage The California real property is transferred because it was(or Enter your ownership percentage rounded to two decimal threatened to be)seized,destroyed,or condemned within places(e.g.66.67%).If you are on title for incidental purposes the meaning of IRC Section 1033,and Form 593-C/Form 593-L Booklet 2004 Page 5 • The transferor(seller)intends to acquire property that is Part Ill Certifications That May Partially or similar or related in service or use in order to be eligible for Fully Exempt Withholding nonrecognition of gain for California income tax purposes. — Get IRS Publication 544, Sales and Other Dispositions of Complete Part III only,if you did not meet any of the exemptions Assets,for more information about involuntary conversions. in Part II.If you met an exemption in Part II,skip to Part IV. Line 5-Non-recognition Under IRC Sections 351 or 721 Line 10-Simultaneous Exchange The transfer must quality for nonrecognition treatment under If the California real property is part of a simultaneous like-kind IRC Section 351 (transferring to a corporation controlled by exchange within the meaning of IRC Section 1031,the transfer transferor) or IRC Section 721 (contributing to a partnership in is exempt from withholding.However, If the seller receives exchange for a partnership interest). proceeds(boot)exceeding$1,500 from the sale,the Line 6-Corporation withholding agent must withhold on all proceeds. A corporation has a permanent place of business in California Line 11 -Deferred Exchange if: If the California real property is part of a deferred like-kind • It incorporated in California; exchange within the meaning of IRC Section 1031,the sale is • It is qualified to transact business in California through the exempt from withholding at the time of the initial transfer. California Secretary of State;or However, if the seller receives proceeds(boot)exceeding • It will maintain and staff a permanent office in California $1,500 from the sale,the withholding agent must withhold on all immediately after the sale. proceeds. Line 7-Partnership or Limited Liability Company(LLC) The intermediary or accommodator must withhold on all cash or Withholding is not required if the recorded title to the property cash equivalent(boot)it distributes to the seller if the amount being transferred is in the name of a partnership.However, exceeds$1,500.If the exchange does not take place or if the partnerships must withhold on nonresident partners.(Get FTB exchange does not qualify for nonrecognition treatment,the Pub.1017, Nonresident Withholding Partnership Guidelines,for intermediary or accommodator must withhold 3 1/3 percent of more information.) the total sales price. Withholding is not required if the recorded title to the property is Line 12-Installment Sale in the name of an LLC that: Withholding is required on the total sales price even if the sale • Is a single member LLC that is disregarded for federal is being completed as an installment sale.However,the buyer not 9 9 may agree to withhold on each principal payment instead of and California income tax purposes;and withholding the full amount at the time of sale.The buyer must • Is classified as a partnership for federal and California complete Form 593-I,Real Estate Withholding Installment income tax purposes. Sale Agreement,to defer any of the withholding. If the LLC meets these conditions,the LLC must still withhold Form 593-I must be attached to Form 593-8, Real Estate on nonresident members. (Get FTB Pub. 1017,Nonresident Withholding Tax Statement,when the withholding on the down Withholding Partnership Guidelines,for more information.) payment is sent to the Franchise Tax Board. Note: If the LLC is a single member LLC that is disregarded for Note: If you do not wish to defer withholding,do not ask the federal and California income tax purposes,then that single buyer to complete Form 593-I. member is considered to be the seller and the one on title for withholding purposes.If the member is an individual,complete part IV Seller's Signature the form as that individual.If the member is a corporation, complete the form as that corporation.If the member is a You must sign this form and return it to your escrow officer by partnership or LLC,complete the form as that partnership or the close of escrow for it to be valid.Otherwise,the withholding LLC;etc. agent must withhold the full 3 1/3 percent of the total sales Note: When completing Form 593-C as the single member of a price. disregarded LLC, indicate on the bottom of the form that the Any transferor(seller)who,for the purpose of avoiding the information on the form is for the single member of the LLC so withholding requirements,knowingly executes a false that your escrow officer will understand why it is different from certificate is liable for a penalty of$1,000 or 20 percent of the recorded title holder. the required withholding amount,whichever is greater. If the LLC is classified as a corporation for federal and California income tax purposes,then the seller is considered to be a corporation for withholding purposes. Refer to Line 6. Line 8-Tax-Exempt Entity Withhoiding is not required if the seller is tax-exempt under either California or federal law(e.g.,religious,charitable, educational, not for profit organizations,etc.). Line 9�-Insurance Company,Individual Retirement Account,Qualified Pension or Profit-Sharing Plan,or Charitable RemainderTrust. Withholding is not required when the seller is an insurance company, individual retirement account,qualified pension or profit-sharing plan,or a charitable remainder trust. Page 6 Form 593-C/Form 593-L Booklet 2004 loSOMF6G 1 G Jlaat\nn.. -- CHICAGO TITLE COMPANY 78-000 Fred Waring Drive, SUITE 103, PALM DESERT, CALIFORNIA 92211 (760) 345-0750 Fax: (760) 772-8463 Escrow No: 52050042 - K42 Escrow Officer: LINDA SALCIDO PLEASE PROVIDE THE FOLLOWING PROPERTY INFORMATION, SIGN AND RETURN: Property: vacant land APN 681-070-016, Palm Springs, CALIFORNIA Seller/Owner: IN TRUST FOR MILDRED L.BROWNE AKA MILDRED PETE KITCHEN MORRIS Social Security Number: FIRST LOAN OF RECORD: Lender: Loan# Address: Phone: Type of Loan, ❑ VA ❑ FHA ❑ CONVENTIONAL ❑ EQUITY LINE/LINE OF CREDIT Impound Account? Approximate balance$ Next due TAXES: ❑ Paid ❑ Unpaid ❑ Taxes are paid through my impound account SECOND LOAN OF RECORD Lender: Loan# Address Phone: Type of Loan: ❑ VA ❑ FHA ❑ CONVENTIONAL ❑ EQUITY LINE/LINE OF CREDIT THIRD LOAN OF RECORD: Lender: Loan# Address: Phone, Type of Loan: ❑ VA ❑ FHA ❑ CONVENTIONAL ❑ EQUITY LINE/LINE OF CREDIT I k1l If you?have qh FNAfoan that is to ng p,id:off et tba olose of esnrpw, no}I the,lendo requires -3 iRy ce of, your] tentlonta,prepay #ti5.tie wnarsrospa s1Ul!#tytonpt7fythelerFler PROPERTY IS AFFECTED BY THE FOLLOWING: ( ) Association: Name: Management Company: Address: Phone: Amount of dues$ Next due Payable ( ) Association: Name: Management Company: Address: Phone: Amount of dues$ Next due Payable ( ) Water Stock: If so,please attach certificate for transfer. Name of Company: Name of Contact: Address: Phone: Amount of assessment$ Next due Number of shares: FIRE INSURANCE Name of Company and Agent: Phone No.of Agent Policy No: Premium$ Expiration date: OR Is there a Master fire insurance policy covered by the Homeowners Association and included in the Association Dues?Yes No FORWARDING After the close of escrow, please forward any correspondence or possible refunds concerning this ADDRESS escrow to the following address: Zip You are authorized to order demands and statements as required in connection with the above numbered escrow. In addition this will serve as authorization for the release of all information and documents as required by you to complete said escrow. Signature Signature is-oe/sa/mtx COMMISSION ORDER SIGN AND RETURN TO: CHICAGO TITLE COMPANY, licensed by the California Department of Insurance 78-000 Fred Waring Drive,SUITE 103,PALM DESERT,CALIFORNIA 92211 (760)345-0750 Fax(760)772-8463 Escrow No. 52050042-K42 Escrow Officer LINDA SALCIDO Date November 1,2005 Property: vacant land APN 681-070-016,Palm Springs,CALIFORNIA You are hereby instructed and ordered to pay the following licensed Real Estate Broker(s)the total amount of$ 220,800.00 as commission on this transaction from the proceeds due the undersigned at the close of the above numbered escrow. NOIA INVESTMENTS $138,000.00 429 E TAHQUITZ CANYON WAY PALM SPRINGS,CALIFORNIA 92262 GROUP ONE INVESTMENTS $82,800.00 1037 TAMARISK RD. PALM SPRINGS,CALIFORNIA 92262 COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS,CALIFORNIA A PUBLIC BODY,CORPORATE AND POLITIC BY: CHAIRMAN ATTEST: BY ASSISTANT SECRETARY APPROVED AS TO FORM; WOODRUFF,SPRADLIN&SMART BY: DOUGLAS C.HOLLAND,AGENCY COUNSEL APPROVED BY; NOIAINVESTMENTS APPROVEVD BY; GROUP ONE INVESTMENTS COMMOnn-01/o/97bh ESCROW INSTRUCTIONS TO: CHICAGO TITLE COMPANY, licensed by the California Department of Insurance 78-000 Fred Waring Drive,SUITE 103,PALM DESERT,CALIFORNIA 92211 (760)345-0750 Fax(760)772-8463 Escrow No. 52050042-K42 Escrow Officer LINDA SALCIDO Date October 28,2005 1. On or before the TIME LIMIT DATE of NOVEMBER 7,2005 2. 3. The attached"Memorandum of Understanding',dated February 2,2005,between Seller and Buyer as referenced 4. below,is incorporated herein and made a part hereof.You are authorized to act in accordance with these 5. instructions,and any amendments thereto.You are not to be concerned with or liable for,any memoranda or other 6. agreements between the parties as contained in the attached document,except those relating to the transfer of title, 7, prior to the close of escrow.the parties to this transaction wil cause any balance of funds due and or documents 8. required to be deposited with you. 9. 10 THE FOLLOWING ADDITIONAL TERMS AND CONDITIONS SHALL APPLY IN THIS ESCROW: 11, 12. The following supplemental escrow instructions,are added for clarification purposes and for the purposes of enabling 13, Chicago Title Company as Escrow Holder to utilize said agreement as your escrow instructions.In the event of a 14. conflict between the agreement and the escrow holder's general provisions the terms of the agreement shall control. 15. 16 The United States of America,in Trust for MILDRED L.BROWNE,AKA MILDRED PETE KITCHEN MORRIS,an Indian 17. of the Ague Caliente Reservation,Seller,herein will hand you,in trade,a Grant Deed and a Certfficate of Acceptance, 18 conveying the property described herein 19. (Exhibit A-Parcel 681-070-016)to vestee named below; 20, 21. THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS,buyer(s)herein; 22. 23 Buyer will hand you prior to date of close of escrow; Grant deed to record concurrently herewith to 24. Seller herein,covering property known as Exhibit B,parcel#508-070-042 covering approximately 4.96(gross)acres 25 of vacant land in Palm Springs,California,attached hereto and incorporated herein by reference, 26, 27 appraised for $2,164,942.00 2e (TWO MILLION,ONE HUNDRED,SIXTY FOUR THOUSAND,NINE HUNDRED&FORTY TWO DOLLARS) 29. 30 and priorto close of escrow BUYER WILL HAND YOU FUNDS IN THE AMOUNT OF 31. $595,058.00 32. (FIVE HUNDRED AND NINTY-FIVE THOUSAND,FIFTY-EIGHT DOLLARS) 33 34. TO COMPLETE A TOTAL APPRAISED VALUE OF $2,760,000.00 35 (TWO MILLION,SEVEN HUNDRED AND SIXTY THOUSAND DOLLRS) 36. 37. SUBJECT TO:Covenants,conditions,restrictions,rights of way,easements and reservations of record. 38. 39, which you are Instructed to use when you can obtain a CLTA OWNERS POLICY,which policies of title insurance will 40. contain the insuring clauses,exceptions,exclusions,provisions and stipulations customarily contained in the printed 41. provisions of such form with liability not less than$2,760,000.00 describing the land in the City of Palm Springs 42. County of RIVERSIDE State of California,described as: 43. 44 APN 681-808-016,marked parcel EXHIBIT A,which is attached hereto and incorporated herein by reference, 45. COVERING approximately 8.78 gross acre per survey of vacant land in Palm Springs,California 46. 47. 48. 49. EI15H-1 /vt/9Gbh (Page 1) ESCROW INSTRUCTIONS (Continued) TO: CHICAGO TITLE COMPANY EscrewN.. 52050042-K42 Date October 28,2005 1 SUBJECT TO AND CONTINGENT UPON:The Bureau of Indian Affairs Pacific Region Director and Bureau of Land Z Management survey,if required by Agency,prior to close.Sellers deposit of executed Grant Deed and Certificate of 3. Acceptance shall be deemed their approval and satisfaction of said contingency. 4. 5. CONTINGENT UPON the successful close of said property described Vacant land,Assessors parcel number 6 681-070-016(marked Exhibit A)to PARTNERS LAND DEVELOPMENT,LLC,AN ARKANSAS LIMITED LIABILTY 7. COMPANYwith Chiago Title Company,Palm Desert,California,Escrow#52050042A 8. a BUYER agrees to pay:All costs and expenses for this transaction,including but not limited to environmental 10 assessments,appraisals,title insurance policies for both parcels,(8%)eight percent of$2,760,000.00 in commissions 11. for Nola Investments and Group One Realty,all escrow fees in connection with this transaction.Parties aware there 12. are no property taxes or document transfer stamps charged in connection with this exchange of properties. 13, 14. SELLER'S payment will be net of all expenses,$595,058.00(FIVE HUNDRED NINETY FIVE THOUSAND,FIFTY 15. EIGHT DOLLARS). 16. 17. MEMORANDA--THE FOLLOWING ARE MATTERS BETWEEN THE BUYER AND SELLER WITH WHICH ESCROW 1e. HOLDER IS NOT CONCERNED,LIABLE OR RESPONSIBLE AND ARE NOT A CONDITION OF THE ESCROW: 19, 20. 1.The parties to this transaction understand that NOIA INVESTMENTS,a licensed real estate broker,represents the 21. Seller and GROUP ONE REALTY,a licensed real estate broker represents the Buyer in this transaction and upon 22. execution of these instructions by all parties hereto,they hereby accept them as their agent. 23. 24 END OF MATTER OF RECORDS. 25. 25. Parties shall notify escrow holder,in writing,prior to close of escrow,If Parties elects to effect a tax deferred 27. exchange through this escrow.In the event escrow holder does not receive written notification from Buyer or Seller, 25, escrow holder will close this escrow without any provisions for an exchange for the benefit of either Buyer or Seller. 29. 30 Buyer shall furnish Escrow Holder with a completed Preliminary Change of Ownership Report required by 31. Assembly bill 3121,State of California.In the event said report is not handed Escrow Holder for submission to the 32, County Recorder upon recording the Grant Deed,Buyer herein acknowledges that the County shall access an 33. additional$20.00 feet for recording Grand Deed and Escrow Holder shall debit the Buyer for same Escrow Holder 34. shall be relieved of all responsibility and or liability in connection with the accuracy,completeness or correctness. 35. 36. Parties to this transaction are aware and understand that as a result of the passage of the Tax Reform Act of 37. 1986 which added Section 6045(e)to the Internal Revenue Code,the closing of this transaction will be delayed in the 38. event Seller(s)to this escrow should refuse to remit to Escrow Agent/Holder,prior to close of escrow,"Seller's 39. Certification for Compliance with Real Estate Reporting Requirements,"with all necessary information fully completed 40 and duly executed. 41. 42 Escrow Holder shall not be concerned with,or liable for payment,adjustment or proration of,Supplemental 43. Taxes assessed pursuant to Chapter 498,Statutes of 1983,State of California,unless specifically reflected on the Tax 44. Assessor's rolls. All assessments not shown on the tax rolls are to be adjusted outside of escrow.The title policy will 45. contain an exception for the lien of any assessmentof Supplemental Taxes assessed pursuant to Chapter 498, 46. Statutes of 1983.THIS ACCEPTANCE OF AN AGENCY AS ESCROW HOLDER IS FURTHER CONDITIONED ON THE 47 FOLLOWING: 5E11Q.H-10/19/aabk (Page 2) ESCROW INSTRUCTIONS (Continued) TO: CHICAGO TITLE COMPANY Eccr.No. 52050042-K42 Date October 23,2005 1. 2. 1. ESCROW HOLDER'S GENERAL PROVISIONS WHICH ARE INCORPORATED HEREIN BY THIS REFERENCE 3. AND ATTACHED HERETO; 4. 5. 2. ESCROW HOLDER RESERVES THE RIGHT TO REQUIRE MUTUAL INSTRUCTIONS IN THE EVENT THIS 6. ESCROW IS TERMINATED,AND UPON ANY SUCH TERMINATION TITLE AND/OR ESCROW CHARGES FOR 7. SERVICES RENDERED MAY BE DUE; e. 9. 3. ESCROW HOLDER RESERVES THE RIGHT TO REQUIRE MUTUAL DISBURSEMENT INSTRUCTIONS IN THE 10. EVENT SUCH DISBURSEMENT IS TO BE MADE PURSUANT TO EARLY RELEASE PROVISIONS,THE 11. TERMINATION OF ESCROW OR A LIQUIDATED DAMAGE PROVISION CONTAINED IN SAID AGREEMENT; 12. 13. 4. ESCROW HOLDER RESERVES THE RIGHT TO REQUIRE THE PARTIES TO DELIVER WRITTEN APPROVAL, 14. SATISFACTION OR WAIVER OF ALL CONDITIONS PRECEDENT TO(1)ANY RELEASE OF FUNDS AND/OR(2) 15. CLOSE OF THIS ESCROW; 15. 17 5. ANY PROVISIONS FOR RELEASE(PAYMENT)OF FUNDS PRIOR TO THE CLOSE OF ESCROW IS MADE WITH 18. THE KNOWLEDGE OF THE CONDITION(S)OF ESCROW AND TITLE TO THE PROPERTY THAT IS THE SUBJECT 19. OF THIS ESCROW. ESCROW HOLDER SHALL HAVE NO RESPONSIBILITY OR LIABILITY EXCEPT COMPLIANCE 20. WITH ANY SUCH RELEASE(PAYMENT)INSTRUCTION AND ANY PAYMENT SO MADE IS WITHOUT RECOURSE 21, UPON CHICAGO TITLE COMPANY; 22. 23. 6. IF YOU WANT TO WIRE TRANSFER FUNDS TO CHICAGO TITLE COMPANY,PLEASE USE THE FOLLOWING 24. WIRING INSTRUCTIONS:BANK: UNION BANK 25. 2001 MICHELSON DRIVE 26. IRVINE,CALIFORNIA 92714 27 BANK ABA: 122 000 496 2e. ACCOUNT NAME: CHICAGO TITLE C&I ESCROW ACCOUNT 29. ACCOUNT NO: 9120052850 30. FOR CREDIT TO: ESCROW NO.52050042-K42 31. ATTN: LINDA SALCIDO 32. PLEASE NOTIFY ESCROW HOLDER WHEN YOU WIRE FUNDS. 33. 34. Parties acknowledge that depending on the type(commercial,residental)and Location(city)of real property 35. involved in this Escrow,there may be disclosure(s)as well as civil ordinance requiement(s)that would affect the 36. transfer of the real property.The Buyer and Sellers signature on these instructions shall be deemed evidence by 37. escrow holder that Buyer and Seller have obtained counsel,are aware of any disclosures/civil ordinance 3B. requirements will comply with same outside of escrow.Unless otherwise instructed in writing to the contrary 39. elsewhere herein,Escrow Holder shall have no responsibilities or liabilities in connnection herewith except as 40, provided under the designation agreement. 41. 42. Escrow holder shall not be liable or responsible for the content or enforceability of any documents)drawn outside of 43. escrow. Escrow holder's only responsibility in connection with said document(s)is to deliver and/or to record same 44 as per the parties instructions. 45, 46. 47. END OF INSTRUCTIONS. BEHOSH -0e/1</966X (Page 3) GENERAL PROVISIONS TO: CHICAGO TITLE COMPANY Escrow No. 52050042 - K42 Data October 28, 2005 1. Time Is of the essence of these instructions.If this escrow is not In a condition to close by the TIME LIMIT DATE as provided for herein and written demand for cancellation Is received by you from any principal to this escrow after said date,you shall act in accordance with paragraph 7 of the General Provisions.If no conflicting Instruction or demand for cancellation is made,you will proceed to close this escrow when the principals have complied with the escrow instructions. In the event one or more of the General Provisions are held to be Invalid,those remaining will continue to be operative.Any amendments of or supplements to any Instructions affecting escrow must be in writing.You are authorized to order demands for,and pay at the close of escrow any encumbrances of record necessary to place title in the condition called for without further authorization.You are further authorized,prior to the close of escrow,to pay from funds on deposit any fees necessary to obtain any demand and/or report as may be required In this escrow and at the close of escrow charge the parties as appropriate.The principals will hand you any funds and instruments required from each respectively to complete this escrow,Interest on any new financing may begin to accrue on the date loan funds/proceeds are disbursed by the new lender,and borrower agrees to pay same in accordance with lender's Instructors. 2. You are instructed to deliver and/or record all documents and disburse all funds when you can comply with these instructions and issue any title insurance policy as called for herein. These instructions,together with any amendments and/or supplements, may be executed in counterparts and together shall constitute one and the same document.If these Instructions relate to a sale,and if there is no other written agreement between the padres pertaining thereto,buyer agrees to buy and seller agrees to sell upon the terms and conditions hereof.All documents,balances and statements due the undersigned are to be mailed to the respective addresses shown herein,unless otherwise directed.In the event that any party to this escrow utilizes facsimile transmitted signed documents,all parties hereby agree to accept and hereby instruct the escrow holder to rely upon such documents as if they bore original signatures.Buyer and seller further acknowledge that any documents to be recorded bearing non original(facsimile)signatures will not be accepted for recording bythe county recorder. 3. The phrase"close of escrow"(or COE)as used In this escrow means the date on which documents are recorded,unless otherwise specified. 4. Assume a 30 day month in any proration herein provided,and unless otherwise instructed,you are to use the information contained in the latest available tax statement, Including any supplemental taxes of record, rental statement as provided by seller and beneficiary's or association statements delivered into escrow for proration purposes. 5. Upon close of escrow you are instructed to charge our respective accounts the costs attributable to each,including but not limited to costs as provided for herein and/or in accordance with our respective estimated statements attached hereto and made a part hereof. 6. Recordation of any Instruments delivered through this escrow,if necessary or proper for the issuance of the policy of title Insurance called for, is authorized.No examination or insurance as to the amount or payment of personal property taxes is required unless specifically requested. 7. If demand to cancel is submitted after the Time Limit Date,any principal so requesting you to cancel this escrow shall file notice of demand to cancel in your office in writing.You shall within three(3)working days thereafter mail by certified mail one copy of such notice to each of the other principals at the address stated in this escrow.Unless written objection thereto is filed in your office by a principal within fifteen (15) calendar days after the date of such mailing,you are instructed to cancel this escrow.If this is a sale escrow,you may return the lender's papers and/or funds upon lender's demand. 8 In the event that this escrow is canceled,any fees or charges due Chicago Title Company including cancellation fees and any expenditures incurred or authorized shall be paid from funds on deposit unless otherwise specifically agreed to or determined by a court of competent jurisdiction.Upon payment thereof,return documents and monies to the respective parties depositing same,or as ordered by the court,and void any executed Instruments. 9. If there Is no written activity by a principal to this escrow within any six-month period after the Time Limit Date set forth herein,Chicago Title Company may,at its option,terminate its agency obligation and cancel this escrow,returning all documents,monies or other items held,to the respective parties entitled thereto,less any fees and charges as provided herein. 10. 11,for any reason,funds are retained or remain in escrow after the closing date,you may deduct therefrom a reasonable charge as custodian, of not less than$25 00 per month,unless otherwise specified. (Continued) SEISPI SH-10/23/ea.Ira GENERAL PROVISIONS (Continued) TO: CHICAGO TITLE COMPANY Eacrow No. 52050042 - K42 Date October 28, 2005 11. In the event that you should receive or become aware of conflicting demands or claims with respect to this escrow,or the rights of any of the parties hereto,or any money or property deposited herein,you shall have the absolute right at your option to discontinue any or all further acts until such conflict is resolved to your satisfaction. 12. In the event that any Offer to Purchase,Deposit Receipt,or any other form of Purchase Agreement is deposited in this escrow,you,as escrow holder,are not to be concerned with the terms of such document and are relieved of all responsibility in connection therewith The foregoing is not applicable In any transaction in which Chicago Title has specifically agreed to accept an Offer to Purchase,Deposit Receipt or other form of Purchase Agreement as escrow instructions.In any event,you are not to be concerned or liable for items designated as"memoranda"in these escrow instructions nor with any other agreement or contract between the parties. 13. The parties hereto,by execution of these Instructions acknowledge that the escrow holder assumes no responsibility or liability whatsoever for the supervision of any act or the performance of any condition which is a condition subsequent to the closing of this escrow. 14. In the absence of instructions to the contrary,you are hereby authorized to utilize wire services,overnight,next day,or other expedited delivery services(as opposed to the regular U.S.Mall)and to charge the respective party's account accordingly 15. Concerning any real property involved in this transaction you are released from and shall have no liability,obligation or responsibility with respect to(a)withholding of funds pursuant to Section 1445 of the Internal Revenue Code of 1988 as amended,and to Sections 18662 and 18658 of the California Revenue and Taxation Code,(b)advising the parties as to the requirements of said Section 1445,(a)determining whether the transferor is a foreign person or a non-resident under such Section,nor(it)obtaining a non foreign affidavit or other exemption from withholding under said Sections nor otherwise making any inquiry concerning compliance with such Sections by any party to the transaction. 16. If you pay a demand to pay in full a revolving line of credit or equityline loan,you are hereby instructed on my behalf and for my benefit,to request that the lender issuing said demand cancel said revolving line or ec ultyllne of credit. 17. You are authorized to furnish to any affiliate of Chicago Title Company,any attorney,broker or lender identified with this transaction or any one acting on behalf of such lender any information,instructions,amendments,statements,or notices of cancellation given in connection with this escrow.H any check submitted to escrow is dishonored when presented for payment,you are authorized to notify all principals and/or their respective agents of such non payment. is. All notices,change of instructions,communications and documents are to be delivered In writing to the office of Chicago Title Company,as .at forth herein. 19. All funds received in this escrow shall be deposited with other escrow funds in one or more non-Interest bearing demand accounts of Chicago Title Company in any state or federal bank or any state or federal savings and loan association("the depository institutions")and may be transferred to any ether such accounts. The parties to this escrow acknowledge that while these accounts do not bear interest,because of these and other banking relationships with the depository Institutions,Chicago Title Company and its affiliates may receive from some of the depository institutions an array of banking services,accommodations or other benefits.Chicago Title Company and Its affiliates also may elect to enter into other business transactions with or obtain loans for investment or other purposes from some of the depository institutions.All of such services,accommodations and other benefits shall accrue,directly or indirectly,to Chicago Title Company and its affiliates and they shall have no obligation to account to the parties to this escrow for the value of such services,accommodations or other benefits.All disbursements shall be made by Chicago Title Company check,unless otherwise instructed. Chicago Title Company shall not be responsible for any delay in closing if funds received by escrow are not available for immediate withdrawal.Chicago Title Company may,at its option,require concurrent instructions from all principals prior to release of any funds on deposit in this escrow. 20. You are authorized to destroy or otherwise dispose of any and all documents, papers, instructions,correspondence and other material pertaining to this escrow at the expiration of six is)years from the close of escrow or cancellation thereof,without liability and without further notice. (Continued) 8EISP2SH 90/23198-I¢ GENERAL PROVISIONS (Continued) TO: CHICAGO TITLE COMPANY Escrow No. 52050042 - K42 Date October 28, 2005 IMPORTANT NOTICE Except for wire transfers,funds remitted to this escrow are subject to availability requirements Imposed by Section 12413.1 of the California Insurance Code. CASHIER'S, CERTIFIED or TELLER'S checks, payable to CHICAGO TITLE COMPANY are generally available for disbursement on the next business day following the date of deposit. Other forms of payment may cause extended delays In the closing of your transaction pursuant to the requirements imposed by Slate Law. Wire transfer information available upon request) ALL PARTIES TO THIS ESCROW ACKNOWLEDGE THAT CHICAGO TITLE COMPANY DOES NOT PROVIDE LEGAL ADVICE NOR HAS IT MADE ANY INVESTIGATION, REPRESENTATIONS OR ASSURANCES WHATSOEVER REGARDING THE LEGAL ASPECTS OR COMPLIANCE OF THIS TRANSACTION WITH ANY TAX, SECURITIES OR ANY OTHER STATE OR FEDERAL LAWS. IT IS RECOMMENDED THAT THE PARTIES OBTAIN INDEPENDENT LEGAL COUNSELAS TO SUCH MATTERS. THE FOREGOING ESCROW INSTRUCTIONS AND GENERAL PROVISIONS HAVE BEEN READ AND ARE UNDERSTOOD AND AGREED TOBY EACH OF THE UNDERSIGNED. THE UNITED STATES OF AMERICA, IN TRUST FOR MILDRED L. BROWNE, ARA COMMUNITY REDEVELOPMENT AGENCY MILDRED PETE KITCHEN MORRIS OF THE CITY OF PALM SPRINGS, CALIFORNIA A PUBLIC BODY, CORPORATE AND POLITIC BY: OHY: ����%7YY" ITS: CHAIRMAN ATTE BY: ITS: ASSYSTANT SECRETARY. APPROVED AS FORM; WOODRUFF, LIN & SMART BY: v L � te., ��=*"- �(lu 4 -L .. DOUGLAS C OLLAND, AGENCY COUNSEL Current Address: Current Address: 901 E. TAQUITZ CANYON WAY 3200 E.TAHQUITZ CANYON WAY SUITE C PALM SPRINGS, CALIFORNIA 92263 PALM SPRINGS, CALIFORNIA 92262 Telephone Telephone: ordB1PHI, H=B1PH2] BEIGP3SH 1e/23/96 I,c Memorandum To: James Thompson, Secretary to the Board From: Douglas Holland, Agency Counsel Date: December 15, 2005 Re: Settlement Authority Claim for Real Estate Commission At the City Council's closed session on September 14, 2005, the Agency Board of Directors for the Community Redevelopment Agency agreed to settle a claim for a real estate commission in conjunction with the VIP Motors series of transactions. The City Council authorized the City Attorney's Office to settle Group One Investments claims and negotiate a resolution of the dispute consistent with certain parameters. This Office and staff of the RDA resolved the issue within the parameters directed by the Council. Specifically, the amount of $82,800.00 as identified in the closing documents is at or below the amount authorized by the Agency Board. This document should be filed with your office. If you have any questions, please do not hesitate to give me a call. CHICAGO TTME COMPANY Issuing Office: Supplemental Report 560 E. Hospitality Lane San Bernardino, CA 92408 PHONE: (909) 884-0448 LINDA SALCIDO CHICA30 TITLE/PALM DESERT 78-000 FRED WARING DRIVE #103 :PALM DESERT, CALIFORNIA 92211 Your Ref: APN# 681-070-016/52050042-K42 Order No: 52035830 K26 Dated as of NOVEMBER 29, 2005 at 7:30 AM Title Offic r: KEW LE The above numbered report dated NOVEMBER 10, 2005 (including any supplements or amendments thereto) is hereby modified and/or supplemented in order to reflect the following: PLEASE BE ADVISED THAT ITEM NUMBER(S) 2 IS/ARE HEREBY ELIMINATED. suppC -LU/a/MM THE MAPS ON WHICH THESE DISCLOSURES ARE BASED ESTIMATE WHERE NATURAL HAZARDS EXIST. THEY ARE NOT DEFINITIVE INDICATORS OF WHETHER OR NOT PROPERTY WILL BE AFFECTED BY A NATURAL DISASTER.TRANSFEREE(S)AND TRANSFEROR(S)MAY WISH TO OBTAIN PROFESSIONAL ADVICE REGARDING THOSE HAZARDS AND OTHER HAZARDS THAT MAY AFFECT THE PROPERTY. n (;`J(GOErd�14 f[rrf .lei', 'Simature of Transferor(s) t stp,-me orTransfero ASS BITAONT Agent(") Date Agent(s) Date Check only one of the following. Transferor(s)and their agent(s)represent that the information herein is true and correct to the best of their knowledge as of the date signed by the transferor(s)and agent(s). Transferor(s)and their agent(s)acknowledge that they have exercised good faith in the selection of a third party report provider as required in Civil Code Section 1103.7,and that the representations made in this Natural Hazard Disclosure Statement are based upon information provided by the independent third—party disclosure provider as a subAihned disclosure pursuant to Civil Code Section 1103.4.Neither nansferor(s)nor their agent(s)(1)has independently verified the information contained in this statement and report or(2)is personally aware of any errors or inaccuracies in the information contained on the statement.This statement was prepared by the provider below: Third-Party DisclosureProvider(s) DISCLOSURE SOURCE- Date 11/2/2005 Transferee represents that he or she has read and understands this document.Pursuant to Civil Code Section 1103.8,the representations made in this Natural Hazard Disclosure Statement do not constitute all of the transferor's or agent's disclosure obligations in this transaction. Signature ofTmnsferee(s) Date Signature of Transferees) Date P,Ot�2�C. ACKNOWLEDGEMENT FOR RECEIPT OF ADDITIONAL DISCLOSURES e Escrow No: APN 681 070 016 This acknowledgement applies to the following property: VACANT,PALM SPRINGS,CA 92264 APN:681-07"16 TOXIC SFFR lI1ETRANSFEROR ATm HII OR HER AGENT(S)HAVSPROVmED IIiE PR05PECCN611WJ5FEREES INFORMATION ABDUI'TOXICMOLD(Pursu.nt to GlHDmia ! C,vR Cade 41102.6). —' THE M FEROR NDU HIS OR HER AGO c THE TRANSFEROR AND FITS OR HER AOE O HAVE 01JS ID USE REQUIRED TO ADVISE THE PROSPECTVE TRANSFEREES)ff THE COD ERN 15 ATFECrFD BY OR TAN®TO ALLOW AN N011STRTAL USE DESCRESPTI M SECTION M1A OF THE Cwle OF C1nl P diue(CALIFOANIA COOL } CODE§IIF21)). p MILTPARY ORBNANCE: THE TRANSFEROR AND HIS OR FB:R AGENT(S)HAVE PROVIDED INFORMATION REQUIRED TO ADVISE THE PROSPECTIVE TRANSFEREES)OF THE i PROPERTY'S PROXMBTY TO ANY FORMEELY USED FEDERAL OR STATE A TARY OR➢NANCE LOCATION(PURSUANT TO CALWORNIA MR,CODE§ � 1102.15} MEGAN'S LAW: THE TRANSFEROR AND HIS OR HER AGENT(S)HAVE PROVIDED INFORMATION-REQUIRED TO ADVISE THE PROSRFC TRANSFEREE OF THE PROCESSES AVAB.ABLE FOR THE PUBLIC TO OBTAIN NFORMATION-REGARDNG PERSONS WHO ARE REQUIRED TO REGISTER WITH THE DEPARTMENT OFNSTICERESULONO FROM ACONVICTION FORA SEXIIALLYBASED OFFENSE(PURSUANTTO CaIFORNIA PENAL CODE SECTION 2901 ETSEQ) r AIRPORT INFLUENCE: } THE TRANSFEROR AND HIS OR HER AGENT(S)HAVE PROVIDED NFORWVRON REQUIRED TO ADVSE THE PROSPECTIVE TRANSFEREES)IF THE Z PROPERTY M AFFECTEDBY AN AIRPORT NFLUENCEAREA(PURSUANTTO CALTFORNIA MMCO➢E§11034) AIRPORTPROXIMITY: j THE R SFRROR AND HIS OR HER AGENT(S)HAVE PROVIDED DE'ORMATION REQUIRED TO ADVISE THE PROSPECTIVE TRANSFEREES)OF THE w PROPERW'S M(OXP TO ANY AREA WITH AIRCRAFTLANDNG FACBlTES,(A SPECIFRD NDUSTUI USE)THATIS ASSIGNED ACURRENTLOCATIUN IDEFIP "YTFIE FFDERALAV MONADMINISTRATION.(PUREUANTT0 CALIFORNIACIV6 CODE§110117). e i NATURALLY OCCUEURNGAIRRESTOS: >y LTHEOCATED WA OAAMl H60RHLAAG[NT(B)NAVEPROVNED INFORMATION TO ADYISETHEPROSPECr1VETRANSFERF,IRS IR'TAEFROPERTY IS LOCATED NAPOSSIBLE NATURN.LY OCCURRNGASBESIY>S AREA ACCOR➢RIGTO MAPSFROMTHECALNORMADEPARTMEMOF CONSERVATION, 1 DINSION OF)ANFS AND GEOLOGY. O REII- FROG TI 'DERNABITo BN 1TTVITYAREA: THE TEDIN A REDL➢His UEDFROG AGENT(S)HAVE TIGER SDREORMATIONTOADV)SETTBi PROSPE nw ACCORDING CCOR INGTOMAPS FROM THE- WIS LOC DI AREIFYD& UFRO OF THE LE RNIA ORHX]OERSALAMA AM GAME. AND CRTTMTY AREAACCOR 613 MAPSFMTHEU 9 F29 RNIA s FLITUWESERVICF- DATABASGOFtT¢GLIFORNG DEFT OF FISH AND GAME.AND CRIRCALHABITAT COVERAGE MOPS FROMTHEUS FISH AN➢ y WB.DLIFESERVICE a RADON- SFEROR AND HIS OR HER AGENT(S)HAVE PROVIDED INFORMATION TO ADVISE THE PRGSFECWE TRANSFEREES EIHE PROPERTY IS p LOCATED N AMOH POTENNAL RADON AREA ANDA)RCOUNIYPOT'ENIIAL LEVEL FOR RADON ACCORDNG TO RADON ZONE MAPS FROMTHE CALIFORNIA DEPARTMENT OF CONSERVATION,DMSIOH OF MNES AND GEOLOGY AND/OR THE US ENVIRONMENTAL PROTECTION AGENCY W M CVNNNCNON WITHTHE U.S GEALOGICALSURVEY a i �i i a Z BUYERS ACKNOWLEDGE RECEIPT OF TFiE IIiFORLTATfON REFERENCID ABOVE(AICLUDED 01 THE ATTACHED REPORT)FOR THE i ABOVE ESCRQiEU PROPERTY r uya vm � 0 0 �'�$ignaNrco c ersAgmt ��—`�� Igmtwc0 oyersAgrnt � T ' �", � 1(Cti'`i'.'L,=FI.:n�l �n l� 3'r33). ;;S;ul, _lf�—L ��FP r�_-O✓_,.,,- ITV ` aG CHICAGO TITLE COMPANY SIGN AND RETURN ESTIMATED BUYER'S/BORROWER'S SETTLEMENT STATEMENT PAGE: 01 ESCROW NUMBER: 05740-52050042A-001 ORDER NUMBER: 05740-52050042A CLOSING DATE: 11/07/05 CLOSER: LINDA SALCIDO BUYER: SELLER: PROPERTY: vacant land APN 681-070-016, Palm Springs, CALIFORNIA CHARGE BUYER CREDIT BUYER Sales Price $ 2,760,000.00 $ Settlement or Closing Fee To CHICAGO TITLE 1,500.00 Document Preparation To CHICAGO TITLE 25.00 Recording Fees 100.00 City/County Tax/Stamps 1,518.00 natural hazards 50.00 miscellaneous pad/refundable 500.00 Funds Due From Buyer At Closing 2,763,693.00 ______________ ______________ TOTALS $ 2,763,693.00 $ 2,763,693.00 DATE: 11/02/OS 16:15:39 jv [;�5 7 �:? . �,.. i i CMCAGO TITLE COMPANY 1011JIPMTE SIGN AND RETURN (760) 345-0750 Fax ('760) 772-8463 November 2, 2005 TO: LINDA SALCIDO CHICAGO TITLE COMPANY 78-000 Fred Waring Drive SUITE 103 PALM DESERT, CALIFORNIA 92211 Escrow No. 52050042 - R42 Property vacant land APN 681-070-016, Palm Springs, CALIFORNIA The undersigned hereby acknowledge(s)receipt of a copy of the First Amended Preliminary Report issued by Chicago Title Company under Its Order No.52035930,dated as of October 25,2005. The report contains the exact legal description for the property to be conveyed in this escrow,and escrow holder is hereby instructed to use the said description on all documents in this transaction. The undersigned hereby approve(s)the following listed items from said report to appear in the Policy of Title Insurance to be Issued at the close of escrow: Items: PLEASE LIST ALL ITEMS YOU WANT TO APPEAR IN THE TITLE POLICY ,JkHE MUNITY REDEVELOP ENT AGENCY OF THE CITY OFMPPRINGS d�`v,SG'uifalp k (04A?(. PPEaaP-m/to/mbx COMMISSION ORDER SIGN AND RETURN TO: CHICAGO TITLE COMPANY, licensed by the California Department of Insurance 78-000 Fred Waring Drive,SUITE 103.PALM DESERT,CALIFORNIA 92211 (760)345-0750 Fax(760)772-8463 Escrow No. 62050042-K42 Escrow Officer LINDASALCIDO Date November 1,2005 Property: vacant land APN 681-070-016,Palm Springs,CALIFORNIA You are hereby instructed and ordered to pay the following licensed Real Fstate Broker(s)the total amount of$ 220,800.00 as commission on this transaction from the proceeds due the undersigned at the dose of the above numbered escrow. NOIA INVESTMENTS $138,000.00 429 E TAHQUITZ CANYON WAY PALM SPRINGS,CALIFORNIA 92262 GROUP ONE INVESTMENTS $82,800.00 1037 TAMARISK RD- PALM SPRINGS,CALIFORNIA 92262 COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS,CALIFORNIA A PUBLIC BODY CORPORATE AND POLITIC BY: CHAIR N �tS STANT SECRETARY I -•� < t APPROVED A FORM; / WO4RFADLIN&SM BY: 2 DOOLLAND,AGENCY COUNSEL APPROVED BY; NOIAINVESTMENTS APPROVEVD BY; GROUP ONE INVESTMENTS COMMORD-Ot/Wp7hk COMMISSION ORDER TO: CHICAGO TITLE COMPANY, licensed by the California Department of Insurance 78-000 Fred Waring Drive,SUITE 103,PALM DESERT,CALIFORNIA 92211 (760)345-0750 Fax(760)772-8463 Escrow No. 52050042-K42 Escrow Officer UNDASALCIDO Date October25,2005 Property: vacant land APN 631-070-016,Palm Springs,CALIFORNIA You are hereby instructed and ordered to pay the following licensed Real Estate Broker(s)the total amount of$ 220,800.00 as commission on this transaction from the proceeds due the undersigned at the close of the above numbered escrow. NOIA INVESTMENTS $138,000.00 GROUP ONE INVESTMENTS $82,800.00 COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS,CAUFORNIA A PUBLIC BODY,CORPORATE AND POLITIC BY CHkPRM1kN CeX'CCVrft,i� f f- qZe (1 ,J. 8.5515TA.iJT SECRETARY 1A D L /�,/APPROVED O FORM; WOOD F P ADLMZAENCY ART BY: DOU LAS . OL ND, COUNSEL APPROVED BY; NOIAINVESTMENTS APPROVEVD BY; GROUP ONE INVESTMENTS LOMWC -01/17/91bF Mildred Browne MOu AGREEMENT#0492C R1273, 2-2-05 MEMORANDUM OF UNDERSTANDING THIS MEMORANDUM OF UNDERSTANDING (hereinafter referred to as "MOU") is entered into this 2°4, day of February, 2005 by and between MILDRED BROWNE (hereinafter referred to as "Browne") and the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS (hereinafter referred to as "Agency") regarding the exchange of a parcel of trust property owned by Browne with a parcel of reservation land owned in fee by the Agency; and, WHEREAS, the Community Redevelopment Agency of the City of Palm Springs wishes to acquire a property owned by Mildred Browne and the parties have agreed that the purchase price can be paid in the form of an exchange of parcels whereby Mildred Browne will exchange a portion of her trust allotment located in Section 30, Range 5 East, Township 4 South SBBM ("Browne Parcel") for a parcel owned by the Agency located in Section 14, Range 4 East, Township 4 South SBBM ("Agency Parcel"). Both parcels are more particularly described on the attached Exhibit"A" and"B"respectfully; and, WHEREAS, Browne is willing to agree to the exchange provided that the difference in the appraised value is paid on Browne's behalf to the Bureau of Indian Affairs, the parcel she is accepting is placed back into trust status for her and provided finther that this transaction is approved by the Bureau of Indian Affairs; and, WHEREAS, the Browne Parcel once acquired by the Agency will be utilized for purposes of implementing the Redevelopment Plan for the Merged Area No. 1 (hereinafter referred to as "Project Area") through the sale and development of the parcel for purposes provided in the Redevelopment Plan and the Implementation Plan, and to alleviate conditions of blight within the Project Area, and the Browne Parcel will be disposed of by the Agency pursuant to the requirements of the California Redevelopment Law; and, NOW THEREFORE, in consideration for the mutual promises contained herein and for other valuable consideration the parties agree as follows: 1. Browne shall exchange the Browne Parcel for the Agency Parcel. The difference in values shall be paid in cash to be deposited with the Bureau of Indian Affairs for the benefit of Browne. 2. The two parcels subject to this exchange were appraised and the appraisals have been approved by the Bureau of Indian Affairs. The Browne Parcel's appraised value is $2,760,000. The Agency Parcel's appraised value is $2,164,932. The difference in the value of the properties is $595,058 which will be paid in cash as set forth herein. Payment of the difference in values shall be made at the time the deeds are exchanged. 3. All costs and expenses for this transaction shall be borne by the Agency. This includes the environmental assessments, appraisals, title insurance policies for both parcels, preparation of the exchange agreement, and any other costs. The payment to Browne shall be net of all expenses. In addition, the Agency shall pay to Noia Investments, Inc. 5% of the value of mnn inn»i:xcF m the Browne Parcel, payable at the time the deeds are exchanged and further subject to any advances made to Noia Investments, Inc., if any, prior to said date. 4. It is understood that the Browne Parcel may require a Bureau of Land Management survey prior to the deed being issued to the Community Redevelopment Agency of the City of Palm Springs. Agency has prepared such survey and submitted to the Bureau of Land Management for review and approval. Browne will use her best efforts in cooperating with the Bureau of Indian Affairs in processing the transaction including requesting said survey. 5. Concurrently with obtaining the BLM survey and processing of the Environmental Assessment (the Bureau of Indian Affairs approval process) Browne has submitted the Bureau of Indian Affairs application commencing the process of placing the Agency's Parcel back into trust status to be held in trust for her. 6. The Agency shall provide support for the fee to trust process including writing a letter to be included in the fee to trust notices required by the Federal Regulations indicating that the Agency has requested this exchange and that as an accommodation, Browne has agreed to accept the Agency Parcel. The Agency shall have no responsibility for the Agency Parcel being placed into trust, other than writing the letter discussed herein. 7. It is the intent of the parties that the exchange occurs as soon as possible but no later than 120 days from the date of this MOU. In addition and notwithstanding that the intention is to complete a simultaneous exchange of properties, the parties further agree that in the event that the fee to trust process has not been completed and all processing of the Agency Parcel has been completed, then upon mutual agreement, the conveyance portion of the exchange will be completed prior to the completion of the fee to trust process. 8. The parties acknowledge that the conveyance of the Agency Parcel to Browne is merely a part of the consideration required to be paid by the Agency to acquire the Browne Parcel which the Agency needs in order to carry out redevelopment under the Redevelopment Plan. In disposing of the Browne Parcel, the Agency shall comply with the Community Redevelopment Law. Browne shall have no responsibility for the disposition of the Browne Parcel by the Agency. 9. It is expressly understood and agreed by the parties that this MOU regards the conduct of contract negotiations only and does not convey any interest in either Parcel whatsoever. A specific exchange agreement may be negotiated by the parties. It is further agreed and understood that this MOU does not imply any obligation on the part of either party to enter into any agreement that may result from the negotiations contemplated herein. Any exchange agreement negotiated shall be approved in accordance with law. 10. This agreement and Browne's performance as set forth herein is conditioned upon the approval of the Bureau of Indian Affairs Pacific Region Director. 2 ninm inn wi7ccA m IN WITNESS HEREOF, the parties have executed this Memorandum of Understanding on the date first written above. "BROWNE" Mildred Browne "AGENCY" Community Redevelopment Agency of the City of Pahn Springs Executive Directof-' -A C>,�, f MY €ES. rna�p jj 2,2.ar APPROVED AS TO FORM: ATTEST: r V istant Secretary �/fty Attorney ` m nmmm vnv;;�m �Til.�-�..� o if IN1. :t:A1_.v�...� i � �.. ..i a �uJ .. L�. r r,.Vy. �'�f ---- --- - -- _ _ i- NO • lia' 9,at$ �2 s.Gs' n�e ��j _ _ 1�I)_ F��Art.it �[s'tiex# #�tii` rvii; lul x File .Edit -GenerateLetters Transactions- Reports -;Maintenance Qu[t Gen Letters - iTfans awns ( _ marts-' Maiintenan+ce - H EXIPEo9ram e � flouanenh . .AY#zC Group . CCNwfi3�ATY&&ECONOMG� RActt�e Document l tt�`trY # Deserlption . 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IIatback Dow..04 06 - Nfeosof.. isJSEs�cWastart 11:46 AM I P p L N9 Sag ) City of Palm Springs Office of the City Clerk � * �C�RPORPTEO`q4 " 3200 E. Tahquuz Canyon Way • Palm Sprinringsgs,, California 92262 �' eQ' Tel: (760) 323-8204 • P (760)322-8332 • Web: www.ci.palm-springs.ca.us I ��IFOR� ax: i CERTIFICATE OF ACCEPTANCE i THIS IS TO CERTIFY that the interest in real property conveyed by GRANT DEED —APN 681-070-016 Dated: from, I MILDRED PETE KITCHEN MORRIS Grantor, to the Community Redevelopment Agency of the City of Palm Springs, California, a public body, corporate and politic, is hereby accepted by the Assistant Secretary of said Agency of the City of Palm Springs, on this 15` day of March, 2006, j pursuant to authority granted by the Community Redevelopment Agency of said City, by jResolution No. 1273 made on the 2"d day of February, 2005. i Dated at Palm Springs, California, this 1sl day of March, 2006. I ` +f ,,•?dmes Thompson � /Assistant Secretary DUPLICATE Post Office Box 2743 • Palm Springs, California 92263-2743