HomeMy Public PortalAbout1982.031-LRA (09-21-82)RESOLUTION No. LRA 82 -31
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF LYNWOOD APPROVING AN AGREEMENT FOR
ACQUISITION OF REAL PROPERTY FROM HARRY C.. BALL
AND IONE L. BALL.
WHEREAS, the Redevelopmeht. Agency of the City,of
Lynwood seeks to accomplish the goals of the Project Area
" A " Redevelopment Plan; and
_ WHEREAS, the Redevelopment Agency has the power of
eminent domain with respect to the subject property; and
WHEREAS, in lieu of such condemnation proceedings,
property owner agrees to sell the subject property to the
Redevelopment Agency:
NOW, THEREFORE, the Redevelopment Agency of the City
of Lynwood does hereby resolve as follows:
Section 1 : That the Agreement for Acquisition of
Real Property, attached hereto as Exhibit 1, is approved.
Section 2 : That the Chairman is authorized to execute
said Agreement and any other documents necessary to accomplish
the acquisition of the property.
APPROVED, ADOPTED AND PASSED this 21st 'day of Sept. ,
1982
.
ATTEST:.
&ecretary
APPROVED AS TO FORM
_ ener -al - Counsel
CHAIRMAN, Lynwood Redeve,Jt'opment
Agency v
APPROVED AS TO CONTENT:
� artment Head m
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood
Redevelopment Agency, do hereby certify that the above
and , foregoing resolution was duly adopted by the said
Agency at a regular meeting thereof held
in the City Hall of the City of Lynwood on the " 21st
day of SEPTEMBER 1982, and passed by the following
vote:
AYES: Agency members BYORK, GREEN, MORRIS, ROWE, THOMPSON
NOES: Agency members NONE
ABSENT:, Agency members NfONF
_ - .Secretary „s LYNWOOD REDEVELOPMENT AGENCY
J ”
f -
EXHIBIT 1
ESCROW NO
PARCEL ID 6171-7-4
DF;AFT PROJECT: - 6171 -7 -3'1
TITLE REPORT NO.
AGREEMENT FOR ACQUISITION OF REAL PROPERTY
THIS AGREEMENT is entered into this day
of , by and between Lynwood Redevelopment
Agency, a public body, corporate and politic (hereinafter
called "Buyer "), and the undersigned owner(s) (hereinafter
called "Seller ") for acquisition by Buyer of certain real
property as hereinafter set forth.
IT IS HEREBY MUTUALLY AGREED BETWEEN THE PARTIES AS FOLLOWS:
1. AGREEMENT TO SELL AND PURCHASE. Buyer and Seller
acknowledge that Buyer has the power of eminent domain with
respect.to the subject property and has indicated its intention
to exercise such power and that in lieu of such condemnation
proceedings Buyer agrees to sell to Buyer, and Buyer agrees to
purchase from Seller, upon the terms and for the consideration
set forth in this agreement, all that certain real property
(hereinafter called "Property ") situated in the City of
Lynwood, County of Los Angeles, State of California, and
legally described on Exhibit A attached hereto.
2. PURCHASE PRICE. The total purchase price, shall be the sum
of Four Hundred and twenty -five thousand dollars ($425,000),
and shall be payable in installments on the following dates
and in the following amounts [see attached Insert]
3. CONVEYANCE OF TITLE. Seller agrees to convey by Grant Deed
to Buyer marketable fee simple title to the Property free and
clear of all recorded and unrecorded liens, encumbrances,
assessments, eaaeements, leases and taxes, EXCEPT:
A. Taxes
B. Quasi - public utility, public alley, public street
easements and rights of way of record.
C. Items numbered 2,3,4,5 and 6 of title report numbered
8204702 -53 and dated August 3, 1982 issued by Safeco
Title Insurance Company.
4. TITLE INSURANCE POLICY. Escrow Agent shall, following
recording of deed to Buyer, provide Buyer with a CLTA Standard
Coverage Policy of Title Insurance in the amount of $425,000
issued by Safeco Title Insurance Company showing title to the
Property vested in Buyer, subject only to the exceptions set
forth in Paragraph 3 and the printed exceptions and
stipulations in said policy. Seller agrees to pay the premium
charged therefor.
S. ESCROW Buyer agrees to open an escrow in accordance with
this Agreement at SAFECO Title This
Agreement constitutes the joint escrow instructions of Buyer
ana Sel.ier, ana escrow Agent to whom these instructions are
delivered is hereby empowered to act under this Agreement. The
parties hereto agree to do all acts necessary to close this
escrow in-the shortest possible time.
All time limits within which any.matter herein specified is to
be performed may be extended by mutual agreement of the parties
hereto. Any amendment of, or supplement to, any instructions
must be in writing.
TIME IS OF THE ESSENCE IN THESE INSTRUCTIONS AND ESCROW IS TO
CLOSE AS SOON AS POSSIBLE. If (except for deposit of money by
Buyer, which shall be made by Buyer upon demand of Escrow Agent
before close of escrow) this escrow is not in condition to
close within 90 days from date of these instructions, any party
who then shall have fully complied with his instructions may,
in writing, demand the return of his money or Property; but if
none have complied no demand for return thereof shall be
recognized until five (5) days after Escrow Agent shall have
mailed copies of such demand to all other parties at their
respective addresses shown in these escrow instructions, and if
any objections are raised within said five (5) day period,
Escrow Agent is authorized to hold all papers or documents
until instructed by a court of competent jurdisdiction or
mutual instructions. If no demands are made, proceed with
closing this escrow as soon as possible. -
Responsibility of Escrow Agent under this Agreement is
expressly limited to Paragraphs 2,3,4,5,6,7,9 & 10 and to its
liability under any policy of title insurance issued in regard
to this transaction. I
6. ESCROW FEES, CHARGES AND COSTS. Buyer agrees to pay
one -half and Seller agrees to pay one -half of the charges and
cost which arise in this escrow.
7. RENTALS AND OCCUPANCY BY SELLER. Seller agrees to execute
a complete, current and correct statement of rentals on form
furnished to Seller and deliver same to Buyer within fifteen
(15) days hereof with copies of any written leases and rental
agreement attached. All rents will be pro -rated as of the
close.of escrow on the basis of a 30 -day month consistent wth
that statement, subject to approval of Buyer. Seller hereby
agrees not to re -rent any unit on the premises which are now
vacant, or which may be vacated by the present occupants prior
to close of escrow.
Seller hereby warrants that the rental statement referred to
shall include the terms of all rental agreements, tenancies and
leases (written, unwritten, recorded or unrecorded) and agrees
to hold Buyer harmless from all liability from any such leases
or agreements. Seller also warrants that there are no oral or
written leases on all or any portion of property exceeding a
period of one month, and Seller furthur agrees to hold,Buyer
harless and reimburse Buyer for any and all of its losses and
expenses occasioned by reason for any lease of said property
held by any tenant of Seller for a period exceeding one month.
S. PERMISSION TO ENTER ON PREMISES. Seller hereby grants
Buyer, or its authorized agents, permission to enter upon the
Property at all reasonable times prior to close of escrow for
the purpose of making necessary or appropriate inspections.
9. COUNTERPARTS. This agreement 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 all such counterparts together shall constitute one and the
same instrument.
10. CLOSING STATEMENT. Seller instructs Escrow Agent to
release a copy of Seller's closing statement to Buyer; purpose
being to ascertain if any reimbursements are due Seller.
-2-
,
Seller has executed and handed a deed to Buyer, concurrently
with this Agreement. As soon as possible after opening of'.
escrow, Buyer will deposit the executed deed, with Certificate
of Acceptance attached, with Escrow Agent on Seller's behalf.
Buyer agrees to deposit portion of the purchase price upon
demand of Escrow Agent. Buyer and Seller agree to deposit with
Escrow Agent any additional instruments as may be necessary to
complete this transation.
Insurance policies for fire or casualty are not to be
transferred, and Seller will cancel his own policies after
close of escrow.
All funds received in this escrow shall be deposited with other
escrow funds in a general escrow trust account(s) and may be
transferred to any other escrow trust account in.ary State or
National Bank doing business in the State of California. All
disbursements shall be made by check from such account.
ESCROW AGENT IS AUTHORIZED AND INSTRUCTED TO COMPLY WITH THE
FOLLOWING TAX ADJUSTMENT PROCEDURE:
A. Pay and charge Seller for any unpaid delinquent taxes
and /or any penalties and interest thereon, and for any
delinquent or non - delinquent assessments or bonds
against the Property;
B. Escrow is not to be concerned with pro - ration of
Seller's taxes for the current fiscal year if this
escrow closes between July 1 and November 1 unless
current tax information is available from title
insurer between October 15 and November 1. In the
event said tax information is available, Seller's
taxes shall pro -rata portion of taxes due to close of
escrow, shall be cleared and paid by Seller, outside
of esrow, pursuant to provisions of Section 4986 of
the Revenue and Taxation Code of the State of
California;
C. From the date that tax information is available, as
per Paragraph "B" above, up to and including June
30th, Seller's current taxes, if unpaid; s hall'
be
pro -rated to date of close of escrow on the basis of a
365 -day year in accordance with Tax Collector's
proration requirements, together with penalties and
interest if said current taxes are unpaid after
December 10 and /or April 10. At close of escrow, a
check payable to the County Tax Collector for Seller's
pro -rata portion of taxes shall be forwarded to Buyer
with closing statement;
D. Any taxes which have been paid by Seller, prior to
opening of this escrow, shall not be pro -rated between
Buyer and Seller, but Seller shall have the sole
right, after close of escrow, to apply to the County
Tax Collector of said County for refund of such taxes
which may be due Seller for the period after Buyer's
acquisition pursuant to revenue and Taxation Code
Section 5096.7.
OW AGENT IS AUTHORIZED TO, AND SHALL:
A. Pay and charge Seller for any amount necessary to
place title in the condition necessary to satisfy
Paragraph 3 of this Agreement;
B. Pay and charge Buyer and seller for any escrow fees,
charges and costs payable under Paragraph 6 of this
Agreement;
C. Disburse funds and deliver deed when conditions of
this excrow have been fulfilled by Buyer and Seller.
The term "close of escrow ", if and where written in these
instructions, shall mean the date necessary instruments of
conveyance are recorded in the office of,.the County Recorder.
Recordation of instruments d _l• =C ti- = - - =�° - - == =-- -=" --
authorized if necessary or proper in the issuance of said
policy of..title insurance.
�i -3
The terms,•conditions, convenants and agreements set.forth
herein shall apply to and bind the heirs, executors,
administrators, assigns and successors of the parties hereto.
This Agreement contains the entire agreement between the
parties, and neither party relies upon any warranty or
representation not contained in this - Agreement':.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement the day and year set forth hereinabove.
SELLERS:
MAILING ADDRESS OF SELLER:
BUYER:
MAILING ADDRESS OF BUYER: By:
By:
—4—
EXHIBIT A
The land refered to in this Agreement is situated in the State of
California, County of Los Angeles, and is described as follows:
Parcel 1:
Lots 4, 5, 6, 7, 8, 9 10 and 11 in Block 17 of Modjeska Park Tract,
in the City of Lynwood, as per map recorded in Book 9, Pages 142 and
143 of Maps, in the office of the County Recorder of said County.
EXCEPT the Southerly 10 feet of said Lot 11.
Parcel 2:
That portion of Peach Street adjoining said Parcel 1 on the East
which would pass by a legal conveyance of said Parcel 1.
Total Payment by Agency $ 556,733
Buyer and Seller agree that Buyer may make payment in full at any
time.
*Dates will be adjusted to reflect close of escrow.
Exhibit B
SCHEDULE:
OF PAYMENTS
($425,000
Principal,
and 12% Yearly
Interest
on Unpaid
Balance
Paid Quarterly)
UNPAID
DATE
PAYMENT
AMOUNT
BALANCE
October
1, 1982
10% Down
$
42,500
$382,500
January
1, 1983
Quarterly
Interest
$
11,475
April 1,
1983
Quarterly
Interest
$
11,475
July 1,
1983
Quarterly
Interest
$
11,475
October
1, 1983
Quarterly
Interest
$
11,475
October
1, 1983
15% of Unpaid
$
57,375
$325,125
Balance
January
1, 1984
Quarterly
Interest
$
9,753.75
April 1,
1984
Quarterly
Interest
$
9,753.75
July 1,
1984
Quarterly
Interest
$
9,753.75
October
1, 1984
Quarterly
Interest
$
9,753.75
October
1, 1984
20% of Unpaid
$
65,025
$260,100
Balance
January
1, 1985
Quarterly
Interest
$
7,803
April 1,
1985
Quarterly
Interest
$
7,803
July 1,
1985
Quarterly
Interest
$
7,803
October
1, 1985
Quarterly
Interest
$
7,803
October
1, 1985
50% of Unpaid
$130,050
$130,050
Balance
January
1, 1986
Quarterly
Interest
$
3,901.50
April 1,
1986
Quarterly
Interest
$
3,901.50
July 1,
1986
Quarterly
Interest
$
3,901.50
October
1, 1986
Quarterly
Interest
$
3,901.50
October
1, 1986
100% of Unpaid
$130,050
0
Balance
Total Payment by Agency $ 556,733
Buyer and Seller agree that Buyer may make payment in full at any
time.
*Dates will be adjusted to reflect close of escrow.