My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
CARIBOU INDUSTRIES (7)
Clerk
>
Contracts / Agreements
>
C
>
CARIBOU INDUSTRIES (7)
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
2/12/2021 9:42:56 AM
Creation date
1/27/2021 12:11:50 PM
Metadata
Fields
Template:
Contracts
Company Name
CARIBOU INDUSTRIES
Contract #
A-2020-265
Agency
Community Development
Council Approval Date
11/17/2020
Insurance Exp Date
3/1/2021
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
184
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
4.3. The right to re-enter, repossess, terminate and revest with respect to the Property <br />shall terminate when the last Certificate of Completion for the Project has been recorded <br />by the Grantor. <br />4.4. In the event title to all or any part of the Property is revested in the Grantor as <br />provided in this Section 4, the Grantor shall, pursuant to its responsibilities under <br />California Law, use its best efforts to resell the Property or part as soon and in such <br />manner as the Grantor shall find feasible to a qualified and responsible party or parties <br />(as determined by the Grantor) who will assume the obligation of making or completing <br />the Project and Improvements or such other improvements in their stead as shall be <br />satisfactory to the Grantor and in accordance with the uses specified for such Property. <br />Upon such resale of the Property the proceeds thereof shall be applied as follows: <br />4.4.1. First, the Grantor shall be reimbursed, on its own behalf or on behalf of the <br />City of Santa Ana, California for all costs and expenses incurred by the Grantor, including <br />but not limited to salaries of personnel incurred in connection with the recapture, <br />management and resale of the Property or part (but less any income derived by the <br />Grantor from the Property in connection with such management); all taxes, assessments, <br />and water and sewer charges with respect to the Property or part (or, in the event the <br />Property is exempt from taxation, assessment or such charges during the period of <br />Grantor's ownership thereof, an amount equal to such taxes, assessments or charges as <br />determined by the assessing official as would have been payable if the Property were not <br />exempt); any payments made or necessary to be made to discharge any encumbrances <br />or liens existing on the Property or part at the time of revesting of title in the Grantor or to <br />discharge or prevent such encumbrances or liens from attaching or being made by any <br />subsequent successors or transferees; any expenditures made or obligations incurred <br />with respect to the completion of the Improvements; and any amounts otherwise owed to <br />the Grantor by the Grantee and its successors or transferee; and <br />4.4.2. Second, to the extent possible, the Grantee shall be reimbursed in an <br />amount not to exceed the sum of (1) the Purchase Price paid to the Grantor by the <br />Grantee for the Property (or allocable to the part thereof); (2) the costs incurred for the <br />development of the Property and for the improvements existing on the Property at the <br />time of the reentry and repossession, (3) less any gains or income withdrawn or made by <br />the Grantee from the Property or the Improvements; and <br />4.4.3. Third, any balance remaining after such reimbursements shall be retained <br />by the Grantor. <br />4.4.4. To the extent that this right of reverter involves a forfeiture, it must be strictly <br />interpreted against the Grantor, the party for whose benefit it is created. This right of <br />reverter shall, however, be interpreted in light of the fact that the Grantor is by this deed <br />conveying the Property to the Grantee for development and not for speculation in <br />undeveloped land and that such development is a material element of the consideration <br />received by Grantor for the Property. <br />Exhibit "C" <br />Form Of City Deed <br />55394.00049\33239203. 12 <br />
The URL can be used to link to this page
Your browser does not support the video tag.