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AVELAR, MINERVA-2006
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AVELAR, MINERVA-2006
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Last modified
1/3/2012 3:26:12 PM
Creation date
2/15/2007 1:30:39 PM
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Contracts
Company Name
AVELAR, MINERVA
Contract #
A-2007-024
Agency
PUBLIC WORKS
Council Approval Date
2/5/2007
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<br />agree to take subject to. Acceptance by City of any such policy of title insurance, whether such <br />insurance complies with the requirements of this paragraph or not, shall not constitute a waiver <br />by City of its right to such insurance as is herein required of Seller, nor a waiver by the City of <br />any rights of action for damages or any other rights which may accrue to City by reason of the <br />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 LandAmerica Commercial <br />Services, 1920 Main Street, 12th Floor, Irvine, California, (the Escrow Agent) within five (5) days <br />from and after the date on which the City has approved this Agreement. This Agreement <br />constitutes the jOint escrow instructions of the City and the Seller and a duplicate original of this <br />Agreement shall be delivered to the Escrow Agent upon the opening of the escrow. Escrow to <br />close within 90 days of the City's execution of this Agreement. <br /> <br />The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its <br />acceptance of this Section 4 and of the General Provisions described in Exhibit "8" attached <br />hereto and incorporated herein by this reference, in writing, delivered to the City and to the <br />Seller within five (5) days after delivery of this Agreement, shall carry out its duties as Escrow <br />Agent hereunder. <br /> <br />City agrees to bear and Escrow Agent is hereby authorized to charge to the City the cost of any <br />transfer taxes, recording fees, cost of title insurance, reconveyance fees, document preparation <br />fees, escrow fees and any other closing costs incidental to the conveying of said real property to <br />City. Penalties for prepayment of bona fide obligations secured by any existing deed of trust or <br />mortgage shall be waived pursuant to Civil Code Procedures Section 1265.240. <br /> <br />The liability to the Escrow Agent under this Agreement is limited to performance of the <br />obligations imposed upon it under Section 4, Section 6, Section 11 and Exhibit "8" of the <br />General Provisions of this Agreement. <br /> <br />5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal <br />year within which said real property is conveyed to City as are unpaid at the time of said <br />conveyance shall be cleared and paid in accordance with the provisions of Section 4986 of the <br />Revenue and Taxation Code of the State of California. Seller shall be eligible for a refund under <br />Section 5096.7 of the Revenue and Taxation Code of the State of California for that portion of <br />property taxes on said real property for said fiscal year which have been paid prior to the date <br />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 <br />and made uncollectible if unpaid by reason of Section 4986 of the Revenue and Taxation Code <br />of the State of California. All unpaid taxes on said real property for any and all years prior to the <br />fiscal year within which said conveyance is made shall be paid by Seller before conveyance of <br />said real property to City. <br /> <br />6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept <br />from City, as and for the full purchase price for said real property, the total surn of SIX <br />HUNDRED THOUSAND DOLLARS ($600,000). City agrees to deposit said purchase price in <br />escrow with the Escrow Agent within THIRTY (30) days from and after the date on which the <br />City has approved this Agreement, and the Escrow Agent is hereby authorized to pay the same <br />to Seller upon and after: <br /> <br />(a) Conveyance of said real property by Seller to City as hereinabove provided; <br /> <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 />12 <br /> <br />"~ <br />
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