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CC Resolution No. 7610 RESOIlJTION NO. 7610 RESOIlJTION OF THE CITY CXXJNCIL OF THE CITY OF aJPERl'INO DECIARING ITS INTENTION TO SELL SURPIlJS REAL PROPERI'Y WHEREAS, the City of CUpertino, hereinafter referred to as "City" is rrM the owner of that certain real property which is located at 19810 Portal Plaza, CUpertino, California, oammonly known as Park Plaza and !!lOre particularly described in Exhibit "A," attached hereto and incorporated herein. WHEREAS, said property is not J'IØ"t'I<>d for governmental purpose and that it is the judgment of the City Council of the City of CUpertino, for the best interests of the city, that said property be sold to the highest responsible bidder or bidders under the authority of section 37350 et seq. of the Government Code of the state of Califo:rnia. WHEREAS, the City has complied with all the legal requirements established for the sale of smplus property including the requirements specified in section 54220 et seq. of the Government Code of the State of California. NOO, THEREFORE, it is hereby deteDnined and ordered that said property shall be offered for sale under the follCMing terms and conditions: 1. BIDDmG D1'd'FS '!he bidding session is to be scheduled for an as yet to be specified date. A legal notice and newspaper advertisement will be published describing the actual date and location of bidding. 2. WRITI'EN BIDS Written bids shall be presented on the Bid Fo:m as shown in Exhibit "B." Bidders can use the attached fo:m or obtain additional copies of the Bid Fo:m as noted in Paragra¡:h 13 of this Resolution. '!he Bid Fo:m IlUJSt be received by the City Clerk of the city before 7:30 P.M. on the date of the bidding sessions. '!he Bid Fo:m should be completed and placed in a sealed envelope along with the appropriate deposit as described in Paragraph 5. '!he outside of the envelope should state that it is a "SEAlED BID". '!he bid can be l1'a.iled or hand carried to the City Clerk, City of CUpertino, 10300 'Ibrre Avenue, CUpertino, California. Mailed bids should be placed in a secon:l envelope and addressed accordingly. 3. M:INmJM BIDS 'Ihe min.i.mum acceptable written bid shall be $170,000.00. Bids for less than the min.i.mum bid amount will be rejected. Resolution No. 7610 Page -2- 4. TERMS Bids shall consist of an unconditional offer to purchase property for cash, payable in full, in cash, cashier's or certified check at the close of escrow. A successful bidder shall be given three (3) days after acceptance of bids to execute a purchase contract (Exhibit "D") and thirty (30) days thereafter to close escrow unless exten::led by written :mutual consent of the parties. 5. DEroSIT (a) Amount of Deposit All submitted written bids IlUJSt be accompanied by a certified or cashier's check in the amount of $5,000.00. Said deposit should be l1'a.de payable to the City of CUpertino. (b) Deposits Reauired of Oral Bidders '!hose individuals or entities planning on participating in the oral bidding but who have not submitted a written bid with deposit shall be required to tender prior to the commencement of the oral bidding, a deposit amounting to ten thousand dollars ($10,000.00) be bid upon. Said deposit IlUJSt be in the fo:m of a certified or cashier's check l1'a.de payable to the city of CUpertino. All bidders who have submitted a $5,000.00 deposit with a written bid which complies with the terms herein, shall not be required to submit any additional funds to participate in the oral bidding. (c) Forfeiture of Deposit In the event a bid is accepted and the bidder fails, within the time allotted herein, to execute any doclnnents related to the sale, including the purchase contract, or otheJ:wise does not perfo:m according to the terms of the bid, then said bidder will forfeit an amount equal to $5,000.00. '!he difference, if any, remaining after subtracting the $5,000.00 forfeiture from the original deposit will be refurrled to bidder upon the determination that bidder does not desire to consummate a sale. (d) Return of Deposits Deposits of unsuccessful bidders will be returned after the City's final acceptance of the successful bid, but in no case, will such period extend beyond ten (10) days after the bidding session. No interest shall be paid by City on any deposits. Resolution No. 7610 Page -3- 6. TITLE Title to the property shall be conveyed by Grant Deed subject to all liens, encœnbrances, or other cloud on title which l1'a.y affect the property. A copy of the preliminaJ:y title report is available at the City offices, (Department of Public Works) 10300 'Ibrre Avenue, CUpertino, California. '!he property shall be sold in an "as is" condition, subject, however, to any disclosure requirements provided by law. 7. A~.œNCE OF BIOO '!he accepted bid, this Resolution and exhibits thereto and the executed Purchase Contract (Exhibit "C") shall constitute the contract of purchase in accordance with the terms outlined in said documents. '!he City Council of the city of CUpertino reserves the right to accept a bid which in its sole discretion deems to be in the city's best interest. '!he City Council of the City of CUpertino reserves the right to reject any and all bids, waive any irregularities, to be the sole judge of the responsiveness of the bids and to dete:mine which bid or bids constitute the greatest return to the City. 8. CLOSE OF ESCRCM '!he transaction shall be consummated through an escrow to be opened by the seller at First American Title. All escrow and other costs including title insurance, any taxes, charges, or fees assessed by local, state, or federal governments as a result of the subject property transfer, shall be borne by the parties based upon standard practice in santa Clara County. 9. RJSSESSION '!he city shall turn OI/er possession of the premises to the purchaser at the close of escrow. '!he City shalll1'a.intain existing insurance COI/erage on the property prior to close of escrow. '!he successful bidder l1'a.y have reasonable access to the premises for the purpose of studies related to the development of the property prior to the close of escrow. '!he successful bidder will hold the City ha:mless for any dal1'a.ge to, or loss of, personal property, or personal injury incurred by the successful bidder, or representatives, agents or employees of the bidder, should such damage, loss or injury occur on the subject property so long as the City retains ownership and occupancy of the property. 10. REAL ESTATE BROKERAGE mmSSIONS '!he city agrees to pay a brokerage conunission to licensed real estate brokers, in an amount not to exceed 3% of the purchase price, prOIIided that such conunission and the person to whan it is payable is specified in that bid which is finally accepted by the City as the highest responsible bid, and provided that the amount of any such bid shall be dete:mi.ned net of any conunission so specified. SUch real estate conunission shall be payable out of escrow at close of escrow. Resolution No. 7610 Page -4- 11. ATTORNEY'S FEES In the event that any legal action or litigation is undertaken by the City to enforce the provisions of the bid offer or any subsequent written agreement to execute such offer, the successful bidder agrees to pay reasonable attomey fees incurred by the City. 12. BIDDmG PROCEIXJRES '!he following procedt1re will be used in conducting the sale of the property herein. (a) All written bids IlUJSt be delivered to the city Clerk of the City no later than 7:30 P.M. on the date of the bick1ing session. '!he Clerk will open the written bids at the canmencement of the bick1ing session which shall be 7:30 P.M. '!he bidding session shall be held in the Conference Rcom at the City HalL (b) '!he Clerk will announce the highest written bid. '!he criteria used to dete:mine the highest responsible bidder will be the bid which generates the highest net revenue to the city of CUpertino. (Net revenue is defined as that amount to be paid to the City after subtracting the brolœrage camnission, if any, from the bid price.) (c) '!hereafter, oral bids will be solicited. '!he first oral bid shall exceed the highest written bid by at least $2,000.00. Each subsequent oral bid IlUJSt exceed the prior oral bid by at least $500.00 Again, oral bids l1'a.y be l1'a.de by parties who have, or who have not, submitted written bids, provided, however, only those parties who have submitted a deposit either prior to the commencement of the oral bidding or with a written bid will be allowed to participate in the oral bidding. (d) Upon completion of the oral bidding, the highest individual bidder and the secom individual bidder shall immediately cause the bid to be reduced to writing on the appropriate fo:m (Exhibit "B".) (e) '!he Clerk will tentatiVelV accept the high and secon:l highest bid, adjourn the bick1ing session and deliver the two high bids to the City Council. '!he city Council reserves the right to accept a bid which it determines to be in the City's best interests. '!he City Council also reserves the right to reject any and all bids and call for a new bidding session. (f) Final acceptance of the high bid for any lot shall be l1'a.de by the city Council. '!he Council will dete:mine which bids are in the best interests of the city. Resolution No. 7610 Page -5- (g) Upon final acceptance of the highest responsible bid by the City Council, the Purchase Contract (Exhibit "C") shall be executed within three days of said acceptance and an escrow shall be established by the Sl'ccessful bidder at First American Title Canpany. Escrow shall close within thirty (30) days from the date of executing the Purchase Contract. At escrow closing, buyer shall deposit in cash with said escrow company an ëIIIVJUIlt equal to the bid less deposit plus buyer's closing costs, loan fees, and any other costs required to close the sale. Upon close of escrow, the city shall receive the net cash amount as prOIIided by the escrow officer and the buyer shall receive a grant deed to the property as provided in Paragraph 6. 13. REX:XJESTS FOR ADDITIONAL FORMS AND PROCEIXJRES Additional Bid fo:ms and copies of this Resolution which serves as the instructions to bidders will be forwaJ:ded to interested parties by l1'a.il or telephone request. '!hose interested should write or call: CITY OF aJPERI'INO Department of Public Works P.O. Box 580 CUpertino, CA 95014 Phone: (408) 252-4505 14. RJBLICATION AND RJSTmG 'Ihe city Clerk is directed to cause to be published a notice of intention to sell real property in a newspaper of general circulation within the city of CUpertino for a period of three weeks prior to the bidding session and is also directed to post the property with a copy of said notice at least twenty-one (21) days prior to the bidding session. PASSED AND AOOPI'ED by the city Council of the City of CUpertino, this 1 qth day of September , 88 , the following vote: MEMBERS OF THE CITY CXXJNCIL AYES: NOES: ABSENT: ABSTAIN: Johnson, Koppel, Plungy, Rogers, Gatto None None None APPROVED: /s/ John M. Gatto Mayor, city of CUpertino ATI'E'ST : /s/ Dorothy Cornelius city Clerk RSOSURPIlJS (P7) :'v .)1444-· LEGAL DESCRIPTION: Exhibit A All that certain real property situate in the City of Cupertino, County of Santa Clara, State of California, described as follows: LOT 3, as shown on that certain Map entitled, "Tract No. 7039, Park Plaza", which Map was filed for record on January 9, 1981 in Book 478 of Maps, at. Pages 24 through 27, Santa Clara County Records. EXCEPTING THEREFROM the underground water rights without the right of surface entry, as quitclaimed in the Deed to California Water Service Company, a California corporation, recorded January 10, 1981 in Book F 857, Page 732, Santa Clara County Records. ~T'1' "B" 'R'Tn PCRM - TO: CI'lY OF aJPER1'IlÐ 10300 'Ibrre Avenue CUpertino, CA 95014 1. 'ŒE UNDERSIGNED HEREBY PROiamS AND OFFERS TO ~ AN IMPRJVED RESIDENl'IAL PROPERlY a:øt::m.Y I<I«'JWN AS AIDŒSS CASH BID PRICE: Bidder hereby temers $ 1:~ SUIting a deposit or deposits for the pJrChase of the above described prqJerty. If the S1woeE'lS'fuJ. bidder fails to cœplete the plrå1ase in acoordanœ with the specified terms, $5,000.00 of the deposit shall be forfeited. 2. B.JñM....'S Name (Prirlcipal) EntitY. In:U.vidIal, Partnership, CŒp01:àticn Address city, state, Zip ():)de 3. Tel~ l'Ø1IIINn-: Day: Night: 4. '!be undersigned bidder sul:mits this bid subject to all the terms and conditions of the Resoluticn of Int:entia1 to 8ell SU%plus Real Property, dated .li...-, and ag1. i i to be bound thereby. Signature: If partnership am,tor OO1.--...ticn: Title: state of I!M...--...ticn: I:IKJN!òt( 's Q:HIISSIœ '!be follClWÙ1r infomaticn abculd be CXIIIÙeted if a real estate l'Y'IIIIIIi ....icn is to be paid to a duly licensed real estate brcIœr in the event: this offer is ...........tAd. SUå!. l'Y'IIIIIIi ...icn is to be deducted fJ:an the stated cash bid price to detemine the net bid. If this bid is finally accepted and sale of the property is ca1SI.......ted in accordance with the bid as provided in the resoluticn, city shall pay l'Y'IIIIIIi ....ion of Dollars ($ .00). Said ..........i...iClt shall not """'"'eed thrM peroeut (3%) of the cash bid price stated herein. 'Ihe ..........i "'ien is to be paid in acconJance with the teJ:ms of the RBIIolut.ia1 dated Real Estate Brck:8r's Signature: Real Estate Brck:8r's Name: Bidder's Signature: Bidder's Name: If a¡:plicable: ~i1y Name: Title: EXBID(P7) 'T·_. ..~ . ___~.: _, ......,.. <.,. ~..,.,.. ..'_"_.' '._. .'. EXHIBIT .:£.:. PURCHASE CONTRACT RECEIPT FOR DEPOSIT AND ESCROW INSTROCTIONS This Agreement dated this day of 19____, is made by and between the CITY OF CUPERTINO ("Seller") and ( "Buyer" ) . RECITALS: 1. Pursuant to the appropriate provisions of the California Government Code, Buyer has made a bid to purchase the property described herein and Seller has accepted such bid. 2. Seller has received from Buyer the sum of: Dollars, $ ("Deposit") evidenced by a certified or cashier's check payable to the CITY OF COPERTINO, as a deposit on account of purchase of that certain real property situated in the City of Cupertino, County of Santa Clara, State of California, described as Lot~- ("Property") of Tract No. as shown on the map filed , 19____ in Hap Book , Pages NOW, THEREFORE, the parties hereto agree as follows: 1. Aareement of Purchase ~ Sale ". C.C.4.0 1 Subject to the ~~rms and conditions as set ~orth herein, Seller shall sell and Buyer shall purchase the property for a total purchase price of $ 2. Pavment of Purchase Price ~ . The purchase price for the property shall be paid as follows: ~.l Buyer has already paid Seller a deposit of $ 2.2 No later than thirty days after this agreement is executed Buyer shall deposit with the Escrow Holder for delivery to Seller at close of escrow, cash or a certified or cashier's check ~ made payable to Title Company in an amount of $ (the full amount of the purchase price less deposit) .plus buyers closloR costs oecessary to close escrow. In the event that Buyer fails to deposit the total cash. required within the time specified, Seller shall retain $5,000.00 of the previously paid deposit. The time specified may be extended by mutual agreement between Buyer and Seller. 3. ~ Closina of Sale Transaction Throuah Escrow 3.1 The purchase and sale of the property shall be completed within thirty (30) days after executing this Purchase Contract Receipt for ~ C.C.4.0 2 Deposl_. The Closing of the sale shall be through an escrow to be opened at the following title company ("Escrow Holder"): 2.2 Instruments in respect to the purchase and sale shall be deposited in escrow by Buyer and Seller as follows: (a) Seller shall deposit, prior tO'cl'ose of escrow, a grant deed ~~ly executed by Seller in recordable form. (b) Buyer shall deposit cash or a certified or cashier's check for the amount required to close escrow pursuant to Paragraph 2.2 of this agreement. 8. Notices Any notice, request, demand, instruction or other communication to be given to any party hereunder shall be in writing and delivered personally, or sent by registered or certified mail as follows: Seller: CITY OF CUPERTINO P.O. Box 580 Cupertino, CA 95014-0580 0. C.C.4.0 3 Buy~r: Notice shall be deemed to have been given when delivered persqnally or two days after mailing to the above address .if mailed. No notices shall be effective unless and until all persons entitled to notice have been notified in accordance with the foregoing. The, addresses and addresses for purposes of this paragraph may be changed by giving written notice of such change in the manner provided herein for giving notice. Unless and until such written notice is received, the last address and addressee as stated by written notice, or as provided herein if no written notice of change has been sent or received, shall be deemed to continue in effect for all purposes hereunder. 9. Further Assurances Buyer and Seller agree that at any time, or from time to time after the execution of this Agreement and whether before or after the close of escrow they will, upon request of the other, execute and deliver such documents and do such further acts and things as such party may reasonably request in order to effect fully the purposes of this Agreement. '. C.C.4.0 4 ._ _. u_ ._..__.._._........._._.~._..__....._..._~.._ ",,_..,__,. ._<.,_....~_,'~._~'..,..._.._ 10. ~u=vival ~_ Covenan~s Each of the covenants and agreements contained herein shall, to the extent applicable, survive the close of escrow. 11. Successors and Assians This Agreement shall be binding upon and inure to the benefit of each of the parties hereto, and to their respective successors and assigns. 12. CaDtions The captions in this Agreement are inserted only as a matter of convenience and for reference and in no way define the scope or extent of this Agreement or the construction of any provisions herein or of any document or instrument referred to herein. 13. Time Time is of the essence in this Agreement. 14. Entire Aareement; Amendments This Agreement embodies the entire Agreement and understanding between the parties relating to the subject matter hereof and may not be amended, waived or discharged except by an instrument in writing executed by the party against which enforcement of such amendment, waiver or discharge is sought. This agreement supersedes all prior agreements and memoranda. The invalidity of anyone of the covenants, agreements, conditions or provisions of the Agreement, nor any .. C.C.4.0 5 .. .....r·....,-:'~_~:..;:,.·t"".,.._"":''''~,;':"''''.-,.,,.·.~_.,'":~·: ....-:.~...: .&....... ·~,.....'f·-:·'c :...':..'" .._~.' ""'.·r-.·..--··. -...., ....." ~~.,..,<_ .......",,."-.-..~ .v·~,·,·'.-·.·-·....·,;,·_,~ "-~':ë"""':~~~'.":-~"';-"'~~""'7..':"""_"o\'c<p:';".~~:,.~~~;", .~ ,~: _"~.- -- , portion thereof, shall not af:ect the remaining portions thereof or any part hereof and this Agreement shall be construed as if such covenant, agreement, condition or provision had not been inserted herein. 15. Attorney's Fees Should any suit be brought to enforce the terms of this , Agreement or any obligation herein expressed, the prevailing party shall be entitled to reasonable attorney's fees, costs and expenses herein incurred. 16. Condition of the Premises The premises, including all fixtures and appliances, an "as is" conditions. Buyers acknowledge that they have received a Real Estate Transfer Disclosure Statement from the seller and have had the opportunity to inspect and examine the premises. i, ". C.C.4.0 6 . .... 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