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“Huntington Harbour Bay Club Phase II” (Phase II), with
improvements thereon in the form of parking facilities, tennis
courts, and a clubhouse with restaurant, catering, and bar
facilities. This property is located in the City of Huntington
Beach, in an area called Huntington Harbor near the Pacific
Ocean.
CDC was planning a development project for Phase II. CDC
had previously purchased Phase I, and the Phase I development
project had already been approved for condominium development by
the City of Huntington Beach.
The agreed-upon purchase price for Phase II was $7.5
million. The Agreement set forth a payment schedule. CDC was to
pay $500,000 in cash during escrow: $75,000 as an “Initial
Deposit” to be paid concurrently with the execution of the
Agreement, and $425,000 as an “Additional Deposit” to be paid
within 10 days thereafter. The Agreement provided: “Escrow
Holder is hereby instructed to immediately release the Initial
Deposit to Seller. The Initial Deposit is nonrefundable except
in the case of Seller’s breach of this Agreement, and is
applicable to the Purchase Price.” The Additional Deposit also
was to be released immediately to petitioners and also was
nonrefundable except in case of the sellers’ breach and was
applicable to the purchase price. An additional $5 million in
cash was due at the closing of escrow with the remaining balance
to be paid by a promissory note secured by a First Trust Deed.
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Last modified: May 25, 2011