Exhibit 10.73
CUESTA TITLE
Recording Requested by [Recorder's Stamp]
and Return to:
Recording Requested by and Upon Recording Mail to:
Xxxx Xxxxxxx
Mortgate Co. of Santa Xxxxxxx
000 X. Xxxxxxxx, Xxxxx 000
Xxxxx Xxxxxxx, XX 00000
OPTION AGREEMENT [Recorded in counterpart]
This Option Agreement is made on March 1, 2000, by and between Xxxx X. Xxxxxxx
or assignee (hereafter referred to collectively as "Buyer") and Mr. John
Castrellucci, Manager of LLO GAS TRUCK STOP NO. 1, LLC (hereafter referred to as
"Optionee").
Witnesseth:
Whereas on February, 2000, Optionee assigned or caused to be assigned the
interest of LLO GAS TRUCK STOP NO. 1, LLC in Escrow No. 00503052-001-LAA at
Cuesta Title Company in Visalia, CA on the Real Property known as 000 Xxxx Xxxxx
Xx., Xxxxxx, XX 00000, APN 000-000-000, plus or minus 40 acres (the Property):
and
Whereas Optionee may wish to repurchase said Property from Buyer in a twelve
month period:
Now therefore it is agreed:
For valuable consideration, Buyer agrees to give Optionee an exclusive option to
purchase its interest in the Property on the following terms:
1. Unless exercised, the option period will expire on February 28, 2001.
2. Notices regarding this Option are to be sent as follows:
Buyer: Xxxx Xxxxxxx
000 X. Xxxxxxxx, xxxxx 000 [Title Company Stamp]
Xxxxx Xxxxxxx, XX 00000
Optionee: Xxxx Castrellucci
00000 Xxxxxx Xxxxx Xx., xxxxx 000
Xxxxxx, XX 00000
3. At any time prior to February 28, 2001, Optionee and the option and
exclusive right to buy the Property from Buyer for the Option Price of Nine
Hundred Sixty One Thousand Seven Hundred and Fifty Dollars ($961,750.00) plus
the adjustments as noted below in item #4.
Option Agreement, Page 2
4. The following sums will be added to the option price.
a. Any transactional costs incurred by Buyer in the purchase of the Property
including but not limited to, commissions, title insurance, escrow fees, etc.
and the sale of the Property by buyer to Optionee if this option is exercised.
b. Twenty percent (20%) of the total dollars invested by Buyer to purchase the
property including but not limited to the purchase price and the costs incurred
in item #a above.
c. Any costs of holding the property during the option period including but not
limited to insurance, taxes, special assessments, fees, permits, etc.
d. An asset management fee payable to the Mortgage Co. of Santa Xxxxxxx of the
three percent annually (3%) of the total costs incurred in item #b above,
prorated over the holding period.
e. Any costs incurred by Buyer by activities necessary to perfect or protect
Buyers interest in the property during the option period including but not
limited to professional fees paid to attorneys, accountants or others.
5. Buyer may assign its interest in the Property at any time during the option
period with the condition that the assignee assumes and agrees to perform, for
the benefit of Optionee, the obligations of Buyer under this Option Agreement.
6. In the event that Optionee elects to exercise this option, a formal Purchase
Contract for the sale of Real Estate incorporating the terms referred to herein
will be executed by and between Buyer and Optionee.
7. No modification of this agreement will be in effect unless it is in writing
and is signed by both Buyer and Optionee and any successors. Time of the
essence of this Agreement. This document, including any attachments, is the
entire agreement between Buyer and Optionee.
8. This Option Agreement shall be recorded with the County Recorder's office in
Tulare County, California.
9. This Agreement is governed by the laws of the State of California and any
legal actions must be entered in Superior Court of the County of Santa
Xxxxxxx
Buyer:
/s/ Xxxx X. Xxxxxxx
Xxxx X. Xxxxxxx, Mortgage Co. of Santa Xxxxxxx
Optionee:
Xxxx Castrellucci, Manager, LLO GAS TRUCK STOP NO. 1, LLC
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
================================================================================
STATE OF CALIFORNIA )
) ss.
COUNTY OF SANTA XXXXXXX )
On 3-1-2000 before me, Xxxxx X. Bahia, Notary Public
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NAME, TITLE OF OFFICER -E.G., "XXXX XXX", NOTARY PUBLIC
personally appeared Xxxx Xxxxxxx
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[X] personally known to me
proved to me on the basis of satisfactory evidence to be the person
[SEAL] whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his authorized
capacity, and that by his signature on the instrument the person,
or the entity upon behalf of which the person acted, executed the
instrument.
WITNESS my hand and official seal.
/s/ Xxxxx X. Bahia
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SIGNATURE OF NOTARY
===========================OPTIONAL=============================================
Though the data is not required by law, it may prove valuable to persons relying
on the document and could prevent the fraudulent reattachment of this form
Description of Attached Document
Title or Type of Document: Option Agreement
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Document Date: 3-1-2000 Number of Pages: 2
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Signer(s) Other Than Named Above:
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Capacity(ies) Claimed by Signer
Signer's Name:
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[X] Individual
[_] Corporate Officer - Title(s):
[_] Partner [_] Limited [_] General [RIGHT THUMBPRINT
[_] Attorney-in-Fact OF SIGNER]
[_] Trustee
[_] Guardian/Conservator
[_] Other:______________________________________________________________________
_______________________________________________________
SIGNER IS REPRESENTING: Mortgage Co. of Santa Xxxxxxx
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