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ROMAN CATHOLIC BISHOP OF ORANGE (4) -2012
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ROMAN CATHOLIC BISHOP OF ORANGE (4) -2012
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Last modified
1/9/2013 4:28:04 PM
Creation date
1/8/2013 2:49:55 PM
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Contracts
Company Name
ROMAN CATHOLIC BISHOP OF ORANGE
Contract #
A-2012-163
Agency
PUBLIC WORKS
Council Approval Date
7/16/2012
Destruction Year
0
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4. Escrow. City agrees to open an escrow at the office of First American Title Insurance Company, 2 <br />First American Way, Santa Ana, California, (the Escrow Agent) within five (5) days from and after the date on <br />which the City has approved this Agreement. This Agreement constitutes the joint escrow instructions of the <br />City and the Seller and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon <br />the opening of the escrow. Escrow to close within 90 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 acceptance of <br />this Section 4 and of the General Provisions described in ATTACHMENT "3" attached hereto and <br />incorporated herein by this reference, in writing, delivered to the City and to the Seller within five (5) days <br />after delivery of this Agreement, shall carry out its duties as Escrow Agent hereunder. <br />City agrees to bear and Escrow Agent is hereby authorized to charge to the City the cost of any transfer <br />taxes, recording fees, cost of title insurance, reconveyance fees, document preparation fees, escrow fees <br />and any other closing costs incidental to the conveying of said real property to City. Penalties for prepayment <br />of bona fide obligations secured by any existing deed of trust or mortgage shall be waived pursuant to Civil <br />Code Procedures Section 1265.240. <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 8 and ATTACHMENT "3" of the General Provisions of this <br />Agreement. <br />5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year within <br />which said real property is conveyed to City as are unpaid at the time of said conveyance shall be cleared <br />and paid in accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State <br />of California. Seller shall be eligible for a refund under Section 5096.7 of the Revenue and Taxation Code of <br />the State of California for that portion of property taxes on said real property for said fiscal year which have <br />been paid prior 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 City is recorded <br />and made 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 within which <br />said conveyance is made shall be paid by Seller before conveyance of said real property to City. <br />6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept from City, as <br />and for the full purchase price for said real property, fixtures & equipment (improvements pertaining to the <br />realty), goodwill (if any), and severance damages, the total sum of One Hundred Seventy Eight Thousand Five <br />Hundred and Sixty-Five Dollars ($178,565.00). City agrees to deposit said purchase price in escrow with the <br />Escrow Agent within THIRTY (30) days from and after the date on which the City has approved this <br />Agreement, and the Escrow Agent is hereby authorized to pay the 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 />7. Possession. Seller agrees to deliver to City, on the date the Deed conveying said real property to <br />City is recorded, quiet and peaceful possession of said real property, which shall be made free by Seller of all <br />personal property. <br />8. Rental and Occupancy By Seller. Seller agrees to execute a complete, current and correct <br />statement of rentals (Seller Estoppel) on a form furnished to Seller by City and deliver same to City within
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