HomeMy WebLinkAbout06-15-20 F&A Committee Packet 1
OTAY WATER DISTRICT FINANCE AND ADMINISTRATION COMMITTEE MEETING and SPECIAL MEETING OF THE BOARD OF DIRECTORS
BY TELECONFERENCE 2554 SWEETWATER SPRINGS BOULEVARD SPRING VALLEY, CALIFORNIA
MONDAY June 15, 2020 12:00 P.M.
This is a District Committee meeting. This meeting is being posted as a special meeting in order to comply with the Brown Act (Government Code Section §54954.2) in the event that a quorum of the Board is present. Items will be deliberated, however, no formal board actions will be taken at this meeting. The committee makes recommendations to the full board for its consideration and formal action. AGENDA
1. ROLL CALL
2. PUBLIC PARTICIPATION – OPPORTUNITY FOR MEMBERS OF THE PUBLIC TO
SPEAK TO THE BOARD ON ANY SUBJECT MATTER WITHIN THE BOARD'S JU-RISDICTION BUT NOT AN ITEM ON TODAY'S AGENDA In lieu of in-person attendance, members of the public may submit their comments on
agendized and non-agendized items via email at boardsecretary@otaywater.gov.
Public comments submitted will be read into the record at the Committee Meeting and the public may continue to watch and listen to meetings. The information on how to watch and listen to the District’s live streaming can be found at this link:
https://otaywater.gov/board-of-directors/agenda-and-minutes/committee-meetings/
DISCUSSION ITEMS 3. APPROVE THE MAY 26, 2020 PURCHASE AGREEMENT FOR $180,000 FOR THE
BUENA VISTA AVENUE PROPERTY IN SPRING VALLEY AND AUTHORIZE THE
GENERAL MANAGER TO ENTER INTO ESCROW TO COMPLET THE SALE OF THE PROPERTY (KENNEDY) [5 minutes] 4. APPROVE THE CONTINUATION OF THE MORATORIUM ON ANY CHANGES TO
ALL DISTRICT CAPACITY AND ANNEXATION FEES TO SEPTEMBER 30, 2020
(KOEPPEN) [5 mins] 5. ADJOURNMENT
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BOARD MEMBERS ATTENDING: Mitch Thompson, Chair Mark Robak
All items appearing on this agenda, whether or not expressly listed for action, may be delib-erated and may be subject to action by the Board.
The Agenda, and any attachments containing written information, are available at the Dis-trict’s website at www.otaywater.gov. Written changes to any items to be considered at the open meeting, or to any attachments, will be posted on the District’s website. Copies of the Agenda and all attachments are also available through the District Secretary by contacting
her at (619) 670-2280.
If you have any disability which would require accommodation in order to enable you to par-ticipate in this meeting, please call the District Secretary at 670-2280 at least 24 hours prior
to the meeting.
Certification of Posting I certify that on June 12, 2020 I posted a copy of the foregoing agenda near the regu-
lar meeting place of the Board of Directors of Otay Water District, said time being at least 24 hours in advance of the meeting of the Board of Directors (Government Code Section §54954.2).
Executed at Spring Valley, California on June 12, 2020. /s/ Susan Cruz, District Secretary
STAFF REPORT
TYPE MEETING: Regular Board MEETING DATE: July 1, 2020
SUBMITTED BY: Bob Kennedy Engineering Manager PROJECT: P1210-018000 DIV. NO. 5
APPROVED BY: Rod Posada, Chief, Engineering
Jose Martinez, General Manager
SUBJECT: Approval of the May 26, 2020 Purchase Agreement for $180,000.00 for the Buena Vista Avenue Property in Spring
Valley
GENERAL MANAGER’S RECOMMENDATION:
That the Otay Water District (District) Board of Directors (Board) approve the May 26, 2020 Purchase Agreement for $180,000.00 for the Buena Vista Avenue property in Spring Valley and to authorize the
General Manager to enter into escrow to complete the sale of the property (see Exhibit A for District property location).
COMMITTEE ACTION:
Please see Attachment A.
PURPOSE:
To request the Board to approve the May 26, 2020 Purchase Agreement
for $180,000.00 for the Buena Vista Avenue property in Spring Valley and to authorize the General Manager to enter into escrow to complete
the sale of the property.
AGENDA ITEM 3
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ANALYSIS: As a regular course of business, the District periodically reviews the need and use of real estate (property) it owns. This is done to
ensure that the District’s current and future property needs are provided for, and that property that is no longer required is disposed of in order to minimize costs and associated liabilities of property ownership. The retention of real property that is surplus to the District’s needs increases the operating expense by increasing the requirement to maintain and manage the property.
After an evaluation of District-owned properties, staff identified the Buena Vista Avenue property in Spring Valley as not required for District use and on January 2, 2019 the Board adopted Resolution No.
4355 declaring this surplus property and directed staff to solicit offers for the surplus property.
On February 22, 2019, staff solicited offers for the lease or sale of the surplus properties from Preferred Entities of the opportunity to
purchase or lease the properties for specified priority uses, as required by Government Code § 54222 et seq.
On May 31, 2019, the District received an appraisal of the Buena Vista Avenue property in Spring Valley from Hendrickson Appraisal Company, Inc. (see Exhibit B) that valued the property at $200,000. This appraisal was performed to assist the District in determining
the market value of the subject property. Staff did not receive any offers for the Buena Vista Avenue property in Spring Valley from any Preferred Entities, and on May 21, 2019, staff advertised for the service of a real estate broker (Broker)
with experience in dealing in commercial and residential real estate. On August 14, 2019, the District signed a Sales Listing Agreement
with Pacific Coast Commercial (PCC) to provide Broker services for the District (see Exhibit C). PCC prepared a broker’s opinion and recommended a listing price of $220,000.00. PCC prepared the
property’s marketing program and listed the property on August 26, 2019 (see Exhibit D).
The District received an offer on the property on September 20, 2019. The District submitted a counteroffer on November 21, 2019 modifying
the terms of the original offer; however, the buyer cancelled the agreement before it was scheduled to go to the January Board meeting for approval. The District received several other offers since that time, but the buyers have backed out before staff could bring a signed purchase agreement to the Board.
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The District received this offer on the property on May 22, 2020. The District submitted a counteroffer on May 26, 2020, modifying the terms of the original offer, which was approved by the prospective buyer, B AVE LLC, for $180,000.00, subject to the terms of the
Purchase Agreement and the approval by the Board (see Exhibit E). FISCAL IMPACT: Joe Beachem, Chief Financial Officer Acceptance of this offer will result in revenue of approximately $180,000.00, less escrow and closing costs. This property was used for potable purposes and the proceeds will be credited back to the
potable general fund. The Engineering Outside Services budget covered the cost of appraisal
services and environmental services. Currently, Engineering’s expenses have not exceeded anticipated expenses and it is expected
that there will be sufficient funds available to offset the expected costs. STRATEGIC GOAL:
This Project supports the District’s Mission statement, “To provide exceptional water and wastewater service to its customers, and to manage District resources in a transparent and fiscally responsive manner” and the District’s Vision, “To be a model water agency by providing stellar service, achieving measurable results, and
continuously improving operational practices.” LEGAL IMPACT: None.
BK/RP:jf
P:\Public-s\Real Estate Services\4 Surplus Properties - Jan 2019\Staff Reports\Staff Report 07-01-20\BD 07-01-20 Approve PA for Buena Vista Ave - Staff Report.docx Attachments: Attachment A – Committee Action Exhibit A – Buena Vista Ave. Property Location Map Exhibit B – Buena Vista Ave. Property Appraisal Exhibit C – Sales Listing Agreement Exhibit D – Buena Vista Ave. Property Marketing Program Exhibit E – Buena Vista Ave. Property Purchase
Agreement
ATTACHMENT A
SUBJECT/PROJECT: P1210-018000
Approval of the May 26, 2020 Purchase Agreement for $180,000.00 for the Buena Vista Avenue Property in Spring Valley
COMMITTEE ACTION:
The Finance and Administration Committee (Committee) reviewed this item at a meeting held on June 15, 2020. The Committee supported
staff’s recommendation.
NOTE: The “Committee Action” is written in anticipation of the Committee moving the item forward for Board approval. This report will be sent
to the Board as a Committee approved item or modified to reflect any discussion or changes as directed from the Committee, prior to
presentation to the full Board.
OTAY WATER DISTRICTOWD PARCEL 579-364-17-00LOCATION MAP
EXHIBIT A
November 2018F
C:\OneDrive\Otay Water District\ENG OPERATING - Documents\Technician\Info for Others\OWD\Bob K\District Owned Parcel Research\Exhibit B, Buena Vista Ave Property.mxd
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1004-2PUMP STATION
Maria Ave
Chestnut St
Buena Vista Ave
ROW
5793641700
5793580900
5793640800
5793640700
5793581800
5793640100
5793641900
5793641800
5793640600
5793641600
5793642000
5793640300
5793640500
5793640400
5793640200
5793641500
5793810800
5793810700
5793810600
5793810500
5793810400
5793810300
5793582100
5793810200
5793810100
5793750100
5793750200
5793810900
5793570900
5793632300
5
7
9
3
6
3
2
4
0
0
5
7
9
3
6
3
2
5
0
0
579
36
32
600
579
36
32000
5793631900
5793640900
5793631800
5793631700
5793572300
VICINITY MAP
PROJECT SITE
DIV 5
DIV 1
DIV 2
DIV 4
DIV 3
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FNTS Legend
SURPLUS PROPERTY: 0.29 ACRES (approx)
PARCEL LINES
0 10050
Feet
100' (approx)
127' (approx)
HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ▪ Consultants
HAC File No. 2019116
9665 Campo Road, Spring Valley, CA
APPRAISAL OF
Two Legal Lots located
On the West Side of Buena Vista Avenue
South of Chestnut Street
Spring Valley, California 91977
Owner:
Otay Municipal Water District
EFFECTIVE DATE OF APPRAISAL:
May 28, 2019
DATE OF REPORT:
May 31, 2019
APPRAISED FOR
Otay Municipal Water District
2554 Sweetwater Springs Boulevard
Spring Valley, CA 91978
APPRAISED BY
Hendrickson Appraisal Company, Inc
3530 Camino del Rio North, Suite 205
San Diego, CA 92108
(619) 282-0800
May 31, 2019
Mr. Bob Kennedy
2554 Sweetwater Springs Boulevard
Spring Valley, CA 91978
Reference: Two 6,375± Vacant Residential Lots
Ownership: Otay Municipal Water District
2554 Sweetwater Springs Boulevard, Spring Valley, CA 91978
Our File No. 2019116
Dear Mr. Kennedy,
At your request and authorization, the above referenced properties and their environs have been inspected and
analyzed for the purpose of formulating an opinion of the market value of the fee-simple interest in the subject
properties.
The purpose of the appraisal is for use by the Otay Municipal Water District for potential disposition purposes. The
intended user of this appraisal is the Otay Municipal Water District, the property owner.
This appraisal report describes the facts and reasoning upon which our opinions are based. The analysis and final
report have been prepared in compliance with, and subject to the requirements of the Uniform Standards of
Professional Appraisal Practice (USPAP) as published by the Appraisal Foundation. The report satisfies the
requirements of USPAP Standard 2-2(b) for appraisal reports. The report contains abbreviated discussions relating
to the subject property and the appraisal analysis performed, but is sufficient to meet the needs of the client. The
appraisal addresses the market value of only the two southerly legal lots which make up the southern half of the
entire Otay Municipal Water District ownership.
Based upon our investigations and analysis, and by virtue of our experience as real estate analysts and appraisers,
it is our opinion that the market value of the subject properties as of May 28, 2019 was:
Lot 18 - $100,000
Lot 19 - $100,000
This appraisal is subject to certain additional assumptions and limiting conditions that are made a part of this report.
Acceptance and use of this report by the client or any other party constitutes acceptance of these assumptions and
limiting conditions.
Thank you for this opportunity to be of service. Should you have any questions regarding this appraisal, please
contact us at (619) 282-0800.
Respectfully submitted,
Edward A. Beaver Ted G. Hendrickson, MAI
California Certified General Appraiser California Certified General Appraiser
License No: AG009555 License No: AG004974
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HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ● Consultants
TABLE OF CONTENTS
TABLE OF CONTENTS ............................................................................................................................ 3
ASSUMPTIONS AND LIMITING CONDITIONS .................................................................................. 4
CERTIFICATION ...................................................................................................................................... 6
SUMMARY OF SALIENT FACTS AND CONCLUSIONS .................................................................... 7
AERIAL PHOTOGRAPH .......................................................................................................................... 8
INTRODUCTION ...................................................................................................................................... 9
AREA MAP .............................................................................................................................................. 13
NEIGHBORHOOD MAP ......................................................................................................................... 14
AREA DESCRIPTION ............................................................................................................................. 15
PLAT MAP ............................................................................................................................................... 17
SITE DESCRIPTION ............................................................................................................................... 18
SUBJECT PHOTOGRAPHS.................................................................................................................... 20
HIGHEST AND BEST USE .................................................................................................................... 24
VALUATION OF SUBJECT PROPERTY.............................................................................................. 25
SALES COMPARISON APPROACH ..................................................................................................... 26
MARKET DATA ADDENDUM ............................................................................................................. 35
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HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ● Consultants
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal report is prepared subject to the following conditions and stipulations:
Hypothetical Condition:
A hypothetical condition is defined as that which is contrary to what exists but is supposed for the purpose
of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or
economic characteristics of the subject property. By definition the use of a hypothetical condition might
affect the assignment results.
The opinion of the market value of the two legal lots making up the southerly half of the
current ownership is based on the hypothetical condition that the property owner has
completed the necessary steps with the San Diego County Assessor’s office to have those
lots identified with an individual Assessor Parcel Number for each lot.
General Assumptions:
(1) The appraisers were provided a copy of a preliminary title report for review.
(2) No responsibility is assumed for matters legal in character or nature. No opinion is rendered as to
title, which is assumed to be good and marketable. All existing liens, encumbrances, and
assessments have been disregarded, unless otherwise noted, and the property is appraised as though
free and clear, having responsible ownership and competent management. It is assumed that the
property is readily marketable and free of all liens and encumbrances except any specifically
discussed in this report
(3) Information, estimates and opinions furnished by others, and contained in this report are assumed
to be true, correct and reliable. A reasonable effort has been made to verify such information,
however, no responsibility for its accuracy is assumed by the appraisers. Should any of this
information prove to be incorrect, we reserve the right to amend our appraisal accordingly.
Photographs, plats and maps furnished in this report are intended to assist the reader in visualizing
the property.
(4) No soils or geotechnical investigation report was provided by the client. It is assumed that there
are no hidden or unapparent conditions of the property, subsoil or structures which would render
it more or less valuable than otherwise comparable properties. No responsibility is assumed for
such conditions or for engineering which might be required to discover such factors. The appraisers
are not qualified to analyze said conditions, and urge the client to retain an expert in this field if
desired. No visible evidence of soils subsidence was observed during our inspection of the
property.
(5) No opinion is rendered as to the value of sub-surface gas, oil or mineral rights, or whether the
property is subject to surface entry for the exploration of removal of such materials, except as is
expressly stated in this appraisal report.
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HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ● Consultants
(6) All opinions of value are presented as the appraisers’ considered opinion based upon the facts and
data set forth in this report. The appraisers assume no responsibility for changes in the market
conditions or the inability of the owner to locate a purchaser within a reasonable time at the
appraised market value.
(7) It is assumed that there are no legitimate environmental or ecological issues that would prevent
orderly development of the land to its highest and best use under economically feasible conditions.
(8) Testimony or attendance in court or other hearing by reason of this appraisal, with reference to the
property in question, shall not be required unless arrangements have previously been made with
the client a reasonable amount of time in advance relative to such additional employment.
Additional pre-trial and court testimony is beyond the scope of this appraisal assignment and will
be compensated for at the appraiser’s standard hourly rate.
(9) By acceptance and use of this report, the user agrees that any liability for error, omissions or
judgment of the appraisers is limited of the amount of the fee charged for this appraisal. Anyone
acting in reliance upon the opinions, judgments, conclusions or data contained herein, who has the
potential for monetary loss due to this reliance is advised to secure an independent review and
verification of all such conclusions and/or facts. The user agrees to notify the appraiser, prior to
any irrevocable investment decision, of any error which could reasonably be determined from a
thorough and knowledgeable review.
(10) The date of value to which the opinions expressed in this report apply is set forth in the letter of
transmittal. The appraisers assume no responsibility for economic or physical factors occurring at
some later date which may affect the opinions herein stated. The appraisers reserve the right to
make such adjustments to the analyses, opinions and conclusions set forth in this report as may be
required by consideration of additional or more reliable data that may become available.
(11) The projections included in this report are used to assist in the valuation process and are based on
current market conditions and anticipated short term supply and demand factors. Therefore, the
projections are subject to changes in future conditions that cannot be accurately predicted by the
appraisers and could affect the future income or value projections.
(12) The possession of this report, or a copy thereof, does not carry with it the right of publication, nor
may it be used for any purpose other than described in this report, without the previous written
consent of Hendrickson Appraisal Company, Incorporated.
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HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ● Consultants
CERTIFICATION
The undersigned certify that, to the best of our knowledge and belief:
(1) The statements of fact contained in this report are true and correct.
(2) The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting
conditions and are our personal, impartial and unbiased professional analyses, opinions and conclusions.
(3) We have no present or prospective interest in the property that is the subject of this report and no personal
interest with respect to the parties involved.
(4) We have not performed any services, as appraisers or in any other capacity, regarding the property that is
the subject of this report within the three-year period immediately preceding acceptance of this assignment.
(5) We have no bias with respect to the property that is the subject of this report or to the parties involved with
this assignment.
(6) Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
(7) Our compensation for completing this assignment is not contingent upon the development or reporting of
a predetermined value or direction in value that favors the cause of the client, the amount of the value
opinion, the attainment of a stipulated result or the occurrence of a subsequent event directly related to the
intended use of this appraisal.
(8) The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice and the Code of Professional
Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.
(9) The undersigned have both made a personal inspection of the property that is the subject of this report.
(10) The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly
authorized representative.
(11) As of the date of this report, Ted G. Hendrickson, MAI, has completed the continuing education program
for Designated Members of the Appraisal Institute. Edward A. Beaver had completed continuing education
requirements for California General Appraiser Certification.
Edward A. Beaver Ted G. Hendrickson, MAI
California Certified General Appraiser California Certified General Appraiser
AG009555 AG004974
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HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ● Consultants
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Property Type
The subject is a municipal property owned by the Otay Municipal Water District.
Location
The subjects are located on the west side of Buena Vista Avenue approximately 160 lineal feet south of
Chestnut Street in the Spring Valley community of unincorporated San Diego County.
Assessor’s Parcel Number
Portion of 579-364-17
Owner(s) of Record
Otay Municipal Water District
Site Size/shape
Per the Assessor’s Plat Map the entire holding is 200’ by 127.5’, or 25,500± square feet (0.59 Acre)
comprising four identical legal lots of 6,375± square feet each. Both the entire holding and each of the
individual legal lots are rectangular in shape.
Improvements
The northerly two legal lots comprising the entire Assessor Parcel are improved with a small, Otay
Municipal Water District pump station which is not being appraised as part of this assignment.
Zoning
RS, Residential Suburban, County of San Diego. Minimum lot size is 6,000 square feet.
Land Use
VR-7.3, Village Residential, 7.3 dwelling units per acre.
Highest & Best Use
The Highest and Best Use of the subject legal lots was determined to be to develop each lot with a single
family residence comparable to numerous surrounding properties.
Property Rights Appraised
Fee Simple Interest
Effective Date of Value
May 28, 2019
Value Conclusion
$100,000 per lot, $200,000 total.
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HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ● Consultants
AERIAL PHOTOGRAPH
Aerial view of subject looking generally north. Indicated property boundaries are approximate.
The portion being appraised is the two legal lots at the south end of the property, identified in blue in the photo above..
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HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ● Consultants
INTRODUCTION
Executive Summary
The purpose of this appraisal is to develop an opinion of the market value of the two legal lots making up
the southern half of a four lot parcel of land owned by the Otay Municipal Water District. The subject lots
are located on the west side of Buena Vista Avenue a short distance south of Chestnut Street in the La
Presa section of Spring Valley, an unincorporated community in San Diego County. This appraisal is the
result of a thorough analysis and the findings are reported in an Appraisal Report format which is intended
to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the Uniform Standards
of Professional Appraisal Practice. As such, it presents discussions of the data, reasoning, and analyses
that were used in the appraisal process to develop the appraisers’ opinion of value. Factual market data
sheets are included in the addenda to this report, and additional supporting documentation concerning the
data, reasoning, and analyses is retained in the appraisers’ files. The depth of discussion contained in this
report is specific to the needs of the client and for the intended use stated below. The appraisers are not
responsible for unauthorized use of this report.
The client and intended user of this appraisal is the Otay Municipal Water District. The intended use of
this appraisal report is to assist the client in making decisions relating to potential disposition of a portion
of their property.
The entire holding is an approximately 25,500 square foot parcel of residential zoned land. It is identified
with a single Assessor Parcel Number, but actually comprises four individual legal lots, each 6,375±
square feet in size. The northerly two lots are improved with a small, 1,150± pump station. The southerly
two lots are vacant. Our assignment is to develop an opinion of the market value of the two southerly lots
for potential disposition by the client. They were appraised using the Sales Comparison Approach to value.
We have appraised the two lots under the Hypothetical Condition that the Otay Municipal Water District
has completed the necessary steps to secure individual Assessor Parcel Numbers for the two individual
lots. According to Raul Cortes of the San Diego County Assessor’s Mapping Division, since no lot lines
need to be adjusted, all that is required is to go to the downtown Assessor’s Office and fill out the necessary
paperwork. He noted that there is no charge for the service.
Valuation and Inspection Dates
The effective date of appraisal is May 28, 2019.
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HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ● Consultants
Scope of Work
This appraisal assignment requires us to develop an opinion of the market value of the fee simple interest
in two lots of a four lot parcel identified with a single Assessor Parcel Number. The following discussion
summarizes the methodology applied in developing our opinion of the value.
The subject property was inspected and photographed on May 28, 2019. The surrounding environs were
also toured and analyzed.
The appraisers contacted representatives of the San Diego County Planning Department to determine
current zoning and land use designations for the subject property, as well as any proposed changes to land
use under the County’s General Plan Update. Information gleaned there was used in conjunction with
analysis of the current market for residential real estate in the subject area in developing our opinion of
the subject property’s highest and best use. We also contacted representatives of the San Diego County
Assessor’s Mapping division to determine what steps would be necessary to secure individual Assessor
Parcel Numbers for the two southerly vacant lots.
In the valuation process, the subject property's physical characteristics and economic potential were
analyzed in order to develop an opinion of market value. Typically when developing this value, there are
three approaches used to develop an opinion of market value: the Cost Approach, the Sales Comparison
Approach, and the Income Approach. In this case since only land is being valued, the appraisers used only
the Sales Comparison Approach.
The appraisers searched for sales of properties similar to the subject which were then verified through
conversations with parties to the transactions. The final opinion of subject value is supported with the best
available data from the marketplace.
Purpose and Intended Use of the Appraisal
The purpose of this appraisal is to provide an opinion of market value for the subject properties, as of the
effective date of value. It is our understanding that this appraisal will be used in the decision making
process regarding potential disposition of the property.
Definition of Market Value
Market value is the most probable price that a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably,
and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation
of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
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HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ● Consultants
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable
thereto; and
5. The price represents normal consideration for the property sold unaffected by special or creative
financing or sales concessions granted by anyone associated with the sale.1
Property Rights Appraised
The property rights appraised are those of the fee simple interest which is defined as:
Absolute ownership unencumbered by any other interest or estate, subject only to the
limitations imposed by the governmental powers of taxation, eminent domain, police
power, and escheat.2
Exposure Time
Exposure time is defined in The Dictionary of Real Estate as:
[The] estimated length of time that the property interest being appraised would have been
offered on the market prior to the hypothetical consummation of a sale at market value on
the effective date of the appraisal. Comment: Exposure time is a retrospective opinion
based on an analysis of past events assuming a competitive and open market.3
The following opinion regarding marketing period for the subject property is based on information
obtained during our market research for this assignment. Based upon numerous discussions with
knowledgeable brokers specializing in the residential market, as well as buyers and sellers of similar
property, it is our view that the marketing period for the subject property would likely be in the range of
six months, assuming the property is marketed at its market value.
Function of the Appraisal
1 Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) PDF e-book.
2 Ibid
3 Ibid.
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HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ● Consultants
The function of the appraisal is to assist the client in decision making regarding possible disposition of a
portion of their property.
Intended Users of this Report
This appraisal is intended for the sole use of the client for the stated function and use. The use of the
appraisal by anyone other than the stated intended user and for any other use than the stated intended use
is prohibited. The appraisers are not responsible for unauthorized distribution or use of the report.
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HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ● Consultants
AREA MAP
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HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ● Consultants
NEIGHBORHOOD MAP
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HENDRICKSON APPRAISAL COMPANY, INC. Real Estate Appraisers ● Consultants
AREA DESCRIPTION
San Diego County is located in the extreme southwest corner of the continental United States, adjacent to
the international boundary with Mexico. The Pacific Ocean forms the western boundary, the Orange and
Riverside County lines form the northern boundary and the Imperial County line forms the eastern
boundary, approximately 85 miles inland from the ocean.
The subject property is located in the La Presa section of the Spring Valley community of unincorporated
San Diego County. The Spring Valley Community Planning Area is a relatively heavily populated
suburban environment that covers approximately eleven square miles. The predominant land use in the
area is single family residential, but since the 1970’s denser housing areas have been developed. The
highest densities are currently on Kenwood Dr., Jamacha Rd., and Canyon Rd.
There are over 1,000 businesses in the community from small, family-owned enterprises to heavy industry
in Spring Valley. Some areas of the community were developed prior to implementation of current zoning
and land use regulations which resulted in some intermingling of industrial and single family residential
development. The area has seen a recent increase in the number of higher density properties intended for
lower income individuals.
The largest portion of the Spring Valley Planning Area is single-family residential homes. There are two
primary business areas. First is the former downtown area on Bancroft Dr. from SR-94 south to
Sweetwater Rd. The other is in the area known as La Presa in the south eastern portion of the CPA from
approximately Omega St. south to Sweetwater Rd. Other specific neighborhoods include Bancroft,
Brookside, Spring Valley, Lakeside, Dictionary Hill, Sweetwater Village, Rancho San Diego and La
Presa.
The Spring Valley Community is served by two existing freeways: State Route 94 which is a major east-
west artery in the northern portion of the community, and State Route 125 which runs generally north-
south along the western side of the community. Other four lane roads in the community include
Sweetwater Road, Paradise Valley Road, Elkelton Boulevard and Jamacha Boulevard. Public
transportation is provided by the Metropolitan Transit System which has several bus routes serving the
community. The San Diego Trolley also has convenient stops in La Mesa and Lemon Grove, a short
distance to the north and west.
There are currently four developed public parks in the Spring Valley Community. Utility services are
provided as follows: water in the subject portion of Spring Valley is provided by the Otay Water District;
sewer service is primarily provided by the County with small pockets, mainly in hilly areas, requiring
septic systems; gas and electricity are provided by SDG&E; telephone and cable television services are
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available from a variety of carriers. Police protection is provided by the San Diego County Sheriff’s
Department with the California Highway Patrol providing enforcement on state highways and County
public roads; fire protection is the responsibility of the San Miguel Consolidated Fire Protection District.
As of January 1, 2017 the population of the Spring Valley/Casa de Oro community was 97,138, or
approximately 2.7% of the total County population. As of February 2019, the unemployment rate in Spring
Valley was 5.0%, higher than the 4.2% for the State of California, 3.5% for San Diego County and 3.8%
for the nation as a whole.
The subject's immediate location is on the west side of Buena Vista Avenue a short distance south of its
intersection with Chestnut Street. It is in the La Presa section of Spring Valley, a primarily residential area
known as Dictionary Hill. The entire surrounding area is built out with residential development of varying
ages. The high concentration of residential properties in the immediate area benefits both retail and office
properties in the area.
The market for residential properties in the Spring Valley Area has been improving for the last several
years. The appraisers reviewed sales of single family residences in the subjects’ zip code from May 2017
to present as reported in the San Diego County Multiple Listing Service. Only sales of homes between
1,000 SF and 2,000 SF were included in the sample as that is the size range most prevalent in the area.
The sales were analyzed on the basis of dollars per square foot of living area in order to minimize the
effect of homes of different sizes. The data sample was slightly under 300 sales in size, sufficient to yield
credible results. Analysis of those sales indicated that single family residence selling prices have increased
at a rate of approximately 3.5% per year since the beginning of May 2917.
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PLAT MAP
Only the two lots being appraised are highlighted above.
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SITE DESCRIPTION
Location – The subject lots are located on the west side of Buena Vista Avenue approximately 260 feet
south of Chestnut Street in the La Presa section of the Spring Valley community of unincorporated San
Diego County.
Owner – Otay Municipal Water District
APN – Currently a portion of 579-364-17. We are appraising the subject lots under the hypothetical
condition that the owner has completed the necessary process with the San Diego County Assessor’s
Office to have individual Assessor Parcel Numbers assigned to the two subject lots.
Legal Description – The following legal description for the entire subject holding was extracted from a
Preliminary Title Report provided by the client. The subject properties are Lots 18 and 19 identified below.
Real property in the City of (unincorporated area), County of San Diego, State of California, described as
follows:
Lots 16, 17, 18 and 19 in Block 23 of East San Diego Villa Heights, according to Map Thereof No. 1317
filed in the Office of the Recorder of San Diego County.
Together with that portion of the alley adjoining said property on the west, vacated and abandoned by
Instruments Recorded November 13, 1980 as Instrument No. 80-382405 and 80-382406, both of Official
Records.
Access – The properties are accessible from either direction on Buena Vista Avenue.
Size and Shape – County Assessor’s data and other public records indicate that the two subject lots are
both 50’ x 127.5’, or 6,375 square feet in size. They are both rectangular in shape. Please refer to the plat
map.
Zoning and Land Use – Both lots are zoned RS, Residential Suburban, by the County of San Diego and
are in an area of 6,000 square foot minimum lot size. The County land use designation is VR-7.3, Village
Residential with a maximum density of 7.3 dwelling units per acre. Both lots are legal and conforming.
Topography – The lots are somewhat sloping with up banks on their west sides. There is sufficient level
area on each of them to permit development with a residence similar to those on surrounding sites.
Drainage – Based on our site inspection, the properties appear to have adequate drainage.
Development Status – The two subject lots are currently vacant.
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Utilities – All typical utilities are available and operating in the subject area.
Street Improvements – Buena Vista Avenue is a two lane asphalt paved residential street in the area of
the subjects. There are concrete curbs and gutters on both sides of the street but no sidewalks along the
subject frontage.
Easements/Encumbrances – The appraisers were provided a title report to review. The report identified
only two easements which encumber portions of the two subject lots, both for utilities and both at the
extreme western end of the lots. These easements are not considered to limit development of the subject
to its highest and best use.
Soil Conditions - No soils and geotechnical investigation report was provided by the client. Our site
inspection revealed no visible evidence of soils subsidence or other adverse soil conditions. It is assumed
as a limiting condition of this report that the load bearing capacity of the site is similar to other developed
properties in the vicinity and adequate to support any legal improvements that might be proposed for the
property.
Flood Hazard – Flood Insurance Rate Map 06073C1930G (map not printed), dated May 16, 2012,
indicates that the subject property is in White Zone X. White Zone X is identified as areas outside the 500
year flood plain.
Environmental Issues – Both subject lots are vacant, mapped residential lots surrounded by improved
residential properties. There are no known environmental issues.
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SUBJECT PHOTOGRAPHS
Lot 18 viewed from across Buena Vista Drive.
Lot 18 viewed from the fence line.
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SUBJECT PHOTOGRAPHS
Lot 19 viewed from across Buena Vista Drive.
Lot 19 viewed from the fence line.
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SUBJECT PHOTOGRAPHS
Looking north on Buena Vista Drive. The subjects are to the left.
Looking south on Buena Vista Drive. The subjects are to the right.
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Property Data
Use History – The entire holding was formerly the site of a large water storage tank. Review of historic
aerial photos using Google Earth indicates that at some point between September 1996 and June 2002 the
tank was removed and the existing pump station was constructed. The tank had occupied portions of both
of the subject lots, but the lots appear to have been vacant since it was removed.
Sales History – Information provided by the client states that the four lot holding was acquired by the
current owner on December 31, 1959. There have been no known vesting changes since that date.
Property Taxes/Assessed Values
The subject lots are owned by a municipal water district and are not taxed.
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HIGHEST AND BEST USE
As used in this report, Highest and Best Use is defined as:
That reasonable and probable use which will support the highest present value as of the date of the
appraisal, and
That use from among reasonably probable and legal alternative uses, found to be physically possible,
appropriately supported, financially feasible, and which results in the highest land value.
There are two distinct analyses in the highest and best use process; the highest and best use analysis of the
site as if it were vacant, and the highest and best use analysis of the site as improved. Following is a brief
summary of the subject’s highest and best use as vacant and improved.
The determination of the highest and best use of a property either improved or vacant, must consider the
following four criteria. Is the potential use: (1) legally permissible, (2) physically possible, (3) financially
feasible, and (4) maximally productive. These criteria should be considered in the above order, as
qualification under the latter criteria would be irrelevant if a use is physically or legally prohibited.
As If Vacant:
The subject properties are two legal lots that make up the southern half of a single Assessor’s Parcel
comprising four identical legal lots. Per the Assessor Plat Map, each lot is 50’ x 127.5’, or 6,375 square
feet in size, and both are rectangular in shape offering good utility. They are interior parcels on the west
side of Buena Vista Avenue a short distance south of its intersection with Chestnut Street in the La Presa
area of Spring Valley. Both lots have somewhat sloping topography and are slightly above the grade of
Buena Vista Avenue. The entire area is zoned RS, Residential Suburban, by the County of San Diego and
are in an area requiring 6,000 square foot minimum lot sizes. The zoning is in conformance with the
Village Residential 7.3 land use designation. The lots are in a large, well established residential
subdivision in the La Presa portion of Spring Valley. The entire surrounding area comprises generally
older single family residences on 6,000 square foot minimum lots.
Developing each of the lots with a single family residence would be legally permissible, physically
possible, financially feasible, maximally productive and is considered to be the highest and best use of the
two subject properties.
As Improved:
The two subject lots are vacant.
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VALUATION OF SUBJECT PROPERTY
Typically when developing an opinion of the market value of a property, three approaches to value are
used - the Cost Approach, the Sales Comparison Approach and the Income Approach.
The Cost Approach is useful in valuing new or proposed improvements which represent the Highest and
Best Use of the site, or special use properties that are not frequently exchanged in the market. This
valuation method relates the value of the subject property to the cost of a similar site and the reproduction
cost of the improvements. However, the subject properties are vacant residential lots and the Cost
Approach is not relevant.
The Sales Comparison Approach compares the subject property with similar properties which have sold
recently. Comparison of the similarities and dissimilarities of comparable properties to the subject
provides an indication of value that is derived directly from the actions of buyers and sellers in the
marketplace. In this analysis, the Sales Comparison Approach will be used to develop an opinion of the
market value of the subject properties.
The Income Approach analyzes the economic characteristics of a property through its ability to produce
income. This approach generally involves Direct Capitalization of a property’s one year stabilized net
operating income using a market derived overall capitalization rate. As with the Cost Approach, the
subject properties are vacant lots and the Income Approach is not relevant.
The appraisers searched for recent sales, escrows and listings of similar properties in the subject area. Data
sources included the San Diego County Multiple Listing Service, public records, and conversations with
brokers active in the subject market. Detailed write-ups of each of the comparables used are contained in
the addendum to this appraisal report.
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SALES COMPARISON APPROACH
The Sales Comparison Approach is based on the principal of substitution, which implies that a prudent
buyer would pay no more to purchase a particular property than it would cost to obtain a comparable
substitute property. A common unit of comparison used in this approach for vacant residential lots is the
total selling price per lot. The Sales Comparison Approach is a typical method of analysis that a potential
investor or owner/user purchaser in a property of this type would use in the decision process.
The subject properties are vacant, conforming legal residential lots. They are both 6,375± square feet in
size. They are somewhat sloping lots with up banks at the back of each lot, but have ample developable
area to be improved with single family residences similar to many other lots in the immediate area.
The appraisers conducted a search for listings, pending sales, and recent sales of similar residential lots.
The market data research included the use of published sales information services, public records, and
interviews with buyers, sellers, and other real estate professionals active in the commercial retail segment
of the real estate market.
Our search focused on sales of vacant residential lots in the subject area. Since the subject area was built
out many years age, there were only limited recent sales of vacant lots in the vicinity. We located a total
of five sales considered suitable for developing an opinion of the market value of the subject properties.
All are located within approximately three miles of the subject, four are in Spring Valley and one is in
neighboring La Mesa. One sale occurred in May 2017, the other four in 2019. They bracket the subject
somewhat widely in selling price and physical characteristics and are considered to be the most reliable
available indicators of subject market value.
COMPARABILITY FACTORS
The following discussion identifies the comparability factors that were considered by the appraisers in the
valuation process of the subject property.
Market Conditions
There were insufficient sales of vacant land parcels in the subject area to do meaningful selling price trend
analysis. As an alternative, since land prices generally tend to follow trends in selling prices of improved
residential properties, we reviewed sales of single family homes in the subject zip code for the period from
May 2017 to present. We limited the search to homes built since 1975 and between 1,000 SF and 2,000
SF as these are considered most representative of the type of home expected to be constructed on the
subject properties. Nearly 300 sales were analyzed on a dollars per square foot basis in order to minimize
the effect of differing home sizes. The date range includes the recording dates of all five comparable sales.
Analysis of the data indicated that the trend in selling price increased approximately 6.95% for the two
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years of the analysis, or approximately 3.5% per year. These trends were discussed with brokers and other
market participants during confirmation of data used in this and other appraisal reports. While individual
opinions varied to some extent, the overall consensus of these individuals tends to support the results of
our sales data analysis.
Based on our analysis of improved residential sales reported by the San Diego County MLS, in
conjunction with numerous conversations with brokers, buyers and/or sellers involved with sales of
residential land properties, we have concluded that 3.5% per year, or 0.29% per month, is an appropriate
rate at which to adjust sales for differing market conditions as of the date of sale.
Location
The subject property is located in the La Presa area of Spring Valley. The subject property’s immediate
area located on Buena Vista Drive north of Apple Street is a long established residential neighborhood
with basic quality housing. Two of the sales are also in the La Presa area and are considered similar in
location to the subject. The other three are all considered superior in varying degrees to the subject in
terms of their location. Consideration was given to the comparables’ locations as they compare to the
subject property’s location.
Property Size
When considering properties of differing size on a per lot basis, larger lots are superior to smaller lots.
Four of the sale properties are larger than the subjects and are considered superior to the subject in that
regard.
Site Utility
The subject properties are rectangular in shape and somewhat sloping, considered to be average in site
utility. Two of the sales are considered similar in utility. The other three are considered inferior to the
subject in utility, two due to steep terrain and one due to a drainage ditch on the property.
View
Due to the topography in the area the subject property offers some view of the area and hills to the east.
Two of the sales are considered to have inferior view potential, one is generally similar, and two are
superior in varying degrees due to steep topography of the sites.
Access
The subject is accessible from either direction on Buena Vista Drive. Two of the subjects are accessible
only via a long, narrow easement road. The other three comparable sales are considered generally similar
to the subject in access.
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Zoning/Land Use
The subject properties have zoning and land use classifications intended for single family development.
Four of the sales are similar in this regard. The fifth is zoned for multiple residential use but could
accommodate a maximum of only two units, or one SFR.
Offsite Improvements
The subject street has partial offsites including concrete curbs and gutters, but no sidewalks at the subject
location. Three of the sales are on easement roads with no county offsite improvements. The other two
have partial offsites.
Development Potential/Status
The subject properties are vacant, individual residential lots with the potential for development with one
single family residence each. All five comparable sales are considered similar to the subjects in this regard.
The table on the following page summarizes the land sales, and the considerations and adjustments that
were made. A detailed discussion follows regarding the comparability of each sale to the subject with
respect to property rights, financing, conditions of sale, market conditions on the date of sale, geographic
location, site utility, view potential, access, zoning, offsites and development potential.
.
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SUBJECT SALE NO. 1 SALE NO. 2 SALE NO. 3 SALE NO. 4 SALE NO. 5
Property Location Buena Vista Avenue West of Gillespie Drive West of Gillespie Drive 8657 Golf Drive 9360 Hollyhock Road High Street
S of Chestnub Street South of Jamacha Road South of Jamacha Road at Waite Drive
Spring Valley Spring Valley (La Presa)Spring Valley (La Presa)Spring Valley Spring Valley (Casa de Oro)La Mesa
Owner/Seller Otay Water District Jackson Family Trust Jackson Family Trust M&M Clint Cable Deutsche Bank Socal Metro Holdings
Buyer N/A Aaron Leavitt Aaron Leavitt Christopher Welton Murphy/Pechacek Rehouse LLC
Assessor Parcel Number(s)Por 579-364-17 584-510-20 584-510-19 499-361-19 500-160-14 475-352-14
Recording Date 03/12/19 03/07/19 03/06/19 01/25/19 04/28/17
Document No.0088562 0081756 0080628 0028612 0192134
Land Area (SF)6,375 13,454 14,037 18,000 18,146 6,098
Site Utility (Shape & Topo)Rectangular/sloping Rectangular/level Rectangular/level Steep slope w/tiers Rectangular/gentle slope Steep slope
View Some distant hills None None Panoramic Some Area Good area to S and W
Zoning/Land Use RS/VR-7.3 RS/VR-7.3, SD County RS/VR-7.3, SD County RS/VR-2.9, SD County RS/VR-4.3, SD County R3/Multi Res, La Mesa
Minimum lot size 6,000 6,000 6,000 15,000 10,000 6,098
Access 1 Street Easement road Easement road 1 Street End of private road 1 Street
Offsites Curbs/gutters only.Partial on Gillespie Partial on Gillespie Paved road only Paved road only Partial offsites
Devel Status Vacant legal lot Pomegranite orchard Pomegranite orchard Vacant land Vacant land Vacant land
Devel Potential/Status 1 SFR 1 SFR 1 SFR 1 SFR 1 SFR 1 SFR or 2 Apartment
Proposed Use 1 SFR 1 SFR 1 SFR 1 SFR Not disclosed
Highest & Best Use SFR development.Residential Residential Residential Residential Residential
Comments
The subjects are two
adjacent, identical legal
lots which are currently
portions of APN 579-364-
17.
This is a generally
rectangular, essentially
level lot partially
improved with a
pomegranite orchard. Lot
cannot be split due to
narrow easement access
road.
This is a generally
rectangular, essentially
level lot improved with a
pomegranite orchard. Lot
cannot be split due to
narrow easement access
road.
This is a steeply sloping
residential lot in the La
Mesa Country Club section
of Spring Valley. Sold with
plans for a 3,300± SF house.
This is a generally
rectangular, sloping site at
the end of a private road.
There is no private road
maintenance agreement.
This is an irregular
shaped, steeply sloping lot
a short distance from SR-
94. Permitted uses include
1 SFR or 2 apartments.
Topo limits site utility.
Price $80,000 $50,000 $161,000 $155,000 $94,000
Conditions of Sale/Market:
Property Rights Fee Simple
Subtotal $80,000 $50,000 $161,000 $155,000 $94,000
Financing Cash Equivalent
Subtotal $80,000 $50,000 $161,000 $155,000 $94,000
Condition of Sale Market
Subtotal $80,000 $50,000 $161,000 $155,000 $94,000
Market Conditions Stable/Improving $0 $0 $0 $0 $0
Market Condition Adj. Price/SF $80,800 $50,500 $162,610 $156,550 $100,580
Location Spring Valley Similar Similar Superior Consid Superior Superior
Site Size (Ac)6,375 Superior Superior Superior Superior Similar
Site Utility (Shape & Topo)Rectangular/sloping Similar Consid Inferior Inferior Similar Inferior
View Some distant hills Inferior Inferior Consid Superior Similar Superior
Access 1 Street Inferior Inferior Similar Similar Similar
Zoning/Land Use RS/VR-7.3 Similar Similar Similar Similar Similar
Offsites Full Offsites Slgt Inferior Slgt Inferior Similar Slgt Inferior Similar
Devel Potential/Status SFR development.Similar Similar Superior Similar Similar
OVERALL COMPARABILITY Inferior Substantially Inferior Substantially Superior Substantially Superior Sim to Slgt Superior
COMPARABLE LAND SALES SUMMARY AND ANALYSIS
COMPARABILITY ANALYSIS
PHYSICAL CHARACTERISTICS
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Land Sale No. 1 W of Gillespie Drive S of Jamacha Road, Spring Valley, CA
This is the March 2019 sale of an approximately
13,454 square foot vacant residential zoned lot
located in the La Presa area of Spring Valley. The
selling price was $80,000. It was a cash to seller
transaction. It is a generally level, rectangular lot
situated at the west end of a narrow easement road
extending west from Gillespie Drive. It is accessible
only from the east on the easement road across three
other properties in the area. It is zoned RS
(Residential Suburban) by the County of San Diego
with a minimum lot size of 6,000 square feet. It has a Land Use classification of VR-7.3 (Village
Residential, 7.3 units per acre). The zoning and land use classifications suggest that this property could
be split into two legal lots, however, the confirming source stated that the County will not permit it to be
split because the easement access road is too narrow. As of the date of sale the southern half of this sale
was improved with a pomegranate grove. The buyer of this property reportedly plans to build an SFR.
This sale was adjusted slightly upward to $80,800 to account for differing market conditions as of the
date of sale.
This sale comparable is considered superior to the subject relative to its larger lot size. It is inferior to the
subject in terms of its lack of view amenity, its easement road access and slightly inferior as to offsite
improvements. It is considered generally similar to the subject in other respects including its La Presa
location, site utility, zoning and development potential. Overall, this comparable sale is considered
inferior to the subject and indicates a price greater than $80,800 for the subject property.
Land Sale No. 2 W of Gillespie Drive S of Jamacha Road, Spring Valley, CA
This is the March 2019 sale of an approximately
14,037 square foot vacant residential zoned lot
located in the La Presa area of Spring Valley. The
selling price was $50,000. It was a cash to seller
transaction. It is adjacent to Sale 1 above and was
purchased by the same buyer at approximately the
same time. The selling price of this property was
reduced by $30,000 due to anticipated remediation
costs of a drainage ditch which crosses the property.
The confirming source noted that, absent the ditch it
would have sold for $80,000. It is a generally level, rectangular lot situated at the west end of a narrow
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easement road extending west from Gillespie Drive. It is accessible only from the east on the easement
road across three other properties in the area. It is zoned RS (Residential Suburban) by the County of San
Diego with a minimum lot size of 6,000 square feet. It has a Land Use classification of VR-7.3 (Village
Residential, 7.3 units per acre). The zoning and land use classifications suggest that this property could
be split into two legal lots, however, the confirming source stated that the County will not permit it to be
split because the easement access road is too narrow. As of the date of sale this property was improved
with a pomegranate grove. The buyer reportedly plans to build an SFR. This sale was adjusted slightly
upward to $50,500 to account for differing market conditions as of the date of sale.
This sale comparable is considered superior to the subject relative to its larger lot size. It is considerably
inferior to the subject in terms of its site utility (remedial cost of curing the drainage ditch), inferior as to
lack of view amenity, its easement road access and slightly inferior as to offsite improvements. It is
considered generally similar to the subject in other respects including its La Presa location and zoning..
Overall, this comparable sale is considered substantially inferior to the subject and indicates a price
substantially more than $50,500 for the subject property.
Land Sale No. 3 8657 Golf Drive, Spring Valley, CA
This is the March 2019 sale of an approximately
18,000 square foot vacant residential zoned lot
located in the La Mesa Country Club neighborhood of
northern Spring Valley. The selling price was
$161,000 in a cash to seller transaction. The lot slopes
steeply upward from Golf Drive and has a level pad
area near the top of the site. It is generally rectangular
in shape. It is an interior lot which is accessible from
either direction on Golf Drive, a two lane, asphalt
paved road with asphalt curbs but no other offsites.
The property is zoned RS (Residential Suburban) by the County of San Diego with a minimum lot size
of 15,000 square feet. It has a Land Use designation of VR-2.9 (Village Residential, 2.9 dwelling units
per acre). The confirming source noted that the seller had some preliminary work toward development
and that water was in, sewer was connected and electricity and gas were present. He also noted that there
were plans available for an approximately 3,300 SF residence, but that the buyer opted not to use them.
This sale was adjusted slightly upward to $162,610 to account for differing market conditions as of the
date of sale.
This sale comparable is considered superior to the subject in terms of its location in northern Spring
Valley and its development status with utility connections. It is superior in overall lot size and
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considerably superior as a result of its panoramic view potential. It is inferior to the subject relative to its
steeply sloping site utility. It is considered generally similar to the subject in other respects including,
access, zoning and offsites. Overall, this sale is considered substantially superior to the subject and
indicates a subject value of substantially less than $162,610.
Land Sale No. 4 9360 Hollyhock Road, Spring Valley, CA
This is the January 2019 sale of an approximately
18,146 square foot vacant residential zoned lot
located in the Casa de Oro neighborhood of northern
Spring Valley. The selling price was $155,000 in a
cash to seller transaction. This was an REO sale that
was originally listed for $117,000, but the confirming
source stated that they received multiple offers for the
property and it eventually sold for the $155,000 noted
above. The broker indicated that $155,000 was
generally representative of its market value. The lot
slopes gently upward from Hollyhock Lane, a private road extending east from Hollyhock Road. It is
generally rectangular in shape. It is an interior lot which is accessible only from the west on Hollyhock
Lane, an unmaintained road with no road maintenance agreement between neighbors. The property is
zoned RS (Residential Suburban) by the County of San Diego with a minimum lot size of 10,000 square
feet. It has a Land Use designation of VR-4.3 (Village Residential, 4.3 dwelling units per acre). This sale
was adjusted slightly upward to $156,550 to account for differing market conditions as of the date of sale.
This sale comparable is considerably superior to the subject in terms of its location in the Casa de Oro
section of Spring Valley and slightly superior in overall lot size. It is slightly inferior to the subject relative
to its offsites. It is considered generally similar to the subject in other respects including site utility, view
potential, access and zoning. Overall, this sale is considered substantially superior to the subject and
indicates a subject value of substantially less than $156,550.
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Land Sale No. 5 High Street at Waite Drive, La Mesa, CA
This is the April 2017 sale of an approximately 6,098
square foot vacant residential zoned lot located at the
corner of High Street and Waite Drive in the City of
La Mesa. The selling price was $94,000 in a cash to
seller transaction. The lot slopes steeply upward from
High Street and is irregular in shape. There is an
approximately 3,700 square foot generally level pad
area at the east side of the property. It is a corner lot
but is accessible only from High Street, a two lane,
asphalt paved road with concrete curbs and gutters but
sidewalks only on one side of the street. The property is zoned R3 (Multiple Unit Residential) by the City
of La Mesa with a minimum net lot size of 2,420 square feet per dwelling unit. It has a Land Use
designation of Multi-Residential. Development standards would permit development of this property with
either single family or multi family improvements. However, given that substantial grading would be
required to provide the 4,840 net square feet needed for two multi-family units, it is considered more
likely that the property will eventually be improved with a single family dwelling. This sale was adjusted
upward to $100,580 to account for differing market conditions as of the date of sale.
This sale comparable is considered superior to the subject in terms of its location in La Mesa and superior
relative to its view potential. It is inferior to the subject relative to its steeply sloping site utility. It is
considered generally similar to the subject in other respects including site size, access, zoning, offsites
and development potential. Overall, this sale is considered similar to slightly superior to the subject and
indicates a subject value in the range of $100,580.
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The following table summarizes the comparability of the five comparable sales to the subject property,
from the most inferior to the most superior.
LAND SALE COMPARABLES
Comp # Address Sale Date Size (SF) Sale Price* Comparability
2 W of Gillespie Drive, Spring Valley 03/07/19 14,037 $50,500 Substantially Inferior
1 W of Gillespie Drive, Spring Valley 03/12/19 13,454 $80,800 Inferior
Subj Buena Vista Dr S of Chestnut, SV $100,000
5 High Street @ Waite Drive, La Mesa 04/28/17 6,098 $100,580 Similar to Slightly Superior
4 9360 Hollyhock Road, Casa de Oro 01/25/19 18,146 $156,550 Substantially Superior
3 8657 Golf Drive, Spring Valley 03/06/19 18,000 $162,610 Substantially Superior
* Market Conditions adjusted price per square foot
After consideration of economic, physical, and locational differences which have an influence on value,
the comparable sale properties bracket the subjects’ market value, albeit widely, due to a lack of similar
lot sales in the area. Comparables 1 and 5 were considered most similar and given greatest weight in our
analysis. These sales bracket the subject value in the range of approximately $80,800 to $100,580 with
Sale 5 requiring the fewest considerations for differing physical characteristics. Based on the bracketing
effect of Sales 1 and 5, with support from the other sales and discussions with knowledgeable sources in
the area, it is our opinion that the value of the subject properties is $100,000 per lot.
Indicated Value 2 Lots x $100,000/Lot = $200,000
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MARKET DATA ADDENDUM
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LAND SALES MAP
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Land Sale 1
Location: West of Gillespie Drive South of Jamacha Road, Spring Valley, CA.
APN: 584-510-20
Size & Shape: 13,454 square feet, rectangular in shape.
Topography: Generally level.
View: None.
Zoning: RS (Residential Suburban) San Diego County, 6,000 square foot minimum lots.
Utilities: Typical utilities are available in the area.
Access/Offsites: Accessible via an easement access road extending west from Gillespie Drive.
Improvements: None at the time of sale.
Sale Price: $80,000
Terms: Cash to seller.
Transaction: Document Number: 2019-0088562
Recording Date: March 12, 2019
Transfer Tax: $88.00, Full Value
Buyer: Aaron Leavitt
Seller: Jackson Family Trust
Confirmed by: Brian Turner, selling agent.
Comments: At the time of sale, the southern half of this property was used as a pomegranate
orchard and the northern half was vacant. Despite being large enough to be split into
two residential lots, the County will not permit the split because the easement access
road is too narrow. The buyer reportedly intends to construct a single family residence
on the lot. As of our inspection, no work had commenced.
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Land Sale 1
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Land Sale 2
Location: West of Gillespie Drive South of Jamacha Road, Spring Valley, CA.
APN: 584-510-19
Size & Shape: 14,037 square feet, rectangular in shape.
Topography: Generally level.
View: None.
Zoning: RS (Residential Suburban) San Diego County, 6,000 square foot minimum lots.
Utilities: Typical utilities are available in the area.
Access/Offsites: Accessible via an easement access road extending west from Gillespie Drive.
Improvements: None at the time of sale.
Sale Price: $50,000
Terms: Cash to seller.
Transaction: Document Number: 2019-0081756
Recording Date: March 7, 2019
Transfer Tax: $55.00, Full Value
Buyer: Aaron Leavitt
Seller: Jackson Family Trust
Confirmed by: Brian Turner, selling agent.
Comments: At the time of sale, this property was used as a pomegranate orchard. Despite being
large enough to be split into two residential lots, the County will not permit the split
because the easement access road is too narrow. This sale is adjacent to Sale 1 above.
Its selling price was discounted $30,000 to offset anticipated costs of remediating a
drainage ditch that crosses the property. The selling agent stated that, absent the ditch,
it would have sold for $80,000. The buyer reportedly intends to construct a single
family residence on the lot. As of our inspection, no work had commenced.
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Land Sale 2
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Land Sale 3
Location: 8657 Golf Drive, Spring Valley, CA
APN: 499-361-19
Size & Shape: Approximately 18,000 square feet, generally rectangular in shape.
Topography: Steeply sloping site with a generally level pad area at the top.
View: Panoramic view to north and west.
Zoning: RS (Residential Suburban), County of San Diego, 15,000 SF minimum lot size.
Utilities: Typical utilities are operating to the site.
Access/Offsites: This property is accessible from either direction on Golf Drive, a two lane, asphalt
paved road.
Improvements: None, the site was vacant as of the date of sale.
Sale Price: $161,000
Terms: Cash to seller.
Transaction: Document Number: 2019-0080628
Recording Date: March 6, 2019
Transfer Tax: $177.10, full value.
Buyer: Christopher Welton
Seller: Clint & Laurie Cable
Confirmed by: Adam Stone, selling agent.
Comments: This sale property is located in the La Mesa Country Club neighborhood of Spring
Valley. It is a steeply sloping site with a generally level pad area at the top. Since the
building pad area is at the top of the site, the property offers a sweeping view to the
north and west. According to the selling agent, the seller had completed some
preliminary development steps including utility connections. The buyer reportedly
intends to construct a single family residence on the property.
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Land Sale 3
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Land Sale 4
Location: 9360 Hollyhock Road, Spring Valley, CA
APN: 500-160-14
Size & Shape: Approximately 18,146 square feet, generally rectangular in shape.
Topography: Gently sloping.
Zoning: RS (Residential Suburban), County of San Diego, 10,000 SF minimum lot size.
Utilities: Typical utilities are available.
Access/Offsites: This property is accessible via Hollyhock Lane, an unmaintained private road with no
road maintenance agreement between neighbors.
Improvements: None, this property was vacant as of the date of sale.
Sale Price: $155,000
Terms: Cash to seller.
Transaction: Document Number: 2019-0028612
Recording Date: January 25, 2019
Transfer Tax: $170.50, full value.
Buyer: Patrick Murphy
Seller: Deutsche Bank
Confirmed by: Scott Varley, selling agent.
Comments: This was a previously developed property from which the improvements were
removed in early 2014. It is a gently sloping property situated at the end of a poorly
maintained private road extending generally east from Hollyhock Road. It was also
an REO sale, originally listed for $117,000, but the selling agent noted that they
received multiple offers which drove the price up to $155,000. The agent noted that
the final price was generally representative of his opinion of market value of the
property. The buyer reportedly intends to construct a residence on the site. As of our
inspection no work had commenced.
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Land Sale 4
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Land Sale 5
Location: High Street at Waite Drive, La Mesa, CA
APN: 475-352-14
Size & Shape: Approximately 6,098 square feet, irregular in shape.
Topography: Steeply sloping up from the street with a generally level pad area at the top.
Zoning: R3 (Multi Unit Residential), City of La Mesa.
Utilities: Typical utilities are available.
Access/Offsites: This property is at the corner of High Street and Waite Drive but is accessible only
from High Street.
Improvements: None, this property was vacant as of the date of sale.
Sale Price: $94,000
Terms: Cash to seller.
Transaction: Document Number: 2017-0192134
Recording Date: April 28, 2017
Transfer Tax: $103.40, full value.
Buyer: Rehouse LLC
Seller: Socal Metro Holdings LLC
Confirmed by: Public records.
Comments: This is a small, steeply sloping lot at the intersection of High Street and Waite Drive
in La Mesa. There is an approximately 3,700 square foot generally level pad area at
the top of the lot. The R3 zoning requires 2,420 net square feet per dwelling unit for
multiple units. Thus, significant grading would be required to develop two dwelling
units on the property. It is considered more likely that one single family residence will
be developed. We were unable to contact the buyer to determine his intentions for the
property.
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Land Sale 5
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TITLE REPORT
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GENERAL ADDENDA
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HENDRICKSON APPRAISAL COMPANY, INC.
Hendrickson Appraisal Company, Inc. is a midsized appraisal firm that was incorporated in 1986
to provide professional consultation on matters relating to valuation of real estate and real property.
The firm specializes in valuation of commercial, industrial, entitled and unentitled vacant land,
and subdivision property.
Appraisers within the firm provide valuation consultation and expert witness testimony relating to
several legal matters involving: eminent domain property acquisitions, estate matters, real property
misrepresentation matters and partnership disputes, bankruptcy and foreclosure matters, and
diminution of value matters involving construction defects, soils subsidence and hazardous waste
issues. In addition to court testimony, arbitration and mediation services are provided to facilitate
settlement on valuation issues, as appropriate.
The firm specializes in appraisal of office buildings, retail centers, industrial property, restaurants,
marinas, multi-use property, special use property, large entitled and unentitled vacant land
holdings, many of which involve sensitive habitat issues, and residential subdivision and golf
course oriented planned residential developments. Detailed sensitivity analysis, including
discounted cash flow analysis on income producing property (offices, retail and industrial) and
multi-phased residential subdivision cash flow analysis, is a specialty area of the firm.
In addition to valuation of property based upon their highest and best use as developed from market
analysis, Hendrickson Appraisal Company, Inc. provides consulting services relating to alternative
uses for various property, under differing use scenarios.
Following is a brief summary of the organization of the company. Ted G. Hendrickson, MAI, the
principal valuation expert within the firm has over 30 years of appraisal experience, primarily
oriented toward commercial and subdivision appraising. He has extensive expert witness
experience having testified many times in arbitration and court proceedings. Associate appraisers
in the company are either MAI designated or advanced candidates for the MAI designation and
are State of California Certified General appraisers. The average experience level of the firm's
staff appraisers is 15 years, with primary emphasis on appraisal of all types of commercial
property, large land holdings and residential subdivisions at various densities.
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TED G. HENDRICKSON, MAI PROFESSIONAL QUALIFICATIONS
Ted G. Hendrickson, MAI is the president and principal valuation expert of Hendrickson Appraisal
Company, Inc., a midsized appraisal firm specializing in valuation of commercial, industrial, large
vacant land holdings and land subdivision property. Mr. Hendrickson has over 30 years of
experience as a real estate appraiser and consultant, primarily specializing in valuation of
commercial property.
Mr. Hendrickson is a qualified expert witness, having given testimony on several occasions in
Superior Court and in the Federal Court system. Mr. Hendrickson has testified in several cases
involving: eminent domain property acquisitions, estate matters, real property misrepresentation
matters and partnership disputes, bankruptcy and foreclosure matters, and diminution of value
matters involving construction defects, soils subsidence and hazardous waste issues. Mr.
Hendrickson has also served as valuation expert and arbitrator in arbitration hearings involving
property valuation and lease negotiations with the Port of San Diego and in other public and private
corporate real estate matters.
Mr. Hendrickson's appraisal experience includes valuation of the following property types:
commercial, retail, office, industrial, multi-residential, special use property such as food
processing facilities, tidelands property including marinas, hotels and restaurants, vacant
unentitled land with sensitive habitat issues, and subdivision land with detailed highest and best
use analysis. He has extensive experience in valuing large office buildings and other income
producing property, as well as land subdivisions (residential and industrial) using discounted cash
flow sensitivity analysis.
Mr. Hendrickson holds the highest designation in the appraisal field, the MAI designation. He is
past President of the San Diego Chapter of the Appraisal Institute and has served on several
regional committees.
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QUALIFICATIONS
TED G. HENDRICKSON, MAI
APPRAISAL EXPERIENCE: 1986-Present: Hendrickson Appraisal Company, Inc. President; Real estate appraiser, reviewer, consultant, analyst, and expert witness Full range of Appraisal/Consulting services, including mediation and arbitration services Right of Way Eminent Domain Valuation Specialist 1984-1986: Independent Appraiser specializing in appraisal and feasibility analysis of commercial, industrial, offices, multi-phased subdivisions and income property. 1973-1983: Home Federal: 1973-1979: Appraiser Analyst specializing in appraisals of subdivisions, commercial, retail centers, office and industrial property. 1979-1983: Appraisal Dept. Manager, Vice President. Responsible for reviewing and appraising commercial, residential, and industrial property. 1970-1973: California Department of Transportation. Staff appraiser specializing in valuation of residential and commercial property for right of way eminent domain purposes. EDUCATION: Undergraduate and post graduate professional studies California State University, Northridge - B.S. degree in Real Estate Finance University of Southern California (Graduate School of Business) University of Washington (Graduate School of Business) Appraisal Institute Courses and Seminars: (Courses taken at various universities throughout the U.S.) ▪ Industrial Appraising ▪ Appraisal of Income Property ▪ Investment Analysis ▪ Capitalization Theory ▪ Litigation Testimony ▪ Skills of Expert Testimony ▪ Real Estate Risk and Analysis ▪ Discounted Cash Flow Analysis ▪ Valuation of Partial Interests ▪ Subdivision Analysis and Feasibility ▪ Analysis of Money Market Rates ▪ Standards of Professional Practice
▪ Valuation of Easements ▪ Impact of Hazardous Substances on Real Estate ▪ Highest and Best Use Analysis ▪ Market Land Use Analysis ▪ Financial Forecasting ▪ Environmental and Biological Issues ▪ Cost Analysis ▪ Master Planned Communities/Land Planning ▪ Mitigation Land Analysis ▪ Standards for Federal Lands Acquisitions (USFLA) ▪ Valuation of Lease Interests ▪ Eminent Domain Law PROFESSIONAL: Membership and Service MAI Designation (#6603) with the Appraisal Institute California Certified General Appraiser (AG004974) California Real Estate Broker’s License (#530471) Member of the International Right of Way Association (#1148112) Chairman and member of several Appraisal Institute committees Past President of the San Diego Chapter of the Appraisal Institute COURT EXPERIENCE: Qualified Expert Witness Testified in California State Superior Court and U.S. Federal Court Testified in Arbitration and Mediation Proceedings - government agencies and private corporations
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QUALIFICATIONS
EDWARD A. BEAVER
APPRAISAL EXPERIENCE:
1987-Present Associate Appraiser, Hendrickson Appraisal Company, Inc.
Residential: Appraisal of all types of residential properties ranging from senior citizen condominiums to
large custom estate properties, both existing and proposed. Appraisal of all types of residential properties for
public acquisition under eminent domain law including full and partial fee acquisitions, permanent and
temporary easement acquisitions and analysis of just compensation for severance damages and benefits.
Income property: Appraisal of large residential income properties, multi-phased planned industrial park
properties, vacant land intended for multi-unit residential properties, improved industrial properties,
commercial/retail properties, proposed residential subdivision properties and appraisal of leasehold interests.
Appraisal of complex commercial and residential income properties for public acquisition under eminent
domain law including full and partial fee acquisitions, permanent and temporary easement acquisitions and
analysis of just compensation for severance damages and benefits.
Experience includes giving sworn testimony during arbitration proceedings.
PROFESSIONAL:
Practicing Affiliate in the Appraisal Institute.
State of California Certified General Appraiser #AG009555.
EDUCATION:
Elmhurst College, Elmhurst, Illinois – B.S. degree in Mathematics.
National University, San Diego, California – MBA degree with emphasis in Computer Management.
Appraisal Institute Courses/Seminars
Basic Valuation Procedures Standards of Professional Practice A
Standards of Professional Practice B Capitalization Theory and Techniques A
Capitalization Theory and Techniques B Case Studies in Real Estate Valuation
Appraising from Blueprints and Specs Planning and Land Use
Apartment Valuations Appraisal Regulations of Federal Banking Agencies
OREA Laws and Regulations Applying Economic Forecasts
Environmental Risk and Analysis Property Profile of Operating Expenses
Master Planned Communities Easement Valuation
Expert Witness Testimony Leasehold Analysis
Eminent Domain Law Litigation Valuation
7 Hour National USPAP Update Uniform Appraisal Standards for Federal Land Acq.
RE Finance Statistics and Valuation Modeling
Operating Expense Seminar Supporting Capitalization Rates
Appraisal Applications of Regression Analysis Stats and Graphs 1
Review Theory – General
EXHIBIT C
Two Vacant Residential Lots
Lot 18 ±6,375 SF | $125,000
Lot 19 ±6,375 SF | $125,000
Both Lots ± 12,750 SF | $220,000
Option to Purchase Together or Separate
Vince Provenzano
President of Brokerage
Vince@PacificCoastCommercial.com
Lic. 00780182
(619) 469-3600 | 10721 Treena St., Ste 200 | San Diego, CA 92131 | www.PacificCoastCommercial.com | Lic. 01209930
Tyler McKee
Sales & Leasing Associate
Tyler@PacificCoastCommercial.com
Lic. 02082617
The information contained herein has been given to us by the owner of the property or other sources we deem reliable, we have no reason to doubt its accuracy, but we do not guarantee it. All information including zoning and use should be verified prior to purchase.
FOR SALE
Property Overview
Development Opportunity
Two +/- 6,375 SF Vacant Residential Lots
Parcel Size: +/- 12,750 SF Lot
APN # 579-364-17-00
Sale Price: $220,000 ($125,000 Per Lot)
• Situated in Spring Valley
• Zoned: RS, Residential Suburban, County of San Diego
• Land Use: VR-7.3, Village Residential, 7.3 Dwelling Units Per Acre
• Minimum Lot Size is 6,000 SF
EXISTING LAYOUT
Immediate Access to Hwy 125
with Easy Access to Hwy 54, & 94
Heavily Populated Suburban
Area Covering Approx. 11 Miles
Property Offers Views of the Area &
Hills to the East with Some Lake Views
Average Household Income:
$86,139 within a 5 Mile Radius (2019)
Information Source: CoStar
The predominant land use in the area is single family
residential, but since the 1970’s denser housing areas
have been developed. The market for residential
properties in the Spring Valley Area has been improving
for the last several years. The high concentration of
residential properties has benefited both retail and office
properties.
Public transportation is provided by the Metropolitan
Transit System which has several bus routes serving the
community.
354,361 full time population 74,958 day time population 365,403 population growth (2024)
$86,139 avg. household income
3.00 avg. household size
68,339 owner occupied population
9,026 businesses
4 public parks
* demographics source: costar, based upon a 5 mile radius
48,084 renter occupied population
Spring Valley | Market Snapshot
SURROUNDING AREA
AERIAL
19,565 VPD
JAMACHA ROAD & COUSHATTA LANE
J"� C A L I f O R N J A
'-� ASSOCIATION .. OF REAi.TORS
SELLER COUNTER OFFER No. 1 May not be used •� a multlpJe count.r offor. iC.A.11. FQlll' SCO. Revl11N1 11114} Date May Z§. � __ _
Thl6 e a ooonter 04Tor lo the: daleO _ May"· 202D berwoon and -----
PurctlsM Pqeemeot, l I Buyer Counter Offer No._ • or C Olhsr --,---___ ("Offer"), . on prqieny lulown as � Vhlfit Averrue Lot !6•191 Sprlna Vltlhly, � 919'11 f Propeft)I"), 8 Ave, LLC 7:-------------, ('Bu),af°)Ouy WaJer °"trf£t I Jo.a Martinez, GMPOII t,lr111ager _____ C-�Jer").
1. TERMS; Tho t81'11\5 and coodllions of th• above referenced tloe1-1rnent are scceptoo subject to the followmg: A. Paragraph• In the Offer that raqulre 11\JU�lt by 111 pilrtlaa. bul •• not lnlttaled ny all pattlH, •re flelluded from lhe flnal IIG"""'•nt 1,1,..a ■peolRc■lty 'ffi,..nced kw lncluston In P'"'Qf<1ph 1C of thl• or onothar Qounter Orte, or an lldd■ndum,B. UnlH• otilofwlH ag,eed ln writing, down payment and loan unount(a) wt.II be adju11ed In the same proponlon as In the cirig nal Offar, but depo11t •mounJ(a) anal retnaln undl.-.911d from lh.e ortglnal Offer.C. OTHER TERMS:
f, B41l9!:toDlacloH Qwoo q,f,,,Bc.te:.:�:.:.c..:LL=C=--------------------------
2. $Hier Will"°' JIJstall W•ter Melen 3. Th• Sw lf Sut,Jec:t to Ohl)! Wa(!tr Qf!trfot Bow Approval
D.The fo41owtng attiiched addenda ue lncorporatad Into thl• S.lltr Counter olfer: 0 Addendum No. ______ _r1_______ _ _____ [ I ________ _ 2, EXPIRATION: TIii$ S r Coumer Ol'la, 811811 bo doomed rovokad and Ille oeposl�, if any, $hall be returned: A.Union by S:00i:-,i on ltle third owv After the daie u is signed In paragraph 4 (If more man one sq,elllfe thon, tho last signaturedac&)(cr by I AM rJ PM Ofl -:-,-=-:-:-(dalo)) (i} 11 ls signed 1r1 paregrsph 5 by Scl)'ff' lttW:I (ii) 9 copy of the signed SellarCounte, Offer i$ portonaty re<aYed by Seller or -="'=----=-,.,..,,..=----___ , who � aU1hof1Z8d to recel\le IL B. OR II Sele, wllhdrn-Ns 11 anytime poor 10 ACO&ptafloe (CAR Form woo may I>& U!led� C.OR II Sol!tr .i,ocepts eoother ofief prior lo Buyor't Aa:eptlance of this CO!JflU!f offer.
&. f44'RKETING TO OTHER BUYERS: Soller ha& lhs "'ijhl to conunue to ortet lhe Property for sale. Saler h85 the right to accept 111'1)1 otnor otter reoetveO. pnor 10 AeccptMoe of tJll& Coonter Otter by Buyer N tpocifiad 11 2A and !. In suctt event, SoJlor Is odvlaad to w.lll(t,ew this seuar CCuntor Offer before aocaptlng another offer.
4.OFFeR: SELL!R MAKES TtilS COUNTER OFFER ON THE TERMS ABOVE AND ACKNOWU:OGES RECEIPT OF A COPY. Seier ____
�·� OnvWatwD�tt-lot Dato Seier ---"'=-¢=-=-_I;�=-=--=_,._--_ JonM• Gtu1etf(� Oate firiozo
5.ACCEPTANCE: llW -� Countsr Ofter (If ctwlcllctd LJ SUBJECT TO THE ATTACHED COUNTER OFFeR) 811da�nowledgarece4ptofaCopy &lyw ______ _ &!'1'9' _______ _ CONFIRMATION OF ACCEPTANCE;
------------=-'-'-"-' .... Ll.C �Iii Tme __ BAMllJPM_ _____________ �0----Time__ AM'l0PM
(_ I _) (lflo1Jal9) Confirmallon of Ac<:eptmce: A Copy of Signed AC0flf)CMC9 was pen;onelty reoa:rved by Sellet. or Seller'$ autnortzed agonl as specified i11 paragraph 2A oo (dala) _ _ ::--.,...,.---::::-;st __ UAM/ [JPM. A blndlr\g Agraem•nt I•creaJed wtien , Copy of Signed Acceptance le pe,aonally r9c.ived by Seller or Setler'& authorized qtnt Wl'ltlhtr or not oomlnnad In this document.
SELLER COVNTER OFFER SCO PAGE 1 Of 1
EXHIBIT E
OocuSl;ln !me� 10. 1oa1vs:;,.c�l8-80f'Mll:l3211lllllllfli � c A L r Po RN I A otSCLO&URE REG.ARDING � � ASS o c I AT I u REAL ESTATE AGENCY RELATIONSHIP � OF li4..8 A I.TO ll � llNY_..IMIINl8IAnrllO� T tAa qqulmd.., u. 01v1 eo•1 (C.A.R. ,_NJ,� UNII LJ (It cmcqd) flu earm • blllng provided In oonnecllon '411th a tranuctlol\ for I teueok1 111ter•1t exCNdlnii 0114 y11r n Ptr CMI Co41 •ctlo" J07i.13(1>, 00 ""d (I� Wllen you lnfllr ala I cl■c:uulon with a real flllte lg9Jll i:age�lng • ,ut ellue tranulilol\, )'OU illcud Item illl OlJ!IM und1t111rld wti.l tr1>11 of IIUlftC/ lllf.eil)n!IHp or rapNIMll&IUon }'OIi wllh Ill h� wlh tl1' agent 11'1 1110 lfllRHiCIIOII. SELU:R"t AG�T A Sdlu's •�u undet a llll)IG �teefflenl wilh ,11. 8altt ICCI H Ula •�nl lbr the 6elllr only, A S.IJll'.1 agarll C/f I 1Ub1gienl ot lh.11 •Ulfll hll Iha follow� � ao�ations. To the Belllr A Fkhl<ll,Y duty QI UVflOlt Olro, ln'-Ul(J. hOPClty .-id "7/f//t'/ 1n o••ngs Wdn Iha Seiler.To th■ Bl(tef and ltlt Seller Ca> Dilgent eardM ol ru,ol\lllla .iu ■Ad cat9 111 ptrfotmilnca ol lhe 1ii,enr1 dl.nlaa. (b) A duty of bor'teil lflCI fu dHAng and uooo flNh. (o) A duty ID dimoN all r.cta known to Ille ag.il ffllllltliltt •cung IN val\le or dt1lr.il!llity of the p,opaty tlal •re not tna.n ta, cwwithin IN diliget'II 111111n1J011 ard obMrvalon Cf, lhe p1r1J11. An IIQli,I • no1 ot,lpt.-1 1D ,_, to llilhar paitv •nr amfloe:nlllll tnfoR'NIIQfl lltllainld ·-1M Q4t1e, Plil1Y thlll IIOtl IICll ln.vct.le \110 a.eflmuiuv. dulll:I Mt 101111 lltlD'I&. BUYeR"a A.OEHT A Bt.,yel'I aglt'11 can, 111llh II Elllyefe oon,..i, 1!J1119 to act • agent to, Ill• Buyer on!),. In thei.e 1tulllion1, tit• tgffl1 • nae the a.iw'I ,v'"1, IMln It by agn,em,t:!fll the agent m,y _..,. con,p11m•lion rOI' ..,..,1o1, ren-.cl, 0th• In tul or In part mim the Sealr. hi � � onty ro, a 8uye, l\a• Ille fllllowintJ •ffimlllbnl oblQatlonll To L1lt 8u)'lr A l'l:tue411)' dutr ol l,llmOst an, �egnty, hDIIIHIY ffid loyally In dllllnlJI � file el/YSf. To trio Buyer Ind the S.fBf. (I)o•uant u.ro1e of,.� lliil •nd Cllfl! In pelfCfllWflCI cl th• auenr. dUUII. (b)A duly of hone-tt Ind lllr de■llno Ind good �Ith.(c) A d.uly to dladoM 11 fKtl known IO lh• -awn mPllllty ■ltlillting lne nlue or deal,.blii,Y or � prCl9tf!Y ni.i ua AO! MQ'lffl to, a, wlm the di9ef'II lllllntion end OllttfYMOII of, "1• paitlaL An agent 19 r.at obllf,lted lO f4Wtil to altller P8"-Y ■n," confidmliallrTll>rm,ation obtained from tile ohtr pllltJ' 1na, dON nClf lm,ol\.lt the al'llrmatlwi dutle1 ut bib abow.�f MJIREIOfflNO ltOltt IEIJ.ER ANO BU�II A ,..., CIIIU� agen� e•her ICI� d eco, or lllrougll on.i or more ulmpel'Rlna and tirour uaodW1, can legaltf ba Ille -u•rs ol l>otll u.6111111, and tlw Bll)'Cr lri t nnll&CtiOl'I, b.it 0111, -..i lhe kna.lrled!la and OOIIIIN of both tr. Selis end (lie Buyw. In e duel ege-ncy IIIUIIUofl. the aa-i,I h .. CII• Ila� affinnlUIIII OblgallOM t.o bolh 1n11 Sttllor and Iha 8u�r: (a) A fidllD� du� ot Wl!Olt ctr1, 1�. honetlfV and IOyallY In ltHI dllalll\g!I W11n INh1r Ille &slier Of It. su,et. (cl) ·Olhc, duliea lo the Selm IOlf 1111 Bu�r a1111Ced -1;1ow In lllillir tetpecatr. HCIIOl'IL 111 flP'"'� boll\ Scfer ond Buyer. a dwtl 191111 may no� WilbQuC th■ •llJl'NI OemitllDft of the rupectl\• �rty, dlldou lo the ot/11!11 011t1y conlldend■I lntormauon, ind.tdlng. 11111 nal limhlld II>. r.ctf flllMi'U IO eltha lbe Su)ie,.. or Seller't &\atteill poelkln. ll'IOllvlllJona, ba,g•rq poaltlon or or:tllf peraomil lnfalmllklfl 11\11 may � l)licll, ll'UU!ln9 tile 81U1f1 willr�- ID aCCIIJll e prlcl 1111 Lti■n tho I� prb o, Iba 8uywn W1"'1gn1M W pay I plicll 9111llllr 11\itTI 1111 pnai O'fl'and. i.ELLER AND l!IUVY RE.IPONllBIUTEI Elh!r ll'le PIIIG'lll .. au,-MmOnl or 1 ..,.._ doa.fflefll wit � • axrllll'llatlon ot ""1lctl IJ!illffl I■ re�esm,tlr19 you I/Id MIICher lhal IU"11 is ,wpresena,g you ncluaNlly In Oltl lnl,1qqion o, � u du-al 1gllll, � �Y � IO tNt cgnfirmttiuri to mue ■ure 1t 1ccurltalY Allecu YOI.S inl••tandl'CI o1 )'(Ill'"""°' ra111. 1h11 il&>ow dulln of fil• ag1llll l.n • r•III llJ\IIIII tnnu«rtlan· do 11ot lllllllt • Seller o, 8")181 !tom It,. ra.-pOOU1lty 110 pr<lted h/1 or h■r own 11'.fitfeltl. You ltlOllld c.,re� read al agrNllllntl fl> ... Unt th.a tt-,ey IOlql,ll� oxpnsa you, undlra■nr.1111g af lh• transaction. A ,.., Mall q.rt le a plfllDn qll1lllliecl IO ■ct.tM 1bout rul ff&l1e tr lqll Of IP .scMm ii dMireel.. co!IIUI a wmpel:anl profHlll>n1'. If yoij are a Buyer, you lwve the dill) to enrtiM ro-..onll:ill can IO pmelll ygurMlf, lneullng a■ kl Vl°'8 fac1S ltlOIA l"8 PfVP'rtr wt.:h .,_.knolWI Ill )IOIJ or� yOrllr dlgi■nt •11:enUCWI and GtltWllalion. 8olh S.llan 1rtd euyan ■houkl stlvf191Y c:cr11111u owlninii taK ed�lcl ft0m a comJMM,. profMl!Onal btCoiMl111 the 1&d1r11 li/\CI Jtae tllll Olf1NQUWICN ol • b"an..ctlall can 111 oo,,.iieK and MlbjlCt to�"""· Thrcugllout yout real propeny ltalmctlo" � may race!\/e more '1111> a,w dlld-.ire lorm, ltlJlendlng upon mt numb.-!If ■gtn.es .-Ung 111tt111ranlld!:oo. The lllw r11QUlrH � 911einl •1111 ""'om '/VfJ ha\111 more tNn 1 1:8S1Ual rth11X>n1� lD pruv,t you Will 1h11 dlalioJ\lra torm, You1holM r■-Q OQnlallta uell Ume I r, p<-ll!ld to you, c.oruae� fh• r■11Jcrishlp betweerl v�" end lbtt real ealale lt»IN In yoljr specfflc:lrwlnc:tlon Ttw. dhaiam-form Ind� tha�.ladiaM ,ora. u � H'71U4, IM!Ullve, al It!• Cil/11 Codi Ht lorih on SIIG• 2. R4a&d 11 candt, I/WE ACKNOWI.EOGa: R ,t(JPY Of= THIS DISCLOSURE AND TH! PORTIONI Of' THI! avL CODEPfiJNTeD OM THE BACK (OR A SEPARATE P S/7.7./2020 i a,,., 0 SIIIII' LJ l..rdafd0 T8fli111.,,...,,...-�-eJOo7 � Out
0 � )( Sdlr D urdald0 T1fl8111 UM>LlC ;:z; �-----Dia �/v;,/io 'lO � �Ft,u=� � �322::::s���Qr�Ja=·�m�---���-
Q 1111.JOtl, C.,l'olM � d REAL 'IOIIM. tnc. •...,,.i\:=:;:;�=:-� AD ReVlll!D 1 Z/11 (PAOI! 1 OF ZI �
DlSCt-()$UREREOA��N8RE!A
000J9ign &MIIDpe tn 1081G5C7-CCCMl238-80FA-0832'1S1t16F9
•� C A I. I PO RN I A'-.._ � AS:.. O C I AT ION POSSIBLE REPRESENTATION OF MORE THAN ONE BUYER
...... o F 11. 1; 11 1-·r o 11. s ,. OR SELLER -DISCLOSURE ANO CONSENT (C..A.R. Forni PR88, RlivtNd t2111)
A reoJ emate broker (l:lrokar), wti■lher a COfl)Ofalion.. pa,mor-,.p Of .-proptletoftlNp, may raprenm fl10f9 than on■ buyer or Nier. Thll ml.Atlpie represontadon can oau throuilh an lndMduri IIOffllOd N • tlfokor or �son or lhrough dff9r■nt
lndl¥idual brokn or 511feaperaona (aa10Ciate iicen5ee•) � und.tr the ewokor'I ticen.e, The aNOdate licensee1 may b6 woricing ouC or the � Of' dllfetenl offlc.e toelllQM.
MUft_lptt Buye,.; 8roker (incllvldually or through ita anodate dcanHH) m■y be wonll"9 wl� many proepeettve bu)le,. 81 tho &amo Umo.. ThoM proepct0tilHI bu'fCJ' may have ■n lntenillt In, end tRllke orr... Ofl, the ■111me prep9r1i.., Som. r;/ fh ... propenta may be lllted with 8roker and some may nol Brolter will nol llmit or nntric:A any pert)CIJl11r bu� fnlm making an offe, on any parth;dar PfCPtrtv Whether or rtOI Elf()jkef repretenta o1her buyers lntere&ted In the Arno p,cperty.
llultJple Salera.: Broker {lndi!tlidually or lfwolVl Ila au.oaate lcensces) may hive Hltings on many propertlaa at !he sameIJme. A.a a rault., Bro'lc« WIil atkn"P1 eo find bvyera tor eac:ti ol tt1011e liated propertlea. Some ltsted poponles may appeal to the 511me proapecilve buyors. Somo p,operues All)' ettract more pro'f)leCIJYe bl.l)"El'II than alhBfll. Some of these prospective buyers may be represented by 8rotu,r and �e may not. �er wJ1 matk.llt al lilted pt,)ptrllH to • p,Oif)eClthfe buyers IMle'lher or not Brobr hu ■nothlJr or oehclr 11'1ed properties lhllll may appeal to the same proe� bl.lyors.
OU1t A9eney: tr Seller is repreeented by Broltar, Seller acknO'Medgea lhot broker may reprue� proapeothle buyor1 Of Seller's property and conMn� to Broker� 11 e dual 1:19ent for both &ell.er and buyer In tti.t trtnte01lon. If Buyeria rep,nentad by Brok.et, buyet �• that Broker may r&fll'618fll .. 11,,. of �erty that Buyer la intere&� In acquiring and conHnt& to Stoker dng n • dual agent to, both b0y8f' and 11ll er 'Mlh regard to that prq,erty.
In the tMlnl of duel BQ8nCY. sell• and buyet agree that· a dual agant may not, without the e>qnM penninion of the reapecilvc pllty, dlldOlie to the other party confidentlaJ informalion,, WldUd�, bUt nol llmlled to, fad11'9'atln9 to dhtr lhl buyet'6 or selllar'& finaoolal politlon, mol1V1Pon1, barganing po&aion, or other personal lnfomlallon thal may impact price,incl,ding the l8len w11Ungnass to accept a pnoe lei.a than Che ll&1ing pl1ca Of the buyen wtlllf'9l855 to pay a pnoe greater than the price ofleled, and except 1111 set ronn above, a <Jua1 agent II obll� to dllCtOSe known tacta mlllarially efteotlng the value or dollhbllity ot the Property to boeh p.arlie&.
Offera not ne,ceuartty confld•nHel: Hu\ttr IS adlllted that ■eller or 11.q agant may dlldole lhe axlebmce, terms, or oondl\lon1 of bllyere offer ulllen all pal'tles Ind � agent hiM! lilgned a wri111n confldenliehty agreemart. � any such lntillmaliDn ea actually dildOle<t <1epend1 on many faCltonl, IIUCh -■ wrrerc m811cet condltlona. Iha pnMling pf1ICtfoe In lhe ,eel e&tate community, the Ii� aganl'1 martcetlng 11rategr and Ole in&tructlons of the eeltet.
Buyer aoo 11ller underatand 1hat Brow may rec,teaenl mare lhan one bur• or more man one seller and a•en bo1h buyer and 1tllet on the same tranaactiOn and conienta to IUCh ll'llal.lonahlpl.
5e11sr _________________________ ����z;=--::f;;f-"-seuer ________ -;:::;.;;.;;;;----------,:��u:,o:;��':":":
ORE Lie I 013t2n1 0.te OSQ212P20
By DRf Uc;I aum� Date ___ _ e "'"
:;iler'1 Srolterage Fi'm !::Pa!!.!· C:!,!11!!:'lc:...!i:!l!!f\��.!!U:l!!!.L-:;:;pf]Mf===-----�� � �-0-12--09-,--�-,--�'!-s--a,...J-:._...2:}boo �
Vincent Provt'fllano
CALIPOP..NIA
ASSOCIATION
OP I\.BALTOR.S8
WlR.E FRAUD AND ELECTRONIC FUNDS TRANSFER ADVISORY IQ.A.It. l'cwm Wl'A, .._. Ut17'1
Property Addrau: Bum! v,a,. Ave L-OU 11·19, Spnna v..ney. CA 91177 WIRE FRAUD ANO 1;1,,ECTRQNtc fUNQ8 IBAHlf'EBS AQVISQBY:
("Pfopa ,ty).
The alli!ity to commllfQt• and conduct bwlneu electronlcaly 11 • cmwenienoe and reality In nearly ell part& ol our Ives..
At the same til'le, it hu provided hackM■ end ■cammera new oppo,tunitim for their criminal actMty. Many bu1IMSM8 have bean victll'nfhd end lhe real e■tate bua1net11 l1 no excapllon.
'Mlle wtmg or e!Ktr� tranafemng fund• la a Wllikome ao�ae. wo elf need to exllfClle exueme cal.Iden. Emlll .UOmp!Jng to rldur;e freudulanJ wire tran'11r1 ri.vo l)Oe:n reioetved •nd 111YO eope� to be legltlmalll .. �olfil tndlcala that &eme ha.ell-. have been able to Inlet'(� emailed trllfflfer in&trur:nona, ob4ain account WOrmallol'l .no, �
ebfinsi 5ame of lhe data. redfrec:a the funds to a different account. It alao ap� that .omo t\Mkor, were able to prnvldefalae phone n.umbera for ver1tylng the wd,-g or funda tramf• irwtructiona. In thoM ca...._ tho viCl'llm called the number p,ovfdad to con&m the Instructions. and then unwitllnily auttionz_ed a trtni,;itr 10 torTUMhere or aomeone other than lhe Intended ra�l•nl
ACCORDtNOL Y, YOU ARE AOVISEO: 1.Obtain phone nu:mbera and account numbe,a onfy from E9crow Offk:era, Property llanagen, o.rLandlords a1 lM bepmtng of the tr1n1ac;tlon.Z.DO NOT EVER WIR& OR ELECTRONICALLY TRANSFER FUNDS PRIOR TO CALUNG TOCONFIRM TH.E TRANSFl:R INSTRUCTION$. ONl y use A PHONE NUMBF:A YOU we"I!!PROVtDED PREVIOUSLY. Do not uu any different phon• number or acc;ount number Included
In any emailed tnrwftlr lnetructJorm,,. Orally confirm the tranlfer lnl'tnlctlon I• lagltlmate and conff,m the bank routing num�r,
account numbe,. and 01her code• bdore tirldng at..-t.o tnmafer the fUnda. 4.Avoid aendlng peraona1 Information In emalla or te:xta. Provld• •uch lntorm11Jon In penaon �
over the telephone directly to the &crow Otftcer, Property Manager, or L1ndlord.S.Tau ateps to aecure the ayaum y-0u ■re ustng wtth your em.all account. Thu• •tlpl lncaudecnatlng 1ctrong panworda, u:alng Hcure WIFl,. and not uelng free awvicea.
If yoo believe you have ,eoei11"8d qunltoolbll or 11.11plclou5 wire Of find$ 1l"ans1er .tnSlruCdons. inmedlillelV notll'Y YoUr bank, ind the other party, and tt. e� Office, Landlord, ot Property Manoger. The e,ou�a below, •• wel II mhera, un also prO'V!Ge lnk>mla1Jon;
F■dlnl Ekntu ol ln11ea.tlgation: https:/twww.ft>1.9cw/, the FBl'a IC3 at www.tc3.goY; or 310-4n-8586
National 'Mil• Coll8r Crime Center. hlflX'/\WIW nw3c.org/
On &ard Onllno: h1lp1:/Jwww.onguStdonHne.pl
NOTE: ThCf'C are exlttlng altomll1fv .. to electronlc and wtred fun:d tranafelw auch u cahter"■ en.cu.
By algnJ� below, the unde,.tgned acknowledOf that uch ha rad, undef'ltlnda and has recalved acopy of thla � Elec1ronfc funda Tranafet Advtto,y.
Buyerffanant � B Ave. LL«; dJJJ._/2_0_2_0 __ _
Buyertrenan1
�
Date
Soller/l..llndlofd = Otg watarDJstrlctDlle �/t$/2ozo r-----r,
Sdlerll.andlons ___________________________ oete ____ _
o� !iwekipe 1>: t0&1eoc,-00e�eDF�,m6Fe
CALlfOllNIA ASSOC I AT ION VACANT LAND PURCHASE AGRE6ME:NT
01• 11. 1;"' 1. r o 11.s • AND JOINT ESCROW INSTRUCTIONS fC,/UI. FOl'BI VLPA, ,_..,.. 111111
Data Pnparet1: Htr 11, 11191. OfFER: A.THIS IS AH OFFl!JI FROM O Ar,1 LLC r•&yel"),B.THI! R!AL PflOP@ltlY IO be acquired is .A!!NIOl&loD ... Y�lf�a�A,�v•�4:R�e,s..&.ttir;.i.:1fr.,... ____________ ' llltual:8d In J.Mrur Vart,L (Cly). S.,,, 0t99 {Oounly),Caifonva, i'.!@77 (ZipCodlt),Awm:nParcalNo. fflJU1700 �fllP!IIY'l-F■rtlw DNcrlbtd At C.THI!! PURCHASE PRICE Offllred II .a9m;u;a.wfflffldfflla:..ar;;;,g11o1f:1o1:Wttw-�1'}Jo11-11:1t,gdWK _____ --::--.,,.---:--:-=--:-:-::-:-::------
i r ..,__, . OolilU'I I tl9i000.90 , D.CLO E uF -™ ■ruiir occw on□-------------{OilttHOI' (A1 _ JO Dap Allz!r �lllnca). !. 81.ry• 11ld S&Jllor ate ro� to hcl'efll 11t Ifie "Pertld.. • Btoket11 are 1101 PaRJ11 to � Agreement l.AGEJil.CY: A.DISCU>8URE: Th• Pll,tliu Heh Hknowtedg• .. c,lpl of• lil "Dl•doa-Ln Ra,Jltcflng Reau E111rt11 Aofflcy Rft&doPIIHIJI"(CAR. Fomi ADI,•. CONPIIIMA TJON: Thi falow)lg .nq, ,....tlorllhlp,1 .,.. coofrmod for ltlla tran.actimi: 111-.,.. l!lro�ge Plrm e,,a. � cammerc.w Llcen1e Nunar 1, me blakar ol (dieck one� f,ii:J iii, ■ell,; o,'[fboifia.. tiv,c, sod •hr. (dllll •e-nO ------
Slier'• Aoent��-------'Ylnr.tr.ll�R Ucon• Number 4.1.ltaJQ 11 (check ooat � Che Sellor'I Ag.em. {ta_,,.,.onci,'lircL, a11C1C:l•) 0 ba1h ii• BllY'!r"5 and Soll,.. Aaait. tduificiinij
Buytn Btollilrat• Flffll ......,.,.,..,..---,--....!!!!!�����!!!!.ml�lqlL.,..,..__.-,.... Ucen11e Nurrt>er_--i:;O�f3uf;s;flulw.7 __ b the� OI (d\tdl one.� r. !JI IOef1I 8uywr'1 Agtrtt E ewn.ro Llcerise Number ou•.1111 b (check CAI!}( tt,e B.Jyer'll AG9nl ( IPl(IOll e>r brck.tr �lite) bclftl lhe Bll)'ef'a Md S.1111'9 �on4. (dual •110nl) c.POTUITIAU. Y COMPETING BUYERI ANO aEU.!IUl: Th• P--. 0 ldlrMM1edg,e teceip( or I � ·Poaallle Ref,nNlltllliooof Mar; dlan One &�or 01 Sdlr • Dl1doain and CGrwent· (CAR Form PR8S). !. FIINM4CE TERMI: Buyer repruerrtl that fl#'lejt \11111 be gooct �1'en lil!pollled "1th Elc:row tiot;le,, A.INrTlAL D£POlfT': 0lp01A an• be in I/le tl'TIOI.Wll of ...• , •. , • , , , , , , , , , , . , . , . , •........... · $ ___ .....u!O..,,OOCll=:.:OOc=-(11 Buyer O.RtCI. Oepoait: B�e,, ahall dMtter depollt dlracll)' 1r:i Etc:r'l1W Holctor by eltldronlc tund1 wannir, n ,.,to: ... check, LJpereOfllll Ched{, Oe11t1oir _______ oMlflln 3 bUlllNI ...,. allllr ,A.aleplAnC& (or -=---, ��c---:-..----,,-c-c-=i:::-:-::-:-c:--c=......,--,l'"'T"------'t OR (210 l!uyer Otpolll iiili AQant: Buyar • glllcn !he ttepoll by peraonil i:tiid ior --,----)to the 1ge,,1 IIUbm.ltl"i tlM Off�r (or to _____________ ). made payable to llle depot/I alliil be hlld ur,c:uncd IMIU Acceflblftee end lhlf1 �posil9d with Ewow Holder W s bulineaa d.,-a � Aoceplance (or ___________ ).. 0,;po•� diecka glW!n to 1!9•111 111111 bo en or\glnlll algnecl did .,.-, AOt • �-(No(e: lnil!llt and 1ncrA1CO cflllPoll'tl chedta ,._._.d by 151cn1 •ah.alt be recorded In 8rok.tr'a trust t\JAd 1109-) 8. INC� DEPOSIT: Btlyw 111111 dq!olit widl EBC/VW Holdlr ill lricniMd depcd in fie amaun& al. . $ ______ _wltlm Day. AJ\f.f �nco (or .....,.,.,.....--,----.-.....,...--------c,----,---._ 11 � Pa a agN!e to IJqUl!da.Dcd dwnage11 ii lhta ,¼rvemen'-ltloy _, agi-ee to $ic:o,pora1e I.ht 11ic1Hsad dlpollt 11110 the llqlllllllld darNges •rnounl "1 a fil!IJ&rwhl li(rui!iltod d;ltmii,t& QIIIH (C,A,ft Form RIO)11 tt1e time the inaee.Md del!Cllll I& dell\llntd to i;�w ttolder. C, Ii.AU. CASH Ofl'Eft! No lo•n la nNded to purdl_. the Prope,ty 11111 offlW II NOT colO\gllnt on Duysr otulnlng • 10111. wntten w:rific:.-tlan or 111fflC1lllll lllld1 to doiia 1h11 tranaac:tlOfl IS ATTAOHEO ID "1it Dlfel o, O 81,l)'Cf ttian, wlltlln J {or __ ) Daya Alter Aoc■pance, Oeliwr to Beller audl wrfflCllclon. D.LOAH(&): (1) flRST LOAN: In Iha .amo1111t of. . . . . . . . . . . . • . • . .•...•.•....•..•.•• , • , .........•• , . , 1 _____ _ Tmi lollll 1o1oill be corw.1ntlofllll fina1'Cilg 0A O FHA, n VA, 0 Seier flnllld!lil (CAR. Form SFA), 0NIUffltd 6nancilg (CAR Form AFA), D dljcd '° �. U Olhl( �r--.....,,,....,...,,,,....,--. TN• I� ahall be at a bad rato not to aJCCNd 'ti. or, 0 an acllumble rata loan with lllHial rwte not
tlo ••ceed --� Rc,glrdlllll ct Iha� .... a� lfid pay paint! noc lO eKOCcd --"" of Iha loan amounL Ill QIS!COHD L_OAH In !hi •mount ol. . . . . . . . . . . . . . . . . . • . . . . . . . . . . . . . • , ......•.. 1 ______ _
Thia loan 1MII bl cio,weMional lnw,cloQ Oft O Safar �g (CAR. F1lnn SFA), D uaumlld ll\fl'018(C.AR fCllfflAfA}. 0�10-.ndna nou�r ______ . lhil lolln llhlll 1:111 OCa 1118d ma no1 rx, eJU:l!lld "leor, O an lldi!Allbli' ra111 ioen wlh 1n1&1I ra111 not 11o ciotmed __ "'
Ragardlea M u. type o1 iiiiii:Bu� 1h11 pay� nae m exc.eed __ % of the 10111 amount.
ISi FMANA: Fer 1111y FHA o, VA bin tl)edted. In 3)(1), Buyer ha 17 (or _ ) °"W'I Alw �m lo
�tter III S.llll'\li1111sl nota (CAA Folm fW,) or frl'I lllnelllr� ,_,. or oom tt.t au,.�
ot (Jllwrwllll oon-.t. Sellar Im no obllgabcn 10 pay c, 8lllllfr llnde, reqW&nllf!IJ \lnietla
A F'rWJA amtl'dlllOIY dai.u R. Fclrm FVAC) W1 be a pall ot NI-�/ .
l:!u)lCl'a..__ ( �-�-' •to� SeWI lnllllll ( �I __ ___,
II a1119, � l;M.� N, •
VU' A REVl&l:D 1111 I (f'A.QI: 1 OP 11) tosu" VA.CMff !.,AHO PURCH I! ft£&ENT P G& t Of' 11
Prop«ty Addres.11· BfH!at Y!Jta Ar,Lglf ,,_,,, lpdnq vvi,,.. CA 11177 !, ADDITJONAL flHANaNG TEAMS;
, . iIDHei 01' DOWN PA YMl!HT OR PURQHAB! PRICE In lhumount Of.. . . . . . . .. .. ......... S 119,oop,oo ID be dt90Mld W11'1 Eaaow Hdde1 pum,1r1I to EIO'OW Holde.r t1ltrvc:boftt. G.PVACHAS� �ICE (TOTA.1..)1: . . • . . . . . . . . . • • . • . • . . • .•..... , ...•.•.••••• , •..• S 18000,,00 H.Vl!RINCATION OF DOWN PAYMililT AHD CLOIING COITS; BIJ)'llf' (or Bu)'et'a lander o, loan bnlbr lllJIIIU_,t to�3J(1)) tl\aU, 'Mltlln l (Of' _).Daya Aller Accllptai�. 0.IN'lr ID Sdlr wnllll9n tte� of Bupr'a down pa)'l'Nnl 111d doa1ng COit& (n\111rfflcll:lon IUJr.ned.) I, AN'RA'etAL CONTINGENCY AHO REMOVAL; Thia AQreemenc • (or Iii ii NOT) COflU11"nt upon • wrttlan IPPfliNI of the Property by a llc9fl1ed or oaoUI� 11PPf11lUr ac no le•• Uun 1111 pUR:1\-pnc9. 81/yer ., .. _ .. .-ic:i6ed In p.-.gtaph 188(3), � Wtfling, remove Che •�I CM1bt1gency « c:anc&I ltlil AarNment wlllwl 1 f (ot ) Dira A/J« �ce. J.LOANTEAMS:-
41)LOAN APPUCATIONI; Wlllwl I (or _) D.ye Aflar Ao:zpblnc:e, 81179r ahaM Da¥W to Seller a lllllr fi1>m 8UJ'91'1 lend11ror loen broker m191g llwlt. baaed on • re� af l!luyars Wlihen eppUc:•Jon and c:r9dh rapon, Buyer: II piwqu .. "-d orPf'NPSll"OYad for 1ny H6W loan apec:lflecf 11'1 P••a,1p11 30. II .,Y loin 1Pedlld 11 para� SD • en e$1� r.i. loe UteJll'llq1111lfflllil1lon or pruppn,va, ■aer 11111 be bued on lie q1111ity,ng l'8ltl. I\O( the -,ll!al u, rn, ( 0 l..etlier �Iti) I.D,Vj CONTINGblC� &� .,, .. aa Cllget1d� and In good ,..,, to ctnaln "-deflg.-ed lean(•). eu,.ra ql.d\cttkln tor thelaan(a) itPOclllecl above Is • c:onttngM1c.y ot this AQlllffllnl u"'-a otNI\IIIM egniad In wr!UJ1� If thero la no� IXIIIIIOg9ncy o,the IAlf'liUI ocn6netn� hu been �d or l'l!lnU7lled, lherl ,.,IUNI of atlO � 110 � •• the piftNN pricie � DOI�Buyer k> •lCtlfdle the e1llllllllaon �hi plnU8A1 1o lhe ban oontngenq 1r BuYtF II ofllNIU quallfted kif flll .lpdlld Ivel\. � a:rinctllll � � det:IOII� o.iance OfdO;M'I P•Yf'llnt end d01.l'll CIR.,. not cion11ngaftdN of u.. AQrwwl II)LOAN COHllNOafOY ADIOVAl.!Wltlln 11 (or _ I O.re Aftar Accepu,1011, Buyer •hat. ,. 1119clfled ln ptl'IIQrws,tl 18, In loW!tlng. ,.move 11111 toan c.ontingaru:yor e.ancol lhla Ai,eemenl If then! ca an IIIOPl'Mal 00Allng111C)', ,.tnoval ot 1h11 loan COIOl�ncv •h· not be cf� ,.rnowl offie �,..i ... COflbhi,oncy. '4) LJ NO LOAN CIONTINOiEH0V: Oblanilg Ill� loan apGdlad above la NOT a canUngerq al lhla Agreemffll. Ir l!u)'llf dQet not c:ctanlle l1a1 A'1d Ill I ..... � dclel nutpu/dlMlthe � &tll!!r may be Gfl� lo BuycQ oel)Olto, oGl!!tkigal ,,m,cllll ,,, UiNDER UMfT1I ON BUYl!ft Cltl!!DfTI: Aft'/ cndil IO Buyer, from Ill¥ aoun:e, for do1ing Of olhat Cl)S1I Chit II agreed 110 by "'' P.utsea ("ColllJ.alHll Cledll") "11U tie dlldased lo 8u)ltl"w lendel. If the IOCal eredl anowed O)' Ouye,.. lo.ndlr ('t.andlll' MO'ffbll Cf'9dllj It le:11 than the Conttadual Clwdl, then (I) Ul4 COflhCWIJ Credit lhajl be recklced to Ile Lande, Allowtla Clelll, Ind (n) ao 1t11 abaer,c,a or 1 1111era.1e �n eg,Mmant be� the Partle1, lhof'I "1■11 be no iw1xuna11o •�1ment wlhe PurdlDI pnca to rnllka up for the diference lMrlwMA the ConnctlJIII er.cftt 111d 1h6 Ll!rlder Allowable C1ll(fil K.BUYliR STAT!!> FINANCING; Sllfter II ref)'l'IIJ on ik11'9''1 rapqNr1ll1ICfl of 1111 type or .,,niClng lfllelld �cludino tnA rMJtllmiled 10, u eppllcatllll, lf1 c:altl, 11moun1 of down paym1nt, or C0""11J111\ or non.c:onl111Q1nl lean).. Sellar I\M .ur1ed to aapecinc �II dlo■, pirct,ue pnoo and to IOI to Bi.I� in n:llwi011 on 8uyci(1 aoMfllnt ooe,oorra,11 firwnclnQ. B�r 1h11,it.l(MIII tho malTIOtlg ap,eclfted In tltb AQrNmlHIL Seller hu no ollli51■1i0fl to eoot)enle ....,.,.. BuyeJ'a a1'rci11 bi) o*ln anyfr11J11:lriv othef lhllfl lhlll ,peatled In lllo AQ111G1Mtlt and Che avlillilility ol any al/di llllmale llntncir,s doe, not ftQIN Biuyortom Iha obl11auon 10 l)UrchallO the f>rw,el1y lltld c:looe � • ll)eclfted"' ltlll Aa,eemef1'.L.81!1.Uft rlNAHCINO: Tho tollaW1� lmml (ot 01t1e tarml tpecllled in the att.ldlld Sdlr FllwldnQ .Addenlilm) (CAil FonnSFA) 1ppty OH\. V 10 lln.,,ci� Plalldeo by Seller und� 1h11 �reement.(11 IIU't'l!""S CREDIT-WORTHINl!U: Bi.Iyer aultloribl Sellw and/ot Bmlmra to oblaln. 11 Bu� a,cpe,,M, a copy af Bl.l)W'1aieolt 111pon Wlllllft 7 (or ___ I Daya Aft!r �nee. Buyer ah.all provide any a&JAJortilg dl>CUllanution r•11101111bl� rwqUNled by Stfl.,, � T!IIMS: �l'IA p,omlleory rnM■, doed ot lNBI and othi:w docmlenla • llf:.1JrqNIII &llal lnc:apo,a, 1111d mpWllll/lt tie fml�g tddlllllnal 1Dnn1; fl) Ille m&llffl_Uffl ltlllm:111 1111P IJJecffled h pel'llfj.raph 30 llal bl the a«l1Ullfl lbG■d nar■lt tMe b' Soter ftnanca,g. (li)dncf ot lrutt ltllll 00l'llaln I REQUEST FOR NOTICE OF OEfAUl.T Oil •ra lotlllli (11) Bu,er 1h11 llgn Ind PIY for •REQUEST FOR NOTICE Of DELINQUENCY PflO( ID Clou Of &crow 111d It 111Y 11.ua line If l'IQUaad 117 Seller (tv) no1.I anddNd of lnlll -,,11 con!M'I _, a:zala,uan � n1llldng lhe ID.an di.II, � permllllld bl/ law .-nc, ti Salel'e apdor\ upon e,,. 11Mer ltlnMlr ot Iha � or •f'ff '*'"' 1ft rt; M Mia .,.. oonllin a IUe dlava °' 61', or the lnllldnenl dlll (o, ---) ltut N18lmenl It not ,_.1w9o wlll!n 10 dllp of Iha elate due. lvt) WI, lllal!WlC8 CXJ¥8111Qi!I in -.o fafJn o1 a ,Olnl protedlon policyltlil bit J)l'OllidDd WllU'log Sltla(I dNd ol Wit 1r111l'll1 " Ill Prop.rty (111y inc:nt918Cf 0tlll Qllllf' IMNA poar:y 1h11 be pu;I OJBu)'f!f). and 1�1 CD HM0111MI be CIJqWlecl and p1id ro, t,y &.I� ID notift Seier� fJ'CPertY tma hMI nd been paid.(1J AOOEO_ DEUiTllO QA SUMTTTUTED 81JYDS, Tho aefdltlOII, d•tioo or ■........,.liio,\ of any penon or MIity \Ollciar 1h19 Aare•m•11 or to 1111 p,ior 11:1 CloN Ot EI0'0W dill ,..qui,. S.llr'a wl'1ttlln QOnllflt Sellar may grant or v,,iihold CClflHllt In s•ra ecle dil�on. /Vly ldttilorl• or •ubstlb.ltacl pweon or � --. I reciueelecl bf &ctor. slDTIII IO 8ellet tie Ame documentatiOl'I H req\llred tor the ongi111l nam■d &uy«. Seltr 11/ld/gr" BrdkeR may obCD1 a aeclit repo,t, 11 auy.i-. �nee, on 1111y 1""1 pel'IOn o, er,t1ty, II.All4 Nl!D OR .._UBJ�CT TO" FINAIIICING: seller rep111Hfl1a f\61 SIiier la nOC delnquenl on any 11•�t■ � on .,-iy lolrlL 5ellet llhlll, ••11\11 Ille lmll 1ped� In Plrl�pll 19, provide Copa, or Ill eppllCll>le notn 800 aedll � In/It loan b•
�
nt ....... �•• ID e.,... 8
�
, H-� p-1"'<3i _,.,. ,........, ""' .... �,,/ �nWllll• I ) C __J ._. · &diet'-. Wtllll ( y,A ) ( @
Yl.l'A "evtlE AGE l Ofl 111 •
VACANT LANO ,UltQiAS EIIENT (VI.PA PAGE I OF HI �-a.p'of .. ..,'"""'. IIWDNNI lllial.f'fw«,lacHf,•<!Ca WJCJt!e:Pcm _..,...4,,
Pl"DJl■rty AddreH: !£eN k'fttt A.Y! u,a t.Ht §RCIM V�� t11U. Oita: Ma), 2l. 1.929 04Vltd lrllt • .,IIIIAl □ifla�noeabitween utma"iedaiicF 1<tuh&11 balances iii. 6ii aiiilmBd at Cla.e Of Et(rOoii � oaaFi do"Ml p,11ymW1t �un\1 ■llCIOUlltli, II any, a!UII be .. �gnOd and ctta,ved 110 Buyer end aeclted 10 Seller. Seier hi lidvl■ad INI 811)'el"I aae�wn of an ui1trn9 10811 mey oot rdcala Seiter from Hlll>lllly on that 10illl. Ir 11111 11 111 u1�0 of I VA Lean, tn11 Hie • c:onlu11en1 upon Slbr tw!lng �Od • r■tua ol labillty end IIJOIMulllln 0( ellgib�r. u•a othef¥riea agreed In wrltlng. If Illa Pro_party 16 acq� '1111:iject IO an ewl111r1Q loan, Buy.ir and Selle, are adWNd to con1Utt with 18911 oountlf 111g&ldllg the 1biiy of 11n nwtllllQ lenoer to ea, 111• loal'I due, 1,-l die couequo11c11 1haA10f. 4, IA!.£ Of IRJYEJl'& PROPl;RTY: A.Thi■ Ag,ument and Bl,ywr'1i ablhty to octaln flnanang .. NOT CQflU�em upon the Al� ol -,iy PfllP41rty OWMd by BuyerOR 8, D Thia �n, •net Buyer"S ab ty r.o otJtJm ftAaftC!.ing are c;ont,i!18f11 upon the &ate o1 propo,ty awned &/ 8u)1u &1 �Jd In tne auc,,11111 add•ndum (CAR. Farm COP) S.. 0MAHtJrACTURm tfOMi PUftettAII!; 'Tha pl.Wdlaee or lho ProJ>ertv 11 co�nt yeon Bu1191 ac:qliri"II' pe,11onat pnlfla,ty man!lfldured home ID ba plamd an !tie Propltl1), dew-Close or e-uw. 811)11r LJ hu LJtia. not omel'O(f •11J:1 1 coiunti:t for ttle IJlln:Nl■e of • Pll'50ll■I P,QPerty manu&ac:.tured hamo. -w.hin the bmc •dftad In PWIIIJrilpll 19, Buyer llh■N ,.mow U. COflti,gancy ot cannef tits AQrNme,,._ (ot O rhlt aontlngD11oy tile" 111ma1n lfl e"9d un1a lh• CloM Of eacn,w or Ille Property). I.0 CONSTtlUQ1lO .. LOAN ANANCINO: The pCJl'dlae or lhe Property .. CXJ"'9111tnt upon Buyer ootalrwig a conaaJ\lc;ion IG■n, Adraw lfom 1t1e co.nstl\l�on loan Ow111 Qlldl not tte usod co lil\lnoe the Prope,ty. Wllhln lhe 11me •died In pa�pll 19, Bu�•lheJ l9f!IOW lhhi coo�•nq or c:allOllf ltiil A.-nena (or O lhi• conlsl!Jln� I1\all remllin In ea.a 1111111 CtOM or �Cfflw of IhaPl'Clf)lrty). 7.ADDl!M>A AM> ADVISORtES:
..
A AOOEN�D Add«Jswro # CCA.R. Fonn ADM) B•Uoctw=----:-Add-:--:-e-Mkl-:-m�C�A�R�F�DITTl-���0�----�C�o���Con��litn--�t�l�-n�Add�a����=-�C.A��R�.�Foon-�CCA�.:-:-:----
and S1llw Advil CAR. Fo,m S C,A.R. Porrn RE
0ocuson fmelope 10: 1ae10501�,IHOf'A 00321,111en
� Aodreu: C!Ml(lf )Qfg Art Loq �1P,�oYtftrr. CA ,rm Pwl• 491 It Hff Aa■odatlon ("HOA'} lo oblUI""' lo eccaullil• HOA wrr.. 11. lf!IIIS �Ct.UD£0 IN AND EXCt.Uoeo FROII 8.At.e:A.NOTE T� 8UYER A .. D HUElt: tlllnll ltlmd • lncludld at �ded In Ille MLS. lyM'I or tn.11� matallall n Mtlnaludtd 1n Ille pll'Ch• price a, ero.idld from Iha Nie 111118a apeclfttd Ir, 116 or CEt.. ITDll lNCLUDl!D IN IAU!: (11 All l!Xf6l\NO lll1Urtl 1nd flllln111Ih,t ,,.. lltac:Md to lho Prootrty; (%) fllt tolbwln11 �.-n1: ------------------------------
(JI S.lw "P'lffNI tnal al lalll lndiidld In lhl pumhaN p,a u,__ 011tilf'llfN ipocilci are OWTll!d by §11.i.
1•1 All l;el'IJI lndulfed lhaM oo lrtlllf9lrtd frH ot lien• end wllhOIA s ... , ,..,,nty. C. � l!XCU,0£0 FROMSA1.£: ___________________________ _
Prcpetty Addia. 41ffiVlJ11fg LOIS,,.,,,. Sprlpa lt'al9v. W, ti•u Dat6 B n., 2PM 0, MEI.J.0,AOOS �; 1111 Ai>ACT: Wthll\,.. lfflt tpeol'i&d In par■u,aj:li 1 ( rn lh■if ti) mii6. goadlh.,,. lo olull. nallct from lillY bcal a,gl!!ftdH tlTa ll'wy I spedll lU or lllMllffltl11 o,, Ill� (or, If lllar,oed, aub&tanla� ectunlant notlaal, pur11.1.1nl ti> the �oos c«n111wil'f F■lill'-Act wld 1�8ond Act ct 1815, and (II) l)l'O� deher m Bu)'llr any .-icti nadcit obtlnad. E. IIEUER VACANT LANO QUEITtONHAIRE: Sellar 1111111, wlhln !tie lime t?acifled In P .. irllflh I 9. � and pt:OOoldt B� 'Min t6e0er Vacant Lar.d Ouelllonnoe ◄CAR. farm \ILQl, H. SUBSl:QUENT DISCU>SU�: Ill lhl �nt Setllr, prior IO ctal• Of fiatJ'cw,, be.comu ....... ,.. af ■lhwru CQIIOil>ORI 1111tari1l!w .� ll1o Procuwty, °' •� mlllfill lnaco.ncy In dlacb1ure1, � o, rap� �-�, � to Buyw ot llf\lch Bu�, i. othtlwiM una-�,.. s,111, ■hlll PfQdlplly � • 1ub&eq111nt 01 amended dlsdu..,ra or AOtlce, "'Writlno. eowtlnD tllc.e lliffl1. Howewr, I •lllluelllPI M lfflaftded dil� &hall not be ,aqund fell' eonodlllOIII •nd lll■..,..1 IMccuncietl di9Gloted In � __ ,... and peld for br Bi.tr•• 16.CHANGES DURING Elau>W:A.Pnor ID Cfole °' EICIO'il. Seller m;ay engage ln th fllllllNing acta. �rapa■!ld 0111no11'h aulljl!Ct lo Buyn ;{ghh In p.1ragraph UiB: fl) f&llt DI' INN tny pa,t of Iha prenues; !JII alter, modlfv a, u,,end er,y tllllllng rental or lllaN 90r11ment, (Ill) entM !Mo, tiler, m� orO!lllld tl\f .,.Mee 00nltt�k or (h-l an�e !he ataws al the oond.dan a, the PNll)$1\)',a.Al leail 7 (o, _ ) Day• pf\Ot ID ,,,,., Pt09l)led Ohtrtges, Selle, ■hill lJH'C wf\tlGn notic:e ID 8u,er al WCh Pflll)Oled Changea. wtJlln 5 (a,_ J D,yt .Aftor �C41p( OIi wcti noila, B�. In tWILlng. may ii"'-Belllt no&:e of 8uyff's objection IE! the � Chilllli,a•, in Whlc#l Gia Stlltr ,1111 not make tie ProllOMd Clllll!QA11. CONDJflON 01' PROPERlV: Unteu otheN'lae aped in wrlUnlJ (ii the P111P9rty I■ told (1) •AS-15" in t. PRESENT pt!ytllcW condlion a■0, ll!e dale of .Ac:ceptlnce and l,'ol 1ut4a,cit to 8u11an lnv�lon !19'111; Ill) C/11 Pnlpe�. lndudftg POOl 1pe, llndlC1lfflll and v,ouncll,, ItID be m11uw11nad In ,u�nlllilly IN am• l!Oftdhlon a, on th• due ol Aecti;tll'Clli 1116 (illl ell dlbfll lftcl pereonal prope,tr not Included fl Ill• ull allill be remov.:1 bo/ CloN Of eacrowA.81111r -'11111. wtlNl\ 1M 111111 tlleclfll4 In p1r1a,lllfl 19"-OISCLOSE KN� MATERIAL FACTS ANI) D6f'EOT8 alflldlng the Propef1Y. hdudlr\g k/low11 lrairane& c:taln wfflM'I the pall flYII ynra.. tnd m1k.e an-, and al other dhldo5Ure■ reqund by law. B.Buyer ha lh& 1%Jht to oon� 81JY91 ll'lw1llgaSon1 ol tM propeily and, a■ 1peclfiod In paragraph 1118., bultd upcri inhlnnaUon d� In "1ow lnv�n1. (I) "noet lhi■ � or (fl) r1q1.1111 O'llt Seller mw Rapalq o, � °"'" ldlon.(:, 8upr Is ■trong., advlNd tx;, "andud lmudlfllllane of th■ ■r1tlnt Prope� In ordar a, dcrtamilne let p,.._lll "'°'1dltioll. e.tlw m•y I\OI 1M IWl19 o1 • ddl!a• �,-g ttia Prap1,ty °' oltl• � Oloa1 ftu�•r c.on.-111 lmpo,talll. Prop;■,ty Imp� IIIIJ IIOt De bullt ·"°"''"II tQ eoci .. In c:ompllnoe ... e.wrtnl uw, o, -.�. hM! Ptfflll1» l11i.d. 17, BUYER'I INVEITIOATION OF PROPERTY ANO 11.ATTElt& �FE.CTIHQ PR(IPE!RTY: A. auy.'1 acoepltllCID cf fh• condition ol, and any othar rnllta, � Ill• Ptoperty, is • co�anc, ol ltlls AQreement ta ,ipedftld ltdl p;11ra11r•ph and IJ'8fllirlpb ,ae. Wdlln [he tme ..,edfled kl �r■l)h 198(1 l. Buyei "11U 11...e the tlglll. ll 8tr,a(t upenM UnltUoehtlWIN 1grwd, 10 oon� in�IOM. lnv.ntig�n,, 11;1.ata, •-YI 1111d clbar 111ullm rsi,ye, lnvff69alllont"), lndudng, tnJt not lffiild ID, 1he l'lgfTt to· fr) ln1pod 1or ll■d-�ud p1int illld CCfler �lt<bPed paint IIU.lld1; (11) inlf)llct fol wood d� ptNai and Ol'II�•: Cli) ,..-., Ille ,.� NlC oetander �ltba■a; (WI oonllrrn Iha ln■t.ni»rty af &J),ar and the f'm.,..iy; and M unfy Bir/If 11 10 lllY llllt\lr 1pec.llld in ltle ll:lached Buyefl lnlpec:t1an M..uc,y (CAR FGrm BtA]. \Mthout Sellen prior wnttan CORMllt, SIJYVf' •• r.Nh• mm nor cause la ba made: (ll lrwaltte or d� �, llwettlglllonl nac,t for IMlfllllllY lnvalv, IIIUng; OJffl• lnapectlone b.j ■ny i.owmmenllll tnlllcilnQ llf ICfling llllfJOctor or IJO'l'Cmrr.ent ■lllJm)'lle. ura• reQUlftld by Law.II.. Seller lhal m-.e lie p� ■v.lfable fOr • eu�.,. lllfllltllgaham Buyt, ,1w11 (I) ID apealled In poragJtp:h 188,, COll"C)lela eu,er ln11Utig•io� Ind, allhOI' remove the corltln(llllllCV 011 canCIII 1h11 �rNffllnl, and fli'J ;'rf9 Sele,, al no �. COft1pletle Coplas or 1B lnVN11�kln rapc;iftl ootP!ld by Bll)"flf. wn1e11 otllOIUDl'I lillll iuMW 011111rmnatloll or ltllt Auracmm C.Bu�tr tndMMlty IIIMf s•er ptotatllon tot •"1rf 1.1p1111 p,openy: &.Iyer •"-M· (II kM,111h• Pn,peny frn Ind lilaar af llefll; Ill) r8')tlt -� d'9m,ge ■irising ll'Ol'II euyer IIW'e'IIJillO0Bi and (llll lltdlrmlJ 111d h@ &oiler hlm'Jea from Ill �1u1t1119 �&t111, Cilffll, dwnalldl,dlm■gllll 11'<1 colhi al eu,,.r', lrMAlglllon-. Buy• lhlfl carry, or Buytr INll r9q!.IA IRywll 1Clln11 on eurt:f's beJlllf ID c.My, polt::IHof �tlY. wo�rs" CUfflllen&iliorl and other appl� fl1IUIVIQC1 dc:'ot:dJtlJ -,i4 proeectlng Senet ttom lllllllty fl>r er,y lrtjurl11 topenion1 or pnlllofly ooaumng dUl1JlV any �r lnw�II� o, -111 dona on Ile Property at �• cai!Clan prto, to CIOM Of &uaw. Sdlr II acMNd that Cll1.-i prot■Ci!DM may be lffi!flled Seier by reccnjlnq ti 'Nola of ND1Wflj11111•lbllt( (c..A.R. Fonn NNR) tor 811.lyw ln�•llom and worll done on th■ Pfoptfly 111 Bllyw'a dncban. Buyw'■ obf$allor,1 under ttilie P9'1Q111Ph a/al � the 1.1rmlnallon or AI\Qll.«l0i11 atthla �rwemer. and CloM Of laCl"irW, 0, BUY!ft IS BTRON<ILY ADVISEIJ TO 111\l'Sl1GAT£ 1li£ COHDlllON ANO 81ATA81UTY OF All AS� 01' THE PRCWERTY AND ALL MATTSIS AffECTINO THE V,U.\IE OA OEIIAABIUTY OF THE PROPERTY, INCUIPING l!IUT NOT LallTED TO, 1111: rrEIIIS SPECIFIED BB.OW. IF BU'tEA DO!I NOT EXiRCISE THER RJ(iHTS. euvER 18 A.CT1lt0 AOAINIT THI!-ADVIC'e Of'BIWKiR.S. 8VYER UNDEASTAHDI TttAT ALTHOUGH C()HDl110N8 AR& OFTEN DIFFICULT TO L.OCATI! AND DISOOY8(,AU. R1EAL PROPERTY CONTAINS OONDfllONS THAT AA!� ReADI..V APPAR6NT AND TltAT MA'I' A.FFEOT THE. VAL..UE0A OESIIUISurY Of' THE PROPERTY. l!IUYER AND SEU..E1' A.RE AW.lRE THAT MOKl!RI DO HOT GU�tff!I!. A.HD IN 110 W._V ASS1Jlilf IIWIPON61BlUTY FOft, THI! cot,4DlTION OF TKE PROfll!RTV. MOl(tifts HAv.i; ..aT ANO Will. NOT �IFY ANY CW THI! ITDll tN THII PARAGRAPH 17, Ulfl.&M OTiiERWIBE A.Gtl.UD 1H WIUT .. O. f. S1Zf. UNe8, Acee.as AND 80UNDARlf5: l.ol Ille, P'DP'� inel, legal or llh,llcat 11:0PI ■111d blll.lndllflN Jtcluding r.1urn of thePro� "1and In ooorntlfl fol.UI llCl,IOlntnu l■odawnm11, IWctl 11 ... 111,, tonc:es., ro■a ■nd IMIW""'�• wtlcu use or re-,ion1lillt) I01 INIIIIIRNI,_ nuy n11ve an ,111ta on 1t1e Property and •ny ,�. e_rr,.nla.., aln11l1r nllltt.ara Uwt ·IIW)I ■ff.a It!• P,�.(Fenca, tleds8' w1U1 111d 01111• na1urtl or oontlruued blffllll or rnll1k11t11 do not necen•� ldenU}' !Pue PfflP9ltY 001Und.111111L Pi:apsty .,_. tlill'Y be ... � by IJUMIY) (Unle•• clharwae r,pecifiad., v,,lllln.o, any numarielll -■llmlf'III D'1 Brob111 rev•� lot Illa ■,e APPROXIMATIONS QINLY, wtllc:h t,1v. "°' ti.n and will not bl ¥«ffltd. 111'111 ahould not lie 1llt0 upon by Buyef.) F.ZONIHO ANO '-"l'tC> use:: Put. pretll'l1, DI' p,opo■ed , .... 0Nlln1noe1, re�� lnlllt!MII. 'ICNI, ■ppllctllon. and ptirml!I lltellnfl lhe CIUITTll'lt ut6 of 1111 Property. hAul'il d.-nlo.Pmori.t, zar�. blllldlna, IIJI, govemmanlal permlll 111d lnlfMdlanl. Any �nlngviol■Uonl.. nOIKlOriornmg u--. or vlol&barll ol "'sdbllck' ,-qmrnc:ntt. t&u)'ef lhOUld ibg IIMl•llg• wtle(h ... ltMl■e mllMftl lhet81.trtW'• lnl.lf\ded UH of IN P\'op■11y,) G.�. ia:. ae71cea: Aftllltlllty, r.mu, INIJlcOon1 ,no loClliol'I of utJWN and 111rv.ma, lnclUOln!I t,ut not llrni.i 10, •-a11e,
�1M111st _ c ___ _, .,, .,.,... 8'1111's•'ltuaac �JC ___ ..., � • lnc:tl llnlt. .-,. etecllldty.�ne. ctbll TV alld drabtge. h// VI.PA R!\ME AGe I OF 111 .10iotid-�"'N VACA.tn' LAND PURCHA AGJU!lillEHT (VU'A PAG.8 I OF 11) __ ""' __ "' __ 1111!11�-,;,...,.r.-,lllid1Ulrl◄a'lal .. R'IIIPSPD ---
OocuSfvrl Em'IIQPll 10: 1011911CT�OCA-42$�A,08S21,1at8f9
Pt0pel1y Ad11r ... � V.�Lpu 11-tl. ,e,tna �� ,Xt77 0.&e Mn n. ,eioH. EIMROflil � H ; Polmtlll MT� &, lhdlldihQ, 6'ii ttot hrnwcl 10, UblllOI. la�Nd l)dtl iiid GIiie, lead COIUITISIIIIO radon, medlane. �t ll•N■, 11u,1, gij D< ahtll'\QII •txmv• &anka, oon!IMwi ... o eoll Ot -1,or, fllHtdou, WIiia,Wll11 CllliplJAJ lltN, elltllttO"""inllio f\okfa, nudaat to!IC-. ■rid 01/ltt aublitMCI .. indudlng mot, {atllcr-ne, loxlo 01 OlharwN),l'ul1flll ot ■mlllr COIIUIITffllr1' nwartale, prodliCIII or vonlfdlon1. I. � CONDIT10NI; Geologllllllllfflie COfllllllona. loll 1nd ter11m a■llilly, 1ull1b1lly and clnm■ge lncllldlhe -, M�ago,ddhg, ftcodln;. 0111n-aa.11n1111n11. flt (OC>/lll.-0 • Cllher.111), 01 olh• toll p,obame,J.NATURAl. HAiAM> ZOHG: 8,-aW Piood H� ,.,..._ Pd1111iil flooding (llllftl�n) Af--. Vary H9'1 A,. Ha:1.ird Zorwa,. �,1,. R-,,__.,..y ArNI, EMriqulb Fault lanat, s.llmlo Haurcl Zonn, 01 any c;ilher z.on, fw whltn cll1dllaurct 11 ,vqllNd by Law.K.flMOPERlY DAMAGE: ,.., d1m1� lo the Proc»,ty or •"� of Iha et,u� or nCltHlfn.d.i�I �ma Md co,nponwo and .,111«1onal PIGP■lt)' rdldod In 11'1111JI ltDrn m, urtti�kt, iloock. &anltllldn a, lllh• caute1.I.. NBOH80RHOOD, Md!A Allfl) PROl>ERTY OOHDITK>f'I,; Helll*f!IOOO ot _,.. condllion1, �clll� AQnoulllltll U.. Antridlans pu11U1nt ID 1� Wll1m1011 Ac1 (Oovemmcf!l �• ftlHiW-01�), R�hl To Farm ltWI (CM! Codi §WU 11\d IMU&).Nioofl,p,wlmlty •rid •Ollllw•� ot IN 1nl'ClfC11mont, l1f1ml ••Ualkil, Ute llf(lllmty °' regl!IAered ltlon■ or otrancr.ra. �. � Cilh• g�,neni ■-Mell, 1vt,1ablty, ed1Cl111(¥ Ind � rl MJ apllld-4Wlld, wnlqa lrlltmm Clll'lnedion■ or OIi"-' .. IKomrnum.tUo• or om. ladvloflagy MNICn and tnltlllitQn&, prml� IIO � mctu■tr•J 01 agrailtwal •Gthiila•. ewllllng and p,oflo■•d lnNpOrltllDl"I, ao�n Md dovvloprMJII that rrw, atlillll 1111ll;e1 \�, 11< lrafflc, airport nolH, nollHI or odor llom q ■IMIIII■, tNndonld mlnmg operatlona on IN Prope,ty, � •t10 lfome•lo lf'fflllt, other 11,11Unc:e1i 11am111 o, �neat, prolllcallll lNdH, ,,....nd pi,ope,tjea. .,_nl1;11I daeaan. hi11loflc a, Olha, 11:o,,,ernmeft1a� p,cteGtN ■It.a or im,iroyemenc., c.nelariu. C.dlllias •nlJ condttlo11 or common araa, of ocrnrroon ,..,.,1 1ubdMalon1, and PDHlbl■ llldl m COITflllllOI wllh any goYeml119 doaumeru cirHomtawne11' Auodatlan (9CIU11811111111a, �•lo111 and lrift� of ■igmlloiloc. ID Cllft.ln c:11111.ns ■ndJor ,.IVloOI, Ind pet1ICINIIn.ada, ,.q,.ilNnMt'lla 111d p,.r.t.nces at 84.1),ar ... COMMON llfflJWST OUIJONIIIOHa; OWNat A8&0C1A TIONS: l'lidll• Ind IIGndllon or OOIT¥l10fl ., •• (fad� IUdl .. poola, •nm QJUl1a Wllk'n'I■, or oltw ara1 ex>�O II undMded lntcr111 wti1 olhan>,. 0Wn1r■' Auoellllon lhlt t111 any eull\Qrlty OYCtr 11,,. •� p,qilftY, OC&lu, 111 o!Mr deOO rawlcaln1 or ati'9�. 1110 PQlllbla lldt ol Clllll)ll1nc:e llrith aey o...,.• ANodlllon r-illltananbl. N.IPECIAl. TAX: Alty local ai,anc:111 th;at liwy I IJ)lcll/ ID CIII ihit PrQ11erty purtlllltC IO lb■ ... llo-flOOI Oofmlllflll'I flclttl&a Aat OfW11Pro1'111Hr.t Bond Ad ol 19111,0.ftEJfTA1. Jlfl.OPl=RTY M!ll'IUCTIONII: 8Clme atlu Ind 0011111ft 111'\POM f�Dllf that 11/nll lhe amount Of,.,_ INlt can be «'!ll'gllcl,lho ntanmum no,111119, ot OOGUp.llf\ll Md 1h11 rjglll Clf • 1■,ulbd 119 lllmllnate a lenanq,.P.IIAHUFACTUIISl HOMi PUCEMeMT: Concllllona Chai MIY 1/red lhl lib,., IO pl■ca and UM a rn11111faalurad home Clfl Iha �rt'/tL l1TU! A.ND YUTlN!Gl A. \Wlwl the llmo IPl(ffled 111 pal'l!Wlflll 19, ouye, 111111 bl prlMCled t WIIIIOl pte_lmlo.-, lille � ('�(mnary �-Th• Pftlhimfy �rt II only an o6lr oY 1'11 1111a NUra eo la.II • potfJt al 1• 1n111t1n011 and "'-Y IICll con1a.1 ai.ry 111,m 111'ectlng tt1a. Bu�-• attilt Plwinn■ry RIPOl1 Ind 1"1 dlll1 mdWI wtllCill ml)' 8fftcl Ulla ft e oanrlll1111C¥ aft,is �,.,.,.,I• a:pe� 1P1peraQ,-p/11118. Tl-.cot'<\fllA'f Pl'Cl\lir#!tl IN Pnllmlnary Htport 1h11, prior to 1..-.,� • PNllhl""Y �pClfl, CIOilldlMt • 11wch of Ile 0..-al lrde.11 for 1t �ui:iept ... or OIIW � IIIICI .. ldr1Q p,... llllfy •ailllllld illrlllagh tvrocloan (RfOt}. Qll'PO(lllona, and 9(MfflffllntcrUla. Sellar Iha) wlhln 7 Oaya Mtar �. IIMI E-HoW.I • GQJT1Pleb:d Stat#nln al lnlorml1lon.8. 111• It I.Nn In Ill � .. ,. ccndlllOn tubj'am to •II lfttllffllnnca, t..nenll, OOYll\lnts, COndllona. rHll1c:llonl, riQhtl and cthe,m.a,o,.._ -.tlllCh• of �ni or no1, • of Iha dalie ol Acc19Un0t Pl:lllpt IOr. (0 mcHl•ry Ilana Clf r9CXll'd (lttllah &lllet la oblg■-1 ID ptyall) ui-■ eu� • _,,,.llll lllOH Oll'Ollian■ or tac'n9 1111 P1C1p1'1'1 llltlflct Ill lhON obllg1LC1111; and (111 ltloH rnall:MI ll1IICIII &altar.._ egreed to l'llrno'\ltl In wr•ln�C.wtllln the llml � kl PtBQrapll ta,a.. seller hn. d� IO dildllae to Buret Ill mllllefa kllOMI ID S.llet ... c;dng tnll,, wt,alle, of re<llll'dorooc.D. At CfllM Of Eaaow, !luytr tlld ,..,._ • grant a..o � UID (ot, ror 11.odc mop11..,_ or loni,-tann lt■H, an ■-anment ollllodc girtificata or ol s.iltfl l■•MMld Wllln«l, lndullne cd, mlnsrtl •11d w,i. .... If CIU!Nlntt, _,.d D)' s .... 11111 1111111 _.. •IINlgNl.id In Buyon ,uppll,nenlal e■crow INwcllonL THE MAKNER OF TN<JNO TITI.E MAY HA\11! �lflCANT LEGM. ANOrAX CONSEO\JeNCES. OONBUl T AH APPAOPAIATE PROFUSIONALe.BuyM ■naJI ,_,... a "CL TNN. TA Homcownofl P-ollcy ot TGc ln1unllCI", U �-IO IN l'tl)e of Pl1lPIRY 111d tluytt. A llttt�. at ev,w1 �•t.. qri prgyi.,e �IDffflltlon llbolA tti• �•w. dellr1bl11Y, CO'tlflQe, and 0011 of wrbl1 lllll lnMnncl
w,erags1111d tndortemlntL H B1J1ti dllllret .. COVlftlge other than ltqf 1'8Qund bv i,-par911rt,ih, Bu�, 1h11 klllCM:l Ewow
HClkS■r � WlllinQ .-id slltll !MY 11'\'f ..,.. ... In cell.1L TIME PERIODS; UM<WAL ol CQNTINGliNCIU; CANCEl.LATk>H IUGHT11 The� lime period■ ai-,o onlw 11111 �
...,._, modified or c;ti.,,..ct t,y fflUtial wwtbeft •� Arlt ttm0\111 al oontlnt■nc:ia or anc:atltl(Jo,i """°'' UJl1 peragl'l!PII by
llhlr &lyw or Sella, fflllll be QOMtd In good �Ill and In wrillnu (C.A.R, f0m1 CII or C:C).A. Sl!!U..BI tiAS: 1 1or I o.,,. A/Mr Aoolp(lfll» 10 l>lllhier to Du�r 111 Repottt, d� ... and 1'1!0ffllillcln !or w1111:t1 a.. 11
,-.,on■mlo unde, par■oii,,ha SM, .,,., a, 8, 12A, e, and Ii, 1 S. 1 SA Ind laA. Buy.,,,., ftttt O.lw'arlllfil to Ballif a Nalll» ti! lthr 1111
Perform (CA.R. Farm HSP) may caicel � AQrNffl■ri If Seflet hu not OalHtrtd tM ltllm1 ,.,tm the tlma apecffied.
8.(11 BUYER HAI: 17 (ctr ) °"' Aft.or Aac■pgnc:a. unfnl Ct'llrw\N ■g,aed in 'ftllilg, to:
II) � .. �ye, lmell� rwv!CW IN cllClolU/el. rsgorta, and OCll!lr •ldCltdl kllorm,tlan, whld, Bu)'III ,tctiw■ fNlmS-.,, an,;j approve al m■aer. � it. Pl"QtMIIY; and C.I DolW 10 8d■r �-lgnecl CQpla■ Olf 51MUlDfY DlldDIIA• I/Id CIO�r
cflcloaur� OeVrored b)' 811181 In ICCOldanoe wlll Pl,l'IVIIPh 12A
Ill 1Mlhrn tha rain. tf,)tdlltd II paragnph t8B(11. Buyw� �UNI 1r111 s.r.t malle reprah or .. lie enr 00.r acllon 19gll"lllng tbe
PrQJMllt't [C.A.R. l'<lrm M). Satllf t1N no oGlgMkm 1g ..-10 a, re9Pond 1111 (C.AA. Form ARAR) $11yor"t f9Clu.all.
(ll By &111 and gf lhe tSM l9■cll'lad In Plfllllllptl 198(1) (llf' a■ Cldl� � 11'1 O,lll A9rMmanQ. Bu)'II' INII �r IO a.hr •
nimOVIII o4 Ille eppkMlle cantlngen"¥ or �Ion (CAA femt CR o, CO) ol lhll �,.,_11 ttowtwr, f •"'I ,..an. llldDllifl
Of l"lfoontllOn lO( 'llttlQtl Slllal ii tttponlib9 11 nlll o.m,11 �In lie int 1peclflld Ii plJlif'l)ft Is,., lllell Buyer ,.. I (or �)
of f111Y 11aCb lteMI, or the !kne arpecif•d in P1�1111ph 1118(11, 11.t\ldleWf II ia.t, 10 OelN'lr IO 6elDf I flfflOVII al
lnganci, o, cenClllit,cfl of 1111a AQ-l
� 8u¥tr'I Mila
--� �,_,,.
81111n 111111111 C �p l{ ____, •
Vt.PA REVISED 1 v1a {PAOii I 01' 11) "' ,_. VACANT LAND AGREB!EHT (YLPA PAOl I OF 111
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00&:USlgn � ll! t081£7-COCM238,3DFMll3321 St81 !IFll
P� AddtM11: Set!t!t Vlr-'4 Ar, Loa 11-u, §e®s Ve«Pr. CA •t•n &.i.: ,,,.., u, 10'1IJ l'l Cclltlnutllon f1/I CoJIClngenc,: Ewn after In. tnid or the lime tpeo.lltd i, pa,a�h 198(1) and betort SIiier cancetl, If .. al.pu,0111111 kl P■rlllJfllPI\ 111C, 8uyer ,.t,ln• lite f111hf. in wntmg, t9 either 0) remova 111m111nin1J =nUngendee. a, (ii) �, 1h11.-,g,..,_nt bMed an • r1m1tnlng CD11Ungency. One■ a.,,.,.. wnttu removal of aU CCM11lnll\lfleltl It o.� lo Sellar, (l'ofc, m.,.nat C!lllla91 thlt AofNrnent pursi.ant &a paragr.a.J)h 1 g(,(1). C.liUJ!R IUGHY TO C�CEL: 111 a ... , tlgtM to c-1; lluy■r CD1111r1111nolN: If, l>y the lima � 1n uu �re1rntm1, 8uyw clCJQ not o.twr to 6elef •� Of the appllllllble 00�� Of -1111\lon ot lhla AIJ'NfT1efll, '1181\ selet ar ftrtl 0.Mrllg Ila �I I N0llQI lq 8uyw IO �rm (CAR. Fa,,m NBP), "'" c:ani;et Iha �-afl4, Ii".\ luct\ 1¥1nl, Seller Illa •Ulbortm 1M r1111:1m cf Buy61'9 depol!IN, OOilpc tor,-. .,cvrrao by &Iyer. CJ) s. .. r r11Jht to Canc.411; B1111er C.c»IIIJ'st 0�: 8-llw, altar fnl dtt.llwming to"� t N8P, may ain01tl fhill AiJIICITlon1 If, lly file llmo 1peollecl II 1111 I\Oteer'i'teri� Buyer� II01 lollle the !CdlNing ICWl'l(1); (I) Oepotll 1Und1 .ti i'eqllirod 11¥ PMl!JJISlh 3A Of 38 ot i U. llnd$ depoded DUIIIIIJII ta paf'IQ,aj!I\ 3A a,r 39 .,. n.ol Qoc:,d w11-d■pm.i;e� (11) ()elh<ftr • •IOCP vf JIHA 01 VA mm Of llfflll II li!quirod 11¥ per.,gnpti JD(l) (C.A.R. Fom, FVA.); {ljl) l>llt.lw I ll!ler u 111q11nd IIY paragraph SJ(1). (ht) Ded111r venbllOn II r-.q,\1hd by IIWltiilllllil 3C 01 ltt or If Seller nta.i111111tr 01Hppn11111 er tne �n pnwided by �h 3C er aH; M RtQIM Stalulofy DildbliUrce • roqu,1111 tly p11111g,■ph 121\ or ('II) 8'90 Cf lnltl■I I lllfllrlllil liquldallld �" fllllll IOr Ill lnetNNd Otpoait H req1ned tJy par,igra� 38 ancl 278. or lvUJ PtCIY.INI �nee of IIU11torily lo tign ., • rc1p,QCll'l1MN'e 111pec;b 11 ap«snea In paragraph 1 s, In IIWh -.n� &eilet lllaU aul:borao tho 1'91urn ot Suylf"I cfe90tN, e:a:ept for flea lnccin-.cl � euyer. D.HOTICE TO 81/YtiR Oft HU.SR fO �: Thi NBP or NSP $!\all: {I) ba In wrlllng; Cll) be l!Ulll!ld bJ lh1t applmbkt Huyer or6-r. "1d (Ill) 91¥8 Ille ll!:ller Party al l■.i 2 (or _ J 0a,a Aler Del)lsy (or unU IN linll IC)ldrild In the � p■rag,qph, wllk'levtr OOCU11 lat) 1o tJko h IIJp!ICi&a lctkll\. A NBP a< NSP IIIIY ACJt bl Dllt.'eflld 111y UIIM lfl■n 2 o.,,_ Prior ui 1tM1 qpnuc,nof ch• •Pflllcal:ta tim. rot ,11. otlltrt P.rtw II> •-a • coru,gcini.w Of ClnCII 1h11 AQrll,emfflt Of mnl '" ollllgibQll lptcia.cl fll Plfljiraph19.E, EFFECT OI" BUYER'S AEIIOVAL OF CONTINGENaES: Ir B:,ytr l'lfflOIIH, In wflrii, any ainlin!Jl!M.Y or Olln� dghu, IMIIH■ othatWISO •� In w�, e.,,., 11111 conc.t.ewvet, be deemad 111 � Cl) CQll'lplllllcl 11 aw,-tnYl!lliig�. ano ,-or "PON ■no other tlllllle&bll ktformlltian and lisdosu1111 �11111 'O 1h11 contlng,e.ncv or c.1n0111a1ion ni,,t. {It) •*ct to procnd Witt! the lnliwac:llon, and (Iii) auumad ■II mllllly. n11p11111ltlllty end �- for Re.palts or ODll'IICIIDnl pari.lnlng lO INI C;Offllflililll'ICI' or cancallUon '1ght. or tor Ulis 111ailltty Ila C(Jlam fJlanclnJ. F. CL.QSE � l!leftOW; e.tw. 8U)'lr a, &ttlllr ,-caJl09I Iha Ag� for fl(.,.,. ol Ow o11lef P-a,ty Ill dote UCfOW put.llUanl 11D t:nls A!Jt•-1, 811191 o, Sefeit mull ffrwC � ta th■ alh■r Plilly • oerlllftd IO QOM NCtOW (CA.A. flonn DC£), TIile OCS �aN· (I) lie 11g11tld ti, 11111 llf!pllc.oll 8'/� or Seller, llt'ld (Ul otw ctia alha P•rtY 11....., s (or ) � A11M Dtllwl')' ta ctoH ucrow. A ocem-,. not bl Dfll.ed •ny e.U.r tlun 3 � P� tg the 1cn.edultd doll ol 1ac;row-. -G.IFFECT OF CAIIIC.El,.LA TlON ON Dl:POIS� I llil!)'lr or 8-. utve• wntk:n nablZI of Cl41ncllllll01l J)Ufllllnl to rlghtl ckQy 1ue·c1t,ed \IMillr lhl tlifml d lhia Aqreclml!'nl, the Pa111ea agAttt ID Sign mutwt lotlru� 1.0 c:anc.t ti. 1111 and HCIOW and ,._, .. dllf)lldl. tt ■ny, to 1111 p■rty enlitllld to the fl.a,• w ,.._ and 00111 Incurred by t11• p,11�. Feet arid cum lf1ay be payablil ID M� P'\)'lidM and _..ndor1 ror 111rvicet and pro�• � durl�g HUOW. Excaipt II IPlcllild llelow, ,_... ol tundl llotU reqwe �I Slur111cl nrfle•• trwlJ\la1lont front Illa Pt-., JU,dldlJ dlcleton Of wbllnllon •-rd. II ellh.er Party tata lo IDllmtla mutual ll\ltM:tloM le» Clncel lletow, on.a Plrt\l may mM4 I written demand la E.sa-HaldlW ior en■� CC.A.A Fm:m BORD or SOR,D).E!scraa, Hcl!ar. I/pall r«er!PI, thll Pl'O�ly dtl.,_ 1111tiol of the demand la the oths Pwty. If, wltlln 10 Da)'JI /ldts Eactow ttald■l't n�. 111• Olhlr Pir\Y OON nm oc;act II> itl& i,ema,,d. &crew HOida, INII disbUlu (ho depnM ID .,. Plfty r,,eklng th• dem1Jlld. IIEICf-Holder c,ompli9, wth tflo p,.� p,a,c:eu. ee.r.h Puty ,11 .. bll oaom■d tx, '18o'AI rc1le11Md Escrow tiofl/'er from Ill)' and ••dim• ot ftabilily rm!e.d to the dilburul of U. dopasiA. E■arow Holda,, aa n. dl5or¥lc:ln, may n� r--. muMI oanoelltton� .. A Puty may be IClbJeot to I dvl � ol up to $'1,000 tor 1'1111111 to 191 can�■rlon ltWttur:llocll If no � flllh 0� � a t.o MIO ii Mdlllcl to Ill• d� 1\lncll (CMI C.Odll l111UJ.,a. REPAIRS: Ripen 111111 be cot'lll)leM!d p,10, to ftlll -incauon ol c::ondllli111111.\le.n cft>enaile •QIN!l6d In wrlllll� Repaifl ti. be pei1olmed ll Selllf'I upenu ma,y be pe1tmnDc1 by 8G ar lllrough oOMI�. prv\liltd lha'1 the woftl DORlllllll lllittl 1pplcabll Uw, blu!lng9owmmlfflll plffll&. illlPtcton I/Id 1pprav1I ,■qu1,.,mw111. R-,ialrl allat be peOOlll'lld In • good, � manMr wth maMl'WJ of q111ltf,no 1ppe.1111nce toff'C)lntlle to ltldalln; Mlla/1111. l It UfldiWlt.ood fllll emll �•ltltabon ol tippellrallCID DI Clllll'Mllc lklmt fOlloW.,g •• �an may not ti. poutJI■. Sdar 1hal: (ii oblain In� .ml paid raoelptii fur R•fNlh l)ll(fon,,ed 11'1 othlr■., (Ill pttp.,. • wr,ilransttt.nonl l'ldlGlllnl) Ole Re$,aifl paitom,ad by Seller Ind 1M d.-■ af IUOI Repan; Ind (JI) p,owoe COpllN or ffiOlcel lrld plld ,.�and 1tai-.m.nt1 ID 8ww, pr1o( 1o flnl!f �n of ooncDn. a:,. FIWAI. \ll!RIFICA TION 0, CONDftlCJl't: 8uyer •W hJlve 11\e tlul'II ID l1'lllie ■ lw'lll lll!(lllca\lon ul Che Pro� 'MIIWI I (er _) 0it')I• Pltotr to Cloli Of Eacn>w, NOT AS A COffllN<ieNCY 0.- 1 HI; 8-'L!!, bul ll01el)' lo oaninn.: {IJ Iha Pnaperty ii nurlnt.mea purawinl le» pilr .. ,e; (ii) Rsp .. h1w *" OOl'll)Nlt.11 Q •g!Nd, 1111'1 (II} Sehr has 00ffl$llie!d with Sellel"I olhe, al>'9Bdlltll under d'la A/JflllllM'll (CAA. FonnVP._ 22.. l!Jf\llRONIIEHYAl HAZARD CONSULTATIOIII: Buyer and 611!111ckn�er (J) facl111I, .. .,., and loQll legillallon �e fib■�upon euUnig and lcrmet 17"1'1lfl lf'lcl IIMl'I 0, rut property, in •i:.ilbltlle dllatlon■.• llor c:attaln ttg11IIIMIIY ddolld, 111vlronm1n� h■a:ardora 1ut.ca110M,, [ii) llilolcer{I) uaitieve ma "° repre'51111utlon -oo� the eppllclbO� of 1r,y tuch L..« lcl• thil tranudlllln 1111111 8upr r;r lo Seller. 11oep1 .. OIIIIIU'Mll8 l'ldlCllld In 11111 Agr.emont. {illl �-, lllllhaw rre:le no rep,r .. ntwllofl COf!Olmlng Ir• IWll1Sft0■• IHll"9, dlloova,y, lomllon and •YIIIUMI011 orr'foor'l.1110 r1IM PoNd ti,, lmUOMlOlll&lly hu.udou• ■ublrllrncn, If any, eoc.litd OIi or polllntl1"1 1iff1c:1!to di• � and flow) 81,pr and Semr ai• 811:ft trMNd to COflllJh with IIGhnQJ end lclg;JMI expem cancemlng tile utl,t,-_ lnllng, dlfoovery, locatlon aM tv�luldl:ln afitor, lf10 rilQ pOMd 11¥, lffllltollffllln&lll)I Wardolll MJi..aoCIA, If -�. tlJClPII an or j)Ollnlfllly Ullc;dng 1111 Prq,■rty.
VI.PA RJNial!O Uttcl (liAGI!? OI' 11) VAOAHJ UNO PURCffMI! AOftEl!Ml!NT (Vt.PA PAGE T OF 11 I
� �-l,'J---1111lO......, .... �,.......MaiOl'l.., -•-=---
Prvp.ny Addro,-. GU!ffl! Y!fff Aye Lop 11-11. 8DtJRA v,,.,,., CA a,111 o.1•· Mar U 1020 ll. PRORA110tlll Of PROPERTY TAX!S AND OlliER fTDIS: �- atharv,fM -arwed 111 writkla. Ille ro1oa,,nu llemt a,1111 baPAm CURRENT ana prar•lld bel!aan ewer and S.lllt .. al CIDM or e.-rMI Plllpl� ,.,.... aria .... 1111'\e,._ lrltwell,. IWIQ. HOA ,egular, lpt!QII, ISld eme,g-, du• •lid -nla irr1')0Nd pnar ID Cli:IN Of elCRIW, J>AJmluma Oft �ce Ulumeclby Buyw, si&ymero on bondt 1110 11N11m1nta uaumed by Buyer, 1nd p1ymen11 on Mello-Jwot and OCl:ler Splclll AlwM'llltll�Ind bonda end .. IIHIJIIIAII that n oow I llln, Tne totlOwlillg ltaml ci1U be au.1med by Buyer WITHO\IT CAetlfT lllwatd theputel1-prlcl· Ptornd paynMlf'ta on Mello.Juxia lllld Olhlr Sptd11I AIN� Olalrili boncla an,! exsNmenta and HOA�� thlll -now I lien but 11oc y,et due.. Proplt!J/ wil be raullNMd i.,,an atu•flQ• 111-n>hlp. lvt.y �lal tu � allaf" pad u folalq; (I) tor penocsa ,.., CIJN Of e,�. by BuY"f: Ind (II) far pertoclt prior to � Of !ICllM', by &Illar c,.. CAR Form SPT or SIISA tor fl#hr lnformabcn). TAX BILL.$ ISSUED AF'rfR CLOSE Of ESCROW SHAU. 8e �DL!D Dl�YSElWEcN BUYER AND SEU.ER, Pnn.1110!11 aha, be madl bnad on a :»div mcnlh M, 8110KERa! A. COMP&NIATIDN: �le, or 9u>'ft, or bath, aa 1�111ble. IQIMI tb pa, cc,n11tf111Ha11 lo Dtoktr N ••�ifiad In • aper-.. ..,.._" agreement �n Orolc• 11111 111• S.llllr or llu)ier. COll!plnal6on It p� upon Clo■-Of EiC.raw, or If H� doa nat doll, 11ott.AliH 191cl&ad In 1ne agfNll'!ent blb111H11 an.., Md ht Selw ore-,_,.,_ 1!1, lco,te o, DUTY: e.o,e, and SIIIW 11.dtnO'a� Ind 911,we !hat Bnlkr. m Ooea 11d ctec:de Wflllt prb Bu�r lbould PIY or Stieral'lauld IQtllPt. (i) oo., 11Clll guaranlee h CXlndMIDII of tile Ptopany; (UII OoH {1111 gu1tll'IIN tht �rna_n01, lldtq1,11q, 01�n• d NMdJQna, aaN1011, produdl or f!f:lllrt in;idld M "'8de llv Sele, or a111er.a; (M Does 11:11 hr,e an Obl9■l[on tocondUa •n lnapec:mn Of common .,.. OI .,... ell h tn CII N Prq)lf\Y, I'll lSlllll not OIi fNP(llllllllil 111t IOIIRGl)lllO IJlltll!Clt on 1111P�. In comno,, ,,.u or olblltt 1.111111 wd\ dlfldl ana lliwall, ONernbla by an -..ee11on ar rtuoo■bly 1ccetalbll IIUI ald11 Property or-. tn(ll,ffl 110 810br; (vt) 51111 not la IHPCl'll.bla fol lntplldlng put,� 19cord1 or pem,lta conceMklg Ille 11111 a, QIII ol�11)1. tvfj} Shal nOI bl ,..,111111ti. ,.. ldlrll� llw locaeat! ol bOuncilry Mn• or Olher ilama -� Ult., (¥(111 flr•I 110( lieraponal>le lar venfywlg aquans bomvc, rtpr■Nnf.ltiona al G&htr1 01 ll'llarmalion QOnllmed Ill ln\lfftlOltlon IIPOltl, Mulijllll LIS'.a\11$erw., all�nc. .,..,. or otner Pl'OfT.Q",clniJ m1a.ial; fbl SNII niot bo fCSf)Oneilllt fat datmmlning lllO fllr meJQI wlu• of thePropa.ny o, any pallliOnJII Pf'OPt'W llld\/Cled--. th1 Nlai (If) 8h1111111 be �1111ble for� 111111 or tu adllQ � MVaped ol • IIIIN8Clilu1 11n1ef'9cl "'llO by Bll)'er or S.r■r. and (id) Shalt o« be l9lfle)nllb6e ftw prawlcllnt olh• aiMaa or I� lh• •-�1 ri■ � eduatlon and •�riaflu ,wqulred rx, pamvm real 111.1i. llcanud acO,tly, &uY91 and s...,. llllrM ta IHltwglll, 1111, NUIW'ICI, ilill and ollw:r dllll90 Ullllllnm lr'0fT1 IPllfOJ)fllle ptofeU1cllltll, %1. fl�!a!HT A TM CAPACfTY: If one o, mDN! PIIIIM • tlllnili h AQreernent n I flt)lnen&,ll\lo otpacb and nd fol '-""'l'MI u 1n.,dtllldual l\tft that Part)' ldalll 10 1N1Jcate In� S1 ot 38 and llltadl • Rep,.NntaliN Capeoty Slgnawn, Dlldo1u,w (CAR Form RCSDI � fl• ligntture or lnltlll1 ol 1"8 tlpruanll!Ne 111en111110 � the � IIIPM' on 1M �I or any rtltODd doQllllef'ltl.it ltllll ba dllfflld ., bl "' I ltf)l'ltlfflUW cap■� rcr th•� ctaalbld and noc In an mdlwetllll capac�. """" OU!ltVMl lndic.tld, The Pal)' 1c:t1n9 In • �,.� C8'1idty (I) rep-11 ltlll IN entity l0r wtvcn flit p� II ac:ung 1lnlldy ■odlll I/Id (II) 1llal Oellllf toIlle Cl(hs, Party and baaw tfoklor, 'flUPl)I J De� Aftot �nca. e-ridallll!J of 1ulhcrity IO •ct In lh1'1 � (ludl II but noc lmilld IOI applmblt por1fOn of tha 1,1111 or c.ntncanon or TN.« (Probew Cooe t18t00..8). lcllrw re�. aout °"'"• poww or alkimey,COrpotl.bll rellOilaon, 0, '°"'1allOn dCICl.ffladll QI lh• bullileu •n.llly}· 21.JOtNT 1;.SCRQW INITR\JCTIC>HI TO EICRQW HOUIEiR: A. Tha flallowlng P.-9111'1,int, or ■ppllc.able PQf1lonl fll■nof, rA ttii. Ag,Mtnlt'lt �lwti, the Joint NCfllW hwtnlce!ona ol lk/Ytl' 1NI letter tD l!HrQit Holdw, •ftil:h &auw � 11 10 1111 IIDf111 w.ih env llflllO counee, offeni IJld ■ddlndl, Md any lddltlolWImutual ln1truc:11o11a 10 dos. the .wuw. p11r■g,1.pt,a 1, a-,e, 6. o. 7A. a, 9, 12a, 18, ttO. n. 24A, 25, M, ».. 36. :,5, 37, 3B .,d�11ph D of tho 16dlon uu..i Rul i■l-■ llrok■r■ Oft pt,91 11. If I C� of1h■ M!l)lllll,I aomp■nutiDII '9'WrMfflc-l prGl,lillad fl>r In 11-■111rapf, UA, ar p■ra�h D ol the NalOl1 IIUlld Rttl &cit• B/OIWltl Oft pege ,o Is Oll)Ollbll WII/I EMIIVW ltoldlr Cy Bnlbt, E.aour� 6111ft 1c:cepe MJCh ■-1.--men�•l ,n!I Pl}' out tivm &i)ter'I or 811"1'1 fund&, at botb, n �Clble, lhe llnlket't 00m90n1111011prQIIIQ.ld IIOr 111 iUCll 1greem.111(1J. Tbt lllflYll 111d CGl'ldlllon■ at this �recment not 1411 forlh i, Ille tPOGll'IIII ptr■i,apha ■rw .chilioftllm■t=ra ll>r 1t11 �ffMtllln d Ell!IOW .... r. cut llt>OISC wlllch Ewvw Hokltf need not b■ GOnOtmtd. Buytt and Sell■r wll � El(;A)W Hokln .-anwal pNWltlans. f Ill)'. diredtf "°"' &cto',ir Hold• end w)I ••IIGM 1Ucl1 prCMllion■ wlflill 111 IRII IJ)lclllld In �raptl 118(1)(0). To "1• � lhe uend pro� are 1nc:o,1e1N1nt w conftlCI w11n 1114 _..,....,,..,,, lbll gonem prowtelon• waoontrot II to Iha duUH and abllgabon1 ol EICfaw Holder � &i�r end Sttltr wtl u■aita ad�., llvllctlona, dDOl.ll1Wlls and lbrms pn,ond9CI by Eactow Halder that 11111 ru9Cllllllt/ necaasaiy ID dtJ■e Chi IICtOW ana, u dlr� t,y l:ICtOW Holdw. within 3 (or) 0-,,e. mai pay to Eac,ow Holdw or HOo\ air HOA l'l'\l,,.._men& oomp,any °" o111.,. 1nv fN ,-qllfred by�• It 12 or•l'lffltrw In t!III "'9reefflOIIL I, A Cap)' of Olla .-ierNmffll IRCludlnlJ any 1ZU1llr om.roo MCI ed<I :Mia .,_, t. dellvenicl ID £■-Halltar Wlhln I 0�a Mar
AcclpWQ (or"._..__,...,....,,,..,.._....----,---,,.,....--,-)· 8u)'et and 61Uu ■ulbolfb emvw ttoldw &o KCll4ll llld r.tv 0fl Collin 1111d Slenaturu H d■'Md Ii t/111 AQrmn111nt U qkili. to open NCNIW 111d tor ofltlr PUrl)C.I 01 e■crow. lt. 'l'llidlty of flit �!NIM/ItU � BU'/W and Seller II 1101 dected by ..«icthcr or WMf1 EICl'OW Hole!• Sign■ IP'lll /!Clrtllffl8fll E.iiavw Hmstr •lllll l)l'OVlikSdatl 91J.lemant or lnformlbo_n to Tl6a �ny �h111 rlCIM9d from Saller. II Seier dllNon en lffldM to Eactaw Holder IO NOlfVww, ARPTA OilllOlbon urida, p1ragnrph 124. e..avw Hatilr INU dlllNs to aw■, I Q1111lfled S�ilutll atArllmtnc ., .. '°"10llel wlllr.d ... L■w. c.ikOIWs are a part,y t:o it,■ 11CN1W for the tole purJX!iM or �•allon pur1111nt lo p,rellfll'h 24A and peng,aph D or lhe MQ)OII� ,_..,. ._._ �r. ,., p•p 11 ..,� •nd ...., n•YOClllfJ' -.l9n ., ...,.._ amnpenallllkln apeCIIM .. --ph 24A. anO irravoc;ebly fnllNCt � t1ot.ior III vltlti111■0 lhoaa lu,1D I.D f!lloium 11 ct;IM Of e.row a, pui1u1n1 '° any 01111e, ml/Ulllb' 1111GMd
canc:;ell1blon IWN'Mlll Cc�•llion ln1Uudlon1 ctn IHI llllllllltd or RtWlted Ofli)' wit! tlw writtlf1 co,i11nt of Bnikera. Blqef and54w ahall ,.. ... ■110 hotel flalfflNI &crow lt�r i:1llJl .. "" I� re■ultlno Crom e-Halden � to 8NILll(II at
GOql� pul14,al1C ID 11111 Ai,.lffl«II. D.Upon ,_.tpt, E.aOIVIII Hotdtr -'llll l)Rlvlde S.lef and S.0.r"a 8/ok■r V9ritl1:111lon ol � clll>Oel DI '1ndl pul'IUlnt ID paragr1pfl 3A
and 38. Ono■ Etc:rt» Heidel become■ Nfl al lff1 al thl foliafffQ, EKllM' Hdlter -"'H inmedlti.ly IIOlity el 8rolllts: (I) i BUyll'I,-01E. I depOII II not made pursuanl to 1M �t. Of• not� 11 time or Qep0li( wllh Etcirow ttoldtr, llf Ufl t
�y,41¥ d E■aow It.older lo cancel OSCR/W Ap�� ,0,.
au,v, � ( C ___ .., 11, ► S.lef'• �• ( � C ___,
VlPA AFJl9ED 12111 (PAGE I Of 11) ralC.UUd
VACANT LA.NO PURCHASE AGAIII �T tVI.PA PAOii I OF 11)--�l'f� llll!OAINIIIISe�-------WO■m
Property Addfl!U. 8Uepi! Yf!f46r! Lais 1f:U, fP®9 vaa.y, CA um Date. Afft n, M!.. A c� of •n-r 1111nm1r1t 1111 a1fec:ta 1ny paragraph of tlu � for 'llfllch E11.01lW Hokier II retponalbil 1hi1H bedc:lr¥er.cl IO eaaow Holder within $ � 11\ar m111W1J eiteoJU0t1 of Che ■mtnmne"Lt?. IUM!.OEI FOA 8�& MeACH Ofl CONTRACT: A.. Any cbiuu added by the PvdN 1pkffyln9 a r'lmedy (Hdl u '91eeN or f'Dmlltu,. of depoett or mald11g ■ depowt non,tefurtdailla) for fa!.._. of Buy., IO compMla th• pc,rchae tll 1/loldo• ol Ne A11fMfMnt 1NII be d .... ad mnlld un:INI1111 cia.1111• lndep� ........ tha nwto,y •111&1datld d11na911 "lfllhlMDD Ht '°"" Ill lflit CMI Ovd,.a.UQ.UIDA TED DAMAGES: rt� failt to complete lhlS purchua bac:auu "'Buytr"I ddautt, a.tar ahd Mall\, .. llquldated d1maga, tfle depoalt eetu■tr paid. 8uyw and Seller fllll'" that fflta unount la • r..onlble ,um giventtat ll III lmp�cllcal or ...,.,,.., dtlllcdt ID Nlliblllh ttlt anount of d"'11g• thl!t would lctulilly be elflfffld by Bellr In Ula nwrt8uye,W1n to lnad'I tl'lia.Agrnmfft. Rlfe111 Of fUnd1 wlll.,.qulre mutull. 8lgmd NIN■e llllb' uictlon1 fn>m CIOO'I Buys Ind 8eltr, judlclll dtclltOn Of artJttmion lwtnf. ATTIME OF ANV INCftEA.SED OEPOS1T 8UY!.ft AND &a� SHALL 81GN A S!PARATE UQUIDATEO OAIIAGEI PROVISION INCORPORATING THEINOREASED DEP08rT A8 LIQUIDATED �MAGES (CAR.PORN RID),Bllyer'• ll'ilfF-tJ Iu. ODPVTI! I\HOLUTION: K -Slllar'a lni1hn #'----A. M!DIATIO�: The Pan1111 IIGrN ID medlldb any � or dalm anal,-.i bltl¥Nn !him oul or ltll■ A41,-me,-, iw any rqull111gbWltl!Clliorl, be.fore 1'81Clt,J'\Q ID arbilratron or 001111 ■cti0t1 lhf'ouVh fie CAR. Corn�r M�1hUon Cc,illlr c-.CGfl•lllMffll•d .. tlon..otgt 01 through 11ny alltcr modllUon pro�der or .entice mlAUIII}' � kl by It. PartlN. Thtt Plll'UN1110 111rae ro 1111C11a.a. 111v dl.-pinn or fl1.im1 wtltl Broll.et{'I), Ylltlo, In writln1, •IP'" tD 111cih JMdtellotl p,iw to, o, wtltlln • ..... Olllb!■ tl1n1 .,,.,, th• dllP\ll9 or dalm la p,-e.rned lo lht Bn;itier. MechbOfl ..... if 1111V, 1h11 be dMded e®•trimonsl IN PartJa illVDMlll If, for any dlapl.Cllt OI dllm kl which ttlii parag,aptl applle., II\}' Pe,ty (I) O(I01l't1$tli('.llll Ill 1ct!0ntiMlhout lirl-t •� to raotfe the nvae, thnlllg,. mea•llo,i, or (ii) berore oomm1111DOm11nt of 911 '*"-,.f\1111 to fl'IICIINmr • r1KIIIAI nu been made, then ltla4 Party lllal not bl enlfil(ld lo "Q1\llf 1twmey fHa, ""'" tf ltley woold 0018J'\Mlla be i,y,1llabl& to 1'1111 Party 11:1 llflY Buel\ laiol\. THIS MEDIATION PROVISKIN APPUE_S 'Mi.ETHER OR NOT TliE ARBaTRATION PA.OVISION 18 IM'T'IAL.fO. EirtllialOlla from Ihle -dlallon 1gr.nt1Cnl ,,. tf!Kiftld In paq9f1ptl 21C. B.ARBITRA TIOH OF OtsPUTES:TIie Patdetl IIQl'N that Any dkpun Of afalm In L■w or equity 1rils"11t betwe1n lhlnl oul of thll Afre11n1nt or an, rudtlngtrlAH�on, whl�h la not Ndlltd through madiadon, 1h11 be dec,lded by MUU'II, bll'ldlnG artlfttltlon. Thi � 11110 lllrH la an,llr■te any dllflU1N or aa.lma wllh Brotlf'(JI, who, In wrietll!ll, q:rN lo 111d\ a,t,Jndon prlo, lD, o, wlthlrl a ,...C1111bte 1111111 a1'ter, llN dllfMID or clllffl le p,.ser,lld to ltll Bto!Nr. TIii artlltntot aha■ be• teflnd J"6gt or ,luric.e, « an ■ttomey wltll 11 .,_ I ye ... or lnnff�II ,.aj Neat. Law n,.rtlllc:., 11111 ... "'- pelflea lfMnllalt, 19,.e ID I cim..n, •�tDr. Tl!• ParllN 1h11fl hPW tho right Co dllwvt,Y lrt a1.c;«d1rrc, wt1tl Codi of CMI p.� 11 UUI, Inall otller rNpetta, the utlltntlon lhlll be conduelld Ill accordance wtltl Tide I ol Patt I of die Code ol CMI Procedlffll. J� upon the &WIid of the 1rtltnt«(1) nay • en,ed Into any court h1vtng )A'iliCktlon. Enfcltcemall1 of lhi. �Ml1 lo •rtlfntt •h.-11 be go'Hmtd •v lh• Fldwal Artlfmrtion Ad. bdwalona frvm ltllt 1rtltRtton IJlf'llllllrlt .,.. t11911ffl.d 111 parqira;pll 21C • .._OTICE: BY INITIAUNC3 IN TttE &PACE BELOW YOU ARE AOREEINO TO HAVI: AHV CMSPVTE ARt81NOOUT OF THE MATTERS INCUJDE!D IN THE 'ARBITRATION OF DfBPUTf:8' P�ON Dti'CIDEO BY NEUTRAL ARBITRAllON AS PROVIDED BY CAUFORNA LAW AND YOU ARe GIVING UP ANY RIOKTS YOU MIOHT P0$8E88 TO HAVE ntE DtSPUTE UllOATED IN A COURT OR JURY TRIAL BY llflTIAUNO IN THE SPACe aru..ow YOU A.Re OMNO UP YOUR JUOtaA� RIOHTS TO DlSCO'VERY AND APPEAL,UNU!S8 THOSE RtGHTS ARE 8PECIFtCALLY INCLUDED IN THE 'ARBITRA110N OF DISPU'TES'PROvtslON. If YOU REFUS.E TO IUBNIT TO ARBITRATION AFTER AGREEING TO THI$ PROVISION, YOUMAY BE COMPE'UED TO AR8rT'RAffl UNDl!R THI! AUTHOfttTY OF THE CALIFORNIA COOE Of C1VIL P'ROCet>URE. YOUR AGREEMEHT TO THra ARBITRATION PROVISION ,s VOLUNTARY." "WE HAVI! N!A:D AND UNDER�FON!OOING AND AGREE TO 8UBMff Of8PUTU AIQIHG OUT OF THE MATTER8 lf0LUOEO tH . ' . . Tl0N CW DISPUTES' PRCMSION TO NEUTRAL.ARBITRATION." eu,eta lllltl _1 _ S.lllf'I '1lu.ta../'J!l-1 ___ _ C. AOOITIONAL■-!DIAllON AHDAR■ITRA� TiiR.111�(1)EXCUJSIOH&: The fvlowing ...ua,-a.re exdwdecf fnn nwclil.tloo Md 1rblcnt1on: 11) • Judjdlll � non,tudk:1111 fo'9Cltio.urw or aUie.r actlOfl or proceeding to er1f� • deed ol lnlat. morta■ge or lniellllmanl lllnd Hie contnd II deftned In CMI Cod• 11116; (II) a.n lffllawful dcwl1141t 1$0.ni and (1111 •"Y 1111Ullr th,t la dJlln .... f1trtldlclllo11 of a probl1a-. amall di• or baftJmQltcy court. f2t PR£8E;RVATION 01" AettONS: Tll• roiowC11111 ■Mil not 13ln■dbJIII ■ ... 1 .. , llOr vto&adon DI th■ .. ed!IUlon lfld ,ltlllntlon provlllona: (11 die t1•n11 of II ca..t 1dlofl to p,....-ve • ,e.1u12 o11Jwtallou; (lll ttwl lllifta of• court 1c:1ia11 to ■nabll Ull fffORllng ol I notk• of pending ■ctkJn. hw onlcf ol lb8'htnenl, f'IUlw,whlp, k-jMll$9ofl, or otlllr pro'IIIIONI """9'Clini or (Ill} 1IMI flt119 <Jf • n1ac:h_,.c'a 8-n,lSI BROKERJ: &olLen lhal not be oblglta� no, comp.tied to mediate or mllrnl 11nlln Uler llGN• IO do ao In wrfltne. AnJ .,,_.l"(at pat11�pa11ng In meda.tloe Cf' aJtaltntb-allal not be clHIMd I Pffl.Y to it-. AQ,fffflHt. 2t. R�eRVlCE PRO\IID!M: Bl� do not �•ntec Ille pertcrmanca of Ill)' wnOffl, uNlce or procluct provider■if>IV'II ,. �rrod by Bmk8f OT 11'"1nd by Btiyer. Sall• Of otltcr penion.. Bu.,e, 111\d s.-.r lllillY tldllct ANY Provident
�":.('=-:�( _J ��'7 &!llel.1' ... 4 ,/4,/ \( VLPA ftlMIUrftJ11 jPAOEIOf' f 1) � c..un.1 � VACANT LAHO PUftCKAI AGREEMENT (VI.PA PA02 I OF 11) ,,, __ c,A,,rr•ty� 11111D,.,._ #JilH-FIW#,-..,- -•om
Dflwlifgn En..eiQPe 10: 1GIIG5C7.CDCA,...,tQ91UtF�a,aHiF9
Property Addteu: @UfW Vfse A\'f Lob 1,-11 Sarina,,..,,,..,. CA tllll ____ Daae: MtY U, ,tOH IO, MUl.TIPl! LISTINO ll'RYICI! ("MU�J; Broqq ani autnariied 10 report to Ow MlS I pending •Ille 1nd, t.11on ao.. Ot �. lh1 Mlel p,iQe and Oltlltf llmla D1 thlt nnua,an .,.. be pmv� lo tha Ul.8 co be pl.lblhlhod Ind clillaeminnlCI to pel'IOIII end anctia aulhottuid lo uee the inforrnltkwl on arm, aFll'OWd t,y U.. MLS. St.AnOIU.SV FIE.Br In any ICtlatl, ptOCMd.ng, or arbiniUCWI �1111 Bu)'W and Sell• .,..ng out qf ttw �t. the prewinQBur-r 01 8elltr e/1111 bl •� 1o r1acnabl1 l'ltOmey• Ice• ,no co� lroln 1t11 J10t1.prev1,llng 8uye, or S.lltr, ncept • prcMdtdln�h2BA.. U. MIIONICHT': e-s,w anal ROI llliVn Ill or lfl'/ Pillot BuyeJ'a hloml ri tNt "51,.llf1lt!flt w.thol/t I,_ ha1itlO oblained h � 00nNRlof Scllu &/ch IDIHflt tllll not be unruaonabfy 'Mlhh.rd unleH olherwlla egl'IIOd rt writing. NI'/ tta1 or perOa1 1M1g,vrwnt 1111111 notrlllll\'8 �ol� cNfgalona panu;in& IO !NI� ..,.._all_.l lQJHld In� t,ySeller(C.>, R Fonn AOM), .JS.. t:QUAL. HOUSING OPP�: Thi Property i. told i'I CC1111'11ianoe ..-1111 ,.deral. tt.alll end laaef 1ntHfieaimln■Oon t,.,__ .. M. Tl!!AN AHD COl«OfTJONI 0, OF'FER: Toa la lfl o!Tel ID piKWae ttltl Prope,tr 0fl the lbo-ve IOlffll Ind coocli,ion1. The IQUklalllid c;larNgH pwagrapll Ot "-abllrUlon of d.,,.,,._ Pllf-Wlllpll la fllOO(pornilll In 1111$ �81111 e "1lllllil0 Dy 111 f'artlcl o, If lni:orparlled by mutu11I 1S1rtement lo a count.rolfw or addMdlim, If 11 1eua orw but 110t .. Pal1JH inltlll 1 �11lir oll'er I• requited undl agnement la �tt111d. Beller hN 1t11 11gl'YI lo oonlinue to otter ltle Pr0f)af1y fw 11:II and ID �t any Oltlw olflr al 1ny dme prlOr to notification°' Aoollptance. Bll}'Clf ha read •nd •nowlld,Qet r'IJCll(Jlt of• cm of the oll'er ■nd au,rN• eo theoonffl'l'IIIIOII of-�� raWlonlhf� If tNI ofter ,. ■ocepted IJld 8U)'er uaequaotty dll1ailltt, Buyw ffllV be ,..� '"' payment ol Brollaf:s' c;ompor,MClot' Thia AQrNm•rie •nd any •�,,_,� IKIG■ndum or modaoal!IOn. lnc:tudhg any Copy, ll'lllf baSigned lr1 two o, rnare counterp&flll, all D1 whlclh littell con■i.ulil ont Ind tti. MfT,111 Wflb�H, TIMI! OF Ea18N01!!; ENTIRE C��ACT; CHANGU: Tme la of Iha eNell08. AH umteretandlngt �n the Pll1it1 lf'I lf'IOOIJJorllMI � Ilia Ag!Nment. Ill tam, 11"8 Intended by the Peltlh II I ft1111I, �-•rid� tDIPflllllcn of their Ag, .. man1 with riltj:18ct tg 111 lllltlfllet man., and mey nlll be OOl'tltadloled by a�nca or ■ny pnar lillf,..,.,,.l\t or CXHMmpor1noeou1 oral BOl'fffflent lf any J1J0vt1lori Off Olla AQrNman.t 11 hlfd IO be � o, lnwlld. Che ramlJMIG ,wovtllon■ 11/,11 ll8Wf'1tNlle" be g� lull (oroe 1t1d eltec:t Exmpit u o�ilO apflC!lltd, tl1t "9fWITMlflt altlM bo lntMpm!d and dlaput111 ltlaU t. 1Uoll,,ecj In IICCOnl'ancll "'4h lht t..wl or ltle St•-ol Cllllomfl. NIIUlar tllla Agreement nor any provflalofl In tt IMY be utended,, aatandlcl, modllled, all!lnd or cllangl'd, eJtCIII( In wr'lll"I llgned lly 1kJVW N14 Selllar. •· ce,11moNa: "-u,eo 1n 1h11 AQNI� A. •At:c.,anu• meant the bma the o&r or final cou�r aff8t • IIOOIP1ed l'I Wl'lbng by• Piny and 11 dAlll\oer9d to end Pl!f90Nlll'ItKehoed by rtia other Palty 0, ltwt Pa!1y'I M/tl!Oltllld IV'fll '1 accordln.cie IICt1 1M lefffll of IN• oftlr or I ftl\lll CIOt,ll\llr affw. a.•A9rNme11t• fflU/lil tlwl document •od eny C0111nllw otter. and ■r1y �QOIJl�tiod addenda. eolloc:liwt, fomllnQ the brtdilg IQrMff'II\Slt bltW .. /1 11,e P■rtia.. Addlnda are lnCDrpo�l-.cl oniy wt'lerl SVnao 111 a1 Pirtle$.C. --C.AA form" ITlllJ'll lhl m091 C1JITWII vtf'lion ot fie apeclO lonn niilrenced or anoctler �alt llofm llgraed to t,y ltle Plfha, D, "'CloN Of ac;row" ma■111 Ille due 1hl llf'Wlt d■ed, or o1her C'Wfdlnoe ol l:rlfl1rtir of &Ille, la recorded, IL "Copy" motlM OOJ7t by •nr mona '1c:lJdlnjJ ptlalooop)'. NCR, IIClirnll '"° eMICl/Vf'llc. F, "OIY9• mun• calendar days. HC71,11Wf, a1l!r Act.eplilnoe, the lllt Day fol' portorma,,c:e of IW!IY Mt �Lired by Ila �,.emonl(lndl.Mll"IJ ao.e or E1CtQW11nall n,ot vidl.lde any S.l\lrd■y, Sunday, or logtl ho6clay and lhltl lrwtaad be ll'le neitt Dty. o.. "Daya Abr" moan• tM epoaf111d 11umocr o1 callndiu c;IIJ'f efttr 11w occu,rl!llot gf Ille evatt apctQf'cci, not OOIM'IIJIIQ 111141 catendtr dlllo on ""1ictl lhe iipeo� CVCfrt OCXlUl'I, and endinQ 1111 ·!Iii PM on the fiql day H .. •0a.-. Pno,'" m11n1 ltle 1peafficd nlMl'ber of tallrnctw dl'/1 bll10N Ille ocauroflOO of the event apedfted, not counUr,g 1111 C111endar daee on �lch the 1pedfted ewn4 11 actiedulld co occur. L '-o.1I¥tf"", -O.lhN1n11d"' or '"01I111•,Y-. unlllu a� epecdi■d In IWIIIIIG, nM•ns and 11\tll be �Iv• up011: peraon1t reC94Jt by Buyer ot Selor or thl lndMdual Re11I E1&H1 LJcenlee tar thlit pn,icipel u lplld�od In tlw NclJon titled Ro1II !lllllte Bn>Mra on pege11. r•ldl1■15 of tile metllod 1111!!!1 (I.e., 11111Hfl"9r, mal, email. tax. o1ller). J. "l!.IKlrDfllc Copy' or "£i.e.trorllc: � mNnt, 11 appllc;ale. en etecaMIC copy or qna4ln c:ompl)llng Yah C.lllomlll UW, Buy.rand Seier agree � ■lcdrcnlc mNIII wl not be ultd by either Patty to modify 01 elt!II' Chi eottfllnt iw lravrity ad1"11 AQtllmtnl without the knOWJed,Q• and Clllflllill of the Clltle, Party It •uw" mean• any law, code, m.cuill, DfdlnaMa, l'O!!IUIIOon, rule or onief, ""'lch II adopted IJy • GOflb-Qlling city, county, 1i.te a, federwl l■1J11dative. Jl.ldldal o, exiecutNe body or IIQ811CY L. -"-,..,.,. me1na any �U'I �ucli� pnt OCll'lb'01J, � ,..,,�entt, m0dlnc.t!Df11 at r■trlllltlnci °' � PIQPerty prollkled fat under tn• �l II. "'Siglltcl" mun■ etther a nend\lft'lllan or aledrotl� 111Jnllln °" an Of�IIIII doc:uman&. � ot any ooun�rtrt. EXPIRA TIOH Of' Off!": Thi■ offer� be deemed fe\lOkeO Incl 11w ctepo1tt. If 1ny, 1hlll be rwaimad to Buyer 1,111to11 lho offlf 11 Signed by Seier Ind a Copy ot 1Jla �ned offer II pat'IIQ .. ., ,.Otlvad by Buyer, 01 by • lltlo 11 1utllortzed 1o rea:lva N, by 5:00 PM on the lhiRI Day aft.er lhia otrer la 11g,led by BIJ)'Cr (or bf __ QAM/ LJPM', on (o.it)). non■ or man Buyera s algnlng tho �re.,,,.nl.,. NlpreNnAall, ... aapllOly N'ld not� hlmlherwelf .. en lndMdlu••· $N dl,Cihed R«p,���G% C..,.l!lry s.g_.._ Dlado.,,. (OAR. ffom, RO
�
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B) =�IHI t.rm11
O■w ____ 9\JYER _______________ _ (Pr1M IYIIIII) I AB UC � .. Da� ____ BUYER (Print neme) 1
QMcUlc)MI BioQlllltun Addendum ■ttachlld (C.A.R. FClffll ASA) �.._....,,..._":_";',.'-:..,_... rJ .
�)\ �aeo 11t11 (PAOE 10 OF 111 --:-''f-:-:-----f-"8dn " ( � ( ---
VACANT '-AHO P\lf\CtfA8� AORI: ll!HT [VI.PA flAO!: 10 011' 11) 1"1----"'� 11111Dt ____ ,.,...,� -----�·-
0 One: or more Safe,a II slgnl� Ille �'91mlflt In a lepN!Mlnt-1"-'e CiPlaty arid l\llt far hml1141rM1f a an lndMdual Seo irtt.� Re�e�:w C.pa� 6·gruiwre Olld.o11!1J� RCSO.Sl for addiliOflal uwma.
DataS".'tl �ZOseu.eR _,,d'� (Prim n1111111 Otar Wl•Pflltlt.c�______________________ _ Oa.te ____ StiUER(Pftntnam&) __________________________________ _ QAc!dHional Stgn.,ture Addendum allad'led (CAR Fonn ASA.). L_ / ____l (Do nClt lnlllaJ If ma.klftQ ■ �, ott.,., COHFIUIA T10N OF ACC!PTAHCE. A c� of S19neo AcDeplana, wa1(f,IIUal■I J!!f'Mlral,.!y re011tvec1 o� Bllyar or BU'fel'• authorized ■gent on (dlla) _ ...-----r---•t ___ _LJAMI I .JPl.l A binding AiJ'""1■nt II cneled when I Co,v of Sl!IIMd pta11" p.,.on•� reo■twd L;IIWflr Of Buyel'l � t:gttnl whether or not CJ!flflmttd rn thr. dDCUIHffl. CompldOl'I of tbla "°nffrm�llon II not ,.,any �d In onte, to CIWD I binding AcJINfflHt; It ia 1alllly lirt111d■d to ■WStn:c:■ lhot d■le lha_t Conflrmadon of Ac�tplanc■ t1H occ:umHL
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CALIFORNIA
AS�OCIATION OF R..BALTORS 11
BUYER'S VACANT LAND ADOITIONAL INSPECTION ADVISORY (CJ.A l'onn � Wtat
A... P'ORTAHCE Of' PflOPERTY INVl!STIQATIONl The pt1y11Clt CIOn<Milln of l!Te i.oo and �nll belnQ pllrd\Ned la not�uaranlllDd by el\ller Seller or Bf0Mrl.. for ltlli ,ouon. yoo ehoutd mnduct Chorqh l�-.tlona ol tht Pra,,arty pei.analy 1r1d �pra-..tonatt w1'lc1 lhoUla pt'0¥1d1 wrmfl �Ol18 ·114 111N' lnw■d;ltio,._ A. gtnhl phy.alc:al ln■pecllon typlclly Ooea not OOll9t all� ol tit• Prooert-r nor It.ma ahctl1111 tt.. �� INI .,. not �velcelly I04at.ed °" tl"4t �rty, If Ifie profeulor1• 1900/t'lffMIMI\Jtthar lnvNIIQ•bo·na. Ino&udtig • tecommlfldldon by • P• oo,wot Of)llntur to lhlrpecrt ln.CXlllllble anu ot t:tia Prqie�. you lholJldoantlct qualifi■d � IIO conduct 11.1ch 1ddldon. irweAgt&lona. Adclltlonally, aome tnlll)ldlona, IIUCtl u � liltad belOt#, may beol partlclJlar Sl'll)O".,ce "'1on PJIV\IOIQ -t lllld
a.IIUVER AIOHTI AIIID DUTM!S: Vou haw an ,mrma111,. dirty lo eurcile reaacnmte care I.a protoct ... �,. lnduding dl&a111e.ry114 1he loQ1I, practical and tochnlcal lrrflll«:a1lon1 of dadoMd tact.. Ind the lnwlllp!on and -1ftcalton of lnformatlo,, and t.d:I ll'ill)'OU know or ltlet .,.. v.chln your dllg�I 11taMlon and obMIVltiOI\. Thll purdlaae IICl'1l9ffl.,I � you lho rie'- 10 lnl/'elllvato theProperty. II you ir;renue 1h11 ri(lht, 111d you "1ould. � mu1t do Ml 111 1cooNlanoe with the �l'tnll of tt,,i 19,Mment Thia le tn. beatway ror yotJ to prowct yoo�. It 11 PUWmely lmp0ftlrlt for 1ou LO reed 111 written repo,ta proa,tdld � pro.qjgnall and to dl■c:U11 lh1re11A1 ol ii1pec:UC>ne 11i11t1 lhe proflti&lanal who conduCt!d lhe lo1J11Cllon. You hive the ngllt to niquuc Olat SIiler mtM rwpan,oorni@111 at i-. alhar 1ct,on bucd upo,l na,-,,. lillcovwod In your lnVMttg11tt011a 01 dl■ci�d by Seier, tr Sd• 11 unwll"9 a,unable to 11tl1fy �r f9QUetm, o, you do not warn r.o pUrchlN the Pf01)eny In ill di� 111d dllcaw!fad condHloo, you have Ille'111111 to canatl Ille IQrNl'lllnl )'otJ aa 1Mtnin IPtolic time pono� If you do noc Cilflcal Iha •�nt In 1 _,., -,11 prop■r nwnne,.ylllJ may be 111 tirudl of ccnttaa.
C.l!UJ!R AIOHTI AND DUTEi: Seller 11 ,..quired eo cbdotc lo yau material flcltl mown to hlmlhet 111111 1liecl Ole valJe ocltf!lirllbllny or en. Prcparty. Howev11 Saller may na1 be IW9'11 of 1omo Property CS.lec:a or c:ondtbona. Seller doOI not hlw anolll!lllllon to 1111Ql41ct the P1t1per,'y b your bene:!11 nllf' la Seller obl;Dl<I IO ,.p.alr, conct o, ollerwlao c:1n known de&tda tni!lt •rwdtadONd to you or pl'elli0111llly �own defedt thal ,,. 61CXM11'9d by you ar y�r 1,...,.c:tara dumg eac,ow. TIii purc:nfR 19rNm1Molllgatu S.llef to 11110 the Pmperty 8"'�llable to you for lrw9■b0Wln&
D. BROKER 08UG-A TlONI: Brokars i,c, not haw t)IJllfHe In d 1tet11 Ind therefole c.nn111 actvlae you on many blma. IIJCtl .. IOI113bilny, glOIO!>-C 0/ envlronmClltal c:ondltlcr,a, MUrdOUI or 1111,g.i c:onkollod lllbl&llleat, l!nlolural llC!lldltlOfll or ltle fovndallon Ofojic, mprowm1111a. o, lhe condi&ln al U. n,o� phimbt!Q hAdOII. air canclbanlflll, elldncal, •Mt, MO(lc, waatlll ct.'lpGUI, or othar ay.alcm. The 11111'y .,.y 10 ao:iul"llaly dsllfmlna 1h11 cmdlion ril Ola Property la thnlu� 1n lnipeC:tlion by an app,q,,IIM ptQIIAi!onal •leclld l)y you. II Blmlf glv■1 you rsfwraM lb al.Ith pni'alli1111ala. BICtcer d011 not QYIIIMM their parftiimeNll, You may Nled anypn,feUIC>ll-al of yoor dloollng. If you have anllAld 1111D a 'liftUlen agrtafl'llflt Mil • Brokor, Ille lflec:lllo 1em11 of IIA!t •IJfN"'fl"' wlQdtlllrmn• the nalllre and txt.At of thlt Bml(.,... d\Jly lo rou--YOU AR5 •TflOHOI.Y AOVIIED TO INVE&llGATI! nit COIOTfONAIID SUITA•UTY OF AU. ASPECTS 01' THE PR:OPeR'rY, IF YOU 00 NOT DO to, YOU AIU! ACTINO AGAINST 'Tl« ADVICfi 01'IIROK.iU,
E. YOU AIU ADVISED TO CONDUCT M'EITIOA110fd 01' TKI! l!Nffll PROPERTY, INCLUD.INO, Bl.ST IIIDT L•�o TO THEFOUDWINOr1. fllNANCS: FIIWlc:rlg !ht purohaae of Viel,.. tand tlnanm IWllf npeoall� &11tdlg con1truce-on 101111 for the inl>fcwemew,t01 VICIJII ttno can provlda plrllCUIW cnaoeng .. , lrdld11111im01dlnlbr0n 1gl'Hffllnta and ria,raiQI 111Quir-.nlnt1. B� 111dvlsed ID toek ll• Haialallai of RIPlll'.ablt llfldtrt In ullil&IIIOII wlth thltr deci1lan1 f9g■rdklg tllend'tlg of 11141 property.
J. CONS'f"UCTIOH COITI: II Buyer 11 �tompt,.lllg building rnptlM!monta 011 the property, Buyer I& "'"4Md that !hey 'loill!\Ive eo conlact dnc:ey eny COflnctora, IM!MCII pnwldora. •�ra, ■rohilacts, ulilily cornpanln fll!g.■rdlng th■ t;:D11t1 olir11Jrovl!fflllntt. Buyer �iald 10 g•l wriOan bldl from 1H ■ucli srett0n1 "1,l■rulng their cfedtlon to ...iap lhe prape,ty.
l.UTLITil!S; Unhlprovwd prq,et1y may or 1111y not ha¥a U1J"-iea avdlllle to the propeny. Buyar(a} It adlllkd ID �Inrnronn11k>n tram tho �bllo « prt\11.la utaty 11nmder ■bo1,t1 fl• 1l'lllabllity and 0061 ol p,vwdlr,g I.Cite■ 11D lhl property andwtllt1her lleceMlry 41ffmtflla .,. In pa01 ID allow 111dl ulllma to Ille P!'Qpefty.
4, l!NVIRONtiENTAL SURVEY: Unimp� l■nd may htV!I 111d 0/ 1J1tY hive hazlldoua mllelllll 1tore11 � or under 1h11
land or bcon uaod by pan,ona .,;� In •�"1hrf ellpOliO!I fh• land lo huatd0119 m, .. rlalla Toa llnd may alao bl hoat 110
Pf019c:t9d ""•mlofl Of anlmll ll1a. !urart•) Is arMMd so MIi� lflemael-.s u wti.i hMIIOI Of proactacl plaill ar anmal
11 .. If• on ma property and �• lmptc;a hy IINf hrte on Bu,el'll I\Jtunt plllfll n>r 11'1• propeny by ..-.g Intl l'IDU> DI •
qu.llAie!f.rO,.Hional e�f� 1._1 ___ ,
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& VA.CANT LA.HD ADDfflONAL
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f'IQpcny Mc11e:11, B"!'!f VilU -1vt to(! 11-1e, tte,tng va,,.y, CA at•n Olte. 5.-:a:t-Al>
I.NATURAL HAZARDS RePORTB: 8uywr11> ta 111\"IIMd thac 'Aflill c.enaln dltc:loai.n1 WI flll'!illld by Nie, fedenll and local law:1,haunt di1cl011n �ru• can p1t11/\0a llddilion-1 d1td01ires ro, bodl l\lhJral aAO man-mad, huatd1 CJ' msluncea tor a oo.t.Buyer .. ldl/iMd IO Ul!(jt Ola ecrv� a,f I natural AIIZIIATS repon!ng �y ,eg,ning llddllioftal repoltt Ind dltdOlllrea (hibll)'« may w!ah to Gl>tl1n.
t.SJJBDIVIIION OF THE PROPERTY: H 8'1y111'11 ,_,_ lnclud1 futllfll 1M1bd1Vl1Mon of the pflll)elty (\tmW11r under Itta Subdlwlllon Map A.cl ol � SUl>cl1vlded land■ l.a'W) m� ccmf)lex iMIIN teg..-ding city, OOl#lty, Dia. and ,-.,.., tlws may be pretNn\ad. 8ruyor II altongly .OvlNO 10 IIOCk Ille advice of Call'Dml• legal OOUllSilll l'amll!ar 'tlMII fitde,al, IIM.6 •nd local aubdi.vit!Ofl111qulremm11. · ·
Duyer 111d Sellar ldcno!il.tedge atld 11111'" ',nil Btolaer: (I) Oosa nCII �QOI ""111 prlol Buyw ltloutd pay or Seier lhould accapt: (i) 0oN not guarantee th& oondilon or oi, Pnlperty, (1111 Do81 not GUIJ'af\188 Ille parfonnlnce. ede�acy or compte1cN11 Of �ec:110,111, u,rvioq, prodlJt'la or f8?illrl provided OI rNde by Seller Of Olfle,.: (Iv) PON not have all abll�itlon ID corlduct an lnlf)edlon ol common w11:1 or lrNI otf 1111 Illa OC the Property; M S.,,,_ not be ,upontible ro, ld:ar4ifylng d.-eta on the Prope,,ty. in c:orrsnon 1rer1, 01 offll1-UNIII auc:h �r.cu are _., QCMNable by an IRll)9Cll0f1 of reaaonabty acr.eMl>II IIHII of the Pl'OPll11Y or are kROW\'l tu Brok8t, (llf) Shi not be raspor1ltlle fDr 11\tpeding pl.tlllc r�• or pennll1 concamlnu tne 1.111 or � of Pmptrty; (Vil Shaff nee be l'Hf>Oll.lible for ��ng th• locallllfl of buwtdsry llnH or oe,e, """' lfta�11 lilll; Cvti, Shall n<Jt be re•�I• ,0, wwt�y aqiare l'oOlage., ,.-C:NnllUOM ol Olhlf'I or lnbm.Uan coni.lned 11'1 lnvosllgallOn .....,artJ, Multll)le LI� Service, �men11, nye,. or alt. p,omollon., m--111; U•> StlaU nCII ti. f'l1190"llbla for p1t1vlltng lepl or tllX •� reg;anlng arr, llf!ec:I of a tr1t11action enllfed 9llo tJy 8uy41, or 8tllt; lfld (ir) 6hlll not bet ,oyolldlle tor pr!Mdlng «nor advlee or lnfomliltlorl lhM f!)UlHlq &he kn09'/Jedge, tdi,caQIQn and �ce raqi,lred ID � relll estate liCl'IIICI IIC'llvtly. Bl,yWr and Seller� IO � l&glll, \al, IJIIUrlllCe. !Ille and ottw dallied utltlarlCI from llflPNlPntlG p�oala.
8y algnlng below, &uyar and a.i .. , NCl'l aclcncrwlt.ct111t ltllt lhay hllwe rnd, 11nd1r.-t1nd. 1cc1pt and tlav. ,.cahlld I Copy of ltll'I AAW'-oty. •�, la encouraoed to rHd It c•�IIJ.
SELI.ER � Of-,,W.,-Ol&ttftt
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st;LLER o.w ______ _
DUYER g: IA,,...LLC ., S/22/2O10 Olll1 ______ _
8UVEfl Date _______ _
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ACCURAC'I' Of JJj'f PR<MSIOH IN 4!N PtCl'lC TMN� I\ 1'IW. l!STATE lll'IOICER 18 n!E P£Aa0H OltMIFll!D TO"°"" ON IIMl 111111111
TAAHB.i.cTIOhS. IF YOU OE4JIU! L£0Al OM TAJ< AOIIICII, � r 11'4 /\Pl"RCPRll<TE PAOfE88110NN..
TIM 11nn I, NIie ....... ID_,-� llro.fll atl ee---• �� fl9 c.ilrm ....-ian III REM.TORli& 1ta 11111lfDildld 11> 111on-, h
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BUYeR'S VACANT I.AND AODfTIOiftAL IN8PECTION ADVISORY (BVllA PA06 2 Of' 2)��� .. _..,. ,_.,ftlM,..kwlft ... �..--•mum:n -w.A.-
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.__, Assoc I AT Io N CALIFORNIA CONSUMER PRIVACY ACT ADVISOf'Y
� 0 II k. f, A LT O Rs I (C.A.R. fllffll co,A, 12#11)
Al Of January 1, 2020, the Callfomla Conaumer Ptfvecy A� (commencing W11h CIVIi Code§ 1790.100) ("CCPAj grantl to Ceflfomla relidentt 09ltli!n ngttu ., tt_. private, pereonal lntomlallon that Is coffected by com�.• wffh whom they do Mlne11. Lhldw lhe CCPA, "peraona, Information" 11 dellned broadly to oncompau �bllc r9COf'dl ilfofmadon that eotird 11!8� be linked dlfectly or 4ndlreclty to you, Including, potentially, photograph■ ot or aaJ•• infom'l■lkln ■bout
your propeily Some of your � Information ll'lll be cale�ed Ind lik:ett ahared Ylfth others duMg the procen ol � and sellng real Htale. Oepandlng on lhe lltuatb\. you may have Iha ngh4 to •opt � or stop the transfer of '1W' p�lllll Wof'matlon 10 othel't and requ6et that Oet18in busnenet del•te you; peraooill Wonnation MtogetMr: N6r ell
buA1Nus Y<>tJ Interact Ytilh n rtQurld to comply *'th the law. J)rimarilv just thCM.s ""° meo1 the Clfteria o1 a CIW.■tlld "Buslnea:a• aa 1e( fwih in &action 17915.1'40 (o)J. For more 1nrormat1on. you may aak your e,�., tor• (QPY ol 111• c.A.R. Legal OU. on lhe ld>Joot.
A real estate biolca la _lfy to � penon., Information to • Mi,tlple L151ing Setvlce ("MLSj In ord■r to help find • bu}W for a ....,... property. Tlvough the MLS. the lnrorma&n ls mada IIVllable 10 l'lal "tate broktn end 11�. and otherl. Evwn after • aale la complete, the MLS dttlltM&1 aelca into1mation to the real ..tate oommunlly. Broke,e,. tgenta and MLS. may ateo ahare 'I04Jl paraQOal rtfom\elion wM others wtio post the pef'tOnaJ lntOfmrion on WIOIIIIB■ o, auewh_.., or <XhefwilMI uae it Thus. there ,,-. wariou• aamca proyidera and compinas In a rest ettllb!t tranalCtion who may be eng,aged fl\ ualng or lharlog daCa lnvoMng yow-pe,soolll Information.
It VtXB bt'oll:er la I co,,,,erecr Buaine$t, ii ah� ti.va I Ptfyacy policy •�lalnlng your righlll on Ila wabalte and giving YoU ■n opponurey to requeat thet personal lnformatlOn not bo 1hared, used 8111d even d$ted. EV9n If '/CAJf rut Ntate brobrego ia a COYered BuslnaH, it neede, end la alowed. to ketp your lnbmetiort to effectuate a AM and, by &aw, 11 required to malnt.n auch i'lformetlon for lhr■e yeiwa lo oompty � regulat'ofy req"rementt. Not d brokera in oovered Bu11tnenea1 however, and !h0te that ere not, do not have to comply w«n lhe CCPA.
Similarly, most ML61 wtll not be considered ■ covered eulinllla lnS'll!8ct_ the MLS may be considered a Third Party In Iha
event a coweted Buslnen (ex. brgkentgea. roal estate liltlllg aggregation or ad't'ertiq Internet lites or other cuteta who meet the c.rtteria ol covered Buslnnae■) OJU:ttange■ peraonal Information with the MLS. You do not hirve Iha ,tght i.lder the CCPA to requllo I Third Party lo deleto your pe..-onal lnfonnatlon. And llko roal e�ta broketagn1 even if an MLS II 1 COIHlred Bualneea, Ml.Sa are atao r.qurred by l■w to rdaln end mak-. 1ccmelbl1 In b computer ty'1em any -,d 111 lilmg and other 1nfomlatlon for thrH YNfl,
� an MLS fs a covered Buslne1I or a Third Pww. you have , rtQht to be not.med abcul !he ahenng � you-perllOft,II lnl'OOnalbl and your nght to contact • covered 8ullinea1 to opt out 01 you, pereon■I lnforn\lllfOn being uaed, or ehared wilh Third Pal'IIH. Sfnce tho MLSa ancUor olh• efllll.ln receiving your peflONI Information do noc hav'9 direct conlact �h buyers and Riera end also may not be aware of ..-filch entities ewianglng pe(IOMI i1fomlallon are CXIWfed Busir1a1-es, lhls form It being used to nollfy you ol ywr rlghta under !hi CCPA and your abi y to dnct requests 10 oov«ed Busineaee not to ahare peqonal lnformallof'I with Third Partfea. Ona way to llmil •ccea• to vour pe,sonal lnfonnstlon, ta to Inform your broke, o, Uleaperten you mnt to opt-cut or the MLS, and If ao, you • be a9tced to 191 •document (Fonn SELM) oonfimung your r■qu8ll to kfiop your 119(1/\g Off Iha MLS. However, If you do to, ii may be men
difficult IX> Ml your propet1y o, ot>taln the hlgh•t price lot It becawa V0'f" property w,ll not� ,xposed lo th■ �It numbel of re9l U1al8 lioeoN11 and others.
1
STAFF REPORT
TYPE MEETING: Regular Board MEETING DATE: July 1, 2020
SUBMITTED BY: Kevin Koeppen, Assistant
Chief of Finance
PROJECT: DIV. NO.All
APPROVED BY: Joseph R. Beachem, Chief Financial Officer
Jose Martinez, General Manager
SUBJECT: Approve the Continuation of the Moratorium on Any Changes to
All District Capacity and Annexation Fees to September 30,
2020.
GENERAL MANAGER’S RECOMMENDATION:
That the Board approve the continuation of the moratorium on any
changes to all District capacity and annexation fees to
September 30, 2020.
PURPOSE:
To request that the Board continue the moratorium on any changes
to all District capacity and annexation fees to September 30,
2020.
BACKGROUND:
Staff is recommending that the capacity fee moratorium be
continued to September 30, 2020. As a continuation of the April
1st moratorium, this action would be retro-active to July 1,
2020. The continuation of the moratorium will allow additional
time for the District to gain a further understanding regarding
the ongoing impacts of COVID-19 and the recently identified
recession on development within the District.
Prior to the unprecedented pandemic, which began in March, the
District was in the process of evaluating the water and sewer
AGENDA ITEM 4
2
capacity and annexation fees. This reevaluation of the fees was
well on its way to being presented to the Board in April when
the crisis was projected to change the economic reality for the
development community and our customers.
In response to the pandemic, the Board placed a 90-day
moratorium on any changes to these fees to allow events to
develop and provide staff with additional clarity on the
impacts. The 90-day moratorium began on April 1, 2020 and
expired on June 30, 2020.
The April 1st moratorium impacted three aspects of the capacity
fees.
• Deferred the standard quarterly inflationary adjustments
based on the ENR index.
• Deferred the implementation of changes in the capacity
fees based on the results of a Capacity Fee Study.
• Deferred plans to meet with the BIA, SCEDC, local
governments, local Chambers of Commerce, and local
developers.
Over recent weeks the region has progressed with businesses
reopening and development continuing at levels consistent with
January through March averages. Based on recent development
information published by the U.S. Census Bureau, April building
permit activity exceeded January and February levels. In
addition, the May pending new home sale activity within the Otay
Water District region returned to a level consistent with
January to March 2020 average levels. Also, during this period
home prices have remained flat. While this data suggests the
adverse impacts of COVID-19 are subsiding, there are some
unknowns that remain regarding the impact of the now evident
recession on the economy and construction costs. Construction
costs are important as they are a significant component used to
determine capacity fees.
The recently completed Capacity Fee Study was based on costs and
data as of June 30, 2019. The results of this study projected a
30% increase in capacity fees, which is primarily due to
increases in pipeline replacement costs. While the timeline for
presenting the capacity fee to the Board may be affected by data
gathered over the next sixty to ninety days, staff is currently
planning to meet with the impacted parties late in the first
3
quarter of FY F2021 and present the results of the Capacity Fee
Study to the Board in October or November of 2020. The timing
for implementing the results from the Capacity Fee Study will be
determined as data regarding the impacts of the pandemic, and
newly identified recession, on the economy and construction
costs become available. By continuing the moratorium through
September 30th, the District would avoid decreasing the capacity
fee slightly based on the ENR index at this time and then
increasing the fee substantially based on the Capacity Fee Study
results. The net result of the ENR adjustment and Capacity Fee
Study is projected to remain as an increase in the capacity fee.
Further discussion regarding the ENR adjustment percentages and
amounts is included in the Fiscal Impact section of this report.
Considering the most recent actions taken to reopen businesses
in the County of San Diego, staff is recommending that the
District proceed with scheduling meetings with the interested
parties late in the first quarter of FY 2021 to discuss the
results of the Capacity Fee Study.
FISCAL IMPACT: Joseph R. Beachem, Chief Financial Officer
The financial impact of this moratorium would be the lost
revenues equal to the meters sold times the deferred increase in
fees.
The ENR adjustment for Q4 of FY 2020 was an increase of 0.14%,
while the projected ENR adjustment for Q1 of FY 2021 is a
decrease of 0.50%. The projected total net impact of the
moratorium based on the actual and projected ENR adjustments is
a benefit to the District of $1,200.
The lost revenue related to deferring the implementation of the
Capacity Fee Study results during Q4 of FY 2020 is approximately
$500,000. The projected additional lost revenue related to
extending the deferment period to September 30, 2020, is
approximately $212,000. These figures are based on the current
Capacity Fee Study results. If construction costs were to
change from the levels used in the study, the projected impact
would be adjusted proportionately.
4
STRATEGIC GOAL:
To ensure that the costs of service are born by responsible
parties. This revenue source will help the District meet its
fiscal responsibility to its ratepayers.
LEGAL IMPACT:
None.
General Manager
Attachments:
None