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EJC:adg 10/31/79 RESOLUTION NO. 79- 60 . A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING AND AUTHORIZING THE CHAIRMAN OF THE AGENCY TO EXECUTE THE SECOND AMENDMENT TO PARTICI- PATION AGREEMENT BETWEEN THE COMMUNITY REDEVELOPMENT AGENCY AND AMERICAN NATIONAL PROPERTIES, A DECLARATION OF RESTRICTIONS, A GRANT DEED FROM THE COMMUNITY REDEVELOPMENT AGENCY TO AMERICAN NATIONAL PROPERTIES, AND AN INDEMNITY AGREEMENT WITH CHICAGO TITLE INSURANCE COMPANY WHEREAS, the Community Redevelopment Agency previously entered into that certain agreement with American National properties entitled "Participation Agreement," dated January 15,1979, amended by that certain agreement entitled "First Amendment to Participation Agreement," dated August 20,1979, hereinafter collectively referred to as "said agreement as amended;" and . WHEREAS, a portion of the Phase I Sales Parcel, described in said agreement as amended as the "Phase I-B ~les parcel," is being acquired by the Community Redevelopment Agency of the City of Santa Ana in that certain eminent domain action currently pending in the Orange County Superior Court, Case No. 314253; and WHEREAS, American National Properties desires the Community Redevelopment Agency to execute a grant deed for said Phase I-B Sales Parcel prior to Agency's acquisition of title in order to obtain necessary financing for the rredevelopment project; and . WHEREAS, Chicago Title Insurance Company is willing to provide the necessary title insurance on said Phase I-B Sales Parcel for financing purposes if Agency agrees to indemnify Chicago Title Insurance Company for any and all loss which it might sustain as a result of the failure of Agency to acquire title in the foregoing eminent domain action as provided in Section II.N. of said agreement as amended; and WHEREAS, the foregoing transaction requires a second amendment to said agreement as amended to provide for execution of a grant deed by Agency prior to Agency acquiring title and to prohibit American National properties from exercising any right of rescission it may have under law based on nonmerchantability in order to protect Agency and Chicago Title Insurance Company. NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: . 1. The Chairman of the Agency is hereby authorized to execute that certain" Second Amendment to Participation Agreement," form dated October 29, 1979, that certain" Personal Undertaking (Indemnity Agreement)," between the Community Redevelopment Agency of the City of Santa Ana and Chicago Title Insurance Company, and that certain Grant Deed to American National properties and Declaration of Restrictions attached thereto, copies of which are on file in the office of the Secretary of the Agency, to which copies reference is hereby made for full particulars.