HomeMy WebLinkAboutReso 23-21 Approving an Option Agreement between the City of Dublin and Corona Ely RanchReso. No. 23-21, Item 7.1, Adopted 03/16/2021 Page 1 of 2
RESOLUTION NO. 23 - 21
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING AN OPTION AGREEMENT
BETWEEN THE CITY OF DUBLIN AND CORONA ELY RANCH, INC.
ON PROPERTY TO BE DEVELOPED FOR AN AFFORDABLE HOUSING PROJECT
WHEREAS, Corona Ely Ranch, Inc. (“Corona Ely Ranch”) and the City desire to enter into
an Option Agreement (“Agreement”) on property to be developed for an affordable housing project
with preference for senior citizens and/or special needs individuals or other very -low and low-
income households on a 1.3-acre site within the Transit Oriented District of the Downtown Dublin
Specific Plan area, located at 6541-6543 Regional Street, Dublin, California (APN: 941-1500-025-
00) as more particularly described in Exhibit A in the Option Agreement attached to this
Resolution (“Property”); and
WHEREAS, Corona Ely Ranch will acquire the Property from Crystal Bay Development
LLC, a California limited liability company (“Market Rate Developer”) who acquired the Property
and APN: 941-1500-047-07 located at 6700 Golden Gate Drive for the Market Rate Developer’s
499-unit residential project. Pursuant to that certain City of Dublin Community Benefit Program
Agreement with Crystal Bay Development (formerly Bayview Development), dated June 13, 2018
and amended April 21, 2020 (“Community Benefit Agreement”), the Market Rate Developer will
transfer the Property to the City or its designee. This transfer will satisfy the Market Rate
Developer’s obligation under the Community Benefit Agreement to transfer the property to either
the City or its designee; and
WHEREAS, Corona Ely Ranch intends to construct a residential project on the Property
consisting of between 70 to 144 affordable rental housing units primarily for senior citizens and/or
special needs individuals or other very-low and low-income households, and related
improvements (“Development”); and
WHEREAS, the City’s interest in ensuring that it receives the “Community Benefit” from the
transfer requires the recording of an Affordable Housing Regulatory Agreement and Declaration
of Restrictive Covenants on the Property as it has been proposed by Eden Housing, Corona Ely
Ranch’s controlling affiliate (“Regulatory Agreement”). The Regulatory Agreement has not been
finalized at this time; and
WHEREAS, the Agreement gives the City an exclusive right and option to purchase the
Property from Corona Ely Ranch, which may be exercised by the City if: (a) Corona Ely Ranch
fails to enter into a mutually acceptable Affordable Housing Assistance Agreement within six
months from the date of the Option Agreement; (b) Corona Ely Ranch attempts to affect a transfer
of the Property at any time prior to the recordation of the Regulatory Agreement; or (c ) the close
of construction financing for the Development does not occur within 36 months after the date of
the Option Agreement; and
WHEREAS, the Agreement gives the City the right to acquire the Property to assure that it
is used for an affordable housing project if Corona Ely Ranch fails to fulfill its obligations after it
acquires the Property; and
Reso. No. 23-21, Item 7.1, Adopted 03/16/2021 Page 2 of 2
WHEREAS, the Agreement provides that a Memorandum of Option shall be concurrently
executed with the Agreement and recorded on the Property.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin hereby
approves the Option Agreement and Memorandum of Option between the City of Dublin and
Corona Ely Ranch, Inc. (an Eden Housing, Inc. controlled affiliate created for acquisition and the
development of the Property), as attached as Exhibit A to this Resolution, upon the satisfaction
of the conditions set forth in the Agreement, including, but not limited to, those set forth in Sections
22 and 24.
BE IT FURTHER RESOLVED that the City Council authorizes the City Manager to execute
the Agreement and gives the City Manager authority to execute any necessary, non-substantive
changes to carry out the intent of this Resolution.
PASSED, APPROVED AND ADOPTED this 16th day of March 2021, by the following vote:
AYES: Councilmembers Hu, Josey, Kumagai, McCorriston and Mayor Hernandez
NOES:
ABSENT:
ABSTAIN:
______________________________
Mayor
ATTEST:
_________________________________
City Clerk
OPTION AGREEMENT
BETWEEN THE CITY OF DUBLIN AND CORONA ELY RANCH, INC.
(6541-6543 REGIONAL STREET, DUBLIN, CA)
This Option Agreement ("Agreement") is entered into as of March 16, 2021, by
and between the City of Dublin, a municipal corporation ("City"), and Corona Ely Ranch,
Inc., a California nonprofit public benefit corporation ("Owner").
RECITALS
A. Owner owns or will own that certain real property located at 6541-6543
Regional Street, Dublin, California, (APN 941-1500-025-00) as more particularly
described in Exhibit A attached to this Agreement ("Property").
B. Owner acquired or will acquire the Property from Crystal Bay
Development LLC, a California limited liability company ("Market Rate Developer”) who
acquired the Property and APN 941-1500-047-07 located at 6700 Golden Gate Drive for
the Market Rate Developer’s residential project. Pursuant to that certain City of Dublin
Community Benefit Program Agreement with Bayview Development Group, Inc. dated
June 13, 2018, as amended by the First Amendment to Community Benefit Agreement
dated April 21, 2020 (as amended, the “Community Benefit Agreement”), the Market
Rate Developer transferred or will transfer the Property to Owner, an affordable housing
developer, for a nominal sum. The Community Benefit Agreement involves the Market
Rate Developer’s provision, pursuant to the Downtown Dublin Specific Plan, of a
Community Benefit in exchange for additional development potential on its property and
the Property. This transfer satisfies or will satisfy the Market Rate Developer’s
obligation under Section 3.1 of the Community Benefit Agreement to transfer the
Property to either the City or to such third party as the City may direct.
C. Owner intends to construct a residential project on the Property consisting
of between approximately 70 to 114 affordable rental housing units primarily for senior
citizens and/or special needs individuals or other very-low and low-income households
and related improvements (“Development”).
D. Owner and City intend to negotiate and enter into an agreement which
would provide for City to make one or more loans to Owner for the Development, and
would contain development and affordable housing requirements for the Development
(the “Affordable Housing Assistance Agreement”).
E. The City’s interest in ensuring that it receives the anticipated “Community
Benefit” from the transfer requires the recording of an Affordable Housing Regulatory
Agreement and Declaration of Restrictive Covenants on the Property (“Regulatory
Agreement”). Owner and City intend that the number and income level of affordable
units to be required in the Development will be negotiated as part of the Affordable
Housing Assistance Agreement, and that the form of the Regulatory Agreement will be
an attachment to the Affordable Housing Assistance Agreement.
F. A Memorandum of Option disclosing this Option Agreement shall be
recorded against the Property concurrently with the deed transferring title to the
Property from the Market Rate Developer to the Owner.
G. This Agreement gives the City an exclusive right and option to purchase
the Property from Owner, which may be exercised by the City if the City and Owner fail
to enter into a mutually acceptable Affordable Housing Assistance Agreement (“AHAA”)
within six (6) months from the date of this Agreement, if the Owner transfers the
Property or certain interests in Owner at any time prior to the close of construction
financing for the Development, or if the Close of Construction Financing for the
Development does not occur within 36 months from the date the Owner and City enter
into the AHAA (as such period may be extended in accordance with this Agreement).
H. All these Recitals are incorporated into and made part of this Agreement.
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL PROMISES
CONTAINED IN THIS AGREEMENT, THE PARTIES AGREE AS FOLLOWS:
AGREEMENT
Section 1. Grant of Option. Owner grants to the City the exclusive right and option to
purchase the Property for the consideration and under the terms and conditions set
forth in this Agreement (the "Option").
Section 2. Term and Exercise of Option.
a. Option Term. The term of the Option ("Option Term") shall be for a period
commencing on the date the Memorandum of Option (attached as Exhibit B) is recorded
and ending on the earlier of the following events: (i) the Close of Construction Financing
for the Development as set forth in Section 2(b) hereof; and (ii) the date this Option is
terminated in writing by the City.
b. Exercise of Option. The City may exercise the Option only in the event
that: (i) the Owner and City fail to enter into a mutually acceptable AHAA within six (6)
months from the date of this Agreement; (ii) the Owner attempts to affect a “Transfer” as
defined below at any time prior to the recordation of the Regulatory Agreement; or (iii)
the Close of Construction Financing for the Development does not occur within thirty-six
(36) months after the date the Owner and City enter into the AHAA. The time periods in
this subsection may be extended in writing by the City Manager in his or her sole
discretion if the City Manager finds that the Owner is diligently pursuing the
Development and cooperating with the City in accomplishing all steps reasonably
required to move forward with the Development in a timely manner. Provided that such
findings are reasonably made by the City Manager, he or she shall not unreasonably
refrain from granting up to two 12-month extensions to the time period set forth in
clause (iii) above. “Transfer” is defined as: (i) directly or indirectly, voluntarily,
involuntarily or by operation of law making or attempting any total or partial sale,
transfer, conveyance, assignment or lease of the whole or any part of the Property or
the improvements located on the Property; or (ii) a transfer of the beneficial interest of
more than twenty-five percent (25%) in aggregate of the ownership and/or control of
Owner at time of entering into this Agreement, taking all transfers into account on a
cumulative basis; provided however, neither the admission of an investor limited
partner, nor the transfer by the investor limited partner to subsequent limited partners
shall be a “Transfer” pursuant to this provision. Owner shall give the City thirty (30)
days’ written notice prior to any Transfer. “Close of Construction Financing” shall mean
the closing of all construction loans, governmental loans and other loans, and the
admission of investor limited partners into the Owner’s limited partnership entity,
resulting in funds available to the Owner in such amounts as are together sufficient to
finance the construction of the Development, in the reasonable determination of City.
The City may exercise the Option by giving written notice to Owner of its exercise of the
Option ("Option Notice").
c. Termination. Upon termination of the Option at the end of the Option
Term, the City Manager shall sign and deliver in recordable form a quitclaim deed or
such other document as may be reasonably required by the Owner to evidence the
termination of the Option. The parties acknowledge that the quitc laim deed or other
such document must be recorded concurrently with the close of escrow for the
Construction Loans.
Section 3. Purchase of the Property.
a. Purchase Price. On the date specified in the Option Notice (which shall
not be earlier than thirty (30) days after the date of the Option Notice), the Owner shall
sell the Property to the City for the following consideration: (i) the amount that the
Owner paid in cash for the purchase of the Property, if any, excluding closing costs; (ii)
the termination and cancellation of any debt incurred by the Owner to the City in
connection with the proposed Development (collectively, “City Loans”), provided that the
Owner returns to the City the full amount of any City Loan monies disbursed by the City
to the Owner minus those monies expended by the Owner relating to the development
of the Property, as established by the Owner through documentation provided to the
City in accordance with general accounting principles; and (iii) the amount paid by
Owner to third parties not from the proceeds of City Loans for Development-related
drawings, plans, specifications, studies, reports and other instruments (collectively,
“Plans”). Owner’s right, title and interest in all Plans relating to the development of the
Property shall be assigned to the City in an assignment agreement reasonably
acceptable to City which is executed by Owner in favor of the City at the time of the
closing of the sale of the Property by Owner to the City. Such assignment shall be on
an “as-is” basis, without any representation or warranty by Owner regarding the
contents of the Plans, the assignability of the Plans, or the City’s ability to rely upon the
Plans. The parties shall execute such escrow instructions for the conveyance of the
Property to City as shall be reasonably necessary to carry out such conveyance.
b. Execution of Deed. As soon as practicable, but in no event later than the
date specified in the Option Notice for the purchase and sale of the Property, the Owner
shall execute a grant deed (the "Deed") conveying to the City the Property and all
improvements located on the Property which shall be recorded in the Official Records of
the County of Alameda (the "Official Records").
c. Expenses. All city and county documentary transfer tax and conveyance
taxes to the extent they are not exempt pursuant to the Revenue and Taxation Cod e
and recording charges for the Deed (if any) shall be borne by Owner. The cost of the
Title Policy (as defined below) shall be borne by the City. All other expenses, fees or
costs (except for attorneys' fees and costs) incurred in close of escrow for the purchase
and sale of the Property pursuant to this Agreement shall be borne by the City. Each
party shall bear its own attorneys' fees and costs.
d. Proration of Taxes. Owner shall be responsible for application of a refund
for any real property taxes and Mello-Roos and other like assessments on the Property.
Because the Property is exempt from real property taxes upon its acquisition by City, no
proration of real property taxes and Mello-Roos and other like assessments on the
Property will be made.
e. Title Insurance. Should the City exercise the Option, no later than the
time of the recording of the Deed pursuant to subsection b. above, the City shall cause
a title company of the City's choice to issue a CLTA or ALTA policy of title insurance
(the "Title Policy") insuring fee title to the Property to be vested in the City, subject only
to those encumbrances, conditions, or exceptions acceptable to the City in its
reasonable discretion (“Permitted Exceptions”). Permitted Exceptions shall include all
encumbrances, conditions and exceptions approved by the City under Section 21 below
and/or in its loan policy issued in connection with the City Loan (defined in the
Regulatory Agreement), any regulatory agreements and other deeds of trust or other
security instruments securing debt on the Property approved by the City, or any other
instruments recording with the prior written approval by the City. Owner shall be
responsible for removing from the Property title any encumbrances, conditions, or
exceptions other than Permitted Exceptions prior to the closing of the conveyance of the
Property to the City.
f. Inspection and Due Diligence. After City’s exercise of the Option, City
shall have the right to undertake physical inspections of the Property and due diligence
related to the purchase of the Property. Owner shall provide to City copies of all
reasonably available and known documents relating to the ownership and operation of
the Property, including but not limited to plans, permits and reports (environmental,
structural, mechanical, engineering and land surveys) that Owner has in its possession.
All physical inspections must be coordinated with Owner’s representative and shall take
place not more than three (3) days after the date City provides written or emailed notice
of the timing of such inspections and related testing. City hereby agrees to indemnify
and hold Owner harmless for any damage to the Property caused (but not merely
revealed) solely by City’s inspections of the Property. City shall have the right, in its
sole discretion, to disapprove the Property and terminate the Option for any reason (or
no reason) by delivery of written notice thereof to Owner.
Section 4. Assignment of Option. Neither the Owner nor City may assign its rights
or obligations under this Agreement without the prior written consent of the other party .
The City hereby consents to an assignment by Owner to a limited partnership formed by
Owner or an Owner Affiliate to be the developer of the Development, in which Owner or
an Owner Affiliate is the managing general partner, or to an Owner Affiliate. As used
herein, an “Owner Affiliate” shall be any entity controlling, controlled by, or under
common control with Owner, including, without limitation, Eden Housing, Inc. and any
entities controlled by Eden Housing, Inc. Any assignment of this Agreement not
authorized under this section shall be null and void.
Section 5. Memorandum of Option. Contemporaneously with the execution of this
Agreement, the City and Owner shall execute and acknowledge a Memorandum of
Option in the form attached to this Agreement as Exhibit B. The City shall cause the
executed and acknowledged Memorandum of Option to be recorded in the Official
Records of Alameda County concurrently with the recording of the deed transferring title
to the Property from the Market Rate Developer to the Owner.
Section 6. Further Documents. Upon the reasonable request of the other party,
each party will execute, acknowledge and deliver or cause to be executed,
acknowledged and delivered, such further instruments and documents as may be
reasonably necessary in order to carry out the intent and purpose of this Agreement,
including escrow instructions.
Section 7. Notices. All notices or other communications made pursuant to this
Agreement shall be in writing and shall be deemed properly delivered, given or served
to the parties at the following addresses when (a) mailed by certified mail, postage
prepaid, return receipt requested; (b) sent by express delivery service, charges prepaid
with a delivery receipt; or (c) personally delivered when a delivery receipt is obtained:
City: City of Dublin
100 Civic Plaza
Dublin, CA 94568
Attention: City Manager
925-833-6650
city.manager@dublin.ca.gov
Owner: Corona Ely Ranch, Inc.
22645 Grand Street
Hayward, CA 94541-5031
Attention: President
510-582-1460
LMandolini@edenhousing.org
All notices so delivered, mailed or sent shall be deemed received as of the date shown
on the delivery receipt as the date of delivery or the date delivery was refused. Either
party may change its address for the purposes of this paragraph by giving prior written
notice of the change to the other party in the manner provided in this paragraph.
Section 8. Binding Effect. This Agreement and its terms and conditions shall be
binding upon and inure to the benefit of the parties to this Agreement and their
respective permitted successors and assigns.
Section 9. Time. Time is of the essence of this Agreement.
Section 10. Attorneys' Fees. In any action between the City and Owner to enforce or
interpret any of the terms of this Agreement, the prevailing party shall be entitled to
recover costs of suit and expenses, including, without limitation, reasonable attorneys'
fees.
Section 11. Eminent Domain. Notwithstanding any other provision of this Agreement,
if at any time prior to execution and recordation of the Deed, any portion of the Property
shall be taken by eminent domain or is the subject of eminent domain proceedings
(either threatened in writing or commenced), and regardless of whether the City has
exercised the Option, then the City shall have the right to terminate this Agreement
upon written notice to Owner, whereupon the parties shall have no further obligations
under this Agreement.
Section 12. Exhibits. All exhibits attached to this Agreement and referred to in this
Agreement are incorporated into this Agreement by this reference as though they were
fully set forth in this Agreement.
Section 13. Captions. The captions of the paragraphs of this Agreement are for
convenience and reference only, and the words contained in the captions shall in no
way be held to explain, modify, amplify or aid in the interpretations, constructions or
meaning of the provisions of this Agreement.
Section 14. Entire Agreement; Counterparts. This Agreement contains the entire
agreement between the parties respecting the matt ers set forth, and supersedes all
prior agreements between the parties respecting such matters. This Agreement may be
executed in counterparts, each of which shall be deemed to be an original, but all of
which together shall constitute one and the same Agreement.
Section 15. No Third Party Beneficiaries. Nothing in this Agreement, express or
implied, is intended to confer to any person, other than the parties and their permitted
successors and assigns, any rights or remedies under or by reason of this Agreement.
Section 16. Waiver. No provision of this Agreement shall be deemed waived by a
party unless such waiver is in writing and signed by the party making the waiver.
Failure of either party at any time to require performance of any provision of this
Agreement shall not limit that party’s right to enforce the provision unless the waiver is
made in writing. Waiver of any breach of a provision shall not be a waiver of any
succeeding breach of the provision or a waiver of the provisions itself or of any other
provision.
Section 17. Authority of Signatories. Each of the parties to this Agreement represents
and warrants to the other party that the persons who have executed this Agreement
have been authorized to do so by the party on whose behalf the party is signing. All
documents to be delivered under this Agreement will be executed by an authorized
person. Each party has a good and legal right to enter into this Agreement and to
perform all covenants of that party contained in this Agreement.
Section 18. Governing Law. This Agreement shall be governed and constructed in
accordance with California law.
Section 19. Amendments. This Agreement may only be amended in writing signed by
all parties.
Section 20. Brokers. Each party will defend, indemnify, and hold the other party
harmless from any claim, loss, or liability made or imposed by any other party claiming a
commission or fee in connection with this transaction and arising out of that party’s own
conduct.
Section 21. Title Report and Owner’s Representations and Warranties. Prior to
entering into this Agreement, Owner shall provide City with a copy of a current title
report for the Property (“Title Report”). The City’s entering into this Agreement is
subject to its approval of the Title Report and any exceptions shown in the Title Report.
Section 22. Owner’s Conduct During Term of Agreement. During the term of this
Agreement, Owner shall comply with the following terms relating to the Property: (a)
Owner shall pay for all labor and work performed and all material furnished at Owner’s
request or on Owner’s behalf, and there shall be no claim for which a mechanic’s,
materialman’s, or similar lien can be claimed by any person or firm against the Property
as a result of any act of Owner; (b) Owner shall not affirmatively take any actions
constituting waste of the Property, and shall not excavate, mine, or otherwise materially
alter the Property; (c) Owner shall not enter into any lease, occupancy, tenancy, or
license agreement affecting the Property, without City’s prior written consent; and (d)
Owner shall not incur any obligations or liabilities or enter into any transactions that will
affect the Property without the prior written consent of City which consent shall not be
unreasonably withheld.
Section 23. Owner Indemnity of City. Owner shall indemnify, defend and hold harmless
the City, any City agencies, and their respective elected and appointed councils,
boards, commissions, officers, agents, employees, volunteers and representatives
(collectively herein, "City") from any and all loss, liability, fines, penalties, forfeitures,
costs and damages and from any and all claims, demands and actions in law or equity
(including attorneys' fees and litigation expenses) by any person or entity, directly or
indirectly arising or alleged to have arisen out of or in any way relating to the Property
during the term of this Agreement, except for such matters as are caused by the
negligence or willful misconduct of City. This indemnity provision shall survive
termination of this Agreement.
Section 24. City Remedies for Breach. The City shall have the right to exercise all
remedies available under law and equity for any breach of this Agreement by Owner.
IN WITNESS WHEREOF, the City and Owner have executed this Agreement as of the
date first written above.
CITY:
CITY OF DUBLIN, a municipal corporation
By:
____________________________
Linda Smith, City Manager
Attest:
____________________________
Marsha Moore, City Clerk
Approved as to form
____________________________
John D. Bakker, City Attorney
OWNER:
Corona Ely Ranch, Inc., a California nonprofit
public benefit corporation
By:
____________________________________
Linda Mandolini, President
EXHIBIT A
Legal Description
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF DUBLIN, IN THE
COUNTY OF ALAMEDA, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:
Parcel One:
Parcel 2 of Parcel Map No. 1920, filed December 1, 1976 in Book 94 of Parcel Maps, Page 11
and 12 Alameda County Records.
Parcel Two:
An Access Easement, not to be exclusive, together with the right of ingress and egress therefor,
in, over, along and across that certain land situated in the Township of Pleasanton, County of
Alameda, State of California, described as follows:
Beginning at the most Western corner of the parcel of land described in the Deed from AMFAC
Merchandising Corporation, a California corporation to Baydale, Inc., a Delaware corporation,
recorded December 28, 1971, in Reel 3026 at Image 888 Recorder’s Series No. 71-169856.
Official Records of Alameda County; thence through a portion of the last named parcel of land
and along the Northwestern boundary line thereof, North 69° 08’ 15” East, 329.29 feet; thence
at right angles to the last named line South 20° 51’ 45” East, 71.00 feet to the Northeastern
corner of the parcel of land described in the Deed from Baydale Inc., a Delaware corporation, to
AMFAC Merchandising Corporation, a California corporation, recorded April 12, 1972 in Reel
3104 at Image 883, Recorder’s Series No. 72-47311, Official Records of Alameda County, State
of California; thence along the last named line South 69° 08’ 15’ West 329.29 feet to the
Northeastern line of Regional Street being the parcel of land described as Parcel 1 in the Deed
from Motel Interstate Systems, Inc., to the County of Alameda, recorded March 8, 1971 in Reel
2802 at Image 484, Recorder’s Series No. 71-26256, Official Records of Alameda County;
thence along the last named line North 20° 51’ 45” West, 71.00 feet to the point of beginning.
APN: 941-1500-025-00
EXHIBIT B
RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
City of Dublin
100 Civic Plaza
Dublin, CA 94568
Attention: City Clerk
MEMORANDUM OF OPTION
DATED: ____________, 2021
BETWEEN
DEVELOPER: Corona Ely Ranch, Inc.
22645 Grand Street
Hayward, California 94541-5031
Attention: President
AND CITY: City of Dublin
100 Civic Plaza
Dublin, CA 94568
Attention: City Manager
The Owner has entered into that certain Option Agreement with the City, dated
as of March 16, 2021 (the "Option Agreement"), in which the Owner has granted to the
City the option (the "Option") to purchase certain real property owned by the Owner
situated in the City of Dublin, County of Alameda, State of California, described in the
attached Exhibit A (the "Property").
By the execution and recording of this Memorandum of Option, the Owner and
the City desire to give notice to the public of the Option Agreement. The names and
addresses of the Owner and the City are as set forth in the first paragraph of this
Memorandum. The Property covered by this Memorandum of Option is as set forth in
the first paragraph of this Memorandum. The terms of the Option and rights and
obligations of the parties are set forth in full in the Option Agreement, the provisions of
which are incorporated in this Memorandum by this reference as if set out in full.
Nothing in this Memorandum shall constitute or be construed as constituting an
agreement, revision, or modification to the Option Agreement or the respective rights or
obligations of the parties under the Option Agreement.
This Memorandum of Option may be executed simultaneously or in counterparts,
each of which shall be deemed to be an original, but all of which together shall
constitute one and the same document.
IN WITNESS WHEREOF, this Memorandum of Option has been duly executed
as of the day and year first above written.
CITY:
CITY OF DUBLIN, a municipal corporation
By:
____________________________
Linda Smith, City Manager
Attest:
____________________________
Marsha Moore, City Clerk
Approved as to form
____________________________
John D. Bakker, City Attorney
OWNER:
Corona Ely Ranch, Inc., a California nonprofit
public benefit corporation
By:
____________________________________
Linda Mandolini, President
STATE OF CALIFORNIA )
)
COUNTY OF __________________ )
On ____________________, before me, ___________________________,
Notary Public, personally appeared ______________________________________,
who proved to me on the basis of satisfactory evidence to be the person(s) whose
name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
I certify UNDER PENALTY OF PERJURY under the laws of the State of
California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
_________________________________
Name: ___________________________
Notary Public
STATE OF CALIFORNIA )
)
COUNTY OF __________________ )
On ____________________, before me, ___________________________,
Notary Public, personally appeared ______________________________________,
who proved to me on the basis of satisfactory evidence to be the person(s) whose
name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
I certify UNDER PENALTY OF PERJURY under the laws of the State of
California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
_________________________________
Name: ___________________________
Notary Public
Exhibit A
Legal Description
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF DUBLIN, IN THE
COUNTY OF ALAMEDA, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:
Parcel One:
Parcel 2 of Parcel Map No. 1920, filed December 1, 1976 in Book 94 of Parcel Maps, Page 11
and 12 Alameda County Records.
Parcel Two:
An Access Easement, not to be exclusive, together with the right of ingress and egress therefor,
in, over, along and across that certain land situated in the Township of Pleasanton, County of
Alameda, State of California, described as follows:
Beginning at the most Western corner of the parcel of land described in the Deed from AMFAC
Merchandising Corporation, a California corporation to Baydale, Inc., a Delaware corporation,
recorded December 28, 1971, in Reel 3026 at Image 888 Recorder’s Series No. 71-169856.
Official Records of Alameda County; thence through a portion of the last named parcel of land
and along the Northwestern boundary line thereof, North 69° 08’ 15” East, 329.29 feet; thence
at right angles to the last named line South 20° 51’ 45” East, 71.00 feet to the Northeastern
corner of the parcel of land described in the Deed from Baydale Inc., a Delaware corporation, to
AMFAC Merchandising Corporation, a California corporation, recorded April 12, 1972 in Reel
3104 at Image 883, Recorder’s Series No. 72-47311, Official Records of Alameda County, State
of California; thence along the last named line South 69° 08’ 15’ West 329.29 feet to the
Northeastern line of Regional Street being the parcel of land described as Parcel 1 in the Deed
from Motel Interstate Systems, Inc., to the County of Alameda, recorded March 8, 1971 in Reel
2802 at Image 484, Recorder’s Series No. 71-26256, Official Records of Alameda County;
thence along the last named line North 20° 51’ 45” West, 71.00 feet to the point of beginning.
APN: 941-1500-025-00