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CALVARY CHAPEL OF COSTA MESA, INC.-2006
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CALVARY CHAPEL OF COSTA MESA, INC.-2006
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Last modified
1/3/2012 3:07:28 PM
Creation date
11/6/2006 4:22:19 PM
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Contracts
Company Name
CALVARY CHAPEL OF COSTA MESA, INC.
Contract #
A-2006-284
Agency
PUBLIC WORKS
Council Approval Date
10/16/2006
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<br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of said real property <br />to City, within the time and at the place hereinabove specified for said conveyance of said real property, a policy <br />of title insurance to be issued by the above mentioned title company, with the City therein named as the insured, <br />in the amount Two HUNDRED EIGHTY FIVE THOUSAND Two HUNDRED THIRTY AND No/IOO ($285,230.00) <br />insuring the title of the City to said real property is free and clear of any and all conditions, restrictions, <br />reservations, exceptions, easements, assessments, profits, limitations, encumbrances, liens, teases, clouds or <br />defects in title, excepting such specific ones as city may hereinafter expressly agree to take subject to. <br />Acceptance by City of any such policy of insurance, whether such insurance complies with the requirements of <br />this paragraph or not, shall not constitute a waiver by City of its right to such insurance as is herein required of <br />Seller, nor a waiver by the City of any rights of action for damages or any other rights which may accrue to City <br />by reason of the failure of Seller to convey title or to provide title insurance as required in this Agreement. <br /> <br />4. Escrow. City agrees to open an escrow at the office of First American Title Insurance Company, 2 First <br />American Way, Santa Ana, California, (the Escrow Agent) within five (5) days from and after the date on which <br />the City has approved this Agreement. This Agreement constitutes the joint escrow instructions of the City and <br />the Seller and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of <br />the escrow. <br /> <br />The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of this <br />Section 4 and of the General Provisions described in Attachment "4" attached hereto and incorporated herein by <br />this reference, in writing, delivered to the City and to the Seller within five (5) days after delivery of this <br />Agreement, shall carry out its duties as Escrow Agent hereunder. <br /> <br />City agrees to bear and Escrow Agent is hereby authorized to charge to the City the cost of any transfer taxes, <br />recording fees, cost of title insurance, reconveyance fees, document preparation fees, escrow fees and any other <br />closing costs incidental to the conveying of said real property to City. Penalties for prepayment of bona fide <br />obligations secured by any existing deed oftrust or mortgage shall be waived pursuant to Civil Code Procedures <br />Section 1265.240. <br /> <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 11 and Attachment "4" of the General Provisions of this Agreement. <br /> <br />5. Propertv Taxes. Such real property taxes, if any, on said 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 in <br />accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of California. <br />Seller shall be eligible for a refund under Section 5096.7 of the Revenue and Taxation Code of the State of <br />California for that portion of property taxes on said real property for said fiscal year which have been paid prior <br />to the date the deed conveying said real property to City is recorded which is allocable to that portion of the <br />fiscal year which begins on the date the deed conveying said real property to City is recorded and made <br />uncollectible if unpaid by reason of Section 4986 of the Revenue and Taxation Code of the State of California. <br />All unpaid taxes on said real property for any and all years prior to the fiscal year within which said conveyance <br />is made shall be paid by Seller before conveyance of said real property to City. <br /> <br />6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept from City, as and for <br />the full purchase price for said real property, fixtures & equipment (improvements pertaining to the realty), <br />goodwill (if any), severance damages pursuant to Government Code ~7260 et seq., the total sum of Two <br />HUNDRED EIGHTY FIVE THOUSAND Two HUNDRED THIRTY AND Noll 00 ($285,230.00). City agrees to deposit <br />said purchase price in escrow with the Escrow Agent within THIRTY (30) days from and after the date on <br />which the City has approved this Agreement, and the Escrow Agent is hereby authorized to pay the same to <br /> <br />2 <br />
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