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Connell, Dale and Ruth OFFER. TO SELL R.EAL PROPERTY The City of Gilroy hereinafter referred to as the "City" and Dale B. Connell and Ruth Connell hereinafter referred to as the "Offeror" agrhe as follows: 1. This document and a grant deed is delivered to Walter J. Doyle, or his agent, by the Offeror for acceptance or return by the City. 2. The property, which is described on the attached Exhibit A, will upon acceptance by the City be acquired for SIX THOU- SAND TWO HUNDR.ED FIFTY DOLLARS ($6, 250). 3. The property will be conveyed free and clear of all liens and encumbrances except exception number one as shown on a preliminary title report issued by Title Insurance and Trust Company under Escrow No. GY - 320931 JL, dated February 10, 1969. 4. Expenses The City shall pay all costs of escrow, revenue stamps, if required and authorized, and title insurance poJicy expenses. Said escrow costs shall not, however, include usual and customary reconveyance fees, trusteels fees, forwarding fees, or penalty (if any), for payment in full in advance of maturi ty incurred in connection with discharge of any note secured by a deed of trust or mortgage, which costs shall hbe paid by the Optionor. 5. This offer shall remain in effect exclusive and irrevocable for 120 days from the date hereof and thereafter until 30 days after receipt by the City of written notice of the Offeror I s intention to terminate this offer. 6. The balance of unpaid principal and interest due on any note or notes secured by mortgage or deed of trust on the real property, and any prepaid penalties togEfuer with trustee IS fees, costs of recording, if any, shall be deducted from the total purchase price and paid to the persons entitled thereto. 7. At any time prior to the termination of this offer, the City may at its option elect to acquire the said property by con- demnation and filing of an action in eminent domain rather than by purchase and conveyance through said escrow. In such event, the Offeror agrees that the judgment for the total amount of damages to be awarded for the taking of said property in fee shall not exceed the sum set forth in Para- graph 2 above. 8. Any and all loss or damage to the real property or any im- provements thereon occurring prior to the recordation of the deed shall be at the risk of the Offeror. 9. The Offeror shall retain possession of the property to be conveyed up to and including the date of recordation of deed. All rents derived from said property up to and including said date shall be paid to the Offeror, but all rents paid for occu- pancy after said date shall be paid to the City. Either party hereto collecting rents to which the other party is entitled shall forthwith pay such amount to the other as is necessary to comply with the provisions of this paragraph. 10. The Offeror warrants that there are no oral or written leases on all or any portion of the property exceeding a period of one month and the Offeror further agrees to hold the City harmless and reimburse the City for any and all of its losses and expenses occasioned by reason of any lease of said property held by a tenant of the Offeror for a period of more than one month. L1. This agreement shall be binding upon and inure to the benefit of the heirs, successors and assigns of the parties hereto and the City is expressly given the right to assign this agreement and its rights here,under. Dated: /~ /' . , .:. , '") 7_ .7'/ ~',' }, " Offeror Hecommended for Acceptance: THE CITY OF GILROY: By 7/~~L-&~~~:{ Application ~o. GY-320931 A EXllIBIT A All that certain real property situate in the City of G~lroy, County of Santa Clara, State of California, described as follows: PARCEL ONE BEING a part of Rancho Lot 25, as said Lot IS shown upon Map ~o. 7 accompanying the final report of the Referees in the Las Animas Rancho Partition Suit, Action No. 5536 had in the Superior Court of the State of Califcrnia, inand for the County of Santa Clara, and more particularly that part ::;f said Lot described as follows: BEGINNING at a point in the Southerly lin~ of the 20 acre tract conveyed to Peter Bararich by Deed recorded in Book 24D, Official Records, Page 137, Santa Clara County Records, rlistant thereon Southerly 880 41' ~est 602.554 feet from the most Northwesterly corner of the u.03 acre tract 8f land conveyed by Buchler to Cavin by Deed recorded March 12, 1945, under Recorder's Serial No. 339403; running thence in a Southe1ry dircctioI: South 10 24' East to a point in the common line between J{anch Lots 24 and 25 above referred to, distant ther~on North 890 32' 30" East 110D.208 feet from the most Kcrthwesterly corner of said Ranch Lot 24, thence Southerly 800 32' 30" West along said common line of said Lets 24 and 25, 95.006 feet; thence in a Northerly direction l\crth 10 24' ~est to the point en the Southerly li&e of said 20 acre tract above mentioned conveyed to Pet~r Bararich, distant thereon Southerly 880 41' West 95.652 feot from th~ point of beginning; thence along said line of said 20 acre tract tc the point cf beginning. PARCEL TWO A riRht of way over the Easterly extension to Monterey Road and the \\esterly extension to Wren Avenue of said 50 foot strir of land, as said 50 foot right of way was described and reserved in the Deed from F. Camarillo, et ux, to ;'lar,ucl Il. Espinasa, dat~d May 14, 1946 and recorded June 13, lY47 ~n Book 1477 Official Records, page 554. As said Right of Way was granted ic s~id Deed.