SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 23, 1998
ROYAL ALOHA DEVELOPMENT COMPANY
(Exact name of small business issuer in its charter)
Nevada 333-33019 86-0858827
------ --------- ----------
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification No.)
ROYAL ALOHA DEVELOPMENT COMPANY
1505 Dillingham Blvd., Suite 212
Honolulu, Hawaii 96817
(808) 848-0322
(888) 847-8801
(Address and telephone number of principal executive offices)
Former Name or Former Address, if Changed Since Last Report: Not Applicable
<PAGE>
Item 2. ACQUISITION OR DISPOSITION OF ASSETS.
On July 23, 1998, the Registrant finalized its purchase from the County
of Clark ("Clark County), a political subdivision of the State of Nevada, of a
parcel of land (the "Property") located in Las Vegas, Nevada. There is no
material relationship between Clark County and the Registrant or any of its
affiliates, any director or officer of the Registrant, or any associate of any
such director or officer.
On June 2, 1998, Clark County held an auction on the Property. Prior to
holding the auction, Clark County had solicited bids on the Property, and had
set the minimum bid price on the Property at $265,000, based on an appraisal of
the Property secured by the County. The appraisal was not available to the
public.
The Registrant, by its letter dated May 8, 1998, to the Clark County
Commission, submitted a bid of $265,000 for the Property. At the auction, the
Clark County official reported that no other prior written bids had been
submitted. The Clark County official then opened the auction for public bidding,
and called for bids three times. There being no oral bids made, the Registrant's
bid was accepted by Clark County at the auction, and the Registrant was
permitted to purchase the Property. The Registrant paid the purchase price into
escrow, and Clark County placed the Grant, Bargain, Sale Deed to the Property
into escrow. Escrow was broken on July 23, 1998, when the Property was
registered in the Registrant's name.
The Registrant paid the purchase price of the Property with funds
acquired through additional capital contributions by its parent company, Royal
Aloha Vacation Club, which is the sole shareholder of the Registrant.
The Property is a vacant parcel of land, located adjacent to the
northeast corner of Desert Inn Road and Debbie Reynolds Drive, with the address
364 East Desert Inn Road, Las Vegas, Nevada. The Property is currently zoned H-
I (Limited Resort and Apartment District). The Property consists of
approximately 17,700 square feet (approximately 0.41 acres).
The Property is adjacent to property currently owned by the Registrant
which the Registrant intends to develop into a timeshare resort (the "Resort").
The acquisition of the Property will allow the Registrant to either expand into
a second phase of the current development or to add additional parking spaces
for the Resort.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
10.1 Bid Letter from Royal Aloha Development Company to Yvonne
Atkinson Gates, Chair, Clark County Commission, dated May 8,
1998, submitting bid of $265,000.00.
10.2 Grant, Bargain, Sale Deed from the County of Clark, a Political
Subdivision of the State of Nevada, Deeding Property to Royal
Aloha Development Company, dated July 6, 1998, and Registered
with the Clark County Recorder's Office on July 23, 1998.
<PAGE>
10.3 Escrow Instructions from County of Clark, a political
subdivision of the State of Nevada, to Nevada Title Company
regarding sale of property to Royal Aloha Development Company,
dated June 17, 1998.
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
<PAGE>
DATED THIS 7th day of August, 1998.
ROYAL ALOHA DEVELOPMENT COMPANY
/s/ Jack R. Corteway
-------------------------------
By: Jack R. Corteway, RRP
President
ROYAL ALOHA DEVELOPMENT COMPANY
1505 Dillingham Plaza, Suite 212
Honolulu, Hawaii 96817
Telephone: (808) 847-8050 - Facsimile: (808) 841-5467 - E-mail: [email protected]
May 8, 1998
Yvonne Atkinson Gates, Chair
Clark County Commission
500 South Grand Central Parkway
Sixth Floor
Las Vegas, Nevada 89155-1111
Dear Madam Chair:
SUBJECT: ASSESSORS PARCEL NUMBER 162-09-806-010
Royal Aloha Vacation Club wishes to submit a bid to purchase the one-half acre
parcel owned by Clark County that lies adjacent to our property located at the
Northeast corner of Desert Inn Road and Debbie Reynolds Drive.
We wish to submit a bid of $265,000 for the parcel.
Enclosed is our check in the amount of $13,250 representing 5 percent of the bid
price submitted as outlined in your notice of auction.
Aloha,
ROYAL ALOHA DEVELOPMENT COMPANY
/s/ Jack R. Corteway, RRP
Jack R. Corteway, RRP
President and Chief Executive Officer
JC:pgo
A Royal Aloha Vacation Club Subsidiary
GRANT, BARGAIN SALE DEED
THIS INDENTURE WITNESSETH, That COUNTY OF CLARK, A POLITICAL SUBDIVISION OF THE
STATE OF NEVADA, for a valuable consideration, the receipt of which is hereby
acknowledged, do hereby Grant, Bargain, Sell and Convey to ROYAL ALOHA
DEVELOPMENT COMPANY, a Nevada corporation, all that real property situated in
the County of Clark, State of Nevada, bounded and described as follows:
SEE EXHIBIT 'A' ATTACHED HERETO AND BY THIS REFERENCE MADE A
PART HEREOF.
APN: 162 09 806 010
RPTT: EXEMPT
SUBJECT TO:
1. Taxes for the current fiscal year, not delinquent, including
personal property taxes of any former owner, if any:
2. Restrictions, conditions, reservations, rights, rights of way and
easements now of record, if any, or any that actually exist on the
property.
TOGETHER WITH all singular the tenements, hereditaments and appurtenances
thereunto belonging or in anywise appertaining.
IN WITNESS WHEREOF, this instrument has been executed this 6th a day of July,
1998.
COUNTY OF CLARK, A POLITICAL
SUBDIVISION OF THE STATE OF
NEVADA
By: /s/ Yvonne Atkinson Gates
----------------------------
Name: Yvonne Atkinson Gates
Title: Chair, Board of County Commissioners
STATE OF NEVADA }
}SS
County of Clark }
On this 6th day of July, 1998, before me a Notary Public personally appeared
Yvonne Atkinson Gates personally known to me (or proved to me on the basis of
satisfactory evidence) to be the person whose name is subscribed to this
instrument and acknowledged that he (she or they) executed it.
/s/ Patricia Harrison
- --------------------------
Notary Public
Recorded at the Request of: Nevada Title Company
Escrow No: 98 06 0241 DMS
Notary Public-State of Nevada
Mail tax bill to and COUNTY OF CLARK
When recorded mail to: PATRICIA HARRISON
ROYAL ALOHA DEVELOPMENT CO. My Appointment Expires
1505 DILLINGHAM BLVD. SUITE 212, March 5, 2001
HONOLULU, HAWAII 96817 No. 97-0552-1
<PAGE>
ESCROW NUMBER: 3-06-0241 DMS
EXHIBIT "A"
LEGAL DESCRIPTION
THAT PORTION OF THE SOUTHEAST QUARTER (SE 1/4) OF THE SOUTHEAST QUARTER (SE 1/4)
OF SECTION 9, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.B. & M., DESCRIBED AS
FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF THE SOUTHEAST QUARTER (SE 1/4) OF THE
SOUTHEAST QUARTER (SE 1/4) OF SAID SECTION 9;
THENCE NORTH 89(degrees) 02' 13" WEST ALONG THE SOUTH LINE OF SAID SECTION 9 A
DISTANCE OF 663.00 FEET TO THE SOUTHWEST CORNER OF THAT CERTAIN PARCEL OF LAND
CONVEYED BY WALTER S. HUNSAKER, ET UX, TO V. D. EACHUS, ET UX, BY DEED RECORDED
JANUARY 27, 1950,. AS DOCUMENT NO. 331585, CLARK COUNTY, NEVADA RECORDS, THE
TRUE POINT OF BEGINNING;
THENCE NORTH 4(degrees) 39' 07" WEST ALONG THE WEST LINE OF THE SAID CONVEYED
PARCEL OF LAND A DISTANCE OF 240.19 FEET TO A POINT;
THENCE SOUTH 89(degrees) 02' 13" EAST PARALLEL TO THE SOUTH LINE OF SAID SECTION
9 A DISTANCE OF 105.00 FEET TO A POINT;
THENCE SOUTH 4(degrees) 39' 07" EAST PARALLEL TO THE SAID WEST LINE A DISTANCE
OF 240.19 FEET TO A POINT ON THE SOUTH LINE OF SAID SECTION 9;
THENCE NORTH 89(degrees) 02' 13" WEST ALONG THE SAID SOUTH LINE A DISTANCE OF
105.00 FEET TO THE TRUE POINT OF BEGINNING.
EXCEPTING FROM THE HEREINABOVE DESCRIBED PARCEL OF LAND THE INTEREST IN AND TO
THE SOUTH 40 FEET THERE0F AS CONVEYED TO THE COUNTY OF CLARK FOR ROAD PURPOSES
BY DEED RECORDED DECEMBER 3, 1948, AS DOCUMENT NO. 301429, CLARK COUNTY, NEVADA
RECORDS.
CLARK COUNTY, NEVADA
JUDITH A. VANDEVER, RECORDER
RECORDED AT REQUEST OF:
NEVADA TITLE COMPANY
07-23-98 15:04 CPD 2
BOOK: 980723 INST: 01605
FEE: 8.00 RPTT: EX#002
DEED
CONFORMED COPY - HAS NOT BEEN
COMPARED TO THE ORIGINAL
ESCROW INSTRUCTIONS
Date: JUNE 17, 1998
ESCROW NUMBER: 98 06 0241 DMS
ESCROW OFFICER: Dorothy Sweet
NEVADA TITLE COMPANY CONSIDERATION INSTRUCTIONS:
Commercial Division
3800 Howard Hughes Pkwy Suite 920 Deposited herewith: $
Las Vegas, NV 89109 To be deposited: $251,750.00
(702) 650-2677 Held by Broker: $
(702) 650-2059 facsimile
POC to Seller $ 13,250.00
New Loan Amt.: $
Existing Loan: $
Note/TD to Seller: $
TOTAL SALE PRICE: $265,000.00
SELLER:
COUNTY OF CLARK, A POLITICAL SUBDIVISON OF THE STATE OF NEVADA
I am selling to:
ROYAL ALOHA DEVELOPMENT CO.
The property hereinafter described on the terms herein set forth, and will hand
you an instrument conveying the said property which is described as follows, to
wit:
SEE EXHIBIT 'A' ATTACHED HERETO AND BY TIES REFERENCE MADE A PART HEREOF.
(PROPERTY COMMONLY KNOWN AS: VACANT LAND)
(APN: 162 09 806 010)
I authorize you to deliver said instrument to the above named party or
representative upon payment to you for my account of the cash consideration
and/or new encumbrance(s) as specified in the consideration hereinbefore set out
and upon condition that you issue the usual form CLTA policy of Title Insurance
in the amount of the total sale price (ALTA Lenders Policy of Title Insurance
for the Loan amount, if any) on the above described real property which will
show that the title to said property be vested in:
ROYAL ALOHA DEVELOPMENT CO., a Nevada corporation
In the event that these instructions provide for title to be vested in an
"assignee" the Escrow Agent is authorized to insert the name of said assignee
into the deed and related documents prior to the recordation of same.
Page: 1 (Escrow No.: 98-06 0241 DMS) INITIALS JRC
<PAGE>
The buyer herein agree to take title SUBJECT ONLY TO the following items:
Taxes for the current fiscal year, 1997-98/EMEMPT including personal property
taxes, if any, and any and all taxes and assessments levied or assessed after
the close of escrow except as otherwise specifically required herein.
Restrictions, Conditions, Reservations, Rights, Rights of way and Easements now
of record, if any or any that actually exist on the property.
Method of Payment:
Buyer to deposit the sum of $251,750.00.
Items of Agreement:
The Resolution of Acceptance is hereby attached to this escrow as an Exhibit
"B" as a memorandum only between Buyer and Seller.
Closing Costs:
Seller agrees to pay all closing costs in connection with this transaction.
Compliance Agreement:
In the event a post closing or post disbursement adjustment is necessary by an
entity involved with this escrow transaction, the undersigned authorizes Nevada
Title Company to, if immediate action be necessary, advance funds on their
behalf to effect an accurate closing settlement. The undersigned, upon
notification and reasonable opportunity to investigate such advances, agrees to
fully cooperate and pay to Nevada Title Company any and all funds so advanced on
their behalf. Said advance of funds shall not constitute a loan of any kind and
must be paid by the responsible party within 72 hours.
SEE NEXT PAGE FOR ADDITIONAL TERMS AND CONDITIONS
Page: 2 (Escrow No. 98-06 0241 DMS) INITIALS JRC
<PAGE>
PRORATIONS: Of the following items in Paragraphs lettered (A) to (H), inclusive,
make adjustments only of items in Paragraphs lettered NONE in this escrow,
except as otherwise provided, to CLOSE OF ESCROW.
(A) Interest on Mortgages and/or Trust Deeds of record.
(B) Funds shown impounded for future payment of taxes and insurance
based on Beneficiary's Statement.
(C) Interest on new encumbrances, in which you are authorized to compute
and insert appropriate dates and amounts.
(D) Rents, on basis of written statement furnished, and approved by both
parties.
(E) Premium of fire insurance policies if assumed by Buyer and as
presented by Seller.
(F) Taxes based on latest tax figures in you possession.
(G) Maintenance fees, if applicable.
(H) Sewer service.
**************GENERAL PROVISIONS******************
I. CLOSE OF ESCROW, TIME OF THE ESSENCE
Time is of the essence in this agreement and each party hereto requires that the
other party comply with all requirements necessary to place this escrow in a
condition to close on or before JULY 31, 1998, provided, however, that if the
closing date, or any other compliance date specified herein, falls on a
Saturday, Sunday or Holiday, the time limit set forth herein is extended through
the next full business day. In the absence of written direction to the contrary,
Escrow Agent is authorized to take any administrative steps necessary to effect
the closing of this escrow subsequent to the date set forth herein.
II. EXISTING ENCUMBRANCES, PRORATION CALCULATIONS
Installments maturing on existing encumbrances, if any, during the period of
this escrow shall be paid by the Seller, unless otherwise specifically required
herein. All prorations shall be computed on the basis of a 30-day month. The
terms "" close of escrow"" shall be deemed to mean the date upon which all
necessary documents are filed for record with the appropriate county recorder's
office. Escrow Agent is directed to mail the respective policy (ies) of title
insurance to the holder of any new encumbrance called for herein and to the
Buyer hereunder.
III. COMMISSION
Commission, shall be payable, as per separate agreement. Escrow Agent is
directed to disburse same to the extent that the proceeds of this escrow are
available and therefore become disbursable for Seller's account.
IV. PERSONAL PROPERTY
Nevada Title Company assumes no liability for, and is hereby relieved of any
liability in connection with my PERSONAL PROPERTY, which may be a part of this
escrow.
V. UTILITIES
YOU HAVE NO RESPONSIBILITY FOR INVESTIGATING OR GUARANTEEING THE STATUS OF ANY
GARBAGE FEE, POWER, WATER, TELEPHONE, GAS AND/OR OTHER UTILITY OR USE BILL,
EXCEPT AS OTHERWISE SPECIFICALLY REQUIRED HEREIN.
VI. RECORDATION, BILLS, DEMAND STATEMENTS, FEES
Escrow Agent is directed to file the necessary Deeds, Trust Deeds and other
instruments to pay any encumbrance which a title search reveals against the
subject property, except as set forth herein. Nevada Title company is authorized
and directed to pay said encumbrances as directed by the lienholder thereof,
acting solely upon the written direction of such lienholder, and it is expressly
understood and agreed that Nevada Title company assumes no liability for the
accuracy of any such statement or direction. NOTHWITHSTANDING ANY PROVISION IN
THE TRUST DEEDS BEING PAID OFF THROUGH THIS TRANSACTION, NEVADA TITLE COMPANY
SHALL CHARGE A TRUSTEE FEE AS MAY BE REQUIRED TO RECONVEY THE TRUST DEED OF
RECORD. Escrow Agent is further directed to insert the names of the Grantees in
the necessary conveyance and/or encumbering documents prior to recordation of
same, based upon the written direction tendered by Grantee or in compliance with
instructions set forth by the beneficiary under any new loan documents. Escrow
Agent is expressly authorized to charge to the account of the party obligated to
pay same, any charge or expense incurred in connection with this transaction or
the terms thereof. Escrow Agent is further directed and authorized to reimburse
itself for any charges, which it may incur during this escrow, by charging such
amount to the party obligated to pay same.
VII. DISBURSEMENTS
Pap: 3 (Escrow No.: 98-06 0241 DMS) INITIALS JRC
<PAGE>
All disbursements made under this transaction shall be made in the form of a
check by Nevada Title Company.
VIII. CLEAR FUNDS
Any deposit made by Buyer or Seller hereunder into his escrow account shall be
in the form of certified funds or cashier's check. Any check presented for
deposit into this escrow by either party shall be subject to clearance thereof
and Escrow Agent shall not be obligated to act upon nor disburse against any
such funds until notified by the buyer upon which check is drawn that said check
has cleared its account. Buyer and Seller further acknowledge that in the event
they should deposit any check that requires clearance they will be responsible
for any fees imposed by the clearing bank.
IX. ATTORNEY FEES AND COSTS
In the event a suit is brought by any party (ies) to this escrow to which the
Escrow Agent is named as a party and which results in a judgement in favor of
the Escrow Agent and/or against a party or principal of any party hereunder, the
principal or principal's agent(s) agree to pay said Escrow Agent all costs,
expenses and reasonable attorney fees which it may expend or incur in said suit,
the amount thereof to be fixed and judgement to be rendered by the court in said
suit.
X. CANCELLATION
Either party hereunder claiming right of cancellation of this escrow shall file
written notice and demand for cancellation in the office of Escrow Agent in
writing and in duplicate. Escrow Agent shall, within three (3) business days
following receipt of such written notice, notify the party against whom said
cancellation is filed by depositing a copy of said notice in the United States
Mail, addressed to such other party at the last address filed with Escrow Agent.
In the absence of written indication from such party as to said party's mailing
address, Escrow Agent is directed to deposit such notice in the United States
Mail addressed to such party c/o General Delivery, Las Vegas, Nevada, or such
other city as Escrow Agent may have written indication that such party resides.
Said notice shall be deemed to have been given upon deposit of said notice in
the United States Mail, addressed as specified herein, with proper postage
affixed thereto, and no further notice, or evidence of receipt, shall be
required.
Unless written objection to any cancellation notice hereunder shall be submitted
and received by Escrow Agent from the party to whom such cancellation notice is
directed within ten (10) business days following Escrow Agent's mailing of said
cancellation notice, Escrow Agent is authorized at their discretion to comply
with such cancellation notice and demand upon payment of its cancellation
charges and expenditures. In the event that such written objection shall be
filed, you are authorized to hold all money and instruments in this escrow
pending mutual written instructions by the parties hereto, or a final order by a
court of competent jurisdiction. The parties are aware, however, and expressly
agree and consent, that Escrow Agent shall have the absolute right, at its sole
discretion, to file a suit or counter claim in interpleader and to obtain an
order from the court requiring the claimants to interplead and litigate in such
court their several claims and rights amongst themselves. In the event such suit
or claim is brought, the parties hereto jointly and severally agree to pay
Escrow Agent all costs, expenses and reasonable attorney fees which it may
expend or incur in such interpleader action, the amount thereof to be fixed and
judgement therefore to be rendered by the court in such suit. Upon the filing of
such suit or counterclaim said Escrow Agent shall thereupon be fully released
and discharged from all obligation to further perform any duties or obligations
otherwise imposed by the terms of this escrow.
XI. RIGHT TO RESIGN
It is expressly understood and agreed that the Escrow Agent, without any
obligation to exercise such right, retains the right to resign its duties as
Escrow Agent under this transaction, at any time and at its sole discretion,
and/or to refrain from taking any act in furtherance of the subject truncation.
No liability shall accrue to said Escrow Agent for any such act or forbearance.
XII. BINDING EFFECT
This agreement in all parts applies to, inures to the benefit of and binds all
parties hereto, their heirs, legatees, devisees, administrators, executors,
successors and assigns, and whenever the context so requires, the masculine
gender includes the feminine and neuter, and the singular number includes the
plural.
XIII. COUNTERPART SIGNATURES
These instructions may be executed in any number of counterparts, each of which
shall be consideration and original and be effective as such, and all of which,
when aggregated, shall constitute one fully executed original.
XIV. DELIVERY OF DOCUMENTS TO THIRD PARTIES
Seller and Buyer hereby authorize Escrow Agent to furnish copies of closing
statements and escrow instructions to the Lender and/or Broker involved herein.
Escrow Agent is further authorized to deliver a copy of any notice filed in
accordance with the terms set forth herein by one party upon the other, to the
Buyer(s) involved herein.
Page: 4 (Escrow No. 98-06 0241 DMS) INITIAL JRC
<PAGE>
XV. NOTICES
Buyer and Seller shall notify Escrow Agent in writing of any change in address
during the course of this escrow, and authorize Escrow Agent, unless Escrow
Agent is in receipt of written instructions to the contrary, to mail any notices
filed by either party to or against the other, to the address set forth herein.
XVI. 1099 FILING REQUIREMENTS
Seller is hereby made aware that a law which became effective January 1, 1987
requires all Escrow Agents to complete a modified 1099 form, based upon specific
information provided by the Seller. It is understood that this transaction shall
not close with Nevada Title Company as the Escrow Agent, unless the information
is so provided. You are herein authorized and instructed to report this
information to the Internal Revenue Service after the close of escrow.
XVII. SERVICE FEES
Upon the close of escrow, or upon the filing of a written request for
cancellation, should NEVADA TITLE COMPANY be required to maintain funds on
deposit they are hereby authorized to retain out of those funds deposit in said
escrow, a reasonable service charge in an amount not less than twenty-five
($25.00) dollars per month for the administration of said funds. In addition,
should this escrow be cancelled, Escrow Agent retains the right to impose a
reasonable cancellation fee for the services performed, the minimum amount of
which shall be $ 100.00, which fee Escrow Agent is authorized to deduct from the
funds held in escrow at the time of cancellation, irrespective of the depositing
party.
XVIII. FAX/TELECOPY INSTRUCTION
In the event Buyer and/or Seller utilize "facsimile" transmitted signed
documents, Buyer and Seller hereby agree to accept, and authorize Escrow Agent
to rely upon, such documents as if they bore original signatures. Buyer and
Seller hereby acknowledge and agree to provide to Escrow Agent, within 72 hours
of transmission, such documents bearing their original signatures. Buyer and
Seller further acknowledge and agree that documents necessary for recording with
non-original (facsimile) signatures will not be acceptable for recording with
the County Recorder, thus delaying the close of escrow.
XIX. CLERICAL ERRORS
In the event there are any clerical, typographical or scrivener errors to be
corrected after the close of escrow, Escrow Agent is authorized to made such
corrections as are necessary to make the documents conform to the escrow
instruction and other agreements upon which the transaction is based. Should
Escrow Agent require additional initials or signatures of either Buyer or Seller
in connection with such corrections, the parties agree to comply with such
requirement.
SEE NEXT PAGE FOR SIGNATUES
Page: 5 (Escrow No. 98-06 0241 DMS) INITIALS JRC
<PAGE>
I have read the foregoing instructions and am buying the property described on
the terms and conditions set forth, and will within the time limit either had
you, or cause to be handed to you, the consideration as specified, and I require
that the Seller comply with all the terms hereof within the time as listed
herein.
BUYER:
Royal Aloha Development
By: /s/ Jack R. Corteway /s/ Stephen Lin
--------------------- --------------------
President Vice President
Mailing Address: 1505 Dillingham Blvd. #212
Honolulu, HI 96817
I have read the foregoing instructions and am selling the property described on
the terms and conditions set forth, and will within the time limit hand you
herewith any documents and/or funds required to close this escrow, and I require
that the Buyer comply with all terms hereof within the time as listed herein.
SELLER:
County of Clark, a Political Subdivision of the State of Nevada Title
By:__________________________
Title:_______________________
Mailing Address: ____________________________________
____________________________________
<PAGE>
I have read the foregoing instructions and am buying the property described on
the terms and conditions set forth, and will within the time limit either had
you, or cause to be handed to you, the consideration as specified, and I require
that the Seller comply with all the terms hereof within the time as listed
herein.
BUYER:
Royal Aloha Development Co.
By:____________________________ ______________________________
Mailing Address: _____________________________________
_____________________________________
I have read the foregoing instructions and am selling the property described on
the terms and conditions set forth, and will within the time limit hand you
herewith any documents and/or funds required to close this escrow, and I require
that the Buyer comply with all terms hereof within the time as listed herein.
SELLER:
County of Clark, a Political Subdivision of the State of Nevada Title
By: /s/ Yvonne Atkinson Gates
-----------------------------------------
Title: Chair, Board of County Commissioners
--------------------------------------
Mailing Address: 500 S. Grand Central Parkway
Las Vegas, NV 89155
<PAGE>
ESCROW NUMBER: .3-06-0241 DMS
EXHIBIT "A"
LEGAL DESCRIPTION
THAT PORTION OF THE SOUTHEAST QUARTER (SE 1/4) OF THE SOUTHEAST QUARTER (SE 1/4)
OF SECTION 9, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.B. & M., DESCRIBED AS
FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF THE SOUTHEAST QUARTER (SE 1/4) OF THE
SOUTHEAST QUARTER (SE 1/4) OF SAID SECTION 9;
THENCE NORTH 89(degrees) 02' 13" WEST ALONG THE SOUTH LINE OF SAID SECTION 9 A
DISTANCE OF 663.00 FEET TO THE SOUTHWEST CORNER OF THAT CERTAIN PARCEL OF LAND
CONVEYED BY WALTER S. HUNSAKER, ET UX, TO V. D. EACHUS, ET UX, BY DEED RECORDED
JANUARY 27, 1950,. AS DOCUMENT NO. 331585, CLARK COUNTY, NEVADA RECORDS, THE
TRUE POINT OF BEGINNING;
THENCE NORTH 4(degrees) 39' 07" WEST ALONG THE WEST LINE OF THE SAID CONVEYED
PARCEL OF LAND A DISTANCE OF 240.19 FEET TO A POINT;
THENCE SOUTH 89(degrees) 02' 13" EAST PARALLEL TO THE SOUTH LINE OF SAID SECTION
9 A DISTANCE OF 105.00 FEET TO A POINT;
THENCE SOUTH 4(degrees) 39' 07" EAST PARALLEL TO THE SAID WEST LINE A DISTANCE
OF 240.19 FEET TO A POINT ON THE SOUTH LINE OF SAID SECTION 9;
THENCE NORTH 89(degrees) 02' 13" WEST ALONG THE SAID SOUTH LINE A DISTANCE OF
105.00 FEET TO THE TRUE POINT OF BEGINNING.
EXCEPTING FROM THE HEREINABOVE DESCRIBED PARCEL OF LAND THE INTEREST IN AND TO
THE SOUTH 40 FEET THEREOF AS CONVEYED TO THE COUNTY OF CLARK FOR ROAD PURPOSES
BY DEED RECORDED DECEMBER 3, 1948, AS DOCUMENT NO. 301429, CLARK COUNTY, NEVADA
RECORDS.
<PAGE>
EXHIBIT "B"
RESOLUTION OF ACCEPTANCE
PROPERTY DESCRIBED AS
364 E. Desert Inn Road, Las Vegas, Nevada
Assessor Parcel Number 162-09-806-010
WHEREAS, at its regular meeting held May 5, 1998, the Board of County
Commissioners of Clark County, Nevada, adopted a resolution (the "May 5, 1998
Resolution") declaring its intent to sell/exchange at public auction a certain
parcel of land hereinafter referred to as the "Property" and more particularly
described as 364 East Desert Inn Road, Las Vegas, Nevada, Assessor Parcel Number
162-09-806-010, and
WHEREAS, the May 5, 1998 Resolution specified the minimum price and the
terms upon which the Property will be sold or exchanged; and
WHEREAS, notice of the adoption of the resolution has been posted and
published as prescribed in Section 244.282 of NRS; and
WHEREAS, a public auction was conducted at the set time and place
during which auction all written bids were opened and a call was made for oral
bids.
NOW, THEREFORE BE IT RESOLVED by the Board of County Commissioners of Clark
County, Nevada, that the bid of $265,000 from ROYAL ALOHA DEVELOPMENT CO. is
accepted as the highest bid for the Property from a responsible person.
BE IT FURTHER RESOLVED that the Chair of the Board is authorized and
directed, upon performance and compliance by the highest bidder all the terms
and conditions, to execute and deliver a Quitclaim conveying the Property to the
highest bidder.
PASSED, ADOPTED AND APPROVED this 2nd of June, 1998.
ATTEST: BOARD OF COUNTY COMMISSIONERS
CLARK COUNTY, NEVADA
/s/ Loretta Bowman /s/ Yvonne Atkinson Gates
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Loretta Bowman, County Clerk Yvonne Atkinson Gates, Chair
Approved as to Form:
STEWART L. BELL, District Attorney
By: /s/ Elizabeth A. Vibert
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Elizabeth Vibert
Deputy District Attorney
