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77-038
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77-038
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Last modified
1/3/2012 12:34:15 PM
Creation date
6/26/2003 10:46:49 AM
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City Clerk
Doc Type
Resolution
Doc #
77-38
Date
3/29/1977
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(c) Co,]veyance of Title and l)e]ivery' of Possession. Sub- <br />j ec t to a,,~;--~d'E~ll~i¥--h~i:ii-~Jd-~-l~iiJ'(~qi~'~i-6;~s ~me, conveyance <br />to the Reclevo]ol~er of title to thc, PFoperty or l)ortJons thereof <br />sha]], be eomp]ete(t on or prior t:o tho dates specified on the <br />"Schedule of Performance" incorporated hereie and attached to <br />ti]is Agreement as ALtachment No. 3. The Agency and the Redeve- <br />loper agree to perform all acts necessary to conveyance of title <br />Jn sufficient time for [itle to be conveyed in accordance with <br />the foregoing provisions. <br /> <br /> Possession of tile Property or portions thereof shall be de- <br />livered to Redeveloper concurrently with the conveyance of title, <br />except that limited access may be permitted before conveyance of <br />tit]e as permitted by tile Agency. Tile Redeveloper shall accept <br />title and possession oil or before said dates. <br /> <br /> (d) Time for and Place of Delivery of Deed. Subject to <br />any mutually agreed upon extensions ~ time, the Agency shall <br />deposit the deeds to the Property or portions thereof with the <br />Escrow Agent on or before the dates established tot the dates <br />of conveyance set forth Jn the Schedu].e of Performance. <br /> <br /> (e) Payment of tile Purchase Price and Recordation of the <br /> Deeds. As hereinafter ~rovided in Section 7, the <br />Redeveloper shall make cash advances to the Agency toward pay- <br />ment of the Purchase Price for the Property and shall otherwise <br />deposit tile Purchase Price for the Property, or portions thereof, <br />with tl~e Escrow Agent on or prior to the dates for conveyance <br />thereof; providing that within the times provided in the Schedule <br />of Performance, the Escrow Agent shall have notified the Redevelop- <br />er in writing that the Deeds conveying the Parcels to the Redevelop- <br />er, properly executed and acknowledged by tile Aqency, have been <br />delivered to tile Escrow Agent, if such be tile case, and that title <br />to such Parcels is ill a condition ready to be conveyed in conformity <br />with the provisions of paragraph (a) of this Section. The Escrow <br />Agent shall deliver tile Purchase Price to the Agency less the <br />amounts of the Redeveloper's cash advances toward payment, of the <br />Purchase Price for portions of the Property as hereinafter provided <br />in Section 7 simultaneously with (1) the delivery to the Redevelop-' <br />er of a title insurance policy insuring title in conformance with <br />the provisions of paragraph (f) of this Section and (2) the filing <br />of the Deed (s) for recordation among the land records in the Office <br />of the County Recorder for Orange County. <br /> <br /> ]Tn tile event the Redeveloper elects to acquire tile Phase II <br />Parcel in increments as hereinafter provided in the Scope of Deve- <br />lopment the purchase price for each subparcel to be conveyed shall <br />be allocated pro rata through escrow at the rate of TWO DOLLARS AND <br />TtIIRTY SEVEN CENTS ($2.37) per square foot to be conveyed. Not <br />later'than five (5) days prior to tile date for conveyance to the <br />Redeveloper of each subparcel to be conveyed, as set forth in the <br />Schedule of Performance, the Agency shall cause to be prepared and <br />deposited in escrow an engineer's certification of the number of <br />square feet contained within each such subparcel to be conveyed. <br /> <br />-8- <br /> <br /> <br />
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