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HomeMy WebLinkAboutMINUTES - 09232008 - C.77 I TO: REDEVELOPMENT AGENCY Contra o� FROM: David Twa, Executive Director o; ;,n �is Costa DATE: September 23, 2008 0-- �a�K County SUBJECT: Orbisonia Heights Property Acquisition, Bay Point Area SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION Recommended Action: A. APPROVE Purchase and Sale Agreement and ACCEPT the Grant Deed from Deutsche Bank, for the purchase of 621-625 Bailey Road, Bay Point, identified as Assessor's Parcel Number 094-013-008. B. AUTHORIZE the Redevelopment Director to execute said Purchase and Sale Agreement on behalf of the Redevelopment Agency. C. APPROVE payment of$169,000 for said property rights and AUTHORIZE the Auditor-Controller to issue a check in said amount payable to North American Title Company,630 San Ramon Valley Blvd.,Suite#120, Escrow No. 828020, Danville, CA 94526, to be forwarded to the Real Property Division for delivery. D. Direct the Real Property Division to have the above referenced Grant Deed delivered to the Title Company for recording in the Office of the County Recorder. el Continued on Attachment: ® SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR ❑ RECOMMENDATION OF BOARD COMMITTEE APPROVE ❑ OTHER SIGNATURE(S): ACTION OF BOARD ON��� APPROVED AS RECOMMENDED ,� OTHER VVE OF SUPERVISORS UNANIMOUS(ABSENT 0 AYES: NOES: ABSENT: ABSTAIN: D'.\6ayPuin0Deve)opmen1 Zone 2\acquishion\B0 Orbisonia Heights 621-625 Pareel.doc Orig.Div: Redevelopment Agency Contact: Maureen Toms—Redevelopment Agency(335-7230) I HEREBY CERTIFY THAT THIS IS A TRUE AND cc: County Administrator CORRECT COPY OF AN ACTION TAKEN AND Assessor's Office ENTERED ON THE MINUTES OF THE PW Real Property—O.Reynolds REDEVELOPMENT AGENCY ON THE DATE SHOWN. ATTESTED��J ,,, David Twa,AGENICY SECRETARY By. Deputy SUBJECT: Orbisonia Heights Property Acquisition, Bay Point Area DATE: September 23, 2008 PAGE: 2 Fiscal Impact: This activity is funded by the Contra Costa County Redevelopment Agency(100%). No General Fund money was used on this project. Reasons for Recommendations and Background: This project is to redevelop approximately 7.6 acres of the Orbisonia Heights subdivision with residential mixed-use, transit-oriented development as described and planned for in the Pittsburg/Bay Point BART Station Specific Plan approved by the Contra Costa County Board of Supervisors. In order to meet the purpose of this portion of the Specific Plan acquisition of the existing residential properties southeast of the State Highway 4/13ailey Road Interchange must occur. Consequences of Negative Action: The Agency will not be able to assemble this property with the current properties already acquired within the Specific Plan in the unincorporated community of Bay Point in Contra Costa County. �A& CALIFORNIA tASSOCIATION ADDENDUM _A N OF REALTORSWor - (C.A.R. Form ADM, Revised 10/01) N o. 1 The following terms and conditions are hereby incorporated in and made a part of the: ❑ Residential Purchase Agreement, ❑ Manufactured Home Purchase Agreement, ❑ Business Purchase Agreement, ❑ Residential Lease or Month-to-Month Rental Agreement, ❑ Vacant Land Purchase Agreement, ® Residential Income Property Purchase Agreement, ❑ Commercial Property Purchase Agreement, ❑other dated August 29, 2008 on property known as 621-625 Bailey Road #1,#2,#3,#4 in which Contra CostaCountyRedevelopment Amy is referred to as("Buyer/Tenant") and Premiere Asset Services is referred to as("Seller/Landlord"). 1 The buyer will not be charged a per diem fee of $50 for any extension of the escrow period past the closing date of 10/28/2008 2. Buyer is not responsible for any commissions to be paid. 3. The original contract and all addenda does not have to be received within 5 days of this document to be a "active" contract 4 Buyer does not have to provide proof of funds This is a all cash transaction ao no precivalification is required 5 Seller cannot terminate contract for not receiving clear copies of contract and all addenda associated with this transaction, 6 Seller will not keep property on market once this contract is approved 7. Title to convey Grant deed, Not withstanding legal description in this offer, addenda or counter offer, the legal description according to title report shall control, 8 Regarding item#24 on page 4 of 8 in the counter offer is to be removed completely, 9 item #28 on page 5 of 8 is to be 'removed from the counter offer completely Tha if-pmg 7isted above are to be made a part of the purchase contract and will override the counter offer The foregoing terms and conditions are hereby agreed to, and the undersigned acknowledge receipt of a copy of this document. Date 1 Z 0 4 Date BuyerfTenant T Seller/Landlord o tra to o yRe evelopment Premiere Asset Services Buyer/Tena t Seller/Landlord The copyrigh laws the United State (Title 17 U.S.Code)forbid t e unauthorized reproduction of this form,or any portion thereof,by photocopy machine or any other means, including fac smile computerized fo ats.Copyright®1986.200 ,CALIFORNIA ASSOCIATION OF REALTORS®,INC.ALL RIGHTS RESERVED. THIS FORM AS EEN APPROVED B THE CALIFORNIA AS OCIATION OF REALTORS®(C.A.R.).NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR ADEQUACY F NY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE TRANSACTI N .IF YOU DESIRE LEGAL OR TAX ADVICE,CONSULT AN APPROPRIATE PROFESSIONAL. This form is a ilable for use by the entire real estate industry.It is not intended to identify the user as a REALTOR&REALTOR®is a registered collective membership mark which may be used only by members of the NATIONAL ASSOCIATION OF REALTORS®who subscribe to its Code of Ethics. Published and Distributed by: S REAL ESTATE BUSINESS SERVICES,INC. y ♦ a subsidiary of the California Association of REALTORS® Reviewed b _ the syste"M, or Success' 525 South Virgil Avenue,Los Angeles,California 90020 Broker or Designee Date EpMI MabMC ADM-11 REVISED 10101 (PAGE 1 OF 1) OPPORTUNnY ADDENDUM(ADM-11 PAGE 1 OF 1) Greg Danska 224 Havenwood Circle,Pittsburg ,CA 94565 Phone:(925)876-3226 Fax: (925)458-4972 Greg Danska CCCounty i:l COUNTER OFFER Date: 09/15/2008 Buyer: Redevelopment Agency, Contra Costa Redevelopment Agency Address: 621 625 BAILEY RD UNIT 1,2,3 & 4 Seller: Owner of Record BAY POINT, CA, 94565 This is a Counter Offer to the Offer and Seller Addendum dated 09/15/2008, regarding property located at 621 625 BAILEY RD UNIT 1,2,3 & 4, BAY POINT, CA and supersedes any prior Counter Offers and/or Buyer's addenda between Owner of Record, Seller, and Buyer. Seller's Addendum and all terms not inconsistent with this Counter Offer remain effective. Both Counter Offer, Seller's Addendum are attached and will supersede the contract to the extent they are consistent. 1. Sales price to be$169,000.00 2. Buyer is to deposit earnest money of$0.00 in listing agent's escrow account or with Seller's closing agent upon acceptance of this counter offer. Seller will be unable to accept entire contract without written proof of the Buyer's earnest money deposit. 3. Seller will make no repairs or inspections to the subject property unless expressly addressed below. Should any lender or any insuring entity or agency require that certain repairs to the Property be made or that certain other conditions be met, the Seller, at its sole option, may comply with such requirements or terminate the Contract. Further, should any FHA Conditional Commitment or VA Certificate of Reasonable Value vary from the agreed upon purchase price of the Property, then Seller, at its sole option, may terminate the Contract. Seller will pay a maximum of$0.00 toward lender required repairs only. If lender required repairs are less than$0.00, any excess shall be credited back to the Seller. Buyer must provide documentation from lender specifying list of required repairs. Bids are required for repairs and must be supplied to the Seller from bonded, licensed vendors for review and approval. All work will be scheduled and coordinated by the listing agent.Repairs will not be authorized until Buyer provides documentation of full mortgage commitment. 4. Termite inspection will be the responsibility of the BUYER. Any termite corrective work and/or treatment will be at the expense of the BUYER, unless otherwise noted below in paragraph number 11. 5. Closing is to occur on or before 10/28/2008. Time is of The Essence. No extension will be given without prior written approval. Seller reserves the right to extend closing date if legible copies of signed contract are not received in a timely manner. The Buyer shall be charged a per diem fee of$50.00 per day for any extension of the escrow period past the closing date of 10/28/2008. The Buyer shall not be obligated for any delays caused by the Seller's title company/closing agent. Closing to occur at office or physical location of Seller's choice. Buyer may use counsel of choice as representation at settlement. Seller will pay for Owner's Title policy if closing occurs at Seller's directed office and the Owner'8 policy is ordered through closing office listed below. Seller's representation will be: Name: BURKE BARRETT- CA Phone#: 972-341-5366 Fax#: 972-661-7712 6. Seller will pay a maximum of$0.00 towards Buyer's closing costs(this includes non-allowables,pre-paid and points). If Buyer's closing costs are less than this amount, any excess shall be credited back to the Seller. If applicable, FHA or VA non-allowables will be capped at a maximum of$0.00. This will NOT be additional to any incentives offered if applicable. 7. Agent commission will be paid in accordance with the listing agreement. Agent commmission will be based on the sales price of$169,000.00. If property does not close, no commission will be paid. MatterID: 122317 Buyer Init� Page ] of 8 0 Copyright 2006 Premiere Asset Services,All Rights Reserved M i Address: 621 625 BAILEY RD UNIT 1,2,3 Buyer: Redevelopment Agency, Contra Costa Redevelopment Ago & 4, BAY POINT, CA, 94565 8. All pro-rations, including without limitation, pro-rations of any and all taxes, fees, utilities, homeowner or condominium association assessments and dues and any and all other charges against the Property reflected on the settlement statement and executed by the Seller are final. No adjustments or payments will be made by the Seller after Closing. 9. FINAL OFFER ACCEPTANCE IS SUBJECT TO INVESTOR APPROVAL. 10. No other incentives apply. 11. Property is sold as is condition; no repairs. The original contract and all addenda must be received by Seller within five (5) days of the date of this document. Otherwise, Seller can terminate the contract for Buyer's non-performance. Original contract including all original offers and counter offers are subject to review and signature by Seller. Unless acceptance of this Counter Offer is signed by the person receiving it, and communication of acceptance is made by delivering a signed copy in person, by mail or by facsimile, which is personally received by the person making this Counter Offer by 5:00 p.m. 09/20/2008, this Counter Offer shall be deemed revoked and deposit shall be returned to the Buyer. This Counter Offer may be executed in counterparts. As the person(s) making this Counter Offer on the terms above, receipt of a copy is acknowledged. Buyer Initial's ]'age 2 of 8 0 Copyright 2006 Premiere Asset Services,All Rights Reserved 0 kq - Property Address: 621 625 BAILEY RD UNIT 192,3 & 4, BAY POINT, CA, 94565 STANDARD SELLER'S ADDENDUM This Seller's Addendum is attached to and is a part of the Offer. The Seller's Addendum will supersede the contract where inconsistent. The following terms and conditions are accepted and incorporated into the Purchase Contract, subject to the following, and in accordance with certain state requirements: Paragraphs in the purchase contract(offer) which require initials by all parties, but are not initialed by all parties, are excluded from the final agreement. Unless otherwise specified in writing, down payment and loan amount(s)will be adjusted in the same proportion as in the original offer. 1. Property is sold in its present "As Is" condition with no warranties, repairs, or inspections completed from the Seller, unless expressly addressed below. Buyer agrees that by closing hereunder Buyer has received no promises as to condition and no warranties, and has been afforded an opportunity to obtain an inspection by an inspector of Buyers choosing.No personal property is included in this sale,unless otherwise specified. 2. Buyer agrees that in contracting to buy the Property, Buyer has not relied upon any representation made by the Seller or Wells Fargo Home Mortgage, or any parent, subsidiary or affiliate thereof, or any of their officers, directors, employees, agents or representatives. 3. Buyer shall provide proof of funds or shall obtain a free Pre-Qualification letter from Wells Fargo Home Mortgage and shall submit same with this offer. Buyer is in no way obligated to obtain financing from Wells Fargo Home Mortgage and is free to obtain financing from any lender Buyer chooses. If Buyer does not submit either of the above with this Offer or within two (2)business days of the date of this offer, Seller will not consider the offer. Buyer shall have final written loan approval at least ten (10) days prior to the schedule closing date. 4. Buyer has until the 7th calendar day from the date of the fully ratified contract to declare contract null and void as a result of inspection findings. After the 7th calendar day, Buyer is obligated to complete the purchase or forfeit their earnest money deposit. 5. Buyer is advised that Seller works closely with certain escrow companies, title companies, title agents, title attorneys, and other closing agents that are familiar with Seller's forms, documents, procedures, and special requirements. By utilizing such entities, Seller is generally able to achieve closings quickly and efficiently. Unless Buyer chooses otherwise, Seller will deposit the contract with a company, attorney or agent of Seller's choice to perform all necessary title services and products either itself or through a title company chosen by Seller. However, Buyer is advised that the use of such companies, attorneys or agents is not required, nor is such use a condition of the sale of the property to Buyer. 6. Closing to occur at the office or physical location of Seller's choice. Buyer may use counsel of their choice to represent the Buyer at closing at Buyer's expense. 7. Seller will pay for Seller closing costs agreed to with Seller's Preferred Closing office as well as any costs agreed to on the PAS Counter Addendum at closing. If Listing/Selling Agent or Buyer initiates title or closing with a different Attorney or Closing office; any additional Seller closing costs beyond those that would be charged at Seller's Preferred Closing office, including but not.limited to, title, closing and misc. fees, will be the responsibility of the Agent or Buyer. 8. Seller does not agree to Arbitration and Mediation. 9. Seller will not assign to Buyer any rights to any insurance claims and proceeds covering destruction or damage to property. Furthermore, Seller's insurance policies are non-transferable and will not be prorated at closing. 10. The original contract and all addenda (or clear facsimile copy) must be received by date specified in the counter offer. Otherwise, Seller can terminate the contract for Buyer's non-performance. Original contract including all original offers and counter offers are subject to review and signature by Seller. 11. Buyer is aware that the property will remain on the market during the counter stages and that any and all offers will be considered. 12. This contract may not be assigned. 13. This property may be subject to ground rent, the seller will not redeem the ground rein . MatterID: 122317 Buyer Inti s Page 3 of 8 D Copyright 2006 Premiere Asset Services,All Rights Reserved Property Address: 621 625 BAILEY RD UNIT 1,293 & 49 BAY POINT, CA, 94565 14. Any special assessments, municipal assessments, or liens that are due or incurred after closing will be the responsibility of the Buyer. Seller does not agree to comply or bring property into compliance with any and all violation notices or requirements noted or issued by any governmental authority, or actions in any court on account thereof, against or affecting the property at the date of settlement of this contract, unless expressly addressed in the Seller's Addendum or Counter Offer. Buyer specifically agrees to comply or bring property into compliance with any government code or other requirements. 15. The Seller requires 72 hours prior to settlement to review and execute any lender required documents,HUD 1, and/or any other documents requiring the Seller's signature. The Seller cannot be responsible for any loss or damage due to settlement being delayed if the Seller is not given the full 3 business days for review and execution of these items. 16. Prohibited sale: The following are strictly prohibited from directly or indirectly purchasing any property owned or managed by Premiere Asset Services: (i) employees of Wells Fargo, its affiliates or subsidiaries and their immediate family members; and (ii) the agents, employees and family members of the listing real estate agent or agency. Buyer Initials I 17. Title to convey via special/limited warranty deed. Not withstanding legal description in this offer, addenda or counter offer, the legal description according to title report shall control. 18. Seller will not provide a survey, appraisal or a home warranty,unless otherwise specified in the sellers counter offer. 19. If applicable, retrofit to be paid by Buyer(s). Seller represents that the property as of the close of escrow, will be compliance with Health and Safety code 19211 by having water heaters braced, anchored or strapped in place'in accordance with these requirements. (California only) 20. All prorations, including without limitation, prorations of any and all taxes, fees, utilities, homeowner or condominium association assessments and dues and any and all other charges against the Property as reflected on the settlement statement executed by the Seller are final. No adjustments or payments will be made by the Seller after closing. Tax Pro-rations shall be based upon the last ascertainable actual tax bill and shall be final as of closing. There shall be no pro-ration adjustment. This paragraph controls all pro-rations as described, regardless of language to the contrary in the offer, addendum or counter offer. 21. The Buyer shall not be allowed, under any circumstance, to receive funds from the closing that exceed the amount of the earnest money plus prepaid deposits paid by the Buyer. In the event that the proposed HUD reflects proceeds to the Buyer in excess of the earnest money and prepaid deposits, the closing cost credit by Seller shall be reduced so that the Buyer receives an amount exactly equal to the earnest money amount, plus prepaid deposits by the Buyer. 22. FINAL OFFER ACCEPTANCE IS SUBJECT TO INVESTOR APPROVAL. 23. Seller shall have a minimum of thirty(30) days from the earlier of the closing date or the date upon which Seller receives a copy of a title insurance commitment/title report within which to resolve title exceptions, defects, or other title issues which in any way impede or impair Seller's ability to convey insurable title. If, within such thirty(30)day period, Seller determines that it is unable or unwilling to resolve such matters,the Buyer(I)may take title in its then state, thereby waiving any title objections, or(II)terminate the contract and receive a refund of any deposit as Buyer's sole and exclusive remedy. Alternatively, in such circumstances, Seller may terminate the contract and refund Buyer's deposit, such refund being Buyer's exclusive remedy for such termination. In the event Seller fails to resolve such issues within the aforesaid thirty(30) day period, it shall be presumed that Seller has determined that it is unable or unwilling to resolve such issues. 24. Termination of Contract: In the event the Contract is terminated by Seller pursuant to any provision of the Contract, this Addendum, or any other addendum or counter offer, Seller's sole liability to Buyer will be to return Buyer's deposit, at which time the Contract shall cease and terminate and Seller and Buyer shall have no further obligations, liabilities or responsibilities to one another. Notwithstanding any language to the contrary in the offer, addenda or counter offer, if buyer defaults in the performance of the contract, 100% of the earnest money will go to the seller. Buyer Initials � Page 4 of 8 ©Copyright 2006 Premiere Asset Services,All Rights Reserved Property Address: 621 625 BAILEY RD UNIT 1,2,3 & 4,BAY POINT, CA,94565 25. Notwithstanding any language to the contrary in the offer, addendum, or counter offer, in any action or proceeding between buyer and seller, seller does not agree to indemnify or hold broker(s)harmless from and against any and all liability, loss, cost, damages or expenses incurred by Broker(s). 26. Seller makes no representation and advises buyers to make their own investigation to determine the source of the water supply and type of sewage disposal system. 27. This property may be subject to a redemption period per your State's requirements. It is important that you check with the closing attorney or closing agent on your sale to see if these periods have expired, as the subject property would not be available for closing until the period that applies has expired, or could possibly not close due to a prior mortgagor or lien holder exercising their option according to the applicable period that would apply in your State. Seller makes no guarantees or representations on timeframes of expiration of redemption periods as may apply in your State. Should one of the above periods apply to your sale, and prohibit closing, Buyer may exercise their option to cancel the contract of sale and receive earnest monies back from Seller. No additional compensation will be paid by Seller for any expenditure made by Buyer regarding this property. 28. If the buyer is participating in a 1031 Exchange, the buyer(s) understands and agrees that all obligations related to the purchase of this property and the timeliness of the closing shall remain in full effect regardless of the buyer's participation in the 1031 Exchange. Buyer(s) shall remain solely responsible and liable to the Seller for Buyer(s)' performance of each and every warranty and obligation under this agreement. 29. Pursuant to the Department of the Treasury's Office of Foreign Assets Control ("OFAC"), Premiere Asset Services is prohibited from engaging in any transactions with any individual or entity that may appear on the list of Specially Designated Nationals and Blocked Persons, Specially Designated Terrorists, or Specially Designated Narcotics Traffickers. Therefore, the following information must be provided. If Buyer fails to provide this information, Seller will not consider your offer. This information will only be used for the sole purpose of screening against OFAC's list and the World Check List. Buyer Initi s Page 5 of 8 0 Copyright 2006 Premiere Asset Services,All Rights Reserved T I Property Address: 621 625 BAILEY RD UNIT 1,2,3 & 4,BAY POINT, CA,94565 Please rovide the following information: Buyer 1 First Name: Middle Name: Last Name: Address: City: State: Zi Country: DOB: Phone #: Buyer 2 First Name: Middle Name: Last Name: Address: City: State: Zi : Country: DOB: Phone #: Buyer 3 First Name: Middle Name: Last Name: Address: Cit : State: Zi : Country: DOB: Phone#: Buyer's Agent Information First Name: Last Name: Company: Address: City: State: Zip: Email: Phone#: Fax # : Buyer's Company/Corporation/Partnership If buyer is a Company/Corporation/Partnership or is not purchasing as an individual, buyer must provide full company/corporation name and Articles of Incorporation and signing authority. Full Name of Company/Corporation: List All Principal Owners (greater than 25% share) of Partnership or LLC. Include address and dates of birth or each: Corporation Tax ID: If any purchaser is on OFAC's and/or World list as described above, this contract shall be of no effect, and shall be immediately cancelled. No party shall be liable to the other party in any way, for any claims whatsoever. Any earnest money shall be returned. Buyer Initial C Page 6 of 8 ©Copyright 2006 Premiere Asset Services,All Rights Reserved Property Address: 621 625 BAILEY RD UNIT 1,293 & 49 BAY POINT, CA, 94565 PROPERTY CONDITION ADDENDUM Addendum to the Purchase Contract accepted by Buyers for property located at: 621 625 BAILEY RD UNIT 192,3 &4, BAY POINT, CA. LEAD-BASED PAINT DISCLOSURE This contract is contingent upon a risk assessment or inspection of the property for the presence of lead-based paint and/or lead-based paint hazards at the Purchaser's expense until 9 p.m. on the seventh calendar day after ratification. The lead-based paint that is in good condition is not necessarily a hazard. See the EPA pamphlet Protect Your Family From Lead in Your Home for more information. This contingency will terminate at the predetermined deadline unless the Purchaser(or Purchaser's agent) delivers to the Seller(or Seller's agent) a written contract addendum listing the specific existing deficiencies and corrections needed, either with a copy of the inspection and/or risk assessment report. The Seller may, at the Seller's option within 10 (ten) days after delivery of the addendum, elect in writing whether to correct the condition(s) prior to settlement. If the Seller will correct the condition, the Seller shall furnish the Purchaser with certification form a risk assessor or inspector demonstrating that the condition has been remedied before the close of the settlement. If the Seller does not elect to make the repairs, or if the Seller makes a counter-offer, the Purchaser shall have 10 (ten) days to respond to the counter-offer or remove this contingency and buy the property in "as is" condition or this contract shall become void. The purchaser may remove this contingency at any time without cause. Buyer acknowledges they have received the Lead Base Paint pamphlet. Yes ❑ N/A ❑ Buyer Initials "AS-IS" DISCLOSURE Buyer is aware that Seller acquired the property which is the subject of this transaction by way of foreclosure, and that the Seller is selling and Buyer is purchasing the property in an "AS-IS" CONDITION WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. Buyer acknowledges for Buyer for Buyer's successors, heirs and assignees, that Buyer has been given a reasonable opportunity to inspect and investigate the property and all improvements thereon, either independently or through agents of Buyer's choosing, and that in purchasing the property, Buyer is not relying on Seller or its agents as to the condition of the property and/or any improvements thereon, including,but not limited to, roof, foundation, soils, electrical, plumbing, heating, basement, mechanical systems, water or septic systems, geology, lot size or the existence of termites or other wood destroying insects, radon or hazardous substances, whether or not the property is located in a flood zone or whether the property conforms to local ordinance or regulations, including zoning or suitability of the property and/or in compliance with any city, county, State and/or Federal statutes, codes or ordinances. Buyer is not relying on Seller or it's agents as to the condition of property and/or any improvements thereon, including but not limited to mold, roof, foundations, etc. THE PREMISES WERE ACCEPTED WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND OR NATURE AND IN AN "AS-IS" CONDITION BASED SOLELY ON BUYER'S OWN INSPECTION. WARNING: A winterization may have been performed at this property pursuant to a work order issued by the current owner. The sole purpose of a winterization is to prevent damage from freezing pipes. The winterization completed at this property was a system shut-down only; the plumbing system was not tested for damage or leaks. This procedure is not a guaranty or warranty of any kind with respect to the HVAC, plumbing, or any other mechanical systems at this property. The plumbing system should be de-winterized by a licensed contractor or plumber before the water is turned back on, to assure that the system is operational. Buyer Initial Page 7 of 8 ©Copyright 2006 Premiere Asset Services,All Rights Reserved E' Property Address: 621 625 BAILEY RD UNIT 1,2,3 & 49 BAY POINT, CA, 94565 MOLD DISCLOSURE AND RELEASE Buyer is hereby advised that mold and/or other microscopic organisms may exist at the property known as 621 625 BAILEY RD UNIT 19293 & 4, BAY POINT, CA. Such microscopic organisms and /or mold may cause physical injuries, including but not limited to allergic and/or respiratory reactions or other problems,particularly in persons with immune system problems, young children and/or elderly persons. Buyer acknowledges and agrees to accept full responsibility/risk for any matters that may result from microscopic organisms and/or mold and to hold harmless, release and indemnify Seller and Seller's managing agents from any liability/recourse/damages ( financial or otherwise). Buyer understands that Seller has taken no action to remediate mold. Buyer hereby acknowledges this disclosure and release and is aware of the condition set forth therein. This disclosure and release is executed voluntarily and with full knowledge of its significance. Wells Fargo Home Mortgage, Premiere Asset Services or managing agents are not qualified to inspect property for mold or make recommendations or determinations concerning possible health or safety issues. The purpose of this disclaimer is to put Buyers on notice to conduct their own due diligence regarding this matter using appropriate,qualified experts.This is a legal document and Buyers are advised to seek legal counsel prior to executing same. Buyer Name (printed) Buyer(signature) Date Buyer Name (printed) Buyer(signature) Date Seller Name(printed) Seller(signature) Date Seller Name (printed) Seller(signature) Date IMPORTANT NOTICE: This document may contain information that is considered confidential and may not be transmitted through unencrypted email. The transmission of information on this document should be completed by uploading to the Agent Portal or by faxing with a cover page to 866-859-0455. Premiere Asset Services - v1.0 Pa_e 8 of 8 ©Copyright 2006 Premiere Asset Services,All Rights Reserved