Agmt25 Property Purchase Agreement _ US Highway 101/ State Route 84

Browse Search

EXHIBIT A GRANTOR: PATRICIA A. KREAGER, JUDY ANN FREEMAN, AND JEFF ALAN KREAGER, APN: 052.431-020 (portion of) Co -TRUSTEES OF THE JAMES D. KREAGER AND PATRICIA A. KREAGER FAMILY TRUST PROJECT PARCEL No. 64075 UTA DATED MARCH 13,1989 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") TODD L. FREEMAN AND JUDY A. FREEMAN, TRUSTEES OF THE FREEMAN FAMILY TRUST, AND JEFF A. KREAGER AND LORETTA V. KREAGER, TRUSTEES OF THE REVOCABLE LIVING TRUST AGREEMENT OF JEFF A. KREAGER AND LORETTA V. KREAGER DATED OCTOBER 9, 1989 (collectively "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" and a Temporary Construction Easement Deed in the form of Exhibit "2" conveying a temporary construction easement in the property described 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: 1. 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-SEVEN THOUSAND FIVE HUNDRED and NO/100 DOLLARS ($37,500.00) (the "Purchase Price") for the Subject Property when title to the Subject Property vests in CITY. B. This sum includes all claims for compensation including, without limitation, the acquisition of the Subject Property, any severance damages, inverse condemnation, loss of business goodwill, interest, attorneys' and witness fees, costs, and any and all other claims relating in any way to acquisition by CITY of the Subject Property, or from the construction and use thereon of the Project as proposed, planned and designed, and GRANTOR is not entitled to any further compensation herein. The tenant at the Subject Property, CUSTOM TRUCK ("the TENANT"), has waived all claims relating in any way to the acquisition by CITY of the Subject Property; this Waiver is attached hereto as Exhibit "3" and incorporated herein by this reference. ATTY/RESO.0127/CC RESO.1485 VETERANS BLVD (PURCHASE AGREEMENT) — EXHIBIT A REV: 12-11-25 VR Page 1 of 17