Agmt25 Property Purchase Agreement Woodside Road Interchange Improvement Project

Browse Search

Qncusign Envelope ID: E798FFDB-2346-4993-A39D-3A6381A6D239 GRANTOR: FN VETERANS LLC, A CALIFORNIA LIMITED LIABILITY COMPANY APN: 052-431-010 (portion of) PROJECT PARCEL NO. 64076 PROJECT: U$ 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") FN VETERANS LLC, A CALIFORNIA LIMITED LIABILITY COMPANY ("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 in Exhibit "1", a Temporary Construction Easement Deed in the form of Exhibit "2" conveying a temporary construction easement in the property described in Exhibit "2" and a Grant Deed in the form of Exhibit "S' conveying permanent access rights in the property described in Exhibit "S' (collectively "Subject Property"). The Grant Deed, Grant of Temporary Construction Easement and Grant Deed -Access Rights Only 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 ELEVEN THOUSAND ONE HUNDRED and NO/100 DOLLARS ($11,100.00) (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. iii. Easements or rights of way over said land for public or quasi - public utility or public street purposes, if any. 4880-0380-6390 v2 REV: 05-23-25 LR ATTY/AGR.2025 121/FN Veterans LLC (1475 Veterans) (SR84/US101 Interchange Project) (Page 1 of 18)