Agmt25 Property Purchase agreement

Browse Search

GRANTOR: PENINSULA BUILDING MATERIALS CO., A NEVADA CORPORATION, APN: 052-394-510,-520,-530,-540 (portion) AS TO AN UNDIVIDED I/2 INTEREST AND GRANITE ROCK COMPANY, A PROJECT PARCEL No. 64077 CALIFORNIA CORPORATION, AS TO AN UNDIVIDED I/2 INTEREST PROJECT: US HIGHWAY 101 / STATE ROUTE 84 (WOODSIDE ROAD) INTERCHANGE IMPROVEMENT PROJECT CITY OF REDWOOD CITY PROPERTY PURCHASE AGREEMENT In consideration of the terms and conditions set forth in this Property Purchase Agreement (the "Agreement") PENINSULA BUILDING MATERIALS CO., A NEVADA CORPORATION, AS TO AN UNDIVIDED '/2 INTEREST AND GRANITE ROCK COMPANY, A CALIFORNIA CORPORATION AND SUCCESSOR IN INTEREST TO BUSHMONT COMPANY, A CALIFORNIA CORPORATION, AS TO AN UNDIVIDED '/2 INTEREST ("GRANTOR") shall deposit in an escrow designated by the CITY OF REDWOOD CITY, A CHARTER CITY AND MUNICIPAL CORPORATION OF THE STATE OF CALIFORNIA ("CITY"), a Grant Deed in the form of Exhibit 1" conveying a fee interest in the property described and depicted in Exhibit "1" and a Temporary Construction Easement Deed in the form of Exhibit "2" conveying a temporary construction easement in the property described and depicted in Exhibit "2" (collectively "Subject Property"). The Grant Deed and Temporary Construction Easement Deed are attached hereto and incorporated herein by this reference. In consideration of which, and the other considerations hereinafter set forth, it is mutually agreed as follows: Entire_Agreement A. The parties have herein set forth the whole of their agreement. The performance of this Agreement constitutes the entire consideration for the Subject Property and shall relieve the CITY of all further obligations or claims on this account or on account of the location, grade, construction or operation of the proposed public improvement. B. CITY requires the Subject Property for a public use for which CITY has the authority to exercise the power of eminent domain. GRANTOR is compelled to sell, and CITY is compelled to acquire the Subject Property. C. Both GRANTOR and CITY recognize the expense, time, effort, and risk to both parties in determining the compensation for the Subject Property by eminent domain litigation. The compensation set forth herein for the Subject Property is in compromise and settlement, in lieu of such litigation. 2. The CITY shall A. Pay the undersigned GRANTOR the sum of THIRTY-THREE THOUSAND ONE HUNDRED and NO/100 DOLLARS ($33,100.00) (the "Purchase Price") for the Subject Property when title to the Subject Property vests in CITY free and clear of all liens, encumbrances, assessments, easements and leases (recorded and/or unrecorded), and taxes, except: Where applicable, taxes for the tax year in which this escrow shall be cleared and paid in the manner required by Section 5086 of the Revenue and Taxation Code, if unpaid at the close of escrow. Covenants, conditions, restrictions and reservations of record, or contained in the above referenced documents. Rage 1 of -16-- -- 4880-0380-6390 V2 REV: 06-23-25 LR ATTY/AGR.2025.154/Peninsula Building Materials Co. and Granite Rock Company (SR 84/U.S. 101 Interchange Reimagined) (Page 1 of 16)