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Home My WebLink AboutCC RESO 10,435RESOLUTION NO. 10,43.5 • RESOLUTION AUTHORIZING EXECUTION OF OPTION TO PURCHASE REAL PROPERTY (Silver) BE IT RESOLVED by the City Council of the City of National City that the Mayor be authorized to execute that certain option to purchase real property between the City of National City and Henry Silver and Leah Silver, a copy of which is attached. BE IT FURTHER RESOLVED. that the City Finance Officer is hereby authorized and directed to issue a warrant in the -:amount of $19,500. plus escrow fees as required to cover. the. -cost of this transaction. PASSED AND ADOPTED this l7th day of Aguust, 1971. ATTEST: „er ; 11 t v et. h7 U :Li' f•\ - (REAL ESTATE TRANSACTION) MEMO 171-3997 Lscrow No. i rk " Fr: To: �fi�l 1 ` OF r�: vPICA lNrc .-rPe.:5T ANS' SA. • ACnr,C.A CN National City National City Branch , Calif. PAID OUTSIDE OF ESCROW $ CASH THROUGH ESCROW 322 loth St. and 1010 Coolidge St. Street Address of Property 19 500 0Ct National City, Ca UNPAID BALANCE OF ENCUMBRANCES OF RECORD City State Zip Unimproved ❑ Vacant Lot 0 Farmland 0 Acreage (If Applicable) NEW ENCUMBRANCES i Margnt=ri to Frerrl Lscrow Officer Attgnst 5, 1971 , 19 In consideration of your acting as escrow holder herein. it is agreed that you shall in no case or even be liable for forgeries or false personations in connection with these instructions. instruments of record, or those handled in this escrow. It is further agreed that if any controversy arises between the parties hereto or with any -third person; you shall not be required to determine the same or take any action in the premises. but you may await the settlement of any such controversy by final appropriate legal proceedings or otherwise as you may require, notwithstanding anything in the following instructions to the contrary. and in such event you shall not be liable for interest or damage. In the event of such controversy. you shall be entitled to reasonable compensation for all services performed by you and to costs and reasonable attorney's fees if you intervene in or are made a party to any litigation. the undersigned jointly and severally agreeing to pay the same, and you shall further be entitled to hold documents and monies deposited herein pending payment thereof. TOTAL CONSIDERATION 19,500 0 I will handyou $19,500.00 prior to close of escrow. and will deliver to you any notes. instruments andadditional funds required from me to enable you to comply with these instructions. all of which you are authorized and instructed to use and deliver provided instruments have been filed for rccord entitling you to procure assurance of title in the usual form of a Standard Owners Policy of Tide Insurance. issued by Security Title h^,a.�th a liability of 5 19, SOO.00 covering property in the County of San Diego StateofCalifornia described as follows: Lots 21 and 22 Block 118 of National City, in the City of National City, County of San Diego, State of California, according to Na:p thereof No. 348, filed in the Office of the County Recorder of San Diego County 0cto'`er 2, 1882. .. As per map recorded in Book Page of Records of said County showing tide vesied in: CITY OF NATIONAL CITY, a. Municipal Corporation subject to: (1) aliGeneraland Special taxes for the fiscal year 1971 19 72, a lien payable in November INCLUDING ANY SPECIAL DISTRICT LEVIES. PAYMENTS FOR WHICH ARE INCLUDED THEREIN -AND COLLECTED THEREWITH, AND PERSONAL PROPERTY TAXES. IF ANY, ASSESSED AGAINST ANY FORMER OWNER. (2) Assessments and Bonds. presently of record. having a present unpaid balance of None (3). Any covenants. conditions. restrictions. reservations. rights rights of way and easements of record (4) Deed of Trust securing an indebtedness of S None , as per its terms, now of record, unpaid balance of principal 5 Any difference in unpaid balance as disclosed by beneficiary statement will be adjusted through escrow so that the total consideration remains unchanged. ' (5) Deed of Trust on Bank of America N.T. & S.A. form, executed by - - securing a Note for S dated during escrow with interest at payable in favor of principal and interest due and payable in instalments of S day of every month. beginning per cent per annum, from at OR MORE, each on the and continuing until Asa close of es crow the fidlowing adjustments and prorations only arc required in this escrow; taxes .and rents sty ^cr rent statement: deposited by Seller and app roved by Buyer. TRU•243 15.7C Lox. Seiler r:: et ♦e-', ]tit a _. _ .. _ _-..'.a.. ._ _ _ on 37. t'. _ arse \ r'ich s :ler h1'.d, t, \: a et ca_•i, " hot .'_. _ed to \Ju ;^. th., e•.•,•w • :v .'. • _-..._'. ♦. 3 rcr:'...a ha, tact::: pa.a ih a.'.i teat such 71:cs has not heel ♦pa::. _. e"e.:. Forward •uch end07,f. te.'t :Genic to he = :�.._.. • is ens. a:1e: Cc,e Cf c ;,s Inc ajen: rii . a reqd'st that the i.^.,are• rer,ert to the tran.fer thereof and' or the attachment of pa;. ahle cnd: r,c^e.'t or -. ; _ce's c:a_-e or o--r additlon , or corrections a.. required. a."., . that the ;tent thereafter forward such ps'!t Ill and/or the ender esents thereto to the parties e^,^'ed thereto. Seller will pay prior to delinquency all taxes onreal and personal property not being sold herein. which tax is a ken cn the herein dcccribcd real proper•}. You are not to be concerned with same. It is agreed by the parties hereto that so far a, your right, and liabilities are concerned. this transaction is an escrow and not any other legal relation and you Signature Address Telephone are an escrow herder only. The expression "close of escrow" if written in these instructions shall mean the date instruments arc filed for record. It is understood that all disbursements shall be made to parties in interest. by our remittance and that remittance and instruments will be mailed to one of the parties entitled thereto. if more than one, to address given below. Instruct County Recorder to mail instruments in the same manner. Deliver Title Policy to buyer 1 will pay. on demand. regardless of the consummation of this escrow. all charges incurred by you for me. including your usual escrow fee and usual charges. unless otherwise provided. I will pay the Total Escrow Fee and Title Policy Fee. IF YOU ARE UNABLE TO COMPLY WITH THESE INSTRUCTIONS ON OR PRIOR TO September 3, 1971 YOU WILL COMPLY AS SOON THEREAFTER AS POSSIBLE UNLESS A WRITTEN DEMAND FOR RETURN OF MONEY OR INSTRUMENTS BY A PARTY TO THIS ESCROW IS RECEIVED BY YOU SUBSEQUENT TO SUCH DATE AND PRIOR TO THE RECORDING OF ANY INSTRUMENT PROVIDED FOR HEREIN. .. _ - CITY OF TLON.4L CI-TY3�a Municipal Corporation -4, - .Signature by • ,, ........,/�fi,i / Signature • Address 1243 National Avpnnp National City, Ca 92050 Telephone 477-11 81 Address Telephone THE FOREGOING INSTRUCTIONS AND CONDITIONS ARE HEREBY APPROVED AND ACCEPTED IN THEIR ENTIRETY AND CONCURRED IN BY ME. I will supply you with funds, notes and instruments required from me to enable you to comply with these instructions. which you are authorized to use and deliver provided you hold for my account any instruments accruing to me and the sum of S 19,500.00 . When property being conveyed is held in joint tenancy any cash derived therefrom in this escrow shall be joint tenancy funds. ' Order search of title at once. Deduct all my expenses from funds accruing to me. I will pay on demand. regardless of the consummation of this escrow, all charges incurred by you for me (except those other party has agreed to pay), including title charge, fee for preparing instruments 1 execute. your usual escrow fee and usual charges, unless otherwise provided_ • . • Pay Documentary Transfer Tax for the deed I execute of S _0_ computed on full value of property conveyed or computed on full value less liens and encumbrances remaining of record at time of sale Make following disposition of proceeds due me: 1. Credit Coml account of at your - Branch Say. 2. Mail Check to me at address below From funds accruing to the undersigned seller atclose of escrow you are authorized an instructed to obtain and pay demands of lien holder/s of record including interest and prepayment penalty, if any. Buyer to pay total escrow fee and Title Policy Fee. Seller to pay all charges in connection with payment of demands. DD ZCLL Leah Silver Henry giver 2151 Logan Ave. San Diego Ca Signature Address Telephone • .4