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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.