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Home My WebLink AboutCC RESO 15,915RESOLUTION NO. 15,915 RESOLUTION OF THE CITY OF NATIONAL CITY AUTHORIZING THE CITY ENGINEER TO ENTER INTO AN ESCROW FOR THE ACQUISITION OF A PORTION OF THE PROPERTY NEEDED FOR THE EUCLID AVENUE EXTENSION (ASSESSOR'S PARCEL NUMBER 558-180-10) PER FIDELITY NATIONAL TITLE ESCROW NO. J.B. 9940 BE IT RESOLVED by the City Council of the City of National City that the City Engineer is authorized to enter into an escrow for the acquisition of a portion of the property needed for the Euclid Avenue extension (Assessor's Parcel Number 558-180-10) per Fidelity National Title Escrow No. J.B. 9940, a copy of which is attached hereto as Exhibit A. PASSED and ADOPTED this 28th day of March, 1989. /01 GEORGE H. V4 ERJ M-r4AYOR ATTEST: �y�tt LO I ANNE PEOPLES, CITY CLERK APPROVED AS TO FORM: GEORGE H. ISER, III -CITY ATTORNEY Fidelity National Title INSURANCE COMPANY ESCROW NO: JB-9940 DATE: APR 01, 1988 BIDDLE EF ' `OW OFFICER: JEWELL ESCROW INSTRUCTIONS E 1181T ''l1„ Cash through escrow 9,928.00 Total Consideration 9,928.00 On or before 05/16/88, I/We will hand you the sum of S9,928.00, $0.00 of which I have handed escrow holder; FOR A TOTAL CONSIDERATION OF $9,928.00 AND I will hand you any additional funds and instruments required from me to enable you to comply with these instructions, which you are instructed to use when you are able to procure a Standard Form Policy of Title Insurance from FIDELITY NATIONAL TITLE with liability of not less than $9,928.00, on the following described propertyin the County of SAN DIEGO, State of California: Complete legal description attached hereto and made a part hereof by reference National City, CA 92050 Showing title vested in: City of National City, a Municipal Corporation FREE FROM ENCUMBRANCES EXCEPT: 1. All taxes for the fiscal year 1988/89,8including levies for or,any nirddistrict ricttion, such as, but not limited to, drainage, irri at,r odt improvements, fire the statutesi etc., and any supplemental taxes assessed pursuant of 1983, the State of California. Parties acknowledge you make NO REPORT of personal ,.-operty taxes. 2. BONDS AND ASSESSMENTS with no delinquent payments. 3. COVENANgECORD,CONDITIONS, INCLG�LNG SO RESTRICTIONS, ZONI GORDINANCESEASEMENTS, many. RIGHTS, AND RIGHTS OF WAY OF CONSUMMATION of this escrow is CONTINGENT UPON THE FOLLOWING: A) Buyer's approval of the Preliminary Title Report within 5 days of receipt of same. In the event of no written disapproval deposited into escrow within said time limit, IT WILL BE DEEMED APPROVED, and release of this contingency. B) The City Council's approval of this transaction. Said approval shall be evidenced by buyer's execution of the Certificate of Acceptance. Notwithstanding printed matter to the contrary, The City of National City agrees to pay the following: Escrow fees, title insurance premium recording fees, transfer taxes and other closing cost incidental to conveying title to the City; Document preparation fees; Penalty cost and other additional charges as applicable of any prepayment of any pre- existing recorded mortgage entered into in good faith encumbering the property; and prorated portion of real property taxes which are allocable to the period subsequent to the date of transfer of title to the City. You are authorized to pay all encumbrances necessary to place title in con shown ^alled for herein, including, but not limited to, prepaymentpenalties as herein provided, without further approval. Buyer acknowledges ddeepossit o mclosin g F ndsctosie fSoH deoff si aontr unds,of unless other 9 funds. ESCROW HOLDER IS INSTRUCTED THAT NO PRORATIONS ARE TO BE MADE. Buyer and Seller acknowledge that as a requirement for the closing of this escrow, ^i i Ji1:d ' P.O. Box 85589 • San Diego. California 92138 2763 Camino del Rio South • San Diego, California 92108-3894 • Telephone (619) 295-7332 Fidelity National Title INSURANCE COMPANY DATE: APR 01, 1988 ESCROW NO: JB-9940 ESCROW OFFICER: Jewel Biddle ESCROW INSTRUCTIONS (continued) GENERAL PROVISIONS 1. DEPOSIT OF FUNDS Insurance Code Section 12413 mandates all funds must h; "uvnilab!e as a matter of right' prior to disbursement. DELAYS IN CLOSING will occur If closing funds are other than bank wire, cashiers check or similar type items drag on a California bank. All funds received in this escrow shall be deposited with other escrow funds in a gen- eral escrow account or accounts of FIDELITY NATIONAL TITLE INSURANCE COMPANY, with any state or national bank, and may be transferred to any other such general escrow account or accounts. Said funds will not earn interest unless other- wise specifically stated herein. All disbursements shall be made by check of FIDELITY NATIONAL TITLE INSURANCE COMPANY. 6 for any reason funds are retained or remain in escrow, you are to deduct there- from a reasonable monthly charge as custodian thereof of not less than 810.00 per month. • 2. PRORATIONS AND ADJUSTMENTS All proration and/or adjustments called for in this escrow are to be made on the basis of a thirty (30) day month unless otherwise instructed in writing. The phrase "close ▪ of escrow" (COE or CE) as used in this escrow means the date on which documents are recorded and relates only in proration arxdor adjustments unless otherwise specified. You are to use information contained on last available tax statement, rental statement as provided by the seller, beneficiary's statement and fire insurance policies delivered Into escrow for the prorates provided for herein. 3. RECORDATION OF INSTRUMENTS Recordation of any instruments delivered through this escrow, if necessary or proper for the issuance of the policy of title insurance called for, is authorized. 4. AUTHORIZATION TO FURNISH COPIES You are authorized to furnish copies of these instructions, supplements, amendments, or notices of cancellation and closing statements in this escrow, to the Real Estate Brokers(s) and Lenders(s) named in this escrow. 5. AUTHORIZATION TO EXECUTE ASSIGNMENT OF HAZARD INSURANCE POLICIES Either Buyer, Seller and/or Lender will hand you insurance agent and insurance pol- icy information and you are to execute, on behalf of the principals hereto, form assign- ments of interest in any insurance policy (other than title insurance) called for in this escrow, forward assignment and policy to the insurance agent, requesting that insurer consent to such transfer and/or attach a loss payable clause and/or such other endorse- ments as may be required, and, forward such policy(s) to the principals entitled thereto. ft Is not your responsibility to verify the information handed you or the assignability of said insurance, your sole duty is to forward said request to insurance agent at close of escrow 6. PERSONAL PROPERTY No examination or insurance as to the amount or payment of personal property taxes Is required unless specifically requested. 7. RIGHT OF CANCELLATION Any principal instructing you to cancel this escrow shall file notice of cancellation in your office in writing. You shall within two (2) working days thereafter mail, by certified mail, one copy of such notice to each of the other principals at the addresses stated In this escrow. UNLESS WRITTEN OBJECTION TO CANCELLATION IS FILED IN 'YOUR OFFICE BY A PRINCIPAL WITHIN TEN (10) DAYS AFTER DATE OF SUCH MAILING, YOU ARE AUTHORIZED TO COMPLY WITH SUCH NOTICE AND DEMAND PAYMENT OF YOUR CANCELLATION CHARGES. If written objection is filed, you are authorized to hold all money and instruments in this escrow and take no further action until otherwise directed, either by the principals' mutual written instructions, or final order of a court of competent jurisdiction. 8. ACTION IN INTERPLEADER The principals hereto expressly agree that you, as escrow holder, have the abso- lute right at your election to file an action in interpleader requiring the principals o answer and litigate their several claims and rights among themselves and you are authorized to deposit with the clerk of the court all documents and funds held in this escrow In the event such action is filed, the principals jointly and severally agree to pay your can- cellation charges and costs, expenses and reasonable atomey's fees which you are required to expend or incur in such interpleader action, the amount thereof to be fixed and judgment therefor to be rendered by the court. Upon the filing of such action, you shall thereupon be fully released and discharged from all obligations to further per- form any duties or obligations otherwise imposed by the terms of this escrow. 8. TERMINATION OF AGENCY OBLIGATION If there is no action taken on this escrow within six (6) months after the "time limit date" as set forth in the escrow instructions or written extension thereof, your agency obligation shall terminate at your option and all documents, monies or other items held by you shall be returned to the parties depositing same. In the event of cancellation of this escrow, whether it be at the request of any of the principals or otherwise, the fees and charges due FIDELITY NATIONAL TITLE INSURANCE COMPANY, including expenditures incurred and/or authorized shall be borne equally by the parties hereto (unless otherwise agreed to specifically). 10. CONFLICTING INSTRUCTIONS Upon receipt of any conflicting instructions other than cancellation instructions, you are no longer obligated to take any further action in connection with this escrow until further consistent instructions are received from the principals to this escrow except as provided in Paragraph 7 of these General Provisions. 11. DELIVERY/RECEIPT Delivery to Buyer and/or Seller as used in these instructions is to be by regular mail, and receipt is determined to be 72 hours after such mailing unless otherwise stated herein. 12. STATE/FEDERAL CODE NOTIFICATIONS Pursuant to Section 480.3 of Revenue and Taxation code of the State of California prior to the close of escrow, Buyer will provide Escrow Holder with a Preliminary Change of Ownership Report. In the event said report is not handed to Escrow Holder for sub- mission to the County in which subject property is located, upon recording of the Grant Deed. Buyers acknowledge that the applicable fee will be assessed by said county and Escrow Holder shall debit the account of Buyer for same at close of escrow. Further, Buyers acknowledge that this lack of submission may impact certain provisions under the Owners Policy of 'Title Insurance issued at close of this escrow. Pursuant to Foreign Investors in Real Property Tax Act, the Internal Revenue Code, Sections 1445 and 6039 C, Buyer and Seller herein represent and warrant that they will seek and obtain independent legal advice and counsel relative to their obligations and will take all steps in order to comply with such requirements and agree to hold you harmless relative to their compliance therewith. 13. ENCUMBRANCES You are authorized to pay all encumbrances necessary to place title in condition called for herein, including but not limited to prepayment penalties, without further approval of the undersigned. 14. USURY You are not to be concerned with any question of usury in any loan or encumbrance involved in the processing of this escrow and you are hereby released of any respon- sibility or liability therefor. 15. DISCLOSURE Your knowledge of matters affecting the property, provided such facts do not pre- vent your compliance with these instructions, does not create any liability or duty in addition to your responsibility under these instructions. 16. COUNTERPARTS These instructions, and any amendments or supplements thereto, may be executed In any number of counterparts, each of which shall be deemed an original, regardless of the date of execution and delivery. All such counterparts shall constitute one and the same document. ALL DOCUMENTS, BALANCES AND STATEMENTS DUE THE UNDERSIGNED ARE TO BE MAILED TO THE ADDRESS SHOWN BELOW. MY SIGNATURE HERETO CONSTITUTES INSTRUCTION TO ESCROW HOLDER OF ALL TERMS AND CONDITIONS CONTAINED IN THIS AND ALL PRECEDING PAGES AND FURTHER SIGNIFIES THAT I HAVE READ AND UNDERSTAND THESE GENERAL PROVISIONS. Fidelity National Title INSURANCE COMPANY and in accordance with Section 1521 of the Tax Reform Act of 1986, escrow holder must receive from Seller a tax information statement prior to the close of escrow. Buyer and Seller further acknowledge that escrow holder must provide this information to the Internal Revenue Service, and if the Seller is required to file a return, a iegligence penalty or other sanction will be imposed on Seller if this income is taxable and the Internal Revenue Service determines that it has not been reported. THE FOREGOING INSTRUCTIONS ARE SUBJECT TO 'GENERAL PROVISIONS' AS SET FORTH ON THE ATTACHED PAGE. BY YOUR EXECUTION BELOW, PARTIES HEREIN ACKNOWLEDGE THEY HAVE READ AND EULLY UNDERSTAND ALL PROVISIONS CONTAINED THEREIN. SELLERS: riel L. Gador 500 Kathwood Dr. Athens, GA 30607 BUYERS: City o BY: City 1243 National City Boulevard National City, CA 92050 Mercedes Gador P.O. Box 85589 • San Diego, California 92138 2763 Camino del Rio South • San Diego, California 92108-3894 • Telephone (619) 295-7332