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HomeMy WebLinkAbout1988 CC RESO 15,494RESOLUTION NO. 15,494 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY AUTHORIZING THE CITY ENGINEER TO ENTER INTO AN ACQUISITION ESCROW FOR PROPERTY AT 2315 E. 20TH STREET (T. & A. MOREHOUSE) FOR CONTINENTAL LAND TITLE ESCROW NO. 609091 BE IT RESOLVED by the City council of the City of National City, California, that the City Engineer is authorized to execute an acquisition escrow, Escrow No. 609091, for the acquisition of property located at 2315 E. 20th Street, National City, California. PASSED AND ADOPTED this 5th day of January, 1988 GEORGE H. MRRS, Mayor ATTEST: Ion: Campbell, City clerk APPROVED AS TO FORM: titc4)L.ar George H. Eiser, III -City Attorney ESCROW INSTRUCTIONS To: D'wntown Office Escrow No 609091 Date August 4, 1987 CONTINENTAL LAND TITLE COMPANY 1330 Fourth Ave., P.O. Box 2270 San Diego. CA 92112 Tarry B. Eliseo , Escrow Officer (619) 234-7192 2. 3 ON BUT NOT PRIOR TO JANUARY 4, 1988, 4. I will hand you , prior to close of escrow, the 5. sum of $41,600.00 and closing funds and documents 6. as required, C'.r.4 ,07 Paid outside of escrow $ Cash through escrow S 41,600 Encumbrance of record $ Encumbrance of record $ New encumbrance $ Total Consideration $ 41,600 no 7. which you will deliver when you obtain a Grant Deed to the Vestee(s) named herein and when you can issue your usual standard form 8. OWNERS policy of title insurance with a liability in the amount of $ 41, 600.00 on property 9. described as follows: 10.Two parcels consisting of a portion of the fee title and easement title for slope rights. 11. Escrow holder shall be handed a complete legal description for parties to approve prior 12' to close of escrow. City to provide said legal description. 1a 14 - 15. 16. showing title vested in: CITY OF NATIONAL CITY, a Municipal Corporation 17. 18. 19. 20. 21. FREE OF ENCUMBRANCES EXCEPT: 22. Second installment secured General and Special Taxes for the fiscal year 19 87 19 88. including personal property taxes, 23. if any, and special District Levies, payment of which is included and collected therewith, and the lien of supplemental taxes, if any, assessed 24. pursuant to the provisions of Chapter 498, Statutes of the State of California. 25. Covenants, conditions, restrictions, reservations, easements, rights, rights of way of record, and any oil or mineral reservations of record. 26. 27. CLOSE OF THIS ESCROW IS CONDITIONED UPON acceptance of the Grant Deed and 28. authorization for the expenditure of the funds necessary to purchase said property 29. by the City Council of the City of National City. Deposit in escrow of the 30. resolution by the City of National City accepting said deed and authorizing the 31. expenditure shall constitute satisfaction of this condition. 32. 33. Seller herein understands that while there are no prorations of property taxes to be 34. made through escrow, seller shall be liable for taxes to the date of close of escrow 35. and may be required to pay for taxes in advance with a refund from the County Tax 36. Collector after close of escrow for any overpayment. 37. 38. In the event at close of escrow taxes do not show current, seller shall cause to be 39. handed to escrow holder proof of payment or shall cause to be handed to escrow the 40. necessary tax stubs and escrow holder shall pay same at close of escrow, together 41. with any penalties, if applicable, charging the account of seller. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. MAKE ADJUSTMENTS AND PRORATIONS OF THOSE ITEMS HEREINAFTER CHECKED AS OF CLOSE OF ESCROW: NONE 54. ❑ Taxes, except taxes on personal property not conveyed through this escrow based on current years taxes. However in the event the 55. escrow closes after July 1 and before the current taxes are publicly posted and published you are instructed to prorate the taxes 56. based upon the immediately preceding years taxes unless the parties to the escrow furnish you with an amount mutually agreed to, 57. which sum shall be used as the basis for said proration. 58. ❑ Interest on deed of trust of record based on statement furnished you by the beneficiary. 59. ❑ If the unpaid balance of the loan of record to remain as shown on beneficiary statement is more or less than the amount shown 60. above. adjust difference accordingly in 61. 62. 63. 64. ❑ Rentals based on statement handed you by seller and approved by buyer. 65. ❑ Security deposits, cleaning fees and advance rents as shown on rental statement are to be charged to seller and credited to buyer. 66. ❑ Premiums on fire insurance policies handed you, unless buyer at his option secures new coverage and advises escrow holder accordingly. 67. ❑ Homeowner's association fees. 68. ❑ FHA Mortgage Insurance Premium. 69. ❑ Any impounds shown on beneficiary statement are to be charged to buyer and credited to seller. 70 BUYER agrees to pay all title and escrow charges in connection with this transaction, 71' together with trustee's fees, recording reconveyance and demand fees, if applicable. (Pane 1) CONTr., ON PAGE TWO E-100A GENERAL PROVISIONS 1. A! r'jnds received in this escrow shall be deposited with other funds in a general escrow fund account or accounts of CONTINENTAL LAND TITLE COMPANY with a State or National Bank qualified 10 do business in the State of California. All disbursements shall be made by check of CONTINENTAL LAND TITLE COMPANY. The principals to this escrow are hereby notified that the funds deposited herein are insured only to the limit provided by Federal Deposit Insurance Corporation. 2. You ore authorized to prepare.obtain, record and deliver the necessary instruments to carry out the terms and conditions of this escrow and to order to be issued at close of escrow the policy of title insurance as called for in these instructions. Close of escrow shall mean the date instruments are recorded. 3. At adjustments and proration shall be made on the basis of a 30 day month. 4. As my agent, you are instructed to assign any fire and casualty insurance policy delivered to you and to secure any endorsements required in the performance of these instructions. You may assume that said policy is in full force and effect and that all premiums due have been paid. • 5. You are not to be held accountable or liable for the sufficiency or correctness as to form, manner of execution, or validity of any instrument deposited in this escrow, nor as to the identity, authority or rights of any person executing the some. Your duties hereunder shall be limited to the proper handling of such money and the proper safekeeping of such instruments, or other documents received by you as escrow holder, and for the disposition of same in accordance with the written instructions accepted by you in this escrow. 6. You shall have no responsibility of notifying me or any of the parties to this escrow of any sale, resole. loan. exchange or other transaction involving any property herein described or of any profit realized by any person, firm or corporation in connection therewith, regardless of the fact that such transaction(s) may be handled by you in this escrow or in onother escrow. 7. No notice, demand or change of instructions shall be of any effect in this escrow unless given in writing by all parties affected thereby. In the event a demand for the funds on deposit in this escrow is mode. not concurred in by all parties hereto, the escrow holder, regardless of who made demand therefor, may elect to do any of the following: (i) After thirty days from the date escrow holder was first notified that the escrow is to be cancelled and/or demand for funds was made. absent mutually concurring instructions providing for payment of funds and the disposition to be made of this escrow, the escrow holder may return all funds and documents to the parties depositing same, and without liability therefor. (ii) Withhold and stop all further proceeding in, and performance of. this escrow pending a resolution of any conflict by and between the parties hereto. (iii) File a suit in interpleader and obtain an order from the court allowing escrow holder to deposit all funds and documents in court and have no further liability hereunder 8. If the conditions of this escrow have not been complied with at the time herein provided. you are nevertheless to complete the same as soon as the conditions (except as to time) have been complied with, unless I shalt have made written demand upon you for the return of money and instruments deposited by me. 9. All parties hereto agree, jointly and severely, to pay on demand. as well as to indemnify and hold you harmless from and against all costs. damages, judgements, attorney's fees, expenses. obligations and liabilities of any kind or nature which, in good faith, you may incur or sustain in connection with this escrow, whether arising before or subsequent to the close of this escrow. 10. You are authorized to furnish copies of these instructions, any supplements or amendments thereto. notices of cancellation and closing statements to the real estote broker(s) and lender(s) named in this escrow. 11. These instructions may be executed in counterparts. each of which so executed. shall. irrespective of the date of its execution and delivery be deemed an original. and said counterparts together shall constitute one and the same instrument. 12. These instructions shall become effective as an escrow only upon the delivery thereof to the escrow holder signed by all parties thereto. 13. Any funds abandoned or remaining unclaimed, after good faith efforts have been made by the escrow holder to return same to the party(ies) entitled thereto. shall be assessed a holding fee of S50.00 annually. After seven years the amount thereafter remaining unclaimed may escheat to the State of California. 14. All documents. closing statements. and balances due the parties to this escrow are to be mailed by ordinary mail to said parties at the addresses shown opposite their signatures. unless otherwise instructed. ALL OF THE TERMS, CONDITIONS AND PROVISIONS AS SET FORTH HEREINABOVE ARE APPROVED, ACCEPTED AND CONCURRED IN BY THE PARTIES WHOSE SIGNATURES APPEAR BELOW. BUYERS) CITY OF NATIONAL CITY a Municipal Corporation By: By: c/o Mr. Carl Pippin 5624 farnegir St., S. n CA 92122 (Address) (Address) (Zone) (Telephone) 455-9087 (Zone) (Telephone) (Address) (Zone) (Telephone) (Address) (Zone) (Telephone) The foregoing terms. conditions and instructions are hereby concurred in. approved and accepted. I will hand you all instruments and money necessary of me to enable you to comply therewith which you are authorized to use and/or deliver when you hold in this escrow for my account the funds, prorata adjustments and instruments deliverable to me under these instructionsotwirstIOCKWVAMOunktr4CIMMICANIVXMARIPRextklf busit9f Pmcgocrgkxt-vsfitt3€'kRi€ NiRcincAhi ttiorR 7ncsAltEtiftRtic3d f k151 R MRR iZfa'r(R50JPk k ommsamf/xmWscali bariomAkxx tx i4 tRXRX NIkxxxxxxxxxx§ i@t WOMARk KAVARV2:fi7c 3.©R4lVATI fk We are to be at no expense for title or escrow charges in connection with this transaction. SELLER(S) Thomas H. Morehouse 1945 Orange Street, National City, CA 92050 267-4422 Hm: (Address) (Zone) (Telephone) Same address as shown above. Anna Morehouse (Address) (Zone) (Telephone) (Address) (Zone) (Telephone) (Address) (Pnno 91 (Zone) (Telephone) Continental Land Title Company ESTI ATED CEO ESCROW STATEMENT TO: CTTY OF NATTONAT. CTTY, a Municipal Corp_ Pn,alyAddress- 2115 F. nth Street., Nat. City, CA Total Consideration Deposits Deposits Paid Outside of Escrow New Note and Trust Deed New Note and Trust Deed Unpaid principal balance - Trust Deed of record Adjustment of impounded funds Lender charges: Beneficiary Statement Fee Assumption Fee/Change of Records Fee Pro rata interest at %on S from to Pro rata taxes S from to Pro rata rents S Security deposits Advance rentals Pro rata insurance premium S Commission: Policy of Title Insurance Owner's Dnr:umentary Transfer Tax Reconveyance Fee Recording: Deed Recording Sub Escrow Fee from to from to Trust Deed Reconveyance Paid Taxes Assessments Escrow Fee: Sale 500.00 Loan Tie-in Fee Loan Document Preparation Fee: Deed Trust Deed Demand for rconveyance of Trust Deed: Principal Interest at S /per day from Forwarding and Reconveyance Fee Prepayment penalty Demand for reconveyance of Trust Deed: Principal Interest at S to /per day from to Forwarding and Reconveyance Fee Prepayment penalty New Loan Charges Appraisal Fee Credit Report Tax Service Document Preparation MMI or PMI Loan Discount Impounds Interest at S /per day from Homeownees Association Fees Termite Report/Completion Certificate Pad Check Herewith Balance due this company to Escrow No. Downnwn Subsidiary of Iawyerslitle Insurance Crporation rn9n91 Estimate Date umen s Recorded DENTS Branch .Tanuary 4, 19 P. 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