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25H - SETTLEMENTS BRISTOL ST CORRIDOR
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01/04/2011
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25H - SETTLEMENTS BRISTOL ST CORRIDOR
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1/3/2012 3:55:47 PM
Creation date
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City Clerk
Doc Type
Agenda Packet
Item #
25H
Date
1/4/2011
Destruction Year
2016
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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, (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 45 days of the City's execution of this Agreement. <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 "B" attached <br />hereto and incorporated herein by this reference, in writing, delivered to the City and to the Seller <br />within five (5) days after delivery of this Agreement, 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 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 />The liability to the Escrow Agent under this Agreement is limited to performance of the obligations <br />imposed upon it under Section 4, Section 6, Section 11 and Exhibit "B" of the General <br />Provisions of this Agreement. <br />5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year <br />within which said real property is conveyed to City as are unpaid at the time of said conveyance <br />shall be cleared and paid in accordance with the provisions of Section 4986 of the Revenue and <br />Taxation Code of the State of California. Seller shall be eligible for a refund under Section <br />5096.7 of the Revenue and Taxation Code of the State of California for that portion of property <br />taxes on said real property for said fiscal year which have been paid prior to the date the deed <br />conveying said real property to City is recorded which is allocable to that portion of the fiscal year <br />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 <br />of California. All unpaid taxes on said real property for any and all years prior to the fiscal year <br />within which said conveyance is made shall be paid by Seller before conveyance of said real <br />property to City. <br />6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept from <br />City, as and for the full purchase price for said real property, fixtures & equipment (improvements <br />pertaining to the realty), and severance damages, the total sum of SEVEN HUNDRED NINETY <br />TWO THOUSAND AND NO/100 Dollars ($792,000.00). City agrees to deposit said purchase <br />price in escrow with the Escrow Agent within THIRTY (30) days from and after the date on which <br />the City has approved this Agreement, and the Escrow Agent is hereby authorized to pay the <br />same to Seller upon and after: <br />(a) Conveyance of said real property by Seller to City as hereinabove provided; <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 />(d) Recordation of the Deed conveying said real property to City. <br />2 <br />25H-22
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