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AMBRIZ, VIRGINIA G.
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AMBRIZ, VIRGINIA G.
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Last modified
12/13/2022 3:34:38 PM
Creation date
12/13/2022 3:33:39 PM
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Contracts
Company Name
AMBRIZ, VIRGINIA G.
Contract #
A-2022-237
Agency
Public Works
Council Approval Date
12/6/2022
Destruction Year
0
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4. Escrow. City agrees to open an escrow at the office of Fidelity National Title, 4400 MacArthur Blvd., <br />Suite 200, Newport Beach, California, (the Escrow Agent) within five (5) days from and after the date on <br />whtoh tha City has approved this Agreemerxt Thts Agreemenx coratituies the joint esorQw Instructions of the <br />City and the Seller and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the <br />opening of the escrow. Escrow to close within sixty (60) days of the City's execution of this Agreement. If <br />escrow is not in a condition to close by the Close of Escrow, and failure to close is due to unforeseen <br />conditions of title or interest of third parties In the Property that cannot be resolved In Escrow, then buyer <br />may, at Its option, request cancellation of escrow and this Agreement and return of any funds It has deposited <br />into escrow. Thereapen, all. obllgatlons and. liabEities of the. Parties under this, Agreement shall. cease and. <br />terminate. If no such request Is made, Escrow shall be closed as soon as possible thereafter. Buyer shall be <br />entitled to possession of the Property immediately upon close of Escrow. <br />The Escrow Agent hereby Is empowered to act under this Agreement, and upon Indicating Its acceptance of <br />this Section 4 and of the General Provisions described In Exhibit "B" attached hereto and incorporated <br />herein by this reference,, In writing, delivered to the City and to the Seller within five (5) days after delivery of <br />this Agreement, shall carry out its duties as Escrow Agent hereunder. <br />City agrees to bear and Escrow Agent Is hereby authorized to charge to the City the cost of any transfer <br />taxes, recording fees, cost of title Insurance, re -conveyance fees, document preparation fees, escrow fees <br />and any other closing costs Incidental to the conveying of said real property to City. Penalties for prepayment <br />of bona- fide obligations secured by any existing deed of tarsi or mortgage, shall be, waived pursuant to Clvli <br />Code Procedures Seotlon 1265.240: <br />The liability to the Escrow Agent under this Agreement is limited to performance of the obligations imposed <br />upon it under Section 4, Section 6, Section 8 and Exhibit "B" of the General Provisions of this Agreement. <br />5. ProroerW Taxes. Such real property taxes, if any, on sold real property for the fiscal year within which <br />said real property Is conveyed to City as are unpaid at the time of said Conveyance shall be cleared and paid <br />in accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of <br />California. Seller shall be eligible for a refund under Section 5096.7 of the Revenue and Taxation Code of <br />the State of California for that portion of property taxes on said real property for said fiscal year which have <br />been paid prior to the date the deed conveying said real property to City is recorded which is allocable to that <br />portion of the fiscal year which begins on the date the deed conveying said real property to City is recorded <br />and made uncollectible if unpaid by reason of Section 5086 of the Revenue and Taxation Code of the State <br />of California. To the extent that Seller has prepaid any taxes or assessments attributable to the Property; <br />Seller shall be solely responsible for obtaining any refund due thereon from the taxing authority. Upon written <br />request, Buyer shall assist Seller, at Seller's sole cost, in obtaining said refund, If any; however, in no case <br />sfrali Buyer credit or otherwise, pay Seller for that refund, if any,, threugRr or eutside• of Escmw: <br />All unpaid taxes on said real property for any and all years prior to the fiscal year within which said <br />conveyance is made shall be paid by Seller before conveyance of said real property to City. <br />6. Payment of Purchase Pace. City agrees to pay to Seller, and Seller agrees to accept from City, as <br />and for the full purchase price for said real property, fixtures & equipment (improvements pertaining to the <br />realty) and severance damages, the total sum of SEVEN HUNDRED TWENTY FIVE THOUSAND DOLLARS <br />($725,000.00). City agrees to deposit said purchase price in escrow with the Escrow Agent within THIRTY <br />(30) days from and after the date on which the City has approved this Agreement, and the Escrow Agent is <br />hereby authorized to pay the same to Seller upon and after: <br />a. Conveyance of said real property by Seller to City as hereinabove provided; <br />b. Acceptance by City of a Grant Deed conveying said real property to City; <br />c. Delivery to City of the policy of title Insurance as hereinabove provided; <br />
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