Peters/Lima/Callaghan - Property Purchase Agreement
l.l
i.
.}\;
1/
//
....'''. .3
I. t. .\1.,
~~ p.' f).
, . l..., J
t {fun
C " r , J
, ,
~~..
AGREEMENT
THIS AGREEMENT made and entered into this 1st day
of May, 1961, by and between JOHN PETERS, JAMES B. LIMA, and
H. J. CALLAGHAN, Parties of the First Part, and the CITY OF
GILROY, a Municipal Corporation in the County of Santa Clar~,
State of California, Party of the Second Part~
w .! T N E SSE T H:
That the Parties of the First Part, for and in consid-
eration of the sum of NINETEEN THOUSAND NINE HUNDRED FIFTY
($19,950.00) DOLLARS, current lawful money of the United
States of America, to be paid as hereinafter set forth and
upon the terms and conditions herein contained, agree to
sell and convey to the Party of the Second Part the following
described premises located in the City of Gilroy, County of
Santa Clara, State of California, and more particularly des-
cribed as follows, to-wit:
BEGINNING at a point on the Westerly line of Monterey
Street distant thereon 133.40 feet Northerly from the
point of intersection of the Northerly line of Seventh
Street with the Westerly line of Monterey Streetj thence
Northerly along said Westerly line of Monterey Street
59.70 feet~ thence Westerly 150.80 feet~ thence South-
erly 59.90 feet~ thence Easterly 150.50 feet to the
point of beginning, and being Lot 8 in Block 1 South
Range 1 West, as delineated and so designated on Map
No. 5 accompanying final report of referees in action
of Henry Miller, et al, vs. Massey Thomas, et als,
in the Superior Court of the State of California, in
and for the County of Santa Clara.
EXCEPTING THEREFROM parcel of land conveyed by Thomas
Rea Company, a corporation, et als, to City of Gilroy
a municipal corporation, by Deed recorded on August
2, 1912 in Book 388 of Deeds, page 381, Santa Clara
County Records, described as follows:
BEGINNING at a point distant North 200 West 107.20
feet from a point on the Northerly line of Seventh Street
distant 141 feet Westerly from the point of intersec-
tion of the Northerly line of Seventh Street with the
Westerly line of Monterey Street in said City of Gilroy~
- 1 -
(;
i,1
~' "'~-
:1>'''')'\)1 ~ ,\
-- A<..t ~~) P'~r:~ 1 I 1
. -.',. _'~'.,.,., .,v. ~
and running thence North 200 West 222.38 feet~
thence North 100 40t East 77.10 feet to the South-
westerly corner of a brick building: thence along
the Westerly side of said brick building, North
200 361 West 34.50 feetj thence South 700 West
15.60 feet to the Easterly end of a brick building;
thence South 200 East and along the Easterly line
of said brick building 24 feet~ thence South 90
30t West 82.90 feetj thence south 200 East 227.33
feet; thence North 700 East 18 feet to the place
of beginning. (', ,f:
Party of the Second Part agrees to purchase said
property and to pay therefor the said sum of NINETEEN THOUSAND
NINE HUNDRED FIFTY ($19,950.00) DOLLARS, which it is agreed
by the parties hereto shall be paid as follows:
The sum of FIVE THOUSAND SEVEN HUNDRED EIGHTY-FIVE and
50/100 ($5,785.50) DOLLARS at the time of execution
of this agreement, the receipt whereof is hereby
acknowledged by -the Parties of the First Part, and
the balance of FOURTEEN THOUSAND ONE HUNDRED SIXTY-
FOUR and 50/100 ($14,164.50) in annual installments
of FOUR THOUSAND SEVEN HUNDRED TWENTY-ONE ($4,721.50),
or more, on -the 1st day of Ai/ (,: &.):) r of each of the
years 1962, 1963 and 1964.
The deferred balance shall bear interest at the rate
of six (6%) percent per annum, payable on the said
installment due date.
It is understtod that the Party of the Second Part
has the option of paying the entire balance of the purchase
price in one lump sum payment at any time while it is not
in default herein.
It is also understood that possession of the said
property shall be given to the Party of the Second Part
as of the time of the execution of this agreement and that
the rents, if any payable, upon the premises shall be pro-
rated at that time, as well as the taxes against the premises.
Upon the payment of the full purchase price and of any
interest payable under the provisions of this contract to the
Parties of the First Part, they shall execute and deliver to
the Party of the Second Part a Grant Deed to the City of Gilroy,
- 2 -
t'),\., .,
flOur ")," O.J I>.^"C' t?
.. 'n_. _',' '"
free and clear of encumbrances, except easements of record,
and at the same time furnish a title insurance policy showing
that the title of the said premises will be vested in the
Second Party free and clear of encumbrances except said ease-
ments of record and any municipal assessments and/or bonds of
the City of Gilroy.
If the Party of the Second Part should default in the
payment of any payments on the purchase price, or interest
thereon, and such default continues for a period of thirty
(30) days, then Second Parties may have any remedy given
them by law for such default.
IN WITNESS WHEREOF, the parties hereto have hereunto
set their hands the day and year first hereinabove written.
The Party of the Second Part having duly authorized such agree-
ment to be subscribed by the Mayor by action regularly taken
by the Council of the City of Gilroy on the 1st day of May, 1961.
,\ :J
~"
:'.,' t
, . . '.'
\
. _~~~l
~ ~....
(, I
\....- ,,' ------"
~_...-,.......,.,. < -,.,
~,c,~?::Jr"\C,-~ ~",.'-.C)j
-'fJ~ :~EJr/V)
.,,~-.... l
C:;~fi B-~ .:Z~/ />
'-i "'~" ,"'I:
,"J:
,- ../ j
;:/j "
r: ( H. {
(!nr:(..1 (~f3 Pi~ .t UJ ~artl.es of t irst Part
~... L*' (I (J If /
1 L// w-;/ fi"i '--1:fF ';-;J.-~L- ~-~1//- -r-n,,_
.~;~~!!'fttIM~ctllft_~~!.r~P;;. ~. e 0 F S1:, Part:Yi/
~ fi~f.lfg,~ i!~ tR~ f!\'lifUfiH ~~ '..5c:) ~
Gi'ifim~~ ~~~ITi~ lit.l~ htsm'af~.~,~ ~~. ;M~yoj:; ~'~;:;"~'i ~~)f'/~ il roy
. ,~' AUG 1.4 H~~t e" f.t~ At<< ,Party of the Second Part
t... ~ '
p~Y\:. ~" r~njt!...~;t"'J\~J?Y~" \
'\ :~".::l.\~ 0~~ \Ss.\+:~Y;" (~'ir~:",J. ~~if!~l" i
1I~~.~ ~,":...~":,C1,,~~~"..-://~...,"t~~ '."'",~.V:?.....fJ~",,"'5..""'4".t...,.,..~'
- 3 -
STATB OF CALIFORNIA, }
_~ity & COfI,,"of~~n Francisco ss.
0" this__ 2~9:..__.day of.-- Aug~st _._..__._.__in the year one thousand ni"e hundred and Sixty ",:,One .
b"JOf"e me, _____ D o_Hal.~_....___.___.._--....-.-._.-.......-"'-""-" a Notary Public i" and for the City & -
\ County of___._~.!?:...f..r~g~Je.~Q-..----, State of California, duly commissioned
, atuJ SWOtH, personally appeared.......J.Q..luLE'.eie.1:.S.......K.itty pe:t~rs" --'-
..lE:me~J2-'__Li;~p~.....J;,i.n..c.gJJ.1JJ,S4-a.-..L~nd...-
_~_Il1..m.9-_iL.._g2:1t.?-.z.h.E-1L_------._-----_.-
knO'Wfl to me to be the perso"Ji.whose names are ---"",scribed to th, with,,, instrument
and adnowledged to me that.-.he._.executecl tM sa1M.
IN WITNESS WHEREOF I have hereunto set my hand and affixed my official seal
in tI:e_~j.:t~.l&.._.._County of.._...s.an...Er.a.n.cis.C,lL_.._.../ht day and year in this
certificate first above written.
._._.__...,_......__......,__._..~~.:.L~~.i.~:F--..--..--...--..--..--..-....--..--.....-........
Notary Public in and for the.._-~ i ~Y...~_......_County of__,_....s.gJl..F..:ranQ.i~ cQ......__,
My Commission Expires__.__.._._.....I2,-":iALEY_....-....-.... State of California.
My Commission Expires May 22,1965
~ .' f
,~ ~ i ~
,
',,~ ',~ ::';'" -'C
-;/
"~~~<':=-'l " <-:,' ~ C ~,'~. ;: ~ ~, ~
Cowdeq'~ FOrlll NQ: ~:3-'-A~wt~dJment-Geneul.
~c. C. Soc.ll119) "'''' '27202