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HomeMy WebLinkAboutCC RESO 9410RESOLUTION NO. 9"IC RESOLUTION AUTHORIZING EXECUTION OF OPTION 7l7 PURCHASE REAL PROPERTY BE IT RESOLVED by the City Council of the City of National City that the Mayor and City Clerk be authorized to execute and attest that certain Option to Purchase Real Property between the City of National City and the Continana Corporation, a copy of which is attached. PASSED AND ADOPTED this 18th day of July, 1967. ATTEST: OPTION TO PURCHASE REAL PROPERTY Parties. THE CITY OF NATIONAL CITY, a municipal cor- poration, shall be known in this agreement as the "Seller". CONTINANA CORPORATION, a private corporation, shall herein- after be known as the "Buyer". Option Price. For the sum of Two Thousand Seven Hun- dred Twenty-five Dollars and Fifty Cents ($2,725.50), the Seller grants to the Buyer an option to purchase the real property described in Exhibit "A", which is attached hereto 'and incorporated herein .as if fully set forth, under the terms and conditions hereinafter set forth. 1. OPTION TO PURCHASE: Seller hereby gives and grants to Buyer the ex- clusive right and option for and during the period from the date hereof to and including 5:00 o'clock P.M., Pacific Standard Time, , , 1968, to purchase for the price and upon and subject to the terms and condi- tions hereinafter stated, all of -Seller's right, title and interest in that certain real property described in Exhibit "An 2. EXERCISE OF OPTION: Said option may be exercised any time subsequent to the date hereof and prior to the expiration time set forth above by delivering written notice of exercise of this option addressed to seller at: City Manager City of National City Civic Center 1243 National Avenue National City, California Said written notice shall be deemed delivered to Seller within forty-eight (48) hours of the depositing thereof, postage prepaid, certified mail, at any United States Post Office in the State of California; but Buyer may elect to hand deliver by messenger said notice to the aforesaid address in which event the notice shall be deemed delivered upon leaving same at the premises. 3. PURCHASE PRICE: The total purchase price with Buyer agrees to pay in the event of exercise of the option and which Seller agrees to accept for said real property in the event of exercise of the option is the sum of Fifty-four Thousand, Five Hundred Ten Dollars ($54,510.00). In the event of exercise of the option, Buyer will be credited with the ampunt of the option price: Two Thousand Seven Hundred Twenty-five Dollars and Fifty Cents ($2,725.50), as a pay- ment towards the full purchase price. Said purchase price shall be paid in cash at the close of the escrow described below. 4. ESCROW: Within two business days, and Saturdays and Sundays are hereby defined as not being business days, from the day of delivery of notice of exercise of this option to Seller, -2- Buyer shall open an escrow at Security First National City Branch, on the following terms National Bank, and conditions, and Seller and Buyer shall immediately execute same: (a) The escrow instructions shall be written on the form currently in use by the Security First National Bank. (b) (c) Five Thousand Four Hundred Fifty-one Dollars ($5,451.00) into The escrow shall be for 60 days. At the opening of escrow, Buyer shall deposit escrow. (d) Title to the real property shall be delivered to'Buyer free and clear excepting for covenants, restrictions, easements, rights and rights of way of record, all of which shall be subject to the approval of Buyer within fourteen (14) days of the receipt of Preliminary Title Report. (e) Seller shall provide Buyer, at no expense to Buyer, with a Standard Owners Title Policy issued by Land Title Insurance Company in an amount equal to the total pur- chase price. (f) Escrow charges, recording fees, revenue stamp, etc. shall be divided according to the usual practice of the Security First National Bank. (g) Possession shall be given to buyer at the close of escrow. (h) Within 180 days of close of escrow Buyer will begin construction on a building for medical offices and/or boarding home and/or retirement apartments and/or nursing home and/or related facilities. -3- (i) Subject property will be rezoned as C2PD by the City of National City. (j) Buyer will obtain a conventional construction loan for the construction of the required facilities. (k) Buyer will obtain all federal, state and local use permits as may be required. (1) Buyer will submit plans for the approval of the National City Real Estate Committee, and upon approval will apply for a C2PD permit from the City of National City in accordance with the plans submitted. (m) To guarantee performance of the condition re- quiring construction of approved facilities to begin 180 days of the close of escrow, Buyer shall execute an agree- ment with the City of National City (a copy of which is attached hereto in blank) and shall deliver to the City At- torney as an independent escrow agent a Grant Deed of the subject property back to the City, such title to be unrecorded and returned to Buyer upon satisfaction of the conditions of construction of approved facilities. (n) The executed agreement and Grant Deed shall be delivered into this escrow, and subsequently delivered to the City of National City, as independent escrow agent, upon the close of this escrow. (o) The City will remove all existing structures from the subject property. (P) The Buyer will install streets adjacent to the subject property, such installation to be in accordance -4- with City specifications as a condition to receiving final inspection of the improvements to be constructed on the subject property by Buyer. The streets to be installed are indicated on a plat which is attached to this option agree- ment and marked Exhibit 'B" and incorporated herein as if fully set forth, which plat will become a part of escrow instructions if the said option is exercised. 5. AUTHORITY AI\D TITLE: Seller represents and warrants that it has auth- ority to enter into and grant the option herein given and that it holds title to said real property. 6. SUCCESSORS IN INTEREST: This option is binding on the executors, adminis- trators, heirs and successors in interest of the parties hereto. IN WITNESS WHEREOF, the undersigned have executed this option this 1 ATTEST: City Clerk; c day of , 1967. SELLER: City of National City / By: BUYER: Continana Corporation By: -5- Parcel No. 1: Those portions of lots 11 through 20 inclusive, of Biock 2 . of Smith and Planters Subdivision of -the West Half of 10 Acre Lot 1 in Quarter Section 152 of Rancho de la Nacion, in the City of National City, County of San Diego, State of California, according to the Map thereof No. 1075, filed in the office of the Recorder of said County August 24, 1907, and of the Northerly Half of Twenty-fifth Street ad- jacent to said Lot 11, vacated by Judgment and Decree in Condemnation dated October 20, 1944, (U.S. District Court No. 279-SD Civil) more particularly described as follows: Beginning at the intersection of the Southerly line of Twenty-fourth Street with the Westerly line of "B" Avenue, being also the Northeasterly corner of said Lot 20 as shown on said Map No. 1075; thence Southerly along the Westerly line of "B" Avenue and its Southerly prolongation to a point 20 feet Northerly of the center line of Twenty-fifth Street, thence Westerly parallel. with and 20 feet Northerly at right angles to the center line of said Twenty-fifth Street to a point on the Southerly prolongation of the Easterly line of the alley in said Block 2; thence Northerly along said Southerly prolongation and the Easterly line of said alley to the Southerly line of Twenty-fourth Street; thence Easterly along the Southerly line of Twenty-fourth Street to the point of beginning. Parcel No. 2: • Those portions of lots 1 through 6 inclusive and lots 11 through 20 inclusive of Block 2 of Smith and Plante's Sub- division of the West Half of 10 Acre Lot 2 in Quarter Section 152 of Rancho de la Nacion, in the City of National City, County of San Diego, State of California, according to the Map thereof No. 1031, filed in the office of the Recorder of said County, February 13, 1907, and of the Southerly Half of Twenty-fifth Street adjacent to said Lot 20, and of the Northerly Half of Twenty-sixth Street adjacent to said Lot 11,both vacated by Judgment and Decree in Condemnation dated October 20, 1944 (U.S. District Court No. 279-SD Civil) and of the alley in said Biock 2, and of the Easterly 10 feet of the Easterly Half of "A" Avenue, vacated and closed to public use by Resolution No. 8697 of the City Council of said National City, more particularly described as follows: Beginning at the intersection of the center line of Twenty- fifth Street with the prolongation of the Westerly line of "B" Avenue; thence Southerly along said prolongation and the Westerly line of "B" Avenue and its Southerly prolonga- tion to a point which is 30 feet Northerly of the center line of Twenty-sixth Street; thence Westerly parallel with and 30 feet Northerly at right angles to the center line of Twenty-sixth Street to the intersection with the South- erly prolongation of the Easterly line of the alley in said Block 2; thence Northerly along said Southerly prolongation 10 feet to the Northerly line of Twenty-sixth Street; thence Westerly along the Westerly prolongation of said Northerly line of Twenty-sixth Street to the intersection with the centerline of the alley in said Block 2; thence Northerly .along said center line to the intersection with the Easterly prolongation of the:Southerly line of said Lot 6; thence Westerly along said Easterly prolongation and along the Southerly line of said Lot 6 and its Westerly prolongation to the Westerly line of the Easterly 10 feet of "A" Avenue, vacated and closed to public use by Resolution No. 8697 of the City Council of said National City; thence Northerly along said Westerly line to the intersection with the West- erly prolongation of the Southerly line of Twenty-fifth Street; thence Easterly along said Westerly prolongation and along the Southerly line of Twenty-fifth Street and its. Easterly prolonac, tion to the intersection with the Easterly line of the` alley in said Block 2; thence Northerly along the Northerly prolongation of the Easterly line of said alley to the intersection with the center line of Twenty-fifth Street; thence Easterly along the center line of said Twenty-fifth Street to the point of beginning. RESERVING to the City of National City the rights of the public in and to that 20 foot alley in said Block 2. NAM CITY EN R D�rT. NO J O 4 3 © pr/im/ SY �� DATE. 7�f�16 7 C .R. E.O. DATE 0.c/6%CKD. �/ DATE AGREEMENT The parties to this Agreement are the CITY OF NATIONAL CITY, referred to herein as "CITY", and CONTINANA CORPORATION, a Delaware corporation, referred to herein as "CONTINANA".. WHEREAS, the CITY is selling to CONTINANA certain property in the City of National City which is the subject of Escrow No. at the Security First National. Bank, National City Branch, and WHEREAS, as partial consideration for the sale of said property the City requires that CONTINANA commence construction on said property within a certain period of time, �,n NOW, Tri���.E,FO i'^ 1.� in consideration of the mutual promises of the parties they agree as follows: 1. The parties have opened an Escrow No. at the National City Branch of Security First National Bank. Said bank shall be instructed by the parties, providing the escrow r instructions are otherwise complied with, to transfer said property to CONTINANA by the usual and customary grant deed with no reservations or restrictions contained therein. 2. Concurrently with the closing of said escrow the escrow agent shall be instructed by the parties to deliver to DONALD F. McLEAN, JR., attorney for the City of National City, a grant deed to the subject property reconveying said property to the City of National City to be held in trust by DONALD F. McLEAN, J�.r', pursuant to the following conditions: a. Said deed shall not be recorded b. Said deed shall be redelivered to CONTINANA or its representative when CONTINANA has commenced construction on the subject property. "Commence construction" shall Page One mean delivery of material to the site and construction activity, including but not limited to the preparation of footings in preparation for the pouring of the foun- dation. c. The completion of the foundation footings in prepa- ration for the pouring of the foundation shall be con- clusive on the parties that construction has commenced and upon the happening of said event said deed shall be forthwith delivered to CONTINANA. 3. The CITY shall not have the power to use or record said deed except upon the happening of the following events: a. Should CONTINANA fail to commence construction as defined herein with a period of Two Hundred, Seventy days (270) from the close of escrow, and; b. Only after written notice has been given to CONTINANA no more than One Hundred, Eighty days (180) from the close of escrow that it is in default with respect to the commencement of construction, and; c. An additional Sixty (60) days have elapsed from said written notice during which time CONTINANA fails to correct said default. Executed this day of , 1967. CITY OF NATIONAL CITY Executed this By day of , 1967. CONTINANA CORPORATION Page Two By