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GUERROLA DE NAVARRO, SOCORRO FAMILY TRUST-2009
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GUERROLA DE NAVARRO, SOCORRO FAMILY TRUST-2009
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Last modified
1/3/2012 2:54:57 PM
Creation date
8/7/2009 10:47:00 AM
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Contracts
Company Name
GUERROLA DE NAVARRO, SOCORRO FAMILY TRUST
Contract #
A-2009-004
Agency
PUBLIC WORKS
Council Approval Date
1/5/2009
Destruction Year
2014
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insuring City's title to Said Real Property is free and clear of any and all conditions, restrictions, <br />reservations, exceptions, easements, assessments, profits, limitations, encumbrances (whether <br />monetary or non-monetary, general or specific, and including any and all leasehold interests), <br />liens, clouds or defects in title, excepting such specific ones as city may hereinafter expressly <br />agree to take subject to. Acceptance by City of any such policy of 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 PSA. <br />4. Escrow. City agrees to open an escrow at the office of First American Title Insurance <br />Company, 2 First American Way, Santa Ana, California, (hereinafter "Escrow Agent") within five <br />(5) days from and after the date on which the City has approved this PSA. This PSA <br />constitutes the joint escrow instructions of the City and the Seller and a duplicate original of this <br />PSA shall be delivered to the Escrow Agent upon the opening of the escrow. <br />The Escrow Agent hereby is empowered to act under this PSA, and upon indicating its <br />acceptance of this Section 4 and of the General Provisions described in Exhibit "C" 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 PSA, shall carry out its duties as Escrow Agent <br />hereunder. <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 <br />to City. Penalties for prepayment of bona fide obligations secured by any existing deed of trust <br />or mortgage shall be waived pursuant to Civil Code Procedures Section 1265.240. <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 "C" of the <br />General Provisions of this PSA. <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 <br />under Section 5096.7 of the Revenue and Taxation Code of the State of California for that <br />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 <br />portion of the fiscal year which begins on the date the deed conveying Said Real Property to <br />City is recorded and made uncollectible if unpaid by reason of Section 4986 of the Revenue <br />and Taxation Code of the State of California. All unpaid taxes on Said Real Property for any <br />and all years prior to the fiscal year within which said conveyance is made shall be paid by <br />Seller before conveyance of Said Real Property to City. <br />6. Pavment 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, fixtures & equipment <br />(improvements pertaining to the realty), good will (if any), severance damages, and bonus value <br />(if applicable), the total cash sum of ONE HUNDRED FIFTY-FIVE THOUSAND TWO <br />HUNDRED AND NO/100 DOLLARS ($155,200). <br />Page 2 of 14 <br />Seller's Initials <br />
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