HomeMy WebLinkAbout7932 - Grant Deed for 32nd Street PropertyRESOLUTION NO. 7932
• A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF NEWPORT BEACH AUTHORIZING THE
EXECUTION OF A GRANT DEED CONVEYING PROPERTY
LOCATED ON 32ND STREET BETWEEN MARCUS AVENUE
AND CLUBHOUSE AVENUE
WHEREAS, by Resolution No. 7926, dated February 12,
1973, the City Council of the City of Newport Beach declared
certain real property located on 32nd Street between Marcus
Avenue and Clubhouse Avenue in the City of Newport Beach to
be surplus, authorized its sale and declared its intention to
sell such property to Los Angeles Federal Savings and Loan
Association; and
WHEREAS, said surplus property is more particularly
described as follows:
The northerly twelve feet of Lot 1, Block 332,
Canal Section, as shown on the map in Book 4,
Page 98, of Miscellaneous Maps in the office
of the County Recorder of Orange County; and
WHEREAS, at its regularly scheduled meeting of
February 26, 1973, the City Council of the City of Newport
Beach conducted a public hearing for the purpose of allowing
any interested person to protest the proposed sale of the
subject property; and
WHEREAS, after holding the public hearing the City
Council has determined that the offer of the Los Angeles
Federal Savings and Loan Association in the Amount of $11,128.00
is fair and acceptable;
NOW, THEREFORE, BE IT RESOLVED that the City Council
• of the City of Newport Beach hereby finds, determines, resolves
and orders that:
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SECTION 1. Execution of Grant Deed. The Mayor and
City Clerk are hereby authorized to execute a Grant Deed on
behalf of the City of Newport Beach conveying the above described
real property to Los Angeles Federal Savings and Loan Association
in accordance with the terms and conditions set forth herein.
SECTION 2. Escrow - Terms. Los Angeles Federal Savings
and Loan Association must make full payment for the subject
property to the City of Newport Beach within thirty (30) days
after the date on which the City Council authorizes this sale.
The City shall open an escrow with the Bank of Newport and forth-
with deposit into said escrow a properly executed Grant Deed_
conveying fee title to the property.
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SECTION 3. Escrow - Fees. The buyer shall obtain and
pay for a CLTA standard coverage title insurance policy with
liability equal to the full purchase price of the subject
property showing title vested in the City of Newport Beach.
In addition, the buyer shall pay for all escrow costs incurred,
including but not limited to recording fees and real property
transfer taxes.
SECTION 4. Inability to Convey. If the property
cannot legally be sold by the City or the City is unable to
convey marketable fee title within a reasonable time after the
date of sale, the sale shall be void and deemed mutually can-
celled and any price paid or deposit made by buyer shall be
refunded and no liability of the City shall exist or arise from
such cancellation.
SECTION 5. No Warranty. No warranty is made or
intended by any statement in this or any other resolution or
otherwise with respect to location, size, zone or utility or
interest therein which is sold or offered for sale.
ADOPTED this 26th day of February s1973.
Mayor
ATTEST:
Qom-.
City Clerk
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2/21/73