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RESOLU*£ION NO. 60-137 MODIFYING RESOLUTION KO. 60-127 TO PROVIDE THAT SALE OF SYC~4ORE STREET FIRE STATION TO BERNARD BECKER BE CLOSED THROUGH ORANGE COUNTY TITLE COi~IPA~ ESCROW NO. 351256-HRB WHEREAS, heretofore, on June 20, 1960, the City Council adopted Resoluhion No. 40-127 naming the Bank of ~nerica National~ Trust and Savings Association, Santa Ana Branch, to handle an escrow for the sale of property therein described, which is com- monly referred to as Sycamore Street Fire Station, to Mr. and Mrs. Bernard Becker and fixing the net price to be paid to the City for the balance due on the contract of sale made February 3, 195~; and WHEREAS, said Bank of America declined to handle said escrow and suggested to the City and the Buyer thah Escrow No. 351256-HRB,opened with Orange County Title Company April 10, 195~ and presently existing for the sale of the same property to the same Buyer,be used for the completion of this sale, and that the Bank only deposit the purchase money in said escrow; and ~EREAS, the question has arisen as to the net sum to be paid for the City as expressed in Resolution No. 60-127. NOW, THEREFORE, BE IT RESOLVED: 'I~nat after negotiation between the parties, the Bscrow Instructions in said Escrow No. 351256-HRB are hereby modified to provide that the purchasers should deposit in said escrow for the City the sum of $ ~.0,113.00 together with a sufficient amount to cover Buyer's share of escrow expenses and the U. S. Internal Revenue St~np required to be affixed to said deed, since the City, a municipal corporation, is not re- quired nor pe~nitted to use public funds for the payment of said Revenue ~tamp Tax. BE IT FURTHER RESOLVED: That 'Wnis Resolution is adopted for the purpose of amending Resolution No. 60-127 and must be read in conjunction therewith. -1-