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HomeMy WebLinkAbout1362 - Escrow Instructions for the MaskeysIV 1 2 3 4 5 6 7 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 LAW OFFICES OF ROLAND THOMPSON 110 SPURGEON BUILDING SANTA ANA. CALIFORNIA RESOLUTION N0. WHEREAS, there has this day been presented to the City Council of the city of Newport Beach certain Escrow Instructions directed to the Orange County Title Company, dated June 9th, 1938, signed by Ralph P. Maskey and Irene Maskey, and covering Lot 3 in Block 338, Canal Section, Newport Beach, as diown on a Map recorded in Book 4, page 98 of Miscellaneous Maps, Records of Orange County, California; and WHEREAS, daid.instructions provide that the considera- tion for the transfer of the above described property to the city of Newport Beach, is the sum of $500.00, payable in thirty days from date of escrow, and inconsideration of which the said Ralph P. Maskey and Irene Maskey agree to convey said real property on the terms in said instructions recited, from which the Orange A County Title Company is instructed to deduct its charges and advances and also pay all encumbrances on said property necessary to issue Policy o3 Title Insurance showing title to sai6roperty vested in the new owner, free of all encumbrances, except City of Newport Beach taxes and Orange County Taxes, and all assessments for public Improvements of record, whether due or delinquent, or otherwise, including 1911 Improvement Act bonds, it being understood and agreed in this connection that the city of Newport takes said property subject to all taxes, city and coianty, whether delinquent or otherwise, and also subject to all assessments whether due or delinquent, or which may become due in the future, including 1911 Improvement Act Bonds; and WHEREAS, the said instructions further provide that the Orange County Title Company shall pay out of said $500.00, all city taxes and all delinquent installments on 1915 Act Bonds on Lot 3 and Lot 8, in Block 441, of Canal Section, Newport Beach. Also Lot 6, Block 539, Canal Section, Newport Beach; and A& IV I 1 2 3 4 5 6 7 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 LAW OFFICES OF ROLAND THOMPSON 210 SPURGEON BUILDING SANTA ANA. CALIFORNIA C' ,a WHEREAS, said instructions further provide that if said $500.00 is not sufficient to pay said taxes and delinquent installments that said Ralph P. Maskey and Irene Maskey, his wife, agree to deposit sufficient funds in escrow to pay the same; and WHEREAS, it is further provided that the City of Newport Beach shall be at no expense in said escrow. NOW, THEREFORE, BENT RESOLVED; That the City Council of the city of Newport Beach deems that the price paid for said lot is the fair market value thereof at this time and that it is for the best interests of said city of Newport Beach that said city purchase said property for the sum mentioned, and upon the considerations in said escrow specified; and BE IT FURTHER RESOLVED: That the City of Newport Beach will materially benefit from the purchase of said lot in as much as it is contemplated and agreed that the said Ralph P. Maskey and Irene Maskey, will expend said x$500.00 in the payment of delinquen city taxes on properties now owned by them and located in said city, and all the moneys so paid for said lot by said city will be returned to said city by way of the payment of delinquent taxes as aforesaid; and BE IT FURTHER RESOLVED: That the Mayor and City Clerk of the city of Newport Beach are hereby directed, authorized and instructed to sign the said escrow instructions in the name of and on behalf of the city of Newport Beach, and the Clerk is instructed to deliver the same into escrow with the said Orange County Title Company as escrow holder. I hereby certify that the above and foregoing Resolution was duly and regularly passed and adopted by the City Council of the city of Newport Beach at an adjourned regular meeting thereof held on the 9th day of June, 1938, by th owing v te,to —wit: AX.VS, COUNCIL \A 11 pn 1• 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 2C 21 22 27, 29 2F 2E 2 2£ 2C Y 31 3F LAW OFFICES OF ROLAND THOMPSOI 210 SPURGEON SUILOII SANTA ANA. CALIFORN NOES, COUNCILMEN: ABSENT, COUNCILMEN: 4�mj1 j ri Mayoi7of the city of Newport Beach