California Residential Real Property Purchase Agreement

 

Source: U.S. Securities and Exchange Commission

 

 

EX-10

4

p13919_ex10-47.txt

RESIDENTIAL PURCHASE AGREEMENT

 

 

                         RESIDENTIAL PURCHASE AGREEMENT

 

This Purchase  Agreement  ("Agreement")  is made and entered into by and between

Electronic  Arts Inc., a Delaware  corporation  ("Seller") and John  Riccitiello

("Buyer").  This agreement is dated and shall become effective as of the date of

acceptance by Buyer below ("Effective Date").

 

Whereas,  Buyer  has  occupied  real  property  located  at 45  Robles  Drive in

Woodside,  California ("the Property") pursuant to a residential lease agreement

between Buyer and Seller dated October 13, 1997 (the "Lease"); and

 

Whereas,  pursuant to the Lease,  Buyer has  elected to  exercise  his option to

purchase from Seller, the Property.

 

Therefore,  Seller  agrees to sell to Buyer,  and Buyer agrees to purchase  from

Seller,  subject to the terms,  covenants and  conditions  set forth below,  the

Property.

 

1.   PURCHASE  PRICE.  The Purchase Price of the Property is Three Million,  Six

     Hundred  Sixteen  Thousand,  Two  Hundred  Fifty Six  Dollars and No Cents.

     ($3,616,256.00)

 

 2.  FIXTURES.  All  existing  fixtures  and  fittings  that are attached to the

     Property, or for which special openings have been made, are included in the

     Purchase Price,  and shall be transferred free of liens and "AS IS", unless

     specifically  warranted. Fixtures  shall  include,  but are not limited to,

     existing electrical,  mechanical,  lighting, plumbing and heating fixtures,

     fireplace  inserts,  solar systems,  built-in  appliances,  window and door

     screens,  awnings,   shutters, window coverings,  attached floor coverings,

     television  antennas,  satellite  dishes  and  related  equipment,  private

     integrated telephone systems, air coolers/conditioners, pool/spa equipment,

     garage door openers/remote controls, attached fireplace equipment, mailbox,

     inground  landscaping,   including  trees/shrubs,  water  softeners,  water

     purifiers and security systems/alarms.

 

3.   FINANCING.  Buyer  shall act  diligently  and in good  faith to obtain  any

     necessary  loans to close  escrow.  All funds to be  deposited  with escrow

     holder on or before August 16, 2000.

 

4.   ESCROW. Close of Escrow shall occur on or before August 17,2000.  Buyer and

     Seller  shall  deliver  signed  escrow  instructions  consistent  with this

     Agreement at least five (5) days before Close of Escrow.

 

 5.  ALLOCATION OF COSTS.

 

         GOVERNMENTAL TRANSFER FEES:

 

          A.   Buyer shall pay County transfer tax or transfer fee.

 

          TITLE AND ESCROW COSTS:

 

          B.   Seller shall pay for owner's title insurance policy.

 

          C.   Seller shall pay for any title insurance  policy insuring Buyer's

               Lender.

 

          D.   Buyer  shall pay escrow  fee.  Escrow  holder  shall be  Fidelity

               National Title Company.

 

          E.   Buyer shall pay for all document preparation and recording fees.

 

          OTHER COSTS:

 

          F.   Buyer shall pay for zone disclosure reports.

 

          G.   Seller  shall pay for Smoke  Detector  installation  and/or Water

               Heater bracing,  if required.  Seller,  prior to close of escrow,

               shall  provide  Buyer  a  written   statement  of  compliance  in

               accordance with state and local Law.

 

          H.   Seller shall pay the fee of Avanti Realtors.

 

          I.   Property  taxes for the fiscal year and rent due under the Lease,

               shall be prorated from date of recordation.

 

 

 

                         RESIDENTIAL PURCHASE AGREEMENT

 

6.   REAL ESTATE TRANSFER DISCLOSURE STATEMENT ("TDS");  LEAD-BASED PAINT HAZARD

     DlSCLOSURES;  NATURAL HAZARD DISCLOSURES.  A Transfer Disclosure Statement,

     Federal   Lead-Based  Paint  Disclosure,   and  Natural  Hazard  Disclosure

     Statement  shall be  completed  and  delivered  to Buyer,  who shall return

     signed copies to Seller.

 

7.   PROPERTY   DISCLOSURES.   Seller  shall  provide  to  Buyer  the  following

     disclosures: Earthquake Safety and Environmental Hazard booklet, geological

     zones, special flood hazard areas, environmental disclosure report (limited

     to filed  governmental  reports),  State Fire  Responsibility  Area report,

     Smoke  Detector/Water  Heater,  Mello-Roos Community Facilities Act, FIRPTA

     and California non-resident withholding law disclosures.

 

8.   CONDITION OF PROPERTY.  Except as specified in this Agreement,  Property is

     sold "AS IS", without warranty,  in its present physical  condition.  Buyer

     represents that he has occupied the Property as provided in the Lease,  and

     has had opportunity during such period to inspect the Property.

 

 9.  TITLE AND VESTING.  Buyer shall be provided a current  preliminary  (title)

     report  (which is only an offer by the title  insurer  to issue a policy of

     title insurance,  and may not contain every item affecting title). At Close

     of Escrow, Buyer shall receive a grant deed conveying title. Title shall be

     subject   to   all   encumbrances,    easements,   covenants,   conditions,

     restrictions,  rights, and other matter which are of record or disclosed to

     Buyer  prior to Close of  Escrow.  Buyer  shall  receive  a  standard  ALTA

     Residential  Extended  Coverage Policy of title issued by Fidelity National

     Title. Title shall vest as designated in Buyer's escrow instructions.

 

 10. BUYER'S DUTY Buyer has an affirmative  duty to exercise  reasonable care to

     protect himself or herself, including discovery of the legal, practical and

     technical  implications  of  disclosed  facts,  and  the  investigation  of

     information  and facts which are known to Buyer, or are within the diligent

     attention and observation of Buyer.

 

 11. AGENCY  DISCLOSURE AND CONFIRMATION.  The following agency  relationship is

     hereby confirmed for this transaction: Avanti Realtors is the agent of both

     the  Buyer  and  Seller.  The  real  estate  broker  is not a party  to the

     Agreement  between  Buyer arid  Seller.  Buyer  represents  that he has not

     engaged any other agent in  connection  with the  purchase  and sale of the

     Property,  and except for the fee  payable to Avanti  Realtors,  shall hold

     Seller  harmless  from any  commission,  fees or other sums that may be due

     based on Seller's sale of the Property to Buyer.

 

 12. RISK OF LOSS. If the land or improvements  are materially  damaged prior to

     Close of Escrow,  then the Buyer may terminate this Agreement.  If the loss

     is covered by insurance,  Buyer may elect to complete the purchase and take

     an assignment from Seller of all insurance proceeds covering the loss.

 

13.  TERMINATION OF LEASE. The Lease will terminate at the Close of Escrow,  and

     each party will deliver to the other a general release  releasing the other

     from all claims and liabilities arising under or pursuant to the Lease.

 

14.  LEGAL NATURE OF AGREEMENT.  This agreement is intended by the parties to be

     the  full  and  final  expression  of  their  agreement.  It  shall  not be

     contradicted  by evidence of any prior  agreement or  contemporaneous  oral

     agreement. The captions in this  Agreement  are for  reference  only.  This

     Agreement may not be amended,  modified,  altered or changed in any respect

     whatsoever  except by a further  agreement in writing executed by Buyer and

     Seller.

 

15.  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's fees and costs from the non-prevailing

     Buyer or Seller.

 

 16. TIME. Time is of the essence in this Agreement.

 

 

 

                         RESIDENTIAL PURCHASE AGREEMENT

 

Seller                                                       Buyer

ELECTRONIC ARTS INC.

a Delaware Corporation

 

By: /s/   David L. Carbone                        /s/ John Riccitiello

   -------------------------------------         -------------------------------

 

Name:     David L. Carbone                            John Riccitiello

     -----------------------------------         -------------------------------

 

Title:    VP Finance

      ----------------------------------

 

Date:     2 August 2000                     Date:     14 August 2000

     -----------------------------------         -------------------------------

 

 

 

                              ELECTRONIC ARTS INC,

                            SECRETARY'S CERTIFICATION

 

I, Ruth A. Kennedy, do hereby certify that I am the duly elected,  qualified and

acting  Secretaty of Electronic Arts Inc., a corporation  organized and existing

under the laws of the State of Delaware (the  "Corporation").  I hereby  certify

that:

 

1.   A Lease  Agreement  between  the  Corporation  and  John  Riccitiello,  the

     Corporation's  President & Chief Operating Officer, dated 13 October, 1997,

     including an option to purchase the property  located at 45 Robles Drive in

     Woodside,  California (the  "Property") was duly authorized and executed by

     the Corporation;

 

2.   The  Corporation is authorized to sell to Mr.  Riccitiello  the Property in

     accordance with the Lease Agreement;

 

3.   David Carbone, Vice President, Finance is duly authorized to take all steps

     necessary,  including the execution of necessary  documents,  to effect the

     sale  of the  Property  to  Mr.  Riccitiello  as  described  in  the  Lease

     Agreement.

 

IN WITNESS WHEREOF,  I have hereunto set my hand and the seal of the Corporation

this 1St day of August, 2000.

 

 

                                                  /s/ Ruth A. Kennedy

                                                  ------------------------------

                                                  Ruth A. Kennedy

                                                  Secretary of the Corporation