HomeMy WebLinkAboutResolutionRESOLUTION 2011 — 52
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
AUTHORIZING THE MAYOR TO EXECUTE A FIFTH AMENDMENT
TO AGREEMENT FOR EXCHANGE OF REAL PROPERTY AND
JOINT ESCROW INSTRUCTIONS
WHEREAS, on or about September 23, 2010, the City and The Illes Family Trust
entered into an Agreement for Exchange of Real Property and Joint Escrow Instructions (the
"Agreement") whereby they agreed to the exchange of the City Property at 522 West 8th Street,
National City, for the Illes Property at 2020 Hoover Avenue, National City; and
WHEREAS, the Agreement was subsequently amended on or about November
9, 2010 ("First Amendment"), December 23, 2010 ("Second Amendment"), January 11, 2011
("Third Amendment"), and January 24, 2011 ("Fourth Amendment") ; and
WHEREAS, Section 3.2 of the Agreement provides that Close of Escrow shall
occur on or before the date that is thirty (30) days after expiration of the Contingency Period, as
defined in Section 6.1.2; and
WHEREAS, pursuant to Section 6.1.2, as revised pursuant to the Fourth
Amendment, the Contingency Period shall expire at 5:00 p.m. of the third day following receipt
by the Parties of the soils investigation report for 522 West 8th Street by Geosyntec Consultants
pursuant to Geosyntec's proposal dated January 21, 2011 (the "Soils Report"); and
WHEREAS, the Soils Report was received by the Parties on February 8, 2011,
making the expiration of the Contingency Period 5:00 p.m. on February 11, 2011, and resulting
in a Close of Escrow date of March 13, 2011; and
WHEREAS, the Illes Property at 2020 Hoover Avenue is encumbered by a small
business loan which must be satisfied prior to closing. Pursuant to the regulations governing
small business loans, the pay-off of the subject loan must occur on March 17, 2011. Therefore,
in order to facilitate the pay-off of the small business loan, it is necessary to amend Section 3.2
of the Agreement to extend the date of Close of Escrow to March 17, 2011.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City hereby authorizes the Mayor to execute a Fifth Amendment to Agreement for
Exchange of Real Property and Joint Escrow Instructions to amend Section 3.2 of the
Agreement to extend the date of Close of Escrow to March 17, 2011. Said Fifth Amendment to
Agreement is on file in the office of the City Clerk.
PASSED and ADOPTED this lst day of March, 2011.
Ron Morrison, Mayor
ATTEST: APPROVED AS TO FORM:
Michael R. Dalla, City Clerk Claudia G. Silva, City Attorney