Loading...
HomeMy WebLinkAboutSale - Falcon Crest - 42204 Verdin Lane APN 624-440-007CITY OF PALM DESERT /PALM DESERT HOUSING AUTHORITY JOINT CONSIDERATION STAFF REPORT REQUEST: REQUEST FOR APPROVAL OF THE PROPOSED SALE OF THE PROPERTY LOCATED AT 42-204 VERDIN LANE (624-440- 0071, PALM DESERT (PURSUANT TO HEALTH AND SAFETY CODE SECTION 33433(c)). SUBMITTED BY: Janet Moore, Director of Housing DATE: June 11, 2015 CONTENTS: Housing Authority Resolution No. HA- 75 Notice of Public Hearing dated May 21, 2015 Draft Purchase and Sale Agreement Recommendation That the Authority Board, Conduct a public hearing and accept testimony on the proposed sale of the property located at 42-204 Verdin Lane (624-440-007) to a qualified household of low or moderate income; and 2. Following public testimony, close the public hearing, and request that the Authority Board waive further reading and adopt Resolution No. HA- 75 approving the sale of the property pursuant to the attached draft Purchase and Sale Agreement for up to $225,000 depending on the terms of the negotiated sale. By Minute Motion, that the City Council and Authority Board, 3. Approve silent homebuyer assistance loan in an amount that does not exceed 40% of the sales price ($225,000) for the homebuyer to ensure an affordable housing cost for a qualified low or moderate income household from any available funding source restricted for such purpose (BEGIN, Housing Mitigation, Housing Authority program income); and 4. Authorize the payment of the transaction costs from the sale proceeds for the purpose of repairs required for closing, fees customary to real estate transactions in Riverside County including escrow, title, FHA fees, inspections, vermin eradication, commissions and disclosures; and 5. Authorize the use of the Falcon Crest sales program and documents including the restrictive covenant and loan documents for the applicable funding source, in their substantial form; and 6. Authorize the Mayor, Authority's Chairman and/or Authority's Executive Director or his designee to finalize and execute the Purchase and Sale Agreement and any ancillary documents necessary to effectuate the sale and actions taken herewith. Staff Report Public Hearing (624-440-007 ) June 11, 2015 Page 2 of 3 Background Resolution No. HA-75 The Housing Authority is proposing to sell a home in Falcon Crest which is located at 42- 204 Verdin Lane, (the "Property") in the Authority's inventory to a qualified low or moderate income household. Health and Safety Code Section 33433(c) provides that the requirements of subdivisions (a) and (b) will not apply to the sale of a small housing project if the City Council adopts a resolution that authorizes the sale of small housing projects pursuant to Section 33433(c). Pursuant to its Resolution No. 03-34, adopted on April 10, 2003, the City Council authorized the Agency to sell small housing projects pursuant to Section 33433(c). On March 14, 2013, the City Council adopted Resolution No. 2013-11 authorizing the Authority to sell small housing projects pursuant to Health and Safety Code Section 33433(c) as the successor to the former Agency's housing functions and assets. The property meets the definition of a small housing project in that the Housing Authority will only sell the property to a qualified household (including persons or families) of low or moderate incomes. Section 33433(c) requires that a public hearing be held on the proposed sale pursuant to Health and Safety Code Section 33431. Pursuant to Section 33431, notice of a public hearing on the proposed sale of the properties was published once a week for two successive weeks in the Desert Sun. When a qualified buyer is identified for the home, the draft Purchase and Sale Agreement ("Agreement") will be modified based on the terms of the sale agreed upon. In addition, and in order to ensure an affordable housing cost, the Housing Authority and City will need to provide down -payment assistance in the form of deferred loans. The loan terms will be consistent with the City's BEGIN Loan Program and the Falcon Crest Sales Program. The actual amount and funding source of the assistance loan(s) will vary for each transaction and will depend on the qualifying income and buyer criteria. The combined loans will not exceed 40% of the sales price per household ($90,000 for homes with sales prices of $225,000). Staff recommends that (i) the Housing Authority Board, hold a public hearing on the proposed sale of the property and approve the sale of the property to a qualified household pursuant to the terms of the Purchase and Sale Agreement presented to the Housing Authority at this meeting and (ii) that both the City Council and Authority Board approve deferred homebuyer assistance loan(s) for each home not to exceed 40% of the sales price per household to ensure an affordable housing cost from any available funding source restricted for such purpose. GAHOUSING1Patty LeonUMM ItaffreportWA-City 33433(c) Public Heanng FC Lot 57 Mtg of 6-11-2015.6cc Staff Report Public Hearing (624-440- 007) June 11, 2015 Page 3 of 3 Fiscal Analysis Resolution No. HA-75 The fiscal impact will be the cost differential from the Authority's cost of the property to the newly negotiated sales price, the costs of the transaction, and the amount of the assistance loans from the various sources. The sale will reduce the monthly costs associated with maintaining the inventory. Submitted by: ji Cne7ty. Moore, Director of Housing Finance Department: ul Gibson, Director of Finance oqn M. Wohlmuth, City Manager/Executive Director G:WOUSING1Patty LeonUMM\statt repo4WA-City 33433(c) Pudic Hexing FC Lot 57 Mtg of 6-11.2015.doc RESOLUTION NO. HA - 75 A RESOLUTION OF THE PALM DESERT HOUSING AUTHORITY APPROVING RESIDENTIAL PURCHASE AND SALE AGREEMENT PURSUANT TO HEALTH AND SAFETY CODE SECTION 33433(c) THE PALM DESERT HOUSING AUTHORITY HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. On April 13, 2006 the City of Palm Desert ("City") and the former Palm Desert Redevelopment Agency ("Agency") approved the Falcon Crest Sales Program and jointly held a public hearing on November 6, 2006, approving the initial sale of the 93 single-family homes located in the Falcon Crest Development ("Falcon Crest") in the City of Palm Desert to qualifying households of low or moderate income pursuant to Resolution No. 535 and 06-145. Section 2. Pursuant to Health and Safety Code Section 34175(b), on February 1, 2012, all assets, properties, contracts, leases, books and records, buildings, and equipment of the Agency transferred to the control of the Successor Agency to the Palm Desert Redevelopment Agency (the "Successor Agency") by operation of law including housing assets. Section 3. Pursuant to Health and Safety Code Section 34176(b), on February 9, 2012, the City adopted Resolution No. 2012-07 designating the Palm Desert Housing Authority (the "Housing Authority") as the successor housing entity for all housing activities formerly completed by both the Agency and the Housing Authority. Section 4. On October 11, 2012, the Housing Authority Board accepted the housing functions and assets transferred pursuant to Resolution No. HA-47. Section 5. The Housing Authority owns a single-family residential property located at 42-204 Verdin Lane in the City of Palm Desert, California (the "Property"). The Housing Authority proposes to sell the Property to a qualifying household of low or moderate income pursuant to the draft purchase and sale agreement (the "Agreement") and the Falcon Crest Sales Program, presented to the Housing Authority at this meeting and now on file in the offices of the Housing Authority Secretary and City Clerk of the City of Palm Desert. Section 6. Resolution No. 03-34 of the City Council authorized the Agency to sell or lease a "small housing project" as that term is defined in Health and Safety Code Section 33013, pursuant to Health and Safety Code Section 33433(c). Section 7. By its Resolution No. 2013-11, the City Council confirmed that the authorization for the former Agency to sell small housing projects pursuant to Health and Safety Code Section 33433(c) transferred to the Housing Authority as the successor to the former Agency's housing functions and assets. -1- 12812-0001 \1528710V2 doe G IROUSING1Patty L—LIMMWO r.p.-WUBLIC REARING RESOLUTIONSwA Raw AMo-g sale FC Lot 57 Mg ol6 11 15 doc RESOLUTION NO. HA - 75 Section 8. Following notice duly given, the Housing Authority has held a full and fair public hearing on the sale by the Housing Authority of the Property pursuant to Health and Safety Code Section 33431. The Housing Authority has made available to the public through the office of the City Clerk a copy of the Agreement prior to the public hearing. Section 9. The Housing Authority hereby finds and determines that the Properties qualify as a "small housing project" as that term is defined in Health and Safety Code 33013. Section 10. The City and the Housing Authority hereby approves the Agreement and the Housing Authority Executive Director ("Executive Director") is hereby authorized and directed, for and in the name and on behalf of the Housing Authority, to finalize, execute and deliver the Agreement in substantially the form on file with the Housing Authority Secretary and the City Clerk and presented at this meeting, with such additions thereto or changes or insertions therein as may be approved by the Executive Director (such approval to be conclusively evidenced by such execution and delivery). Section 11. The officers of the Housing Authority are hereby authorized and directed, jointly and severally, to execute and deliver any and all necessary documents and instruments and to do all things which they may deem necessary or proper in order to effectuate the purposes of this Resolution and the transaction contemplated hereby; and any such actions previously taken by such officers are hereby ratified, confirmed and approved. PASSED, APPROVED AND ADOPTED this 11th day of JUNE 2015 by the following vote, to wit: AYES: NOES: ABSENT: ABSTAIN: ATTEST: SUSAN MARIE WEBER, CHAIRMAN RACHELLE D. KLASSEN, SECRETARY PALM DESERT HOUSING AUTHORITY -2- 12812-0001 \1528710v2. doc G 1ROUSINWWy LwUMM41e11 ropa-f PU&IC REARING RES0LUT10NS1NA Reco Appro" agile FC Lot 57 ft of 6 11-15 doc NOTICE OF A PUBLIC HEARING OF THE CITY OF PALM DESERT AND THE PALM DESERT HOUSING AUTHORITY REGARDING THE PROPOSED APPROVAL OF A RESIDENTIAL PURCHASE AND SALE AGREEMENT NOTICE IS HEREBY GIVEN that the Palm Desert Housing Authority (the "Authority) will hold a Public Hearing to consider the approval of the DRAFT Residential Purchase and Sale Agreement (the "Purchase and Sale Agreement') by and between the Authority, as seller, and a person or family of low or moderate income, as buyer. The Purchase and Sale Agreement pertains to one single-family residence owned by the Authority located at Falcon Crest as follows: ■ 42-204 Verdin Lane, Palm Desert, CA 92260 Said Public Hearing will be held as follows: DATE: Thursday, June 11, 2015 TIME: 4:00 P.M. PLACE: City of Palm Desert Council Chambers - City Hall 73-510 Fred Waring Drive Palm Desert, California 92260 A copy of the Purchase and Sale Agreement is available for public inspection and copying at a cost not to exceed the cost of duplication, at the Office of the City Clerk, 73-510 Fred Waring Drive, Palm Desert, California 92260. All interested persons wishing to be heard on the matter may be present and be heard. Any written communications should be addressed to the Authority Secretary. Dated: May 21, 2015 RACHEL E D. KLASSEN, CRETARY PALM DESERT HOUSING AUTHORITY C \Users\gsanchez'AppDala\LocaNAcrosoMWindows\Temporary Intemat Fies\Content.0u#ooM9XHL 1 HFC\PH 06112015 - Purchase and Sale - FC - 42204 Verdin Lane.doc AJ& CALIFORNIA DRAFT 40� ASSOCIATION ADDENDUM - OF REALTORS` (C.A.R. Form ADM, Revised 4/12) NO. 1 The following terms and conditions are hereby incorporated in and made a part of the: JXj Residential Purchase Agreement, Manufactured Home Purchase Agreement, Business Purchase Agreement, U Residential Lease or Month -to -Month Rental Agreement, n Vacant Land Purchase Agreement, ! Residential Income Property Purchase Agreement, Commercial Property Purchase Agreement, _ Other dated XX-XX-XX on property I Palm Desett f Ca 92260 in which Qualified Lower Income Household is referred to as ("BuyerfTenant") • Palm I. .I Housing 1 • - - -• to as Income Household." iris Pronie-t.v/ •- /1I I a �I • I • •• �•. I • ••1 I • / I : it I . • 1 . • I • 11 I • • • I • I • 4 I 1 i • I / • I • \ • ll • • I • • . 1 • 1 II • I • • I i • 1 1 I - 1 • 11 / • 1 - 1 - • I I • : • I I . . I • • • • f I r •• ll1 • • • • • •. f • • • 1 A I #fit• - ll I f I • I II I - f • • I I • l• •l91 • 1. 1 : I • •1117-FIR5,077M.• 1 :• - • I • /•• • • 1. /• I • • • If I • I 1 : I • 1 - I • • . I • 1I • • 1 • • I r . 11 1jifI 1 11 / f - 1 • - 11 I . . I ■ • I • I r li . • • I • I ll - I 1 • I 1 , I • I • M. I • . I 1l . I • 1 - - f / I ll 1 1 • • . I I II • I C. I 1 = I - But I 11/ 1 l/ • I • I 1/ 1 1• •.• ••• I r • I I• I•• 1• l 1 1• •• I Contingent On The Primary Loan 1 As Seller Is A Go - And Not SuAJII To Real Pro ' peiX.V Taxes. No Proration Will Be Made Through Escrow For 1 • • •• • • I II The Date Of • . Closing For Real Pro.pert-VDue And Will Receive A • • ' IA Tax Bill birect Froin The Tax Collector'sOffice. r Agrees To Transfer AH Utilities Including Natural Gas, Wate& And Electric Immediatel-V Upon Close Of Escrow. I -. 11. I I • I• I 11 I f . I The foregoing terms and conditions are hereby agreed to, and the undersigned acknowledge receipt of a copy of this document. Date Buyer/Tenant X Qualified Lower Income Household Buyer/Tenant Date Seller/Landlord X Seller/Landlord X Palm Desert Housing Authority The copyright laws of the United States (Title 17 U.S. Code) forbid the unauthorized reproduction of this form, or any portion thereof, by photocopy machine or any other means, including facsimile or computerized formats. Copyright© 1986-2012. CALIFORNIA ASSOCIATION OF REALTORS@, INC. ALL RIGHTS RESERVED. THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORS@ (C.A.R.) NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. This form is available for use by the entire real estate industry. It is not intended to identify the user as a REALTORS. REALTORS 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 ll REAL ESTATE BUSINESS SERVICES, INC a subsidiary of the Californialiforniaofia Association of REACTORS® � c 525 South Virgil Avenue. Los Angeles, California 90020 Reviewed by Date ADM REVISED 4112 (PAGE 1 OF 1) EQUAL HOUSING GPPORTL;NITY ADDENDUM (ADM PAGE 1 OF 1) C ENTURI 21 Osborne Realty, 41 Orquidia Cc Palm Desert, CA 92260 Phone (760) 921-2121 Fax 1760) 922-4387 DRAFT43710 John Osborne Produced with zlpForm® by zipLogix 18070 Fifteen Mile Road. Fraser. Michigan 48026 www zipLoaix corn I -1L CALI FOPNIA CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT A S S O C: I A "I' I O N AND JOINT ESCROW INSTRUCTIONS �I,t► OF R E A L T O K S" TABLE OF ATTACHED FORMS (11/14) Attached Forms The RPA-CA includes the following forms in the following order: . Disclosure Regarding Real Estate Agency (2 pages) (C.A.R. Form AD-2)........................................... (starting on second page) . Possible Representation - Buyer/Seller (1 page) (C.A.R. Form PRBS)............................................ (starting on fourth page) . Residential Purchase Agreement (10 pages) (C.A.R. Form RPA-CA)............................................ (starting on fifth page) . Buyer Inspection Advisory (1 page) (C.A.R. Form BIA)............................................. (starting on fifteenth page) ® 2014, Caldomia Association of REALTORS®, Inc. United States copyright law (Title 17 U.S Code) forbids the unauthorized distribution, display and reproduction of this form, or any portion thereof, by photocopy machine or any other means, including facsimile or computerized formats. THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORSO (C.A.R.). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR ACCURACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE TRANSACTIONS IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. This form is made available to real estate professionals through an agreement with or purchase from the California Association of REALTORSO 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: REAL ESTATE BUSINESS SERVICES, INC. a subsidiary of the California Association of REAL TORS®IE /^\ 525 South Virgil Avenue, Los Angeles, California 90020 11/14 (PAGE 1 OF 1) u TABLE OF ATTACHED FORMS CENTURY 21 Osborne Realty. 41 Orquidia Ct Palm Desert , CA 92260 Phone. (760) 921-2121 Fax (760) 9224387 URAFI'13710 John Osborne Produced with zipForm® by zipLogix 18070 Fifteen Mile Road. Fraser. Michigan 48026 www zjo Qglxm CAL I F O IZ N I A DISCLOSURE REGARDING DRAFT t _ ASSOCIATION REAL ESTATE AGENCY RELATIONSHIP -�� OF P E A L T O R S" (Selling Firm to Buyer) (As required by the Civil Code) (C.A.R. Form AD, Revised 12/14) (If checked) This form is being provided in connection with a transaction for a leasehold interest exceeding one year as per Civil Code section 2079.13(k) and (m). When you enter into a discussion with a real estate agent regarding a real estate transaction, you should from the outset understand what type of agency relationship or representation you wish to have with the agent in the transaction. SELLER'S AGENT A Seller's agent under a listing agreement with the Seller acts as the agent for the Seller only. A Seller's agent or a subagent of that agent has the following affirmative obligations: To the Seller: A Fiduciary duty of utmost care, integrity, honesty and loyalty in dealings with the Seller. To the Buyer and the Seller: (a)Diligent exercise of reasonable skill and care in performance of the agent's duties. (b)A duty of honest and fair dealing and good faith. (c)A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties. An agent is not obligated to reveal to either party any confidential information obtained from the other party that does not involve the affirmative duties set forth above. BUYER'S AGENT A selling agent can, with a Buyer's consent, agree to act as agent for the Buyer only. In these situations, the agent is not the Seller's agent, even if by agreement the agent may receive compensation for services rendered, either in full or in part from the Seller. An agent acting only for a Buyer has the following affirmative obligations: To the Buyer: A fiduciary duty of utmost care, integrity, honesty and loyalty in dealings with the Buyer. To the Buyer and the Seller: (a)Diligent exercise of reasonable skill and care in performance of the agent's duties. (b)A duty of honest and fair dealing and good faith. (c)A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties. An agent is not obligated to reveal to either party any confidential information obtained from the other party that does not involve the affirmative duties set forth above. AGENT REPRESENTING BOTH SELLER AND BUYER A real estate agent, either acting directly or through one or more associate licensees, can legally be the agent of both the Seller and the Buyer in a transaction, but only with the knowledge and consent of both the Seller and the Buyer. In a dual agency situation, the agent has the following affirmative obligations to both the Seller and the Buyer: (a)A fiduciary duty of utmost care, integrity, honesty and loyalty in the dealings with either the Seller or the Buyer. (b)Other duties to the Seller and the Buyer as stated above in their respective sections. In representing both Seller and Buyer, the agent may not, without the express permission of the respective party, disclose to the other party that the Seller will accept a price less than the listing price or that the Buyer will pay a price greater than the price offered. The above duties of the agent in a real estate transaction do not relieve a Seller or Buyer from the responsibility to protect his or her own interests. You should carefully read all agreements to assure that they adequately express your understanding of the transaction. A real estate agent is a person qualified to advise about real estate. If legal or tax advice is desired, consult a competent professional. Throughout your real property transaction you may receive more than one disclosure form, depending upon the number of agents assisting in the transaction. The law requires each agent with whom you have more than a casual relationship to present you with this disclosure form. You should read its contents each time it is presented to you, considering the relationship between you and the real estate agent in your specific transaction. This disclosure form includes the provisions of Sections 2079.13 to 2079.24, inclusive, of the Civil Code set forth on page 2. Read it carefully. I/WE ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE AND THE PORTIONS OF THE CIVIL CODE PRINTED ON THE BACK (OR A SEPARATE PAGE). X� Buyer ❑ Seller ❑ Landlord . Tenant Date Qualified Lower Income Household Buyer ❑ Seller ❑ Landlord Tenant __ Date Agent _ Century 21 Osborne Realty BRE Lic. # 01312235 Real Estate Broker (Firm) By _ BRE Lic. # 00852775 __--_ Date (Salesperson or Broker -Associate) John Osborne Agency Disclosure Compliance (Civil Code §2079.14): • When the listing brokerage company also represents Buyer/Tenant: The Listing Agent shall have one AD form signed by Seller/Landlord and a different AD form signed by Buyer/Tenant. • When Seller/Landlord and Buyer/Tenant are represented by different brokerage companies: (i) the Listing Agent shall have one AD form signed by Seller/Landlord and (ii) the Buyer's/Tenant's Agent shall have one AD form signed by Buyer/Tenant and either that same or a different AD form presented to Seller/Landlord for signature prior to presentation of the offer. If the same form is used, Seller may sign here: Seller/Landlord Date Seller/Landlord Date j Palm Desert Housing Authority The copyright laws of the United States (Title 17 U.S. Code) forbid the unauthorized reproduction of this form, or any portion thereof, by photocopy machine or any other means, including facsimile or computerized formats Copyright 1991-2010, CALIFORNIA ASSOCIATION OF REALTORSS, INC. Reviewed by Date ALL RIGHTS RESERVED. - "' ' °,'• •' `;G AD REVISED 12114 (PAGE 1 OF 2) CENTURY 21 Osborne Realty, 41 Orquidia Ct Palm Desert , CA 92260 Phone (760) 921-2121 Fax. (760) 922-4387 DRAFT43710 John Osborne Produced with zipForm® by zipLogix 18070 Fifteen Mile Road. Fraser. Michigan 48026 www zipLoaix.com DRAFT CIVIL CODE SECTIONS 2079.24 (2079.16 APPEARS ON THE FRONT) 2079.13 As used in Sections 2079.14 to 2079.24, inclusive, the following terms have the following meanings: (a) "Agent" means a person acting under provisions of Title 9 (commencing with Section 2295) in a real property transaction, and includes a person who is licensed as a real estate broker under Chapter 3 (commencing with Section 10130) of Part 1 of Division 4 of the Business and Professions Code, and under whose license a listing is executed or an offer to purchase is obtained. (b) "Associate licensee" means a person who is licensed as a real estate broker or salesperson under Chapter 3 (commencing with Section 10130) of Part 1 of Division 4 of the Business and Professions Code and who is either licensed under a broker or has entered into a written contract with a broker to act as the brokers agent in connection with acts requiring a real estate license and to function under the brokers supervision in the capacity of an associate licensee. The agent in the real property transaction bears responsibility for his or her associate licensees who perform as agents of the agent. When an associate licensee owes a duty to any principal, or to any buyer or seller who is not a principal, in a real property transaction, that duty is equivalent to the duty owed to that party by the broker for whom the associate licensee functions. (c) "Buyer" means a transferee in a real property transaction, and includes a person who executes an offer to purchase real property from a seller through an agent, or who seeks the services of an agent in more than a casual, transitory, or preliminary manner, with the object of entering into a real property transaction. "Buyer" includes vendee or lessee. (d) "Commercial real property" means all real property in the state, except single-family residential real property, dwelling units made subject to Chapter 2 (commencing with Section 1940) of Title 5, mobilehomes, as defined in Section 798.3, or recreational vehicles, as defined in Section 799.29. (e) "Dual agent" means an agent acting. either directly or through an associate licensee, as agent for both the seller and the buyer in a real property transaction. (f) "Listing agreement" means a contract between an owner of real property and an agent, by which the agent has been authorized to sell the real property or to find or obtain a buyer. (g) "Listing agent" means a person who has obtained a listing of real property to act as an agent for compensation. (h) "Listing price" is the amount expressed in dollars specified in the listing for which the seller is willing to sell the real property through the listing agent. (i) "Offering price" is the amount expressed in dollars specified in an offer to purchase for which the buyer is willing to buy the real property. 0) "Offer to purchase" means a written contract executed by a buyer acting through a selling agent that becomes the contract for the sale of the real property upon acceptance by the seller. (k) "Real property" means any estate specified by subdivision (1) or (2) of Section 761 in property that constitutes or is improved with one to four dwelling units, any commercial real property, any leasehold in these types of property exceeding one years duration, and mobilehomes, when offered for sale or sold through an agent pursuant to the authority contained in Section 10131.6 of the Business and Professions Code. (1) "Real property transaction" means a transaction for the sale of real property in which an agent is employed by one or more of the principals to act in that transaction, and includes a listing or an offer to purchase. (m) "Sell," "sale," or "sold" refers to a transaction for the transfer of real property from the seller to the buyer, and includes exchanges of real property between the seller and buyer, transactions for the creation of a real property sales contract within the meaning of Section 2985, and transactions for the creation of a leasehold exceeding one year's duration (n) "Seller" means the transferor in a real property transaction, and includes an owner who lists real property with an agent, whether or not a transfer results, or who receives an offer to purchase real property of which he or she is the owner from an agent on behalf of another. "Seller" includes both a vendor and a lessor. (o) "Selling agent" means a listing agent who acts alone, or an agent who acts in cooperation with a listing agent, and who sells or finds and obtains a buyer for the real property, or an agent who locates property for a buyer or who finds a buyer for a property for which no listing exists and presents an offer to purchase to the seller. (p) "Subagent" means a person to whom an agent delegates agency powers as provided in Article 5 (commencing with Section 2349) of Chapter 1 of Title 9. However, "subagent" does not include an associate licensee who is acting under the supervision of an agent in a real property transaction. 2079.14 Listing agents and selling agents shall provide the seller and buyer in a real property transaction with a copy of the disclosure form specified in Section 2079.16, and, except as provided in subdivision (c), shall obtain a signed acknowledgement of receipt from that seller or buyer, except as provided in this section or Section 2079.15, as follows: (a) The listing agent, if any, shall provide the disclosure form to the seller prior to entering into the listing agreement. (b) The selling agent shall provide the disclosure form to the seller as soon as practicable prior to presenting the seller with an offer to purchase, unless the selling agent previously provided the seller with a copy of the disclosure form pursuant to subdivision (a). (c) Where the selling agent does not deal on a face-to-face basis with the seller, the disclosure form prepared by the selling agent may be furnished to the seller (and acknowledgement of receipt obtained for the selling agent from the seller) by the listing agent, or the selling agent may deliver the disclosure form by certified mail addressed to the seller at his or her last known address, in which case no signed acknowledgement of receipt is required. (d) The selling agent shall provide the disclosure form to the buyer as soon as practicable prior to execution of the buyers offer to purchase, except that if the offer to purchase is not prepared by the selling agent, the selling agent shall present the disclosure form to the buyer not later than the next business day after the selling agent receives the offer to purchase from the buyer. 2079.15 In any circumstance in which the seller or buyer refuses to sign an acknowledgement of receipt pursuant to Section 2079 14, the agent, or an associate licensee acting for an agent, shall set forth, sign, and date a written declaration of the facts of the refusal 2079.16 Reproduced on Page 1 of this AD form. 2079.17 (a) As soon as practicable, the selling agent shall disclose to the buyer and seller whether the selling agent is acting in the real property transaction exclusively as the buyers agent, exclusively as the sellers agent, or as a dual agent representing both the buyer and the seller. This relationship shall be confirmed in the contract to purchase and sell real property or in a separate writing executed or acknowledged by the seller, the buyer, and the selling agent prior to or coincident with execution of that contract by the buyer and the seller, respectively. (b) As soon as practicable, the listing agent shall disclose to the seller whether the listing agent is acting in the real property transaction exclusively as the sellers agent, or as a dual agent representing both the buyer and seller. This relationship shall be confirmed in the contract to purchase and sell real property or in a separate writing executed or acknowledged by the seller and the listing agent prior to or coincident with the execution of that contract by the seller. (c) The confirmation required by subdivisions (a) and (b) shall be in the following form. (DO NOT COMPLETE. SAMPLE ONLY) is the agent of (check one): Li the seller exclusively; or ❑ both the buyer and seller. (Name of Listing Agent) (DO NOT COMPLETE. SAMPLE ONLY) is the agent of (check one): ❑ the buyer exclusively; or ❑ the seller exclusively, or (Name of Selling Agent if not the same as the Listing Agent) ❑ both the buyer and seller. (d) The disclosures and confirmation required by this section shall be in addition to the disclosure required by Section 2079.14. 2079.18 No selling agent in a real property transaction may act as an agent for the buyer only, when the selling agent is also acting as the listing agent in the transaction. 2079.19 The payment of compensation or the obligation to pay compensation to an agent by the seller or buyer is not necessarily determinative of a particular agency relationship between an agent and the seller or buyer. A listing agent and a selling agent may agree to share any compensation or commission paid, or any right to any compensation or commission for which an obligation arises as the result of a real estate transaction, and the terms of any such agreement shall not necessarily be determinative of a particular relationship. 2079.20 Nothing in this article prevents an agent from selecting, as a condition of the agent's employment, a specific form of agency relationship not specifically prohibited by this article if the requirements of Section 2079.14 and Section 2079.17 are complied with. 2079.21 A dual agent shall not disclose to the buyer that the seller is willing to sell the property at a price less than the listing price, without the express written consent of the seller. A dual agent shall not disclose to the seller that the buyer is willing to pay a price greater than the offering price, without the express written consent of the buyer This section does not alter in any way the duty or responsibility of a dual agent to any principal with respect to confidential information other than price. 2079.22 Nothing in this article precludes a listing agent from also being a selling agent, and the combination of these functions in one agent does not, of itself, make that agent a dual agent. 2079.23 A contract between the principal and agent may be modified or altered to change the agency relationship at any time before the performance of the act which is the object of the agency with the written consent of the parties to the agency relationship. 2079.24 Nothing in this article shall be construed to either diminish the duty of disclosure owed buyers and sellers by agents and their associate licensees, subagents, and employees or to relieve agents and their associate licensees, subagents, and employees from liability for their conduct in connection with acts governed by this article or for any breach of a fiduciary duty or a duty of disclosure. i Published an Distributed by ® REAL ESTATE BUSINESS SERVICES. INC _.. � a subsidreryolthe Caulorma Association of REACTORS® Reviewed by Date e 525 South Virgil Avenue. Los Angeles. California 90020 ----- AD REVISED 12/14 (PAGE 2 OF 2)'"�° DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP (AD PAGE 2 OF 2) Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser. Michigan 48026 www. zmLoaix.com DR41IFF43710 RNIA DRAFT CAL[FO POSSIBLE REPRESENTATION OF MORE THAN ONE BUYER 14 ASSOCIATION OR SELLER - DISCLOSURE AND CONSENT _It OF R E A L T O K S" (C.A.R. Form PRBS, 11/14) A real estate broker (Broker), whether a corporation, partnership or sole proprietorship, may represent more than one buyer or seller. This multiple representation can occur through an individual licensed as a broker or salesperson or through different individual broker's or salespersons (associate licensees) acting under the Broker's license. The associate licensees may be working out of the same or different office locations. Multiple Buyers: Broker (individually or through its associate licensees) may be working with many prospective buyers at the same time. These prospective buyers may have an interest in, and make offers on, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested in the same property. Multiple Sellers: Broker (individually or through its associate licensees) may have listings on many properties at the same time. As a result, Broker will attempt to find buyers for each of those listed properties. Some listed properties may appeal to the same prospective buyers. Some properties may attract more prospective buyers than others. Some of these prospective buyers may be represented by Broker and some may not. Broker will market all listed properties to all prospective buyers whether or not Broker has another or other listed properties that may appeal to the same prospective buyers. Dual Agency: If Seller is represented by Broker, Seller acknowledges that broker may represent prospective buyers of Seller's property and consents to Broker acting as a dual agent for both seller and buyer in that transaction. If Buyer is represented by Broker, buyer acknowledges that Broker may represent sellers of property that Buyer is interested in acquiring and consents to Broker acting as a dual agent for both buyer and seller with regard to that property. In the event of dual agency, seller and buyer agree that: (a) Broker, without the prior written consent of the Buyer, will not disclose to seller that the Buyer is willing to pay a price greater than the offered price; (b) Broker, without the prior written consent of the seller, will not disclose to the buyer that seller is willing to sell property at a price less than the listing price; and (c) other than as set forth in (a) and (b) above, a dual agent is obligated to disclose known facts materially affecting the value or desirability of the property to both parties. Offers not necessarily confidential: Buyer is advised that seller or listing agent may disclose the existence, terms, or conditions of buyer's offer unless all parties and their agent have signed a written confidentiality agreement. Whether any such information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice in the real estate community, the listing agent's marketing strategy and the instructions of the seller. Buyer and seller understand that Broker may represent more than one buyer or more than one seller and even both buyer and seller on the same transaction and consents to such relationships. Seller and/or Buyer acknowledges reading and understanding this Possible Representation of More Than One Buyer or Seller - Disclosure and Consent and agrees to the agency possibilities disclosed. Seller Seller Palm Desert Housing Authorit)� Date Date Buyer Qualified Lower Income Household Date BuyerDate _._ .. Real Estate Broker (Firm) Century 21 Osborne Realty CaIBRE Lic # 01312235 Date By _._._ CalBRE Lic # 00852775 Date John Osborne Real Estate Broker (Firm) Century 21 Osborne Realty CaIBRE Lic # 01312235 Date By CaIBRE Lic # 00852775 Date John Osborne ® 2014, California Association of REALTORS®, Inc. United States copyright law (Title 17 U.S Code) forbids the unauthorized distribution, display and reproduction of this form, or any portion thereof, by photocopy machine or any other means, including facsimile or computerized formats THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR ACCURACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE TRANSACTIONS IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. This form is made available to real estate professionals through an agreement with or purchase from the California Association of REALTORS& It is not intended to identify the user as a REALTOR& REALTORO is a registered collective membership mark which may be used only by members of the NATIONAL ASSOCIATION OF REALTORSO who subscribe to its Code of Ethics. Published and Distributed by: REAL ESTATE BUSINESS SERVICES, INC. " a subsidiary of the California Associalbon of REALTORS@ ,, 525 South Virgil Avenue, Los Angeles, Califomia 90020 — — - -- I Reviewed by -- .-_-_ _.- .. .. Date PRBS 11114 (PAGE 1 OF 1) I Eow«OdSl� �PVi� POSSIBLE REPRESENTATION OF MORE THAN ONE BUYER OR SELLER (PRBS PAGE 1 OF 1) ORiJH CENTURY 21 Osborne Realty, 41 Orquidia Ct Palm Desert, CA 92260 Phone: 060) 921-2121 Fax: (760) 922-4387 DRAFT43710 John Osborne Produced with ApForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLoy x.com i C: A L I FOR N I A CALIFORNIA DRAFT A A S S O C; I A'I' I O N RESIDENTIAL PURCHASE AGREEMENT �I OF R E A L T O R S- AND JOINT ESCROW INSTRUCTIONS (C.A.R. Form RPA-CA, Revised 11/14 ) Date Prepared: xx-xx-xx 1. OFFER: A. THIS IS AN OFFER FROM Qualified Lower Income Household ("Buyer"). B. THE REAL PROPERTY to be acquired is 42204 Verdin Lane, Palm Desert, Ca 92260 _ situated in Palm Desert (City), Riverside County, California, 92260 (Zip Code), Assessor's Parcel No. 624-440-007 ("Property"). C. THE PURCHASE PRICE offered is Two Hundred Twenty -Five Thousand Dollars $ 225,000.00 D. CLOSE OF ESCROW shall occur on 60 days or sooner after Acceptance (date)(or Days After Acceptance). E. Buyer and Seller are referred to herein as the "Parties." Brokers are not Parties to this Agreement. 2. AGENCY: A. DISCLOSURE: The Parties each acknowledge receipt of a Z"Disclosure Regarding Real Estate Agency Relationships" (C.A.R. Form AD). B. CONFIRMATION: The following agency relationships are hereby confirmed for this transaction: Listing Agent Century 21 Osborne Realty (Print Firm Name) is the agent of (check one): L the Seller exclusively; or X both the Buyer and Seller. Selling Agent Century 21 Osborne Realt (Print Firm Name) (if not the same as the Listing Agent) is the agent of (check one):_ the Buyer exclusively; or I the Seller exclusively; orL—both the Buyer and Seller. C. POTENTIALLY COMPETING BUYERS AND SELLERS: The Parties each acknowledge receipt of a 0"Possible Representation of More than One Buyer or Seller - Disclosure and Consent" (C.A.R. Form PRBS). 3. FINANCE TERMS: Buyer represents that funds will be good when deposited with Escrow Holder. A. INITIAL DEPOSIT: Deposit shall be in the amount of ............................................. $ _._ _ TBD (1) Buyer Direct Deposit: Buyer shall deliver deposit directly to Escrow Holder by electronic funds transfer, L cashier's check, 7] personal check, IX' other 15 within 3 business days after Acceptance (or ); OR (2)' 1 Buyer Deposit with Agent: Buyer has given the deposit by personal check (or to the agent submitting the offer (or to _ ), made payable to . The deposit shall be held uncashed until Acceptance and then deposited with Escrow Holder within 3 business days after Acceptance (or ). Deposit checks given to agent shall be an original signed check and not a copy. (Note: Initial and increased deposits checks received by agent shall be recorded in Broker's trust fund log.) B. INCREASED DEPOSIT: Buyer shall deposit with Escrow Holder an increased deposit in the amount of ......... $ within Days After Acceptance (or If the Parties agree to liquidated damages in this Agreement, they also agree to incorporate the increased deposit into the liquidated damages amount in a separate liquidated damages clause (C.A.R. Form RID)at the time the increased deposit is delivered to Escrow Holder. C. X ALL CASH OFFER: No loan is needed to purchase the Property. Written verification of sufficient funds to close this transaction IS ATTACHED to this offer or ] Buyer shall, within 3 (or ) Days After Acceptance, Deliver to Seller such verification. D. LOAN(S): (1) FIRST LOAN: in the amount of .......................................................... $ _..._....—. TBD This loan will be conventional financing or FHA, L VA, i_ . Seller financing (C.A.R. Form SFA), assumed financing (C.A.R. Form AFA), � .Other . This loan shall be at a fixed rate not to exceed % or, ] an adjustable rate loan with initial rate not to exceed %. Regardless of the type of loan, Buyer shall pay points not to exceed % of the loan amount. (2) SECOND LOAN in the amount of ....................................................... $ This loan will be conventional financing or I Seller financing (C.A.R. Form SFA), , assumed financing (C.A.R. Form AFA), [ Other . This loan shall be at a fixed rate not to exceed % or, I I an adjustable rate loan with initial rate not to exceed %. Regardless of the type of loan, Buyer shall pay points not to exceed % of the loan amount. (3) FHANA: For any FHA or VA loan specified in 3D(1), Buyer has 17 (or ) Days After Acceptance to Deliver to Seller written notice (C.A.R. Form FVA) of any lender -required repairs or costs that Buyer requests Seller to pay for or otherwise correct. Seller has no obligation to pay or satisfy lender requirements unless agreed in writing. A FHA/VA amendatory clause (C.A.R. Form FVAC) shall be a part of this transaction. E. ADDITIONAL FINANCING TERMS: F. BALANCE OF DOWN PAYMENT OR PURCHASE PRICE in the amount of ........................... $ 225-000.00 to be deposited with Escrow Holder pursuant to Escrow Holder instructions. G. PURCHASE PRICE (TOTAL): .............................................................. $ 225,000.00 Buyer's Initials (X ) ( ) Seller's Initials (X m 1991-2014, California Association of REALTORS®, Inc. RPA-CA REVISED 11/14 (PAGE 1 OF 10) CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 1 OF 10) CENTGRV 21 Osborne Realty. 41 Orquidia 0 Palm Desert . CA 92260 Phone: (760) 921-2121 Fax: (760) 9224387 DRAFT43710 John Osborne Produced with zipForrnO by zipLogix 18070 Fifteen Mlle Road, Fraser, Michigan 48026 !A zioLooix.com DRAFT Property Address: 42204 Verdin Lane- Palm Desert, Ca 92260 ___ Date: xx-xx-xx H. VERIFICATION OF DOWN PAYMENT AND CLOSING COSTS: Buyer (or Buyer's lender or loan broker pursuant to paragraph 3J(1)) shall, within 3 (or ) Days After Acceptance, Deliver to Seller written verification of Buyer's down payment and closing costs. ([ Verification attached.) I. APPRAISAL CONTINGENCY AND REMOVAL: This Agreement is (or - is NOT) contingent upon a written appraisal of the Property by a licensed or certified appraiser at no less than the purchase price. Buyer shall, as specified in paragraph 14B(3), in writing, remove the appraisal contingency or cancel this Agreement within 17 (or ) Days After Acceptance. J. LOAN TERMS: (1) LOAN APPLICATIONS: Within 3 (or ) Days After Acceptance, Buyer shall Deliver to Seller a letter from Buyer's lender or loan broker stating that, based on a review of Buyer's written application and credit report, Buyer is prequalified or preapproved for any NEW loan specified in paragraph 3D. If any loan specified in paragraph 3D is an adjustable rate loan, the prequalification or preapproval letter shall be based on the qualifying rate, not the initial loan rate. ( _] Letter attached.) (2) LOAN CONTINGENCY: Buyer shall act diligently and in good faith to obtain the designated loan(s). Buyer's qualification for the loan(s) specified above is a contingency of this Agreement unless otherwise agreed in writing. If there is no appraisal contingency or the appraisal contingency has been waived or removed, then failure of the Property to appraise at the purchase price does not entitle Buyer to exercise the cancellation right pursuant to the loan contingency if Buyer is otherwise qualified for the specified loan. Buyer's contractual obligations regarding deposit, balance of down payment and closing costs are not contingencies of this Agreement. (3) LOAN CONTINGENCY REMOVAL: Within 21 (or ) Days After Acceptance, Buyer shall, as specified in paragraph 14, in writing, remove the loan contingency or cancel this Agreement. If there is an appraisal contingency, removal of the loan contingency shall not be deemed removal of the appraisal contingency. (4) 1 NO LOAN CONTINGENCY: Obtaining any loan specified above is NOT a contingency of this Agreement. If Buyer does not obtain the loan and as a result does not purchase the Property, Seller may be entitled to Buyer's deposit or other legal remedies. (5) LENDER LIMITS ON BUYER CREDITS: Any credit to Buyer, from any source, for closing or other costs that is agreed to by the Parties ("Contractual Credit") shall be disclosed to Buyer's lender. If the total credit allowed by Buyer's lender ("Lender Allowable Credit") is less than the Contractual Credit, then (i) the Contractual Credit shall be reduced to the Lender Allowable Credit, and (ii) in the absence of a separate written agreement between the Parties, there shall be no automatic adjustment to the purchase price to make up for the difference between the Contractual Credit and the Lender Allowable Credit. K. BUYER STATED FINANCING: Seller is relying on Buyer's representation of the type of financing specified (including but not limited to, as applicable, all cash, amount of down payment, or contingent or non -contingent loan). Seller has agreed to a specific closing date, purchase price and to sell to Buyer in reliance on Buyer's covenant concerning financing. Buyer shall pursue the financing specified in this Agreement. Seller has no obligation to cooperate with Buyer's efforts to obtain any financing other than that specified in the Agreement and the availability of any such alternate financing does not excuse Buyer from the obligation to purchase the Property and close escrow as specified in this Agreement. 4. SALE OF BUYER'S PROPERTY: A. This Agreement and Buyer's ability to obtain financing are NOT contingent upon the sale of any property owned by Buyer. OR B. This Agreement and Buyer's ability to obtain financing are contingent upon the sale of property owned by Buyer as specified in the attached addendum (C.A.R. Form COP). 5. ADDENDA AND ADVISORIES: A. ADDENDA: _ XAddendum # f (C.A.R. Form ADM) Back Up Offer Addendum (C.A.R. Form BUO) Court Confirmation Addendum (C.A.R. Form CCA) Septic, Welland Property Monument Addendum (C.A.R. Form SWPI) _ Short Sale Addendum (C.A.R. Form SSA) Other B. BUYER AND SELLER ADVISORIES: __ _ oBuyer's Inspection Advisory (C.A.R. Form BIA) Probate Advisory C.A.R. Form PAK X Statewide Buyer and Seller Advisory C.A.R. Form SBSA Trust Advisory (C.A.R. Form TA) REO Advisory (C.A.R. Form REO) _ Short Sale Information and Advisory (C.A.R. Form SSIA) Other _ 6. OTHER TERMS: Seller will na v for a nest control report from a licensed nest control operator. Seller will Rv for section 1 roairs if required and huVer will nav for section 2 repairs if required_ ALLOCATION OF COSTS A. INSPECTIONS, REPORTS AND CERTIFICATES: Unless otherwise agreed in writing, this paragraph only determines who is to pay for the inspection, test, certificate or service ("Report") mentioned; it does not determine who is to pay for any work recommended or identified in the Report. (1) 7Buyer X Seller shall pay for a natural hazard zone disclosure report, including tax _environmental UOther: -- prepared by First American or Similar (2) X Buyer Seller shall pay for the following Report Home inspection is buyer opts to have one. prepared by -- - - -- (3) I Buyer !X' Seller shall pay for the following Report HVAC Service and certification prepared by Buyer's Initials ( X ) ( ) Seller's Initials ( X ) ( X ) RPA-CA REVISED 11114 (PAGE 2 OF 10) CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 2 OF 10) F�,.o ­_w Produced with zipFonng by zipLogix 18070 Fifteen Mile Road. Fraser, Michigan 48026 www. zipLooix.com DRAVr43710 DRAFT Property Address: 42204 Verdin Lane, Palm Desert, Ca 92260 Date: xx-xx-xx B. GOVERNMENT REQUIREMENTS AND RETROFIT: (1) F— Buyer X Seller shall pay for smoke alarm and carbon monoxide device installation and water heater bracing, if required by Law. Prior to Close Of Escrow ("COE"), Seller shall provide Buyer written statement(s) of compliance in accordance with state and local Law, unless Seller is exempt. (2) (i) CBuyer ' Seller shall pay the cost of compliance with any other minimum mandatory government inspections and reports if required as a condition of closing escrow under any Law. (ii) Buyer Seller shall pay the cost of compliance with any other minimum mandatory government retrofit standards required as a condition of closing escrow under any Law, whether the work is required to be completed before or after COE. (iii) Buyer shall be provided, within the time specified in paragraph 14A, a copy of any required government conducted or point -of -sale inspection report prepared pursuant to this Agreement or in anticipation of this sale of the Property. C. ESCROW AND TITLE: (1) (a) X Buyer..� Seller shall pay escrow fee Each to .12a.y his/her own. _.. (b) Escrow Holder shall be Foresite Escrow (c) The Parties shall, within 5 (or ) Days After receipt, sign and return Escrow Holder's general provisions. (2) (a) U Buyer k Seller shall pay for owner's title insurance policy specified in paragraph 13E (b) Owner's title policy to be issued by First American Title (Buyer shall pay for any title insurance policy insuring Buyer's lender, unless otherwise agreed in writing.) D. OTHER COSTS: (1) ! Buyer X Seller shall pay County transfer tax or fee (2) Buyer Seller shall pay City transfer tax or fee (3) Buyer X Seller shall pay Homeowners' Association ("HOA") transfer fee Related Fees (4) Seller shall pay HOA fees for preparing documents required to be delivered by Civil Code §4525. (5) I - Buyer Seller shall pay HOA fees for preparing all documents other than those required by Civil Code §4525. (6) I Buyer Seller shall pay for any private transfer fee (7) !r— Buyer Seller shall pay for _ .._. (8) _• Buyer Seller shall pay for (9) _]Buyer , Seller shall pay for the cost, not to exceed $ of a standard (or upgraded) one-year home warranty plan, issued by with the following optional coverages: _ Air Conditioner ; Pool/Spa � .Other: Buyer is informed that home warranty plans have many optional coverages in addition to those listed above. Buyer is advised to investigate these coverages to determine those that may be suitable for Buyer. OR Buyer waives the purchase of a home warranty plan. Nothing in this paragraph precludes Buyer's purchasing a home warranty plan during the term of this Agreement. 8. ITEMS INCLUDED IN AND EXCLUDED FROM SALE: A. NOTE TO BUYER AND SELLER: Items listed as included or excluded in the MILS, flyers or marketing materials are not included in the purchase price or excluded from the sale unless specified in paragraph 8 B or C. B. ITEMS INCLUDED IN SALE: Except as otherwise specified or disclosed, (1) All EXISTING fixtures and fittings that are attached to the Property; (2) EXISTING electrical, mechanical, lighting, plumbing and heating fixtures, ceiling fans, fireplace inserts, gas logs and grates, solar power systems, built-in appliances, window and door screens, awnings, shutters, window coverings, attached floor coverings, television antennas, satellite dishes, air coolers/conditioners, pool/spa equipment, garage door openers/remote controls, mailbox, in -ground landscaping, trees/shrubs, water features and fountains, water softeners, water purifiers, security systems/alarms and the following if checked: IX. all stove(s), except I all refrigerator(s) except _ j all washer(s) and dryer(s), except (3) Existing integrated phone and home automation systems, including necessary components such as intranet and Internet - connected hardware or devices, control units (other than non -dedicated mobile devices, electronics and computers) and applicable software, permissions, passwords, codes and access information, are ( are NOT) included in the sale. (4) LEASED OR LIENED ITEMS AND SYSTEMS: Seller shall, within the time specified in paragraph 14A, (i) disclose to Buyer if any item or system specified in paragraph 8B or otherwise included in the sale is leased, or not owned by Seller, or specifically subject to a lien or other encumbrance, and (it) Deliver to Buyer all written materials (such as lease, warranty, etc.) concerning any such item. Buyer's ability to assume any such lease, or willingness to accept the Property subject to any such lien or encumbrance, is a contingency of this Agreement as specified in paragraph 14B. (5) The following additional items: (6) Seller represents that all items included in the purchase price, unless otherwise specified, (i) are owned by Seller and shall be transferred free and clear of liens and encumbrances, except the items and systems identified pursuant to 8B(4) and , and (ii) are transferred without Seller warranty regardless of value. C. ITEMS EXCLUDED FROM SALE: Unless otherwise specified, the following items are excluded from sale: (i) audio and video components (such as flat screen TVs, speakers and other items) if any such item is not itself attached to the Property, even if a bracket or other mechanism attached to the component or item is attached to the Property; (ii) furniture and other items secured to the Property for earthquake purposes; and (iii) _ Brackets attached to walls, floors or ceilings for any such component, furniture or item shall remain with the Property (or will be removed and holes or other damage shall be repaired, but not painted). Buyer's Initials (X ) ( Seller's Initials (X ) ( X RPA-CA REVISED 11/14 (PAGE 3 OF 10) CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 3 OF 10) Produced with zipForm® by zipLogix 18070 Fifteen Mile Road. Fraser. Michigan 48026 www zipLooix. corn DRA V143710 DRAFT Property Address: 42204 VetWn Lane, Palm Desert Ca 92260 Date: -xxExx-xx _. 9. CLOSING AND POSSESSION: A. Buyer intends (or does not intend) to occupy the Property as Buyer's primary residence. B. Seller -occupied or vacant property: Possession shall be delivered to Buyer: (i) at 6 PM or ( L_ AM/ PM) on the date of Close Of Escrow; (ii) I no later than calendar days after Close Of Escrow; or (iii) l ] at AM/J PM on C. Seller remaining in possession After Close Of Escrow: If Seller has the right to remain in possession after Close Of Escrow, (i) the Parties are advised to sign a separate occupancy agreement such as _ C.A.R. Form SIP, for Seller continued occupancy of less than 30 days, _ I C.A.R. Form RLAS for Seller continued occupancy of 30 days or more; and (ii) the Parties are advised to consult with their insurance and legal advisors for information about liability and damage or injury to persons and personal and real property; and (iii) Buyer is advised to consult with Buyer's lender about the impact of Seller's occupancy on Buyer's loan. D. Tenant -occupied property: Property shall be vacant at least 5 (or _ ) Days Prior to Close Of Escrow, unless otherwise agreed in writing. Note to Seller: If you are unable to deliver Property vacant in accordance with rent control and other 7plicable Law, you may be in breach of this Agreement. OR Tenant to remain in possession (C.A.R. Form TIP). E. At Close Of Escrow: Seller assigns to Buyer any assignable warranty rights for items included in the sale; and Seller shall Deliver to Buyer available Copies of any such warranties. Brokers cannot and will not determine the assignability of any warranties. F. At Close Of Escrow, unless otherwise agreed in writing, Seller shall provide keys, passwords, codes and/or means to operate all locks, mailboxes, security systems, alarms, home automation systems and intranet and Internet -connected devices included in the purchase price, and garage door openers. If the Property is a condominium or located in a common interest subdivision, Buyer may be required to pay a deposit to the Homeowners' Association ("HOA") to obtain keys to accessible HOA facilities. 10. STATUTORY AND OTHER DISCLOSURES (INCLUDING LEAD -BASED PAINT HAZARD DISCLOSURES) AND CANCELLATION RIGHTS: A. (1) Seller shall, within the time specified in paragraph 14A, Deliver to Buyer: (i) if required by Law, a fully completed: Federal Lead -Based Paint Disclosures (C.A.R. Form FLD) and pamphlet ("Lead Disclosures"); and (ii) unless exempt, fully completed disclosures or notices required by sections 1102 et. seq. and 1103 et. seq. of the Civil Code ("Statutory Disclosures"). Statutory Disclosures include, but are not limited to, a Real Estate Transfer Disclosure Statement ("TDS"), Natural Hazard Disclosure Statement ("NHD"), notice or actual knowledge of release of illegal controlled substance, notice of special tax and/or assessments (or, if allowed, substantially equivalent notice regarding the Mello -Roos Community Facilities Act of 1982 and Improvement Bond Act of 1915) and, if Seller has actual knowledge, of industrial use and military ordnance location (C.A.R. Form SPQ or SSD). (2) Any Statutory Disclosure required by this paragraph is considered fully completed if Seller has answered all questions and completed and signed the Seller section(s) and the Listing Agent, if any, has completed and signed the Listing Broker section(s), or, if applicable, an Agent Visual Inspection Disclosure (C.A.R. Form AVID). Nothing stated herein relieves a Buyer's Broker, if any, from the obligation to (i) conduct a reasonably competent and diligent visual inspection of the accessible areas of the Property and disclose, on Section IV of the TDS, or an AVID, material facts affecting the value or desirability of the Property that were or should have been revealed by such an inspection or (ii) complete any sections on all disclosures required to be completed by Buyer's Broker. (3) Note to Buyer and Seller: Waiver of Statutory and Lead Disclosures is prohibited by Law. (4) Seller, unless exempt from the obligation to provide a TDS, shall, within the time specified in paragraph 14A, complete and provide Buyer with a Seller Property Questionnaire (C.A.R. Form SPQ) OR - Supplemental Contractual and Statutory Disclosure (C.A.R. Form SSD). (5) Buyer shall, within the time specified in paragraph 146(1), return Signed Copies of the Statutory, Lead and other disclosures to Seller. (6) In the event Seller or Listing Broker, prior to Close Of Escrow, becomes aware of adverse conditions materially affecting the Property, or any material inaccuracy in disclosures, information or representations previously provided to Buyer, Seller shall promptly provide a subsequent or amended disclosure or notice, in writing, covering those items. However, a subsequent or amended disclosure shall not be required for conditions and material inaccuracies of which Buyer is otherwise aware, or which are disclosed in reports provided to or obtained by Buyer or ordered and paid for by Buyer. (7) If any disclosure or notice specified in paragraph 10A(1), or subsequent or amended disclosure or notice is Delivered to Buyer after the offer is Signed, Buyer shall have the right to cancel this Agreement within 3 Days After Delivery in person, or 5 Days After Delivery by deposit in the mail, by giving written notice of cancellation to Seller or Seller's agent. B. NATURAL AND ENVIRONMENTAL HAZARD DISCLOSURES AND OTHER BOOKLETS: Within the time specified in paragraph 14A, Seller shall, if required by Law: (i) Deliver to Buyer earthquake guide(s) (and questionnaire), environmental hazards booklet, and home energy rating pamphlet; (ii) disclose if the Property is located in a Special Flood Hazard Area; Potential Flooding (Inundation) Area; Very High Fire Hazard Zone; State Fire Responsibility Area; Earthquake Fault Zone; and Seismic Hazard Zone; and (iii) disclose any other zone as required by Law and provide any other information required for those zones. C. WITHHOLDING TAXES: Within the time specified in paragraph 14A, to avoid required withholding, Seller shall Deliver to Buyer or qualified substitute, an affidavit sufficient to comply with federal (FIRPTA) and California withholding Law (C.A.R. Form AS or QS). D. MEGAN'S LAW DATABASE DISCLOSURE: Notice: Pursuant to Section 290.46 of the Penal Code, information about specked registered sex offenders is made available to the public via an Internet Web site maintained by the Department of Justice at www.meganslaw.ca.gov. Depending on an offender's criminal history, this information will include either the address at which the offender resides or the community of residence and ZIP Code in which he or she resides. (Neither Seller nor Brokers are required to check this website. If Buyer wants further information, Broker recommends that Buyer obtain information from this website during Buyer's inspection contingency period. Brokers do not have expertise in this area.) E. NOTICE REGARDING GAS AND HAZARDOUS LIQUID TRANSMISSION PIPELINES: This notice is being provided simply to inform you that information about the general location of gas and hazardous liquid transmission pipelines is available to the public via the National Pipeline Mapping System (NPMS) Internet Web site maintained by the United States Department of Transportation at http://www.npms.phmsa.dot.gov/. To seek further information about possible transmission pipelines near the Property, you may contact your local gas utility or other pipeline operators in the area. Contact information for pipeline operators is searchable by ZIP Code and county on the NPMS Internet Web site. Buyer's Initials (X ) ( ) Seller's Initials (X ) ( X ) RPA-CA REVISED 11/14 (PAGE 4 OF 10) EpC 40u5.K. CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 4 OF 10) Produced with zipForrrvS by zipLogix 18070 Fifteen Mile Road, Fraser. Michigan 48026 www.zioLoOix.corn DRAF r43710 DRAFT Property Address: 42204 Verdin Lane, Palm Desert Ca 92260 Date: xx-xx-xx F. CONDOMINIUM/PLANNED DEVELOPMENT DISCLOSURES: (1) SELLER HAS: 7 (or ) Days After Acceptance to disclose to Buyer if the Property is a condominium, or is located in a planned development or other common interest subdivision (C.A.R. Form SPQ or SSD). (2) If the Property is a condominium or is located in a planned development or other common interest subdivision, Seller has 3 (or ) Days After Acceptance to request from the HOA (C.A.R. Form HOA1): (i) Copies of any documents required by Law; (ii) disclosure of any pending or anticipated claim or litigation by or against the HOA; (iii) a statement containing the location and number of designated parking and storage spaces; (iv) Copies of the most recent 12 months of HOA minutes for regular and special meetings; and (v) the names and contact information of all HOAs governing the Property (collectively, "Cl Disclosures"). Seller shall itemize and Deliver to Buyer all CI Disclosures received from the HOA and any Cl Disclosures in Seller's possession. Buyer's approval of Cl Disclosures is a contingency of this Agreement as specified in paragraph 14B(3). The Party specified in paragraph 7, as directed by escrow, shall deposit funds into escrow or direct to HOA or management company to pay for any of the above. 11. CONDITION OF PROPERTY: Unless otherwise agreed in writing: (i) the Property is sold (a) "AS -IS" in its PRESENT physical condition as of the date of Acceptance and (b) subject to Buyer's Investigation rights; (ii) the Property, including pool, spa, landscaping and grounds, is to be maintained in substantially the same condition as on the date of Acceptance; and (iii) all debris and personal property not included in the sale shall be removed by Close Of Escrow. A. Seller shall, within the time specified in paragraph 14A, DISCLOSE KNOWN MATERIAL FACTS AND DEFECTS affecting the Property, including known insurance claims within the past five years, and make any and all other disclosures required by law. B. Buyer has the right to conduct Buyer Investigations of the Property and, as specified in paragraph 14B, based upon information discovered in those investigations: (i) cancel this Agreement; or (ii) request that Seller make Repairs or take other action. C. Buyer is strongly advised to conduct investigations of the entire Property in order to determine its present condition. Seller may not be aware of all defects affecting the Property or other factors that Buyer considers important. Property improvements may not be built according to code, in compliance with current Law, or have had permits issued. 12. BUYER'S INVESTIGATION OF PROPERTY AND MATTERS AFFECTING PROPERTY: A. Buyer's acceptance of the condition of, and any other matter affecting the Property, is a contingency of this Agreement as specified in this paragraph and paragraph 14B. Within the time specified in paragraph 1413(1), Buyer shall have the right, at Buyer's expense unless otherwise agreed, to conduct inspections, investigations, tests, surveys and other studies ("Buyer Investigations"), including, but not limited to, the right to: (i) inspect for lead -based paint and other lead -based paint hazards; (ii) inspect for wood destroying pests and organisms. Any inspection for wood destroying pests and organisms shall be prepared by a registered Structural Pest Control company; shall cover the main building and attached structures; may cover detached structures; shall NOT include water tests of shower pans on upper level units unless the owners of property below the shower consent; shall NOT include roof coverings; and, if the Property is a unit in a condominium or other common interest subdivision, the inspection shall include only the separate interest and any exclusive - use areas being transferred, and shall NOT include common areas; and shall include a report ("Pest Control Report") showing the findings of the company which shall be separated into sections for evident infestation or infections (Section 1) and for conditions likely to lead to infestation or infection (Section 2); (iii) review the registered sex offender database; (iv) confirm the insurability of Buyer and the Property including the availability and cost of flood and fire insurance; (v) review and seek approval of leases that may need to be assumed by Buyer; and (vi) satisfy Buyer as to any matter specified in the attached Buyer's Inspection Advisory (C.A.R. Form BIA). Without Seller's prior written consent, Buyer shall neither make nor cause to be made: (i) invasive or destructive Buyer Investigations except to the extent required to prepare a Pest Control Report; or (ii) inspections by any governmental building or zoning inspector or government employee, unless required by Law. B. Seller shall make the Property available for all Buyer Investigations. Buyer shall (i) as specified in paragraph 14B, complete Buyer Investigations and either remove the contingency or cancel this Agreement, and (ii) give Seller, at no cost, complete Copies of all such Investigation reports obtained by Buyer, which obligation shall survive the termination of this Agreement. C. Seller shall have water, gas, electricity and all operable pilot lights on for Buyer's Investigations and through the date possession is made available to Buyer. D. Buyer indemnity and seller protection for entry upon property: Buyer shall: (i) keep the Property free and clear of liens; (ii) repair all damage arising from Buyer Investigations; and (iii) indemnify and hold Seller harmless from all resulting liability, claims, demands, damages and costs. Buyer shall carry, or Buyer shall require anyone acting on Buyer's behalf to carry, policies of liability, workers' compensation and other applicable insurance, defending and protecting Seller from liability for any injuries to persons or property occurring during any Buyer Investigations or work done on the Property at Buyer's direction prior to Close Of Escrow. Seller is advised that certain protections may be afforded Seller by recording a "Notice of Non -Responsibility" (C.A.R. Form NNR) for Buyer Investigations and work done on the Property at Buyer's direction. Buyer's obligations under this paragraph shall survive the termination of this Agreement. 13. TITLE AND VESTING: A. Within the time specified in paragraph 14, Buyer shall be provided a current preliminary title report ("Preliminary Report"). The Preliminary Report is only an offer by the title insurer to issue a policy of title insurance and may not contain every item affecting title. Buyer's review of the Preliminary Report and any other matters which may affect title are a contingency of this Agreement as specified in paragraph 14B. The company providing the Preliminary Report shall, prior to issuing a Preliminary Report, conduct a search of the General Index for all Sellers except banks or other institutional lenders selling properties they acquired through foreclosure (REOs), corporations, and government entities. Seller shall within 7 Days After Acceptance, give Escrow Holder a completed Statement of Information. B. Title is taken in its present condition subject to all encumbrances, easements, covenants, conditions, restrictions, rights and other matters, whether of record or not, as of the date of Acceptance except for: (i) monetary liens of record (which Seller is obligated to pay off) unless Buyer is assuming those obligations or taking the Property subject to those obligations; and (ii) those matters which Seller has agreed to remove in writing. C. Within the time specified in paragraph 14A, Seller has a duty to disclose to Buyer all matters known to Seller affecting title, whether of record or not. D. At Close Of Escrow, Buyer shall receive a grant deed conveying title (or, for stock cooperative or long-term lease, an assignment of stock certificate or of Seller's leasehold interest), including oil, mineral and water rights I currently owned by Seller. Title shall vest as designated in Buyer's supplemental escrow instructions. THE MANNER OF TAKING TITLE MAY HAVE SIGNIFICANT LEGAL AND TAX CONSEQUENCES. CONSULT AN APPROPRIATE PROFESSIONAL. Buyer's Initials (X ) ( ) Seller's Initials ( X ) ( X. ) RPA-CA REVISED 11/14 (PAGE 5 OF 10) CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 5 OF 10) Produced with zipForm® by zipLogix 18070 Fifteen we Road. Fraser, Michigan 48026 www.zioLoaix.com DRAFr43710 DRAFT Property Address: 42204 Verdin Lane, Palm Desert, Ca 92260 -Date: xx-xx-xx E. Buyer shall receive a CLTA/ALTA "Homeowner's Policy of Title Insurance", if applicable to the type of property and buyer. If not, Escrow Holder shall notify Buyer. A title company can provide information about the availability, coverage, and cost of other title policies and endorsements. If the Homeowner's Policy is not available, Buyer shall choose another policy, instruct Escrow Holder in writing and shall pay any increase in cost. 14. TIME PERIODS; REMOVAL OF CONTINGENCIES; CANCELLATION RIGHTS: The following time periods may only be extended, altered, modified or changed by mutual written agreement. Any removal of contingencies or cancellation under this paragraph by either Buyer or Seller must be exercised in good faith and in writing (C.A.R. Form CR or CC). A. SELLER HAS: 7 (or 15 ) Days After Acceptance to Deliver to Buyer all Reports, disclosures and information for which Seller is responsible under paragraphs 5, 6, 7, 8B(4), 10A, B, C, and F, 11A and 13A. If, by the time specified, Seller has not delivered any such item, Buyer after first Delivering to Seller a Notice to Seller to Perform (C.A.R. Form NSP) may cancel this Agreement. B. (1) BUYER HAS: 17 (or _ ) Days After Acceptance, unless otherwise agreed in writing, to: (i) complete all Buyer Investigations; review all disclosures, reports, lease documents to be assumed by Buyer pursuant to paragraph 8B(4), and other applicable information, which Buyer receives from Seller; and approve all matters affecting the Property; and (ii) Deliver to Seller Signed Copies of Statutory and Lead Disclosures and other disclosures Delivered by Seller in accordance with paragraph 10A. (2) Within the time specified in paragraph 146(1), Buyer may request that Seller make repairs or take any other action regarding the Property (C.A.R. Form RR). Seller has no obligation to agree to or respond to (C.A.R. Form RRRR) Buyer's requests. (3) By the end of the time specified in paragraph 146(1) (or as otherwise specified in this Agreement), Buyer shall Deliver to Seller a removal of the applicable contingency or cancellation (C.A.R. Form CR or CC) of this Agreement. However, if any report, disclosure or information for which Seller is responsible is not Delivered within the time specified in paragraph 14A, then Buyer has 5 (or ) Days After Delivery of any such items, or the time specified in paragraph 146(1), whichever is later, to Deliver to Seller a removal of the applicable contingency or cancellation of this Agreement. (4) Continuation of Contingency: Even after the end of the time specified in paragraph 14B(1) and before Seller cancels, if at all, pursuant to paragraph 14C, Buyer retains the right, in writing, to either (i) remove remaining contingencies, or (ii) cancel this Agreement based on a remaining contingency. Once Buyer's written removal of all contingencies is Delivered to Seller, Seller may not cancel this Agreement pursuant to paragraph 14C(1). C. SELLER RIGHT TO CANCEL: (1) Seller right to Cancel; Buyer Contingencies: If, by the time specified in this Agreement, Buyer does not Deliver to Seller a removal of the applicable contingency or cancellation of this Agreement, then Seller, after first Delivering to Buyer a Notice to Buyer to Perform (C.A.R. Form NBP), may cancel this Agreement. In such event, Seller shall authorize the return of Buyer's deposit, except for fees incurred by Buyer. (2) Seller right to Cancel; Buyer Contract Obligations: Seller, after first delivering to Buyer a NBP, may cancel this Agreement if, by the time specified in this Agreement, Buyer does not take the following action(s): (i) Deposit funds as required by paragraph 3A, or 313 or if the funds deposited pursuant to paragraph 3A or 313 are not good when deposited; (ii) Deliver a notice of FHA or VA costs or terms as required by paragraph 3D(3) (C.A.R. Form FVA); (iii) Deliver a letter as required by paragraph 3J(1); (iv) Deliver verification, or a satisfactory verification if Seller reasonably disapproves of the verification already provided, as required by paragraph 3C or 3H; (v) Return Statutory and Lead Disclosures as required by paragraph 10A(5); or (vi) Sign or initial a separate liquidated damages form for an increased deposit as required by paragraphs 3B and 21B; or (vii) Provide evidence of authority to sign in a representative capacity as specified in paragraph 19. In such event, Seller shall authorize the return of Buyer's deposit, except for fees incurred by Buyer. D. NOTICE TO BUYER OR SELLER TO PERFORM: The NBP or NSP shall: (i) be in writing; (ii) be signed by the applicable Buyer or Seller; and (iii) give the other Party at least 2 (or _ ) Days After Delivery (or until the time specified in the applicable paragraph, whichever occurs last) to take the applicable action. A NBP or NSP may not be Delivered any earlier than 2 Days Prior to the expiration of the applicable time for the other Party to remove a contingency or cancel this Agreement or meet an obligation specified in paragraph 14. E. EFFECT OF BUYER'S REMOVAL OF CONTINGENCIES: If Buyer removes, in writing, any contingency or cancellation rights, unless otherwise specified in writing, Buyer shall conclusively be deemed to have: (i) completed all Buyer Investigations, and review of reports and other applicable information and disclosures pertaining to that contingency or cancellation right; (ii) elected to proceed with the transaction; and (iii) assumed all liability, responsibility and expense for Repairs or corrections pertaining to that contingency or cancellation right, or for the inability to obtain financing. F. CLOSE OF ESCROW: Before Buyer or Seller may cancel this Agreement for failure of the other Party to close escrow pursuant to this Agreement, Buyer or Seller must first Deliver to the other Party a demand to close escrow (C.A.R. Form DCE). The DCE shall: (1) be signed by the applicable Buyer or Seller; and (ii) give the other Party at least 3 (or ) Days After Delivery to close escrow. A DCE may not be Delivered any earlier than 3 Days Prior to the scheduled close of escrow. G. EFFECT OF CANCELLATION ON DEPOSITS: If Buyer or Seller gives written notice of cancellation pursuant to rights duly exercised under the terms of this Agreement, the Parties agree to Sign mutual instructions to cancel the sale and escrow and release deposits, if any, to the party entitled to the funds, less fees and costs incurred by that party. Fees and costs may be payable to service providers and vendors for services and products provided during escrow. Except as specified below, release of funds will require mutual Signed release instructions from the Parties, judicial decision or arbitration award. If either Party fails to execute mutual instructions to cancel, one Party may make a written demand to Escrow Holder for the deposit. (C.A.R. Form BDRD or SDRD) Escrow Holder, upon receipt, shall promptly deliver notice of the demand to the other Party. If, within 10 Days After Escrow Holder's notice, the other Party does not object to the demand, Escrow Holder shall disburse the deposit to the Party making the demand. If Escrow Holder complies with the preceding process, each Party shall be deemed to have released Escrow Holder from any and all claims or liability related to the disbursal of the deposit. Escrow Holder, at its discretion, may nonetheless require mutual cancellation instructions. A Party may be subject to a civil penalty of up to $1,000 for refusal to sign cancellation instructions if no good faith dispute exists as to who is entitled to the deposited funds (Civil Code §1057.3). 15. FINAL VERIFICATION OF CONDITION: Buyer shall have the right to make a final verification of the Property within 5 (or ) Days Prior to Close Of Escrow, NOT AS A CONTINGENCY OF THE SALE, but solely to confirm: (i) the Property is maintained pursuant to paragraph 11; (ii) Repairs have been completed as agreed; and (iii) Seller has complied with Seller's other obligations under this Agreement (C.A.R. Form VP). Buyer's Initials ( X_... —) ( ) Seller's Initials ( X ) ( X _) RPA-CA REVISED 11114 (PAGE 6 OF 10) 1211" CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 6 OF 10) �o� M. C.A'+J,4 Produced with zipForrrg by zipLogix 18070 Fifteen Mile Road, Fraser. Michigan 48026 www zJpLOoix. corn DRAFT43710 DRAF7 Property Address: 42204 Verdin Lane, Palm Desert, Ca 92260 Date:-xx-X1C xx 16. REPAIRS: Repairs shall be completed prior to final verification of condition unless otherwise agreed in writing. Repairs to be performed at Seller's expense may be performed by Seller or through others, provided that the work complies with applicable Law, including governmental permit, inspection and approval requirements. Repairs shall be performed in a good, skillful manner with materials of quality and appearance comparable to existing materials. It is understood that exact restoration of appearance or cosmetic items following all Repairs may not be possible. Seller shall: (i) obtain invoices and paid receipts for Repairs performed by others; (ii) prepare a written statement indicating the Repairs performed by Seller and the date of such Repairs; and (lii) provide Copies of invoices and paid receipts and statements to Buyer prior to final verification of condition. 17. PRORATIONS OF PROPERTY TAXES AND OTHER ITEMS: Unless otherwise agreed in writing, the following items shall be PAID CURRENT and prorated between Buyer and Seller as of Close Of Escrow: real property taxes and assessments, interest, rents, HOA regular, special, and emergency dues and assessments imposed prior to Close Of Escrow, premiums on insurance assumed by Buyer. payments on bonds and assessments assumed by Buyer, and payments on Mello -Roos and other Special Assessment District bonds and assessments that are now a lien. The following items shall be assumed by Buyer WITHOUT CREDIT toward the purchase price: prorated payments on Mello -Roos and other Special Assessment District bonds and assessments and HOA special assessments that are now a lien but not yet due. Property will be reassessed upon change of ownership. Any supplemental tax bills shall be paid as follows: (i) for periods after Close Of Escrow, by Buyer; and (ii) for periods prior to Close Of Escrow, by Seller (see C.A.R. Form SPT or SBSA for further information). TAX BILLS ISSUED AFTER CLOSE OF ESCROW SHALL BE HANDLED DIRECTLY BETWEEN BUYER AND SELLER. Prorations shall be made based on a 30-day month. 18. BROKERS: A. COMPENSATION: Seller or Buyer, or both, as applicable, agree to pay compensation to Broker as specified in a separate written agreement between Broker and that Seller or Buyer. Compensation is payable upon Close Of Escrow, or if escrow does not close, as otherwise specified in the agreement between Broker and that Seller or Buyer. B. SCOPE OF DUTY: Buyer and Seller acknowledge and agree that Broker: (i) Does not decide what price Buyer should pay or Seller should accept; (ii) Does not guarantee the condition of the Property; (iii) Does not guarantee the performance, adequacy or completeness of inspections, services, products or repairs provided or made by Seller or others; (iv) Does not have an obligation to conduct an inspection of common areas or areas off the site of the Property; (v) Shall not be responsible for identifying defects on the Property, in common areas, or offsite unless such defects are visually observable by an inspection of reasonably accessible areas of the Property or are known to Broker; (vi) Shall not be responsible for inspecting public records or permits concerning the title or use of Property; (vii) Shall not be responsible for identifying the location of boundary lines or other items affecting title; (viii) Shall not be responsible for verifying square footage, representations of others or information contained in Investigation reports, Multiple Listing Service, advertisements, flyers or other promotional material; (ix) Shall not be responsible for determining the fair market value of the Property or any personal property included in the sale; (x) Shall not be responsible for providing legal or tax advice regarding any aspect of a transaction entered into by Buyer or Seller; and (xi) Shall not be responsible for providing other advice or information that exceeds the knowledge, education and experience required to perform real estate licensed activity. Buyer and Seller agree to seek legal, tax, insurance, title and other desired assistance from appropriate professionals. 19. REPRESENTATIVE CAPACITY: If one or more Parties is signing this Agreement in a representative capacity and not for him/herself as an individual then that Party shall so indicate in paragraph 31 or 32 and attach a Representative Capacity Signature Disclosure (C.A.R. Form RCSD). Wherever the signature or initials of the representative identified in the RCSD appear on this Agreement or any related documents, it shall be deemed to be in a representative capacity for the entity described and not in an individual capacity, unless otherwise indicated. The Party acting in a representative capacity (i) represents that the entity for which that party is acting already exists and (ii) shall Deliver to the other Party and Escrow Holder, within 3 Days After Acceptance, evidence of authority to act in that capacity (such as but not limited to: applicable trust document, or portion thereof, letters testamentary, court order, power of attorney, resolution, or formation documents of the business entity). 20. JOINT ESCROW INSTRUCTIONS TO ESCROW HOLDER: A. The following paragraphs, or applicable portions thereof, of this Agreement constitute the joint escrow instructions of Buyer and Seller to Escrow Holder, which Escrow Holder is to use along with any related counter offers and addenda, and any additional mutual instructions to close the escrow: paragraphs 1, 3, 46, 5A, 6, 7, 10C, 13, 14G, 17, 18A, 19, 20, 26, 29, 30, 31, 32 and paragraph D of the section titled Real Estate Brokers on page 10. If a Copy of the separate compensation agreement(s) provided for in paragraph 18A, or paragraph D of the section titled Real Estate Brokers on page 10 is deposited with Escrow Holder by Broker, Escrow Holder shall accept such agreement(s) and pay out from Buyer's or Seller's funds, or both, as applicable, the Broker's compensation provided for in such agreement(s). The terms and conditions of this Agreement not set forth in the specified paragraphs are additional matters for the information of Escrow Holder, but about which Escrow Holder need not be concerned. Buyer and Seller will receive Escrow Holder's general provisions, if any, directly from Escrow Holder and will execute such provisions within the time specified in paragraph 7C(1)(c). To the extent the general provisions are inconsistent or conflict with this Agreement, the general provisions will control as to the duties and obligations of Escrow Holder only. Buyer and Seller will execute additional instructions, documents and forms provided by Escrow Holder that are reasonably necessary to close the escrow and, as directed by Escrow Holder, within 3 (or ) Days, shall pay to Escrow Holder or HOA or HOA management company or others any fee required by paragraphs 7, 10 or elsewhere in this Agreement. B. A Copy of this Agreement including any counter offer(s) and addenda shall be delivered to Escrow Holder within 3 Days After Acceptance (or ). Buyer and Seller authorize Escrow Holder to accept and rely on Copies and Signatures as defined in this Agreement as originals, to open escrow and for other purposes of escrow. The validity of this Agreement as between Buyer and Seller is not affected by whether or when Escrow Holder Signs this Agreement. Escrow Holder shall provide Seller's Statement of Information to Title company when received from Seller. If Seller delivers an affidavit to Escrow Holder to satisfy Seller's FIRPTA obligation under paragraph 10C, Escrow Holder shall deliver to Buyer a Qualified Substitute statement that complies with federal Law. C. Brokers are a party to the escrow for the sole purpose of compensation pursuant to paragraph 18A and paragraph D of the section titled Real Estate Brokers on page 10. Buyer and Seller irrevocably assign to Brokers compensation specified in paragraph 18A, and irrevocably instruct Escrow Holder to disburse those funds to Brokers at Close Of Escrow or pursuant to any other mutually executed cancellation agreement. Compensation instructions can be amended or revoked only with the written consent of Brokers. Buyer and Seller shall release and hold harmless Escrow Holder from any liability resulting from Escrow Holder's payment to Broker(s) of compensation pursuant to this Agreement. Buyer's Initials ( X_ __ ) ( ) Seller's Initials (X RPA-CA REVISED 11/14 (PAGE 7 OF 10) CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 7 OF 10) Produced with zipForm® by zipLogix 18070 Fifteen Mile Road. Fraser. Michigan 48026 www zipLooix corn DRA V143710 DRAFT Property Address: 42204 Verdin Lane, Palm Desert, Ca 92260_ Date: xx-xx-xx _ D. Upon receipt, Escrow Holder shall provide Seller and Seller's Broker verification of Buyer's deposit of funds pursuant to paragraph 3A and 3B. Once Escrow Holder becomes aware of any of the following, Escrow Holder shall immediately notify all Brokers: (i) if Buyer's initial or any additional deposit or down payment is not made pursuant to this Agreement, or is not good at time of deposit with Escrow Holder; or (ii) if Buyer and Seller instruct Escrow Holder to cancel escrow. E. A Copy of any amendment that affects any paragraph of this Agreement for which Escrow Holder is responsible shall be delivered to Escrow Holder within 3 Days after mutual execution of the amendment. 21. REMEDIES FOR BUYER'S BREACH OF CONTRACT: A. Any clause added by the Parties specifying a remedy (such as release or forfeiture of deposit or making a deposit non-refundable) for failure of Buyer to complete the purchase in violation of this Agreement shall be deemed invalid unless the clause independently satisfies the statutory liquidated damages requirements set forth in the Civil Code. B. LIQUIDATED DAMAGES: If Buyer fails to complete this purchase because of Buyer's default, Seller shall retain, as liquidated damages, the deposit actually paid. If the Property is a dwelling with no more than four units, one of which Buyer intends to occupy, then the amount retained shall be no more than 3% of the purchase price. Any excess shall be returned to Buyer. Except as provided in paragraph 14G, release of funds will require mutual, Signed release instructions from both Buyer and Seller, judicial decision or arbitration award. AT THE TIME OF ANY INCREASED DEPOSIT BUYER AND SELLER SHALL SIGN A SEPARATE LIQUIDATED DAMAGES PROVISION INCORPORATING THE INCREASED DEPOSIT AS LIQUIDATED DAMAGES (C.A.R. FORM RID). Buyer's Initials __ Seller's Initials 22. DISPUTE RESOLUTION: A. MEDIATION: The Parties agree to mediate any dispute or claim arising between them out of this Agreement, or any resulting transaction, before resorting to arbitration or court action through the C.A.R. Real Estate Mediation Center for Consumers (www.consumennediation.org) or through any other mediation provider or service mutually agreed to by the Parties. The Parties also agree to mediate any disputes or claims with Broker(s), who, in writing, agree to such mediation prior to, or within a reasonable time after, the dispute or claim is presented to the Broker. Mediation fees, if any, shall be divided equally among the Parties involved. If, for any dispute or claim to which this paragraph applies, any Party (i) commences an action without first attempting to resolve the matter through mediation, or (ii) before commencement of an action, refuses to mediate after a request has been made, then that Party shall not be entitled to recover attorney fees, even if they would otherwise be available to that Party in any such action. THIS MEDIATION PROVISION APPLIES WHETHER OR NOT THE ARBITRATION PROVISION IS INITIALED. Exclusions from this mediation agreement are specified in paragraph 22C. B. ARBITRATION OF DISPUTES: The Parties agree that any dispute or claim in Law or equity arising between them out of this Agreement or any resulting transaction, which is not settled through mediation, shall be decided by neutral, binding arbitration. The Parties also agree to arbitrate any disputes or claims with Broker(s), who, in writing, agree to such arbitration prior to, or within a reasonable time after, the dispute or claim is presented to the Broker. The arbitrator shall be a retired judge or justice, or an attorney with at least 5 years of residential real estate Law experience, unless the parties mutually agree to a different arbitrator. The Parties shall have the right to discovery in accordance with Code of Civil Procedure §1283.05. In all other respects, the arbitration shall be conducted in accordance with Title 9 of Part 3 of the Code of Civil Procedure. Judgment upon the award of the arbitrator(s) may be entered into any court having jurisdiction. Enforcement of this agreement to arbitrate shall be governed by the Federal Arbitration Act. Exclusions from this arbitration agreement are specified in paragraph 22C. "NOTICE: BY INITIALING IN THE SPACE BELOW YOU ARE AGREEING TO HAVE ANY DISPUTE ARISING OUT OF THE MATTERS INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION DECIDED BY NEUTRAL ARBITRATION AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING UP ANY RIGHTS YOU MIGHT POSSESS TO HAVE THE DISPUTE LITIGATED IN A COURT OR JURY TRIAL. BY INITIALING IN THE SPACE BELOW YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS THOSE RIGHTS ARE SPECIFICALLY INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION. IF YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE COMPELLED TO ARBITRATE UNDER THE AUTHORITY OF THE CALIFORNIA CODE OF CIVIL PROCEDURE. YOUR AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY." "WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT OF THE MATTERS INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION TO NEUTRAL ARBITRATION." Buyer's Initials / Seller's Initials / C. ADDITIONAL MEDIATION AND ARBITRATION TERMS: (1) EXCLUSIONS: The following matters are excluded from mediation and arbitration: (i) a judicial or non -judicial foreclosure or other action or proceeding to enforce a deed of trust, mortgage or installment land sale contract as defined in Civil Code §2985; (ii) an unlawful detainer action; and (iii) any matter that is within the jurisdiction of a probate, small claims or bankruptcy court. (2) PRESERVATION OF ACTIONS: The following shall not constitute a waiver nor violation of the mediation and arbitration provisions: (i)The filing of a court action to enable the recording of a notice of pending action, for order of attachment, receivership, injunction, or other provisional remedies; or (ii) the filing of a mechanic's lien. (3) BROKERS: Brokers shall not be obligated nor compelled to mediate or arbitrate unless they agree to do so in writing. Any Broker(s) participating in mediation or arbitration shall not be deemed a party to this Agreement. Buyer's Initials (X__ ) ( ) Seller's Initials (X ) (X ) RPA-CA REVISED 11114 (PAGE 8 OF 10) CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 8 OF 10) Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLooix. corn DR.AFT43710 DRAFT Property Address: 42204 Verdin Lane, Palm Desert, Ca 92260 _ ..._. Date: 23. SELECTION OF SERVICE PROVIDERS: Brokers do not guarantee the performance of any vendors, service or product providers ("Providers"), whether referred by Broker or selected by Buyer, Seller or other person. Buyer and Seller may select ANY Providers of their own choosing. 24. MULTIPLE LISTING SERVICE ("MLS"): Brokers are authorized to report to the MLS a pending sale and, upon Close Of Escrow, the sales price and other terms of this transaction shall be provided to the MLS to be published and disseminated to persons and entities authorized to use the information on terms approved by the MLS. 25. ATTORNEY FEES: In any action, proceeding, or arbitration between Buyer and Seller arising out of this Agreement, the prevailing Buyer or Seller shall be entitled to reasonable attorney fees and costs from the non -prevailing Buyer or Seller, except as provided in paragraph 22A. 26. ASSIGNMENT: Buyer shall not assign all or any part of Buyer's interest in this Agreement without first having obtained the separate written consent of Seller to a specified assignee. Such consent shall not be unreasonably withheld. Any total or partial assignment shall not relieve Buyer of Buyer's obligations pursuant to this Agreement unless otherwise agreed in writing by Seller. (C.A.R. Form AOAA) 27. EQUAL HOUSING OPPORTUNITY: The Property is sold in compliance with federal, state and local anti -discrimination Laws. 28. TERMS AND CONDITIONS OF OFFER: This is an offer to purchase the Property on the above terms and conditions. The liquidated damages paragraph or the arbitration of disputes paragraph is incorporated in this Agreement if initialed by all Parties or if incorporated by mutual agreement in a counter offer or addendum. If at least one but not all Parties initial, a counter offer is required until agreement is reached. Seller has the right to continue to offer the Property for sale and to accept any other offer at any time prior to notification of Acceptance. The Parties have read and acknowledge receipt of a Copy of the offer and agree to the confirmation of agency relationships. If this offer is accepted and Buyer subsequently defaults, Buyer may be responsible for payment of Brokers' compensation. This Agreement and any supplement, addendum or modification, including any Copy, may be Signed in two or more counterparts, all of which shall constitute one and the same writing. 29. TIME OF ESSENCE; ENTIRE CONTRACT; CHANGES: Time is of the essence. All understandings between the Parties are incorporated in this Agreement. Its terms are intended by the Parties as a final, complete and exclusive expression of their Agreement with respect to its subject matter, and may not be contradicted by evidence of any prior agreement or contemporaneous oral agreement. If any provision of this Agreement is held to be ineffective or invalid, the remaining provisions will nevertheless be given full force and effect. Except as otherwise specified, this Agreement shall be interpreted and disputes shall be resolved in accordance wth the Laws of the State of California. Neither this Agreement nor any provision in it may be extended, amended, modified, altered or changed, except in writing Signed by Buyer and Seller. 30. DEFINITIONS: As used in this Agreement: A. "Acceptance" means the time the offer or final counter offer is accepted in writing by a Party and is delivered to and personally received by the other Party or that Party's authorized agent in accordance with the terms of this offer or a final counter offer. B. "Agreement" means this document and any incorporated addenda, counter offers and written terms Signed by all Parties collectively forming the binding agreement between the Parties. All terms and conditions of any addenda checked and Signed are incorporated into this Agreement. C. "C.A.R. Form" means the most current version of the specific form referenced or another comparable form agreed to by the parties. D. "Close Of Escrow", including "COE", means the date the grant deed, or other evidence of transfer of title, is recorded. E. "Copy" means copy by any means including photocopy, NCR, facsimile and electronic. F. "Days" means calendar days. However, after Acceptance, the last Day for performance of any act required by this Agreement (including Close Of Escrow) shall not include any Saturday, Sunday, or legal holiday and shall instead be the next Day. G. "Days After" means the specified number of calendar days after the occurrence of the event specified, not counting the calendar date on which the specified event occurs, and ending at 11:59 PM on the final day. H. "Days Prior" means the specified number of calendar days before the occurrence of the event specified, not counting the calendar date on which the specified event is scheduled to occur. I. "Deliver", "Delivered" or "Delivery", unless otherwise specified in writing, means and shall be effective upon: personal receipt by Buyer or Seller or the individual Real Estate Licensee for that principal as specified in the section titled Real Estate Brokers on page 10, regardless of the method used (i.e., messenger, mail, email, fax, other). J. "Electronic Copy" or "Electronic Signature" means, as applicable, an electronic copy or signature complying with California Law. Buyer and Seller agree that electronic means will not be used by either Party to modify or alter the content or integrity of this Agreement without the knowledge and consent of the other Party. K. "Law" means any law, code, statute, ordinance, regulation, rule or order, which is adopted by a controlling city, county, state or federal legislative, judicial or executive body or agency. L. "Repairs" means any repairs (including pest control), alterations, replacements, modifications or retrofitting of the Property provided for under this Agreement. M. "Signed" means either a handwritten or electronic signature on an original document, Copy or any counterpart. 31. EXPIRATION OF OFFER: This offer shall be deemed revoked and the deposit, if any, shall be returned to Buyer unless the offer is Signed by Seller and a Copy of the Signed offer is personally received by Buyer, or by ___ who is authorized to receive it, by 5:00 PM on the third Day after this offer is signed by Buyer (or by i _. AM/ PM, on (date)). One or more Buyers is signing this Agreement in a representative capacity and not for him/herself as an individual. See attached Representative Capacity Signature Disclosure (C.A.R. Form RCSD) for additional terms. Date BUYER (Print name) Qualified Lower Income Household Date BUYER (Print name) ,Additional Signature Addendum attached (C.A.R. Form ASA). Seller's Initials (x _) ( x ) RPA-CA REVISED 11/14 (PAGE 9 OF 10) CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 9 OF 10) Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser. Michigan 48026 www zipLooix corn DRAFT43710 DRAFT Property Address: 42204 Verdin Lane. Palm Desert, Ca 92260 Date: 1I1L-xX xx 32. ACCEPTANCE OF OFFER: Seller warrants that Seller is the owner of the Property, or has the authority to execute this Agreement. Seller accepts the above offer, and agrees to sell the Property on the above terms and conditions. Seller has read and acknowledges receipt of a Copy of this Agreement, and authorizes Broker to Deliver a Signed Copy to Buyer. F_ (If checked) SELLER'S ACCEPTANCE IS SUBJECT TO ATTACHED COUNTER OFFER (C.A.R. Form SCO or SMCO) DATED: F_ One or more Sellers is signing this Agreement in a representative capacity and not for him/herself as an individual. See attached Representative Capacity Signature Disclosure (C.A.R. Form RCSD) for additional terms. Date SELLER (Print name) Palm Desert Housing Authority Date SELLER _ .. (Print name) Additional Signature Addendum attached (C.A.R. Form ASA). ( / ) (Do not initial if making a counter offer.) CONFIRMATION OF ACCEPTANCE: A Copy of Signed Acceptance was (Initials) ersona y received by Buyer or Buyer's authorized agent on (date) at 1 AM/ ' PM. A binding Agreement is created when a Copy of Signed Acceptance is personally received by Buyer or Buyer's authorized agent whether or not confirmed in this document. Completion of this confirmation is not legally required in order to create a binding Agreement; it is solely intended to evidence the date that Confirmation of Acceptance has occurred. REAL ESTATE BROKERS: A. Real Estate Brokers are not parties to the Agreement between Buyer and Seller. B. Agency relationships are confirmed as stated in paragraph 2. C. If specified in paragraph 3A(2), Agent who submitted the offer for Buyer acknowledges receipt of deposit. D. COOPERATING BROKER COMPENSATION: Listing Broker agrees to pay Cooperating Broker (Selling Firm) and Cooperating Broker agrees to accept, out of Listing Broker's proceeds in escrow, the amount specified in the MILS, provided Cooperating Broker is a Participant of the MLS in which the Property is offered for sale or a reciprocal MILS. If Listing Broker and Cooperating Broker are not both Participants of the MILS, or a reciprocal MILS, in which the Property is offered for sale, then compensation must be specified in a separate written agreement (C.A.R. Form CBC). Declaration of License and Tax (C.A.R. Form DLT) may be used to document that tax reporting will be required or that an exemption exists. Real Estate Broker (Selling Firm) Centuty 21 Osborne Realty CalBRE Lic. # 01312235 By John Osbome CalBRE Lic. # 00852775 Date By CalBRE Lic. # Date Address _ City State Zip Telephone Fax E-mail Real Estate Broker (Listing Firm) CentuCy 21 Osborne Realty __ CalBRE Lic. # 01312235 By John Osbome CalBRE Lic. # 00852775 Date By CalBRE Lic. # Date Address 41 Orquidia Ct City Palm Desert _ State Ca Zip 92260 Telephone (76Q)567-2407 Fax (76Q)922-4387 E-mail iohn.osborneggDcentury2l.com ESCROW HOLDER ACKNOWLEDGMENT: Escrow Holder acknowledges receipt of a Copy of this Agreement, (if checked, ] a deposit in the amount of $ counter offer numbers [ _ Seller's Statement of Information and Addendum #1 and agrees to act as Escrow Holder subject to paragraph 20 of this Agreement, any supplemental escrow instructions and the terms of Escrow Holder's general provisions. Escrow Holder is advised that the date of Confirmation of Acceptance of the Agreement as between Buyer and Seller is Escrow Holder Foresite Escrow Escrow # By _ Esther Lop Date Address _ Phone/Fax/E-mail Escrow Holder has the following license number # Department of Business Oversight, ] Department of Insurance, ❑ Bureau of Real Estate. PRESENTATION OF OFFER: ( ) Listing Broker presented this offer to Seller on _ (date). Broker or Designee Initials REJECTION OF OFFER: ( ) ( ) No counter offer is being made. This offer was rejected by Seller on (date). Seller's Initials 01991- 2014, California Association of REALTORS®, Inc. United States copyright law (Title 17 U.S Code) forbids the unauthorized distribution, display and reproduction of this form, or any portion thereof, by photocopy machine or any other means, including facsimile or computerized formats. THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORSO (C.A.R.). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR ACCURACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL Published and Distributed by: Reviewed by REAL ESTATE BUSINESS SERVICES, INC. 121" a subsidiary o/ the CALIFORNIA ASSOCIATION OF REALTORS@ Broker or Designee ` 4 525 South Virgil Avenue, Los Angeles, California 90020 RPA-CA REVISED 11/14 (PAGE 10 of 10) Buyers Initials (X ) ( ) CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 10 OF 10) Produced with zipFonrO by zipLogix 18070 Fifteen Mile Road. Fraser, Michigan 48026 WyAtzipl_ooix corn DRAVU43710 -� C;ALIFORNIA DRAFT 41� A S S O(; 1 A'1' 1 O N BUYER'S INSPECTION ADVISORY I% wr OF R F. A A T O R S' (C.A.R. Form BIA, Revised 11/14) Property Address: 42204 Verdin Lane, Palm Deselt Ca 92260 ("Property"). 1. IMPORTANCE OF PROPERTY INVESTIGATION: The physical condition of the land and improvements being purchased is not guaranteed by either Seller or Brokers. You have an affirmative duty to exercise reasonable care to protect yourself, including discovery of the legal, practical and technical implications of disclosed facts, and the investigation and verification of information and facts that you know or that are within your diligent attention and observation. A general physical inspection typically does not cover all aspects of the Property nor items affecting the Property that are not physically located on the Property. If the professionals recommend further investigations, including a recommendation by a pest control operator to inspect inaccessible areas of the Property, you should contact qualified experts to conduct such additional investigations. 2. BROKER OBLIGATIONS: Brokers do not have expertise in all areas and therefore cannot advise you on many items, such as those listed below. If Broker gives you referrals to professionals, Broker does not guarantee their performance. 3. YOU ARE STRONGLY ADVISED TO INVESTIGATE THE CONDITION AND SUITABILITY OF ALL ASPECTS OF THE PROPERTY, INCLUDING BUT NOT LIMIITED TO THE FOLLOWING. IF YOU DO NOT DO SO, YOU ARE ACTING AGAINST THE ADVICE OF BROKERS. A. GENERAL CONDITION OF THE PROPERTY, ITS SYSTEMS AND COMPONENTS: Foundation, roof (condition, age, leaks, useful life), plumbing, heating, air conditioning, electrical, mechanical, security, pool/spa (cracks, leaks, operation), other structural and nonstructural systems and components, fixtures, built-in appliances, any personal property included in the sale, and energy efficiency of the Property. B. SQUARE FOOTAGE, AGE, BOUNDARIES: Square footage, room dimensions, lot size, age of improvements and boundaries. Any numerical statements regarding these items are APPROXIMATIONS ONLY and have not been verified by Seller and cannot be verified by Brokers. Fences, hedges, walls, retaining walls and other barriers or markers do not necessarily identify true Property boundaries. C. WOOD DESTROYING PESTS: Presence of, or conditions likely to lead to the presence of wood destroying pests and organisms. D. SOIL STABILITY: Existence of fill or compacted soil, expansive or contracting soil, susceptibility to slippage, settling or movement, and the adequacy of drainage. E. WATER AND UTILITIES; WELL SYSTEMS AND COMPONENTS;WASTE DISPOSAL: Water and utility availability, use restrictions and costs. Water quality, adequacy, condition, and performance of well systems and components. The type, size, adequacy, capacity and condition of sewer and septic systems and components, connection to sewer, and applicable fees. F. ENVIRONMENTAL HAZARDS: Potential environmental hazards, including, but not limited to, asbestos, lead -based paint and other lead contamination, radon, methane, other gases, fuel oil or chemical storage tanks, contaminated soil or water, hazardous waste, waste disposal sites, electromagnetic fields, nuclear sources, and other substances, materials, products, or conditions (including mold (airborne, toxic or otherwise), fungus or similar contaminants). G. EARTHQUAKES AND FLOODING: Susceptibility of the Property to earthquake/seismic hazards and propensity of the Property to flood. H. FIRE, HAZARD AND OTHER INSURANCE: The availability and cost of necessary or desired insurance may vary. The location of the Property in a seismic, flood or fire hazard zone, and other conditions, such as the age of the Property and the claims history of the Property and Buyer, may affect the availability and need for certain types of insurance. Buyer should explore insurance options early as this information may affect other decisions, including the removal of loan and inspection contingencies. I. BUILDING PERMITS, ZONING AND GOVERNMENTAL REQUIREMENTS: Permits, inspections, certificates, zoning, other governmental limitations, restrictions, and requirements affecting the current or future use of the Property, its development or size. J. RENTAL PROPERTY RESTRICTIONS: Some cites and counties impose restrictions that limit the amount of rent that can be charged, the maximum number of occupants, and the right of a landlord to terminate a tenancy. Deadbolt or other locks and security systems for doors and windows, including window bars, should be examined to determine whether they satisfy legal requirements. K. SECURITY AND SAFETY: State and local Law may require the installation of barriers, access alarms, self -latching mechanisms and/or other measures to decrease the risk to children and other persons of existing swimming pools and hot tubs, as well as various fire safety and other measures concerning other features of the Property. L. NEIGHBORHOOD, AREA, SUBDIVISION CONDITIONS; PERSONAL FACTORS: Neighborhood or area conditions, including schools, law enforcement, crime statistics, registered felons or offenders, fire protection, other government services, availability, adequacy and cost of internet connections or other technology services and installations, commercial, industrial or agricultural activities, existing and proposed transportation, construction and development that may affect noise, view, or traffic, airport noise, noise or odor from any source, wild and domestic animals, other nuisances, hazards, or circumstances, protected species, wetland properties, botanical diseases, historic or other governmentally protected sites or improvements, Cemeteries, facilities and condition of common areas of common interest subdivisions, and possible lack of compliance with any governing documents or Homeowners' Association requirements, conditions and influences of significance to certain cultures and/or religions, and personal needs, requirements and preferences of Buyer. By signing below, Buyers acknowledge that they have read, understand, accept and have received a Copy of this Advisory. Buyers are encouraged to read it carefully. Buyer __ - QualMed Lower Income Household Buyer 0 1991-2004, California Association of REALTORS®, Inc. THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORS® (C A.R.). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR ACCURACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULTAN APPROPRIATE PROFESSIONAL IcPublished and Distributed by. REAL ESTATE BUSINESS SERVICES, INC. Reviewed by Date a subsidiary ofthe California Association ofREALTORSO 525 South Virgil Avenue, Los Angeles, California 90020 BIA REVISED 11/14 (PAGE 1 OF 1) BUYER'S INSPECTION ADVISORY (BIA PAGE 1 OF 1) CENTCRI' 21 Osborne Realty, 41 Orquidin CI Min Desert, CA 92260 Phone- (760( 921-2121 Fax (760( 922-4387 DRAFT43710 John Osborne Produced with zipForm® by ziplogix 18070 Fifteen Mile Road. Fraser. Michgan 48026 www.zipLoyix.com NOTICE OF A PUBLIC HEARING OF THE CITY OF PALM DESERT AND THE PALM DESERT HOUSING AUTHORITY REGARDING THE PROPOSED APPROVAL OF A RESIDENTIAL PURCHASE AND SALE AGREEMENT NOTICE IS HEREBY GIVEN that the Palm Desert Housing Authority (the "Authority") will hold a Public Hearing to consider the approval of the DRAFT Residential Purchase and Sale Agreement (the "Purchase and Sale Agreement") by and between the Authority, as seller, and a person or family of low or moderate income, as buyer. The Purchase and Sale Agreement pertains to one single-family residence owned by the Authority located at Falcon Crest as follows: ■ 42-204 Verdin Lane, Palm Desert, CA 92260 Said Public Hearing will be held as follows: DATE: Thursday, June 11, 2015 TIME: 4:00 P.M. PLACE: City of Palm Desert Council Chambers - City Hall 73-510 Fred Waring Drive Palm Desert, California 92260 A copy of the Purchase and Sale Agreement is available for public inspection and copying at a cost not to exceed the cost of duplication, at the Office of the City Clerk, 73-510 Fred Waring Drive, Palm Desert, California 92260. All interested persons wishing to be heard on the matter may be present and be heard. Any written communications should be addressed to the Authority Secretary. Dated: May 21, 2015 R ELLE D. KLASSEN, CRETARY PALM DESERT HOUSING AUTHORITY C^.UserslysanchezWppData\Luca[\Microsoh\Windows\Temporaryintemet Files\Content.Outlookl9XHL1HFCIPH 06112015 Purchase and Sale - FC 42204 Verdin Lane doc Sanchez, Gloria From: Moeller, Charlene <CMOELLER@palmspri.gannett.com> Sent: Thursday, May 21, 2015 1:39 PM To: Sanchez, Gloria Subject: RE: Legal Notice - Public Hearing 06/11/2015 - Purchase and Sale Agmt - FC 42204 Verdin Lane Ad rCcciV Cd and Will Publish can date(s) rCk1urStcd Charlene Moeller ! Customer Care Representative / Legals The Desert Sun Media Group 750 N. Gene Autry Trail, Palm Springs, CA 92262 t 760.778.4578 i f 760.778.4528 legalsCcf thedesertsun.com / ddpwlegaIs@Dthedesertsun.com The Coachella Valley's at Source in News & Advertising' www.De,,ertSun.com I twitter @MyDesert I facebook thedesertsun This email and any file-, transmitted with it are confidential and intended for the individual to vihom they are addressed. If you have received this email in error, please notify the sender and delete the message from your system From: gsanchez@cityofpalmdesert.org[mailt_o:gsanchez@cityofpalrlidesert.org] Sent: Thursday, May 21, 2015 12:33 PM To: Email, TDS-Legals Cc: rklassen@cityofpalmdesert.org; leonc�cityofpalrndesert.org Subject: Legal Notice - Public Hearing 06/11/2015 - Purchase and Sale Agmt - FC 42204 Verdin Lane PLEASE PUBLISH THE FOLLOWING: NOTICE OF PUBLIC HEARING Notice of Public Hearing of the City of Palm Desert and Palm Desert Housing Authority Regarding the Proposed Approval of a Residential Purchase and Sale Agreement Located at Falcon Crest — 42204 Verdin Lane TWICE IN THE DESERT SUN Thursday, May 28, 2015 Thursday, June 4, 2015 If you have any questions or require additional information, please contact me. Once again, THANK YOU!! M. G(-oYL4, Sam Records Technician