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HomeMy WebLinkAboutCC RESO 15,918RESOLUTION NO. 15,918 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 561-262-11) PER FIDELITY NATIONAL TITLE ESCROW NO. J.B. 9857 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 561-262-11) per Fidelity National Title Escrow No. J.B. 9857, a copy of which is attached hereto as Exhibit A. PASSED and ADOPTED this 28th day of March, 1989. ATTEST: (`j-'l A I P.f lJ L RI ANNE PEOPLEv, CITY CLERK APPROVED AS TO FORM: GEORGE H. EISER, III -CITY 4EHWATERS,4AYOR ATTORNEY Fidelity National Title INSURANCE COMPANY Mibil A„ ESCROW INSINUCTIONS ESCROW NO: JB-9857 Pt:21.ciz_ - ags4 o DATE: DEC 03, 1987 Cash through escrow 20,178.00 ESCROW OFFICER: JEWELL BIDDLE Total Consideration 20,178.00 On or before 01/18/88, I/We will hand you the sum of $20,178.00, $0.00 of which I have handed escrow holder; FOR A aLuAL CONSIDERATION OF $20,178.00 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 INS. with liability of not less than $20,178.00, on the following described propertyin the County of SAN DIEGO, State of California: Parcel 51-37: That portion of Lots 21 and 22 and the Southerly half of Lot 20, Block 6, Home Crest "A", in the City of National City, according to the Map thereof, Map No. 1140, filed in the Office of the Recorder of the County of San Diego, State of California, more particularly described on the attached addendum marked Exhibit "A". SELLER REPRESENTS ADDRESS TO BE: 1941 Orange Street National City, CA 92050 Showing title vested in: City of National City, a Municipal Corporation FREE FRO'1 ENCUMBRANCES EXCEPT: 1. Second half for the fiscal year 1987/88, including levies for any district such as, but not limited to, drainage, irrigation,road improvements, fire protection, etc., and any supplemental taxes assessed pursuant to the provisions of the statutes of 1983, the State of California. Parties acknowledge you make NO REPORT of personal property taxes. 2. BONDS AND ASSESSMENTS with no delinquent payments. 3. COVENANTS, CONDITIONS, RESTRICTIONS, RESERVATIONS, EASEMENTS, RIGHTS, AND RIGHTS OF WAY OF RECORD, INCLUDING SO CALLED ZONING ORDINANCES, if any. CONSUN'IATION 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 condition called for herein, including, but not limited to, prepayment penalties, to show title as herein provided, without further approval. Buyer acknowledges deposit of Closing Funds to be in the form of Guaranteed Funds, 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 unless other arangements are made prior to closing for CASH deposits, or transfer of funds. THE FOLLOWING PRORATIONS AND ADJUSTMENTS ARE REQUIRED AS OF close of escrow ALL PRORATIONS AND ADJUSTMENTS ARE TO BE AFFECTED ON A 30-DAY BASIS AND CLOSE OF ESCROW IS THE DAY DESIGNATED BY THE RECORDATION AND/OR REGISTRATION OF THE DATE OF FILING DEED. TAXES on real property ONLY, based on the amount of the last Tax Bill,as provided to you by title insurer, without liability as to correctness. (In the event a new tax bill is issued by the Tax Collector after close of escrow, in an amount different than prorated, the difference, if any, will be adjusted by the parties outside of escrow). Buyer and Seller acknowledge that as a requirement for the closing of this escrow, 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 'negligence 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. Seller hereby agrees to pay the cost of processing this report. THE FOREGOING INSTRUCTIONS ARE SUBJECT TO 'GENERAL PROVISIONS' AS SET FORTH ON THE REVERSE HERREOF. BY YOUR EXECUTION BELOW, PARTIES HEREIN ACKNOWLEDGE THEY HAVE READ AND FULLY UNDERSTAND ALL PROVISIONS CONTAINED THEREIN. SELLERS: MARIA ELENA PIERCE ENGSTROM 1941 Orange Street National City, CA 92050 BUYERS: City of N BY: al S. VA,/e,eS 1243 National City Boulevard National City, CA 92050 y Engineer P.O. Box 85589 • San Diego, California 92138 2763 Camino del Rio South • San Diego, California 92108-3894 • Telephone (619;) 295-7332 GENERAL PROVISIONS 1. Deposit of Funds. MI funds received in this escrow shall be deposited in an escrow account or accounts maintained by FIDELITY NATIONAL TITLE IN- SURANCE COMPANY, with any state or national bank, and may be transferred to any other escrow account or accounts at the sole discretion of FIDELITY NATIONAL TITLE INSURANCE COMPANY. All disbursements shall be made by check of FIDELITY NATIONAL TITLE INSURANCE COMPANY. Further, you are hereby authorized to deposit, or cause to be deposited, any funds handed you under these escrow Instructions with any duly authorized subescrow agent in the event such deposit shall be deemed necessary or convenient at the sole discretion of FIDELITY NATIONAL TITLE INSURANCE ,COMPANY for the consumation of this escrow. If for any reason funds are retained or remain in escrow, you are to deduct therefrom a reasonable monthly charge as custodian thereof of not less than $10.00 per month. 2. Prorations and Adjustments. All prorations and/or adjustments called for in this escrow are to be made on the basis of a thirty (30) day month unless otherwise In- structed In writing. The phrase "close of escrow (COE)" as used in these instructions shall mean the date on which documents are recorded. 3. Recordation of Instruments. Recordation of any Instruments delivered through this escrow, If deemed necessary or proper by FIDELITY NATIONAL TITLE IN- • SURANCE COMPANY for the issuance of the policy or policies of title Insurance called for, is authorized. 4. Authorization to Furnish Copies. ` You are authorized to furnish copies of these instructions, sup- plements, amendments or notices of cancellation and closing statements in this escrow to the real estate broker(s) and lender(s) named In this escrow. 5. Authorization to Execute Assignment of Hazard Insurance Policies. You are to execute, on behalf of the principals hereto, your form assignments of Interest in any insurance policy (other than title In- surance) called for herein and forward them upon close of escrow by regular mail to the agent with the request: (a) that the agent consent to attach loss payable clause or make other additions or correction as have been specifically required herein; (b) that the agent thereafter forward such policy to the parties en - tied to them. In any dealings relating to hazard insurance including adjustments, in connection with this escrow, you may assume that each such policy is in force and that the necessary premium therefor has been paid. You shall not be required to examine or investigate any hazard insurance policy or policy information submitted to you. 6. Matters Not A Part of this Escrow. No examination or insurance as to the amount or payment of per- sonal property taxes is required unless specifically requested. You are not to be concerned with, nor liable for, giving of any disclosures required by federal or state law, including but not limited to, RESPA (Real Estate Settlement Procedures Act), Regulation Z (Truth and Lending Disclosures), or other warning, or any warranties, express or Implied. Further, you are not to be concerned with any zoning ordinances, land division regulation or building restrictions which may pertain to or affect the land or improvements that are sub- ject to this escrow. You are to make no physical Inspection or examination of the real or personal property described in any document in this escrow, and said property shall be accepted unconditionally in its present con- dition by the buyer in this escrow, unless otherwise stated in these Instructions. You will not concern yourself with domestic water bills or other public utility matters. 7. Conflicting Instructions and Right of Cancellation. Any principal instructing you to cancel the escrow shall file notice of cancellation in your office in writing. You shall, within two (2) work- jng days thereof, mail, by certified mail, one (1 copy of such notice each of the other principals at the address stated in this escrow. ..NLESS 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 AS PROVIDED HEREIN. If written objection is filed, you are authorized to hold all money and instruments in the escrow and to take no further action until otherwise directed, either by the prin- cipals' mutual and written instructions, or final order of a court of competent jurisdiction. 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 specifically agreed to. Any party electing to cancel this escrow hereby promises and agrees to pay your cancellation expenses. The principals hereto expressly agree that you, as escrow holder, have the absolute right, at your election, to file an action in in- terpleader requiring the prmcipalstp answer,and litinato tbPir.eeveraI claims and rights among themselves and you are authorized to deposit with the Clerk of the Court all documents and funds In this escrow. In the event such action Is filed, the principals, jointly and severally, agree to pay your cancellation charges and costs, expenses and reasonable attorneys 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 or agreement of the parties. Upon the filing of such action, you shall thereon be fully released and discharged from all obligations to further perform any duties or obligations otherwise Imposed by the terms of this escrow. Except as expressly provided for above, should any controversy arise between the parties hereto or any other person, or should con- flicting demands be made upon you with respect to any monies or documents which you hold in escrow, you shall not be liable to take any action of any kind but may withhold all monies, securities, documents or other things herein deposited until such controversy or conflict shall be resolved to your satisfaction by agreement of the parties or by proper legal process. Any disagreement between buyer and seller as to the adequacy or fulfillment of a condition may be considered as a controversy. All the parties to this escrow hereby jointly and severally promise and agree to pay promptly upon demand, as well as to indemnify you and hold you harmless from, all litigation and interpleader costs, damages, judgments, attorneys fees, expenses, obligations and liabilities of every kind which, in good faith, you may incur or suffer In connection with or arising out of this escrow, which said litiga- tion, interpleader, obligations, liabilities or expenses, arise during the performance of this escrow or sebsequent thereto, directly or indirectly. 8. Amendments to These Instructions. No notice, demand or change of instructions shall be of any ef- fect to alter, amend, supplement or vary the terms of these instruc- tions unless given in writing. 9. Time of the Essence; Termination of Agency Obligation. Time is of the essence in these Instructions. If this escrow is not in a position to close by the date shown herein for close of escrow, you may otherwise continue to act under these instructions, provid- ed written demand to cancel by any party is not handed you after the time given to comply. If there is no action taken on this escrow within six (6) months after the foregoing date, or any 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. 10. Disclosures. Your knowledge of matters affecting the property, provided such facts do not prevent your compliance with these instructions, does not create any liability or duty in addition to your responsibility under these instructions. 11. Effect of this Escrow. It is fully understood by the parties to this escrow that the ex- ecution of instructions in this escrow and any related documents may, and likely will, create or change existing legal rights or obliga- tions relative to various matters, including, but not limited to, pro- perty taxes, interest deductions, rights under existing encumbrance(s) and/or homeowner status. Therefore, each party hereto represents to escrow agent that they have either sought or waived the advise of competent counsel as to any of the foregoing matters, it being fully undestood that FIDELITY NATIONAL TITLE INSURANCE COM- PANY, as escrow agent, serves merely as an escrow agent and can- not give legal or financial advice to any party thereto. Parties' signatures on all Instruments and instructions pertain- ing to this escrow indicate their unconditional acceptance and ap- proval of same. 12. Depository Only. You are to be considered and held as a depository only and shall not be responsible or liable in any manner whatsoever for the suffi- ciency or correctness as to form, manner of execution or validity of any instrument deposited into this escrow, nor as to the identity, authority or rights of any person executing the same; and your duties hereunder shall be limited to the safekeeping of such money, in- struments or other documents received by you as escrow holder and of the delivery of the same in accordance with the written instruc- tions accepted by you in this escrow. 13. Fee for Normal Services. It is understood that the usual fees agreed to be paid for your ser- vices are for ordinary and usual services only, and should there be any extraordinary or unusual services rendered by you hereunder, the undersigned(s) agree to pay you a reasonable compensation for such extraordinary or unusual services, together with any expenses which may be incurred by you in connection therewith. 14. Counterpart. 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. 15. Notices. Escrow agent Is to use the respective addresses of seller and buyer as set forth herein, or the last notice of change thereof receiv- ed by escrow agent, in the mailing of any notice, demand or declara- ,...trgn, herPin.