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HomeMy WebLinkAbout8393 - Upper Big Canyon Nature Park: -, RESOLUTION NO. 8393 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH ACCEPTING A GRANT DEED FROM THE IRVINE COMPANY IN CONNECTION WITH UPPER BIG CANYON NATURE PARK (HARBOR VIEW NATURE PARK) WHEREAS, there has been delivered to the City of Newport Beach a certain grant deed wherein The Irvine Company grants to the City of Newport Beach the following described real property in connection with the Upper Big Canyon Nature Park (Harbor View Nature Park): Parcel 3 as shown on the Parcel Map recorded in Book 45, Page 10, of Parcel Maps, in the Office of the County Recorder of Orange County, California. Reserving to Grantor, its successors and assigns all oil, gas, petroleum and other hydrocarbon substances in and under the subject property, together with all necessary and convenient rights to explore for, develop, produce and extract and take the same, subject to the express limitation that any and all operations for the exploration, development, production, extraction and taking of any of said substances shall be carried on at levels below the depth of five hundred (500) feet from the surface of said land by means of wells, derrick and /or other equipment from surface locations on adjoining or neighboring land, and subject further to the express limitation that the foregoing reservation shall in no way be interpreted to include any right of entry in and upon the surface of the land hereinabove described. It is understood by the parties that the above stated reserva- tion is expressly subject to all restrictions and regula- tions concerning the drilling for and production of oil, gas, petroleum and other hydrocarbon substances, which are contained in the City Charter or the municipal ordinances of the City of Newport Beach. Subject to covenants, conditions and restrictions as follows: (a) Real property taxes for the fiscal year 1973- 1974; (b) Covenants, conditions, restrictions and public utility easements of record as of the date of said deed; (c) The southeasterly 50 feet of subject property shall be used only for public street and highway purposes; (d) If at any time within twenty -five (25) years from the date of the deed, Grantee shall propose to volun- tarily sell or lease all or any portion of the subject property, Grantor shall have the option to purchase the property to be sold or leased, prorated on an acreage basis in the event of a sale or lease of only a portion • of the subject property. Grantee shall give Grantor written notice of its intent to sell or lease, specifically describing the parcel or parcels to be sold or leased, and Grantor shall have thirty (30) days in which to notify Grantee in writing if it wishes to exercise its option. All notices provided for herein shall be deemed to have been duly given if and when deposited in the United States -1- • u mail, properly stamped and addressed to the party for whom intended at the party's listed address, or when delivered personally to such party. The price at which the property or any portion thereof may be repurchased by Grantor shall be the fair market value at the time of the proposed sale, to be determined as follows: In the event that the parties are unable to agree on the fair market value of the property to be repurchased by Grantor, within thirty (30) days following notice of Grantor's intention to exercise its option to repurchase, each party shall appoint an appraiser and shall give the other party written notice of such appointment. If the respective appraisers are unable to agree on the purchase price of the property, the two appraisers shall appoint a third appraiser whose decision as to the fair market value of the property shall be final and binding on both parties. If the two appraisers are unable to agree on the appointment of a third appraiser within ten (10) days after the appointment of the second appraiser, either party may request the presiding judge of the Orange County Superior Court to appoint a third appraiser. Each party shall pay the fees of the appraiser appointed by it or on its behalf, and the fees of the third appraiser shall be divided equally between the parties. (e) Use of subject property shall be limited to use for public park purposes or uses reasonably associated therewith, and should the Grantee or its successors and assigns at any time cease to so use subject property or any portion thereof for such purposes or should attempt to use subject property or any portion thereof for any other purpose except by and with the prior written consent and approval of Grantor or its successors and assigns, then Grantor, or its successors or assigns, shall have the right to re -enter the subject property and recover possession and title thereto. WHEREAS, it is to the interest of the City to accept said grant deed; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach that said grant deed is hereby accepted, and the City Clerk is authorized and directed to execute and attach thereto a certificate of acceptance and consent to its recording and to cause said document to be recorded in the Orange County Recorder's Office. ADOPTED this 25th day of November , 1974. ATTEST: C'ty Clerk 6 FIED AST E GINAL' MY CLERK ' CITY OF r FORT BEACH 00V 271974 DAYE, - -- - -- DDO /bc 11/19/74