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HomeMy WebLinkAbout5466 - Crude Oil Purchase Contract(lz) 1 MSCLUTION r70. L±L(o 2 A��-� �;_k ^20.��LUTTInQ/7 O?y$ �T"xM'+T.ryY1Y'Y CCsUNCIL OF THE CU O 1tlL"oL� OI 732=71 A T. MUZING 7, u.a � CUT101c, C Al.'1 3 .^yh it�Ji �s T TO A CRUDE, OIL 'PU%C1MU573 CO1Y1'l.3ACT 4 5 Ml M AS, t=ae City o:c Fe�,noTt Beach and Uaaicn Oil CoMpa.:n;F 6 of California- have a contract dated ,.uly 1", 1955, in which 137zlon 7 Oil Company pL chases crude oil from t':ae City; and 8 IAEEMLS, it is to the mitual benefit of the parties to 9 amend said contract extending the term thereof to November 1, 1969, 10 and providing for a differe:t Method of Pric`vs the Crude oil; 11 WG`ij, T<e: !33M,1; , DE IT RMCUM that the Kayor and City 12 Clerk are hereby autiaorized and directed to execwte an amend=-ant 13 effective sett @s 5'r , 1961, to said oil pc rc"aase con tract .tiI `.Ie 14 follov3irng respects: 15 1. The paragraph entitled Q1733 -,`` s'sall read as fol o sr: 16 " 3rZ1 :. finis contract shall continue in effect 22 terms -gated by either Seller or Buyer on not less t'aa�. ons 17 year's aricr irrittena notice to the ot`aer provided that _t may not be t::us te=ainated by 3uyer so as to enact be:=_e 18 November 1, 11969, subject, however; to prior term^snat_.e LL in Enfhcle or in part as hereinafter. expressly provided." 19 fornia, Uectezn Operations., Inc;, and Buyer, or sue" -. ©f tzeiE 27 as post, prices, for crude oil of like gravity, quiality and 2011 2. Tine paragraph entitled "PRIM" shall read ao follews: 21 "FILIC1 . For all crude oil delivered here meet Buyer agrees to p:ay and Seller agrees to accent the price posted 22 by Buyer fer crude oil of like gravity and quality at the well in the Vfecrort- Azaaheim Sugar urea Field iza effect o- 23 the date of each delivery according to the oched=ale o' such prices published by Buyer from time to time; prCV ded, aoca- 24 ever, that du =irg the period from 3epteober 1, 19610 to a,_-Id including August 31, 1962, the price payable by 3uyer to 25 Seller small not be less than tine average of the prices posted by Mobil Oil Company, a Division of Sodomy Mobil Oil 26 Company, Inc., Texaco Inc., 2tandard Oil Company of Cali - fornia, Uectezn Operations., Inc;, and Buyer, or sue" -. ©f tzeiE 27 as post, prices, for crude oil of like gravity, quiality and character in said 'field :La effect on the date of delivery. 28 The prices currently posted by Buyer are shown o:z Sc`_aadule 1Yo. 89, copy of which is attached hereto. 29 If at any time or if from time to time Seller should 30 receive a bona fide offer from a responsible third party to purchase all of the oil produced from the property 31 covered by this contract situate in the Offshore Area Of the Mew?,ort Meld at a price higher than that then paya "Ole 32 here=der and for. a team of at least twelve (12) moL the $ • 1 2 3 4 5 6 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 which offer Seller desires to accept, Seller shall notify Buyer in writing advising Buyer of such higher price and the term contained in such offer and the identity of the offeror. Said notice shall give Buyer thirty (30) days after receipt thereof within which to meet such offer as to the price specified therein for the term thereof. Zf Buyer advises Seller in writing within said thirty (30) day period that it agrees to meet such offer, thew Buyer and Seller shall amend this contract so as to incorporate herein such price specified in said offer for the terra offered, If Buyer advises Seller in writing within said thirty (30) day period that it does not elect to meet such offer or if Buyer fails to notify Seller within said thirty (30) day period as to whether or not it elects to meet such offer, this contract shall terminate effective thirty (30) days after (i) such first thirty (30) day period, or (U), the date of Buyer's notice that it does not elect to meet such offer, whichever shall occur first, subject to Seller's right to masse such termination effective at any ties within such second thirty (30) day period on not less than fifteen (13) days' written notice to Buyer." ADOPTED this 6` day of 1961. ATTZST : 0 ty Clark 2. 0 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF NEWPORT BEACH) I, MARGERY SCHROUDER, City Clerk of the City of Newport Beach, California, do hereby certify that according to the records of the City of Newport Beach filed and maintained in my office, the foregoing Resolution Noe 5466 was duly and regularly adopted, passed, and approved by the City Council of the City of Newport Beach, California, at a regular meeting of said City Council held at the regular meeting place thereof, on the 28th vote, to wit: day of August , 1961 , by the following AYES, COUNCILMEN: Kingsley, Atkinson Cook. Hart, Lorenz NOES, COUNCILMEN: None ABSENT, COUNCILMEN: Stoddard Somers Dated this 5th day of Seyterriber , 1961 A • City Council, City lb State of California. 5i- f Newport Beach,