Agmt11 Janice Salaman, 1584 Maple St., Docktown,

Browse Search

REAL ESTATE PURCHASE AND SALE AGREEMENT (1548 MAPLE STREET) THIS REAL ESTATE PURCHASE AND SALE AGREEMENT (this "Agreement ") is dated for reference purposes as of March 4, 2011, and is made and entered into by and between THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY ("Buyer") and Janice Salaman, individually, and Janice Salaman, as Successor Trustee of the J. Franklin Salaman Trust under agreement dated March 7, 1997 ( "Seller "). RECITALS A. Seller is the owner of an undivided one -half interest in certain improved real property along with certain related tangible and intangible personal property (collectively defined in Paragraph 1(a) of this Agreement as the "Property "). The remaining one -half interest is owned by Salaman Associates, LLC ( "Salaman Associates "). Seller's interest in the Property is encumbered by a judgment lien in favor of Taroub H. Rusnak ( "Rusnak ") which is scheduled for execution sale by the Sheriff of San Mateo County on March 16, 2011 (the "Execution Sale "). B. Seller and Salaman Associates together are the landlord under a lease (defined in Paragraph 1(a) of this Agreement as the "Lease ") between Seller and Docktown Marina, Inc., a California corporation, successor to Fred Earnhardt Jr. ( "Docktown Marina, Inc: or the "Tenant "), pursuant to which Docktown Marina, Inc. leases from Seller the Real Property (as defined in Paragraph 1(a)). Docktown Marina, Inc, has entered into various leases, subleases and/or rental agreements (collectively, the "Subleases ") of the Real Property with various third parties (collectively, the "Subtenants "). C. Buyer desires to purchase the Property from Seller on the terms and conditions set forth herein. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements contained in this Agreement, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Buyer and Seller hereby agree as follows: AGREEMENT 1. Purchase and Sale. Subject to the terms and conditions of this Agreement, Seller hereby agrees to sell to Buyer, and Buyer hereby agrees to purchase from Seller, the following: (a) Seller's undivided one -half interest in the real property commonly known as 1548 Maple Street, consisting of approximately 824 acres of land, having Assessor Parcel Number 052- 532 -010, located in the City of Redwood City (the "City "), County of San Mateo (the "County "), California, as more particularly described in Exhibit A attached hereto (the "Land "); Purchase and Sale Agreement 1548 Maple 03.042011 v.1