HomeMy WebLinkAboutC-1771 - Purchase of Newport Center Library site, Santa Barbara driveATY OF NEWPORTOREACH
MEMORANDUMS From DENNIS D. O'NEIL, City Attorney
4IS GEORGE, City Clerk June 29 76
GEORGE ... PAMS. ....'finance --- Director °.. +
RE: Agreement for Purchase and Sale
Under Threat of Eminent Domain
I have attached hereto an Agreement for Purchase and Sale Under
Eminent Domain between the City of Newport Beach and The
Irvine Company for your information and files.
DDO:yz
Reply wanted ❑
Reply not necessary p
NS-20-
DENNIS D. O'NEIL, City Attorney
By..
THE IRVINE COMPANY _27b �!.{3��94
CO_ NO.
RECEIPT ER
CITY OF NEWPORT BEACH
FIN DEPT —ACTS PAY
IEWPORT BEACH, CAL 92660 161 6 11116 6 INT RATE 6.500
AUDIT DATE DATE
1 I I 1
F
1
IN DEPT —ACTS PAY NEWPORT BEACH* I
I I 2
223X600(00
I
SAL
FWD
.sEE AEE.,E �
i
PAYMENT
PRIN. & INT. IMPOUND TOTAL
SCHEDULE i 1 1 1 1 CHECK NO AMOUNT PAID �
INT PAID THIS YEAR- 51,449.95 LDD 0/00— 0— 0— 0
i
i
i
Tran Code
Description
0
New Lole-
10
Computer Conversion Entry
22-24
Payment Reversal
25-39
Miscellaneous Debit
40-49
Miscellaneous Credit
50-59
Payoff Credit
60
Scheduled Payment
61
Scheduled Payment - Plus additional
Principal
62
Scheduled Payment - Plus additional
Impound
63
Scheduled Payment - Plus Late Charge
64
Multiple Scheduled Payment
70-79
Impound Reversals
80 -89
Impound Disbursements
PAYMENT TICKET
THE IRVINE COMPANY
P.O. BOX I
NEWPORT BEACH, CA. 92663
PLEASE RETURN THIS PORTION WITH YOUR PAYMENT
CITY OF NEWPORT BEACH
FIN DEPT -ACTS PAY
NEWPORT BEACH, .CAL 92660,
276
9669
LOAN ER
CO. NO,
-�_
DATE DUE
PAYMENT AMOUNT
AMOUNTPAI
PLEASE INDICATE ANY CHANGE IN ADDRESS
THE IRVINE ( MP1AW
610 Newport Center Drive
Newport Beach, California 92663
(714) 644 -3011
November 23, 1976
City of Newport Beach
Finance Department
Newport Beach, Ca. 92660
Gentlemen:
Attached is your cancelled promissory note dated June 29, 1976. This
note was paid in full as of November 15, 1976.
We wish to thank you for your promptness in the settlement of this note.
V ry tr y ours,
R. W. Pratt
Senior Staff Accountant
Commercial Division
RWP:nm
Encl.
PROMISSORY NOTE - INSTALLMENT
(Unsecured)
$223,600.00
ORIGINAL
June 29 1976,
IN INSTALLMENTS, as hereinafter set forth, the undersigned
promises to pay to THE IRVINE COMPANY, a West Virginia corporation, or
order, at 550 Newport Center Drive, Newport Beach, California, the sum
of Two Hundred Twenty -Three Thousand Six Hundred and no /100 Dollars
($223,600.00) plus interest from date at the rate of Six and One -Half
percent (6 -1 /2!) per annum until paid. Principal and interest shall be
payable in installments as follows:
First year,
Second year,
Third year,
Fourth year,
Fifth year,
Sixth year,
Seventh year,
Eighth year,
Ninth year,
Tenth year,
$22,360.00 plus
$22,360.00 plus
$22,360.00 plus
$22,360.00 plus
$22,360.00 plus
$22,360.00 plus
$22,360.00 plus
$22,360.00 plus
$22,360:00 plus
$22,360.00 plus
interest $14,X534.09
interest $13, 80.
interest $11,6 20
interest $ 1 3.80
interest 20.40
inter st $ 7,267.00
inte es $ 5,813.6p
int re t 4,36 .2a
int st $ 2,90 80
inte st $ 1,453. 0
Should interest not be so paid, t :rll thereafte ar like interest as
the principal , but such unpaid i to est so compou ed shall not exceed an
amount equal to simple interest the unpaid pri cipal at the maximum rate
permitted by law.Should defau�e ade in paym t of principal and interest
when due,the whole sum of grin ip 1 and inter due as of the date of de-
fault shall become immediately e at op on of the holder of this note.
Principal and interest payablje in I ul o y of the United States. If
action be instituted o note, h e signed promises to pay such sum
as the court may fix as Xrs o neys, is note shall be payable only
from the proceeds..of the tain s e 'a account to be established by the
City of fJewport Beach a t to t e e ms of the agreement between the
City and The Irvin C m any, entitle reement for Purchase and Sale
Under Threat of m n t main:, dated June 29, 1976, and
this note ha n deemed to pledge the general credit of the City,
nor shall it rea e o be used as a basis for creating, a lien, charge,
or encumbrance, 1 ga or equitable, on any City property, or upon any of
the income, rec pts r other revenues of the City, other than those
specific revenues eri ed from the special fund established by the City
as described above.
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JULY 1, 1977
JUL 1_,l 9-8-
1981
1, 1982
Qy✓JULY_1, 1.985
qn JULY 1, 1986
CITY F NEWPORT
By I >-- — - !T!!T�
'Mayor
ATTEST:
City Clerk
SIATE OF CALIFORNIA)
County of Orange ) ss
On June 29, , 1976, before me, the undersigned,
a Notary Public in and for said State, personally appeared
Howard Rogers known to me to be the Mayor, and
Doris George known to me to be the City Clerk of the municipal
corporation that executed the within instrument, known to me to be the
persons who executed the within instrument on behalf of the municipal
corporation therein named, and acknowledged to me that such municipal
corporation executed the within instrument pursuant to a resolution of
its City Council.
WITNESS my hand and official seal.
,q*9 «00i6�w.10e•o•Yi••••••••
e OFFICIAL SEAL • /� /, -` -_�
a BLANCHE S. CEGLIO' i �- Lan— c —_w'�•
•i° NOMYPUBLIC- -CALIFORNIA ; Notary Public in and for said State
j PRINCIPAL OFFICE IN
• ORANGE COUNTY
a My commission Expires Nov. 18, 1978
°om o r m.,00 •0004091000•••Nf••H
Interest is adDjusmtged to accrue from July 1, jy76 in
accordance with
tructions in Escrow No. _i i•
8 -KL.
SAFECO TITLE INSURANCE COMPANY
By
K t Brine Laninovich, Escrow Officer
r PRELIMINARY EXCERPT
A Minutes are Approved Flnal Excerpt
" ill be Furnished Upon Request -OE IRVINE OOMPAW
550 Newport Center Drive j
Newport Beach, California 92663
(714) 644 -3011
TO: �._..� L,.. E. Eberling
. C. Wolff, Jr. (3)
SUBJECT: Newport Center Block 700/800 - sell approx. 2 acres to City of Newport Beach
.for library site
State of California
County of Orange
i
Charles S. Wheeler states:
(1) That the following is a true, correct and complete copy of a resolution duly
and regularly adopted by the Board of Directors of The Irvine Company, at a properly convened'
meeting thereof, held on the 11th day of November 1975 at which a quorum of
the Board of Directors was present:
WHEREAS, the City of Newport Beach has indicated
an interest in acquiring under threat of an action in
eminent domain certain real property owned by The
Irvine company for use as a library site, consisting
of approximately two acres and more particularly -
described in the following resolution; and
WHEREAS, there appears to be a sufficient public
use and necessity underlying the proposed acquisition
of such library site:
NOW, THEREFORE, BE IT RESOLVED, That the
President or any Vice President and the Secretary or
any Assistant Secretary be and they hereby are
authorized to execute any and all documents
(including the execution of contracts, deeds and
other instruments) and to do such other acts as may
be necessary or desirable to convey to the City of
Newport Beach approximately two acres of this.
Corporation's land, adjacent to the northeast corner
of Santa Barbara Drive and San Clemente Drive in
Newport Center, upon such provisions as the President
shall determine are reasonable in the circumstances
of the threatened condemnation; provided, however,
that the consideration therefor shall be not less
than $3.25 per square foot, payable 20% cash down
and the balance to be represented by a promissory I
note with a term of not more than ten years and with
interest of not less than 6% per annum, and with such
other provisions as the President shall determine to
be in the best interests of this Corporaticn,.without
further authorization from the Board of Directors.
(2) That he is.the Secretary of said The Irvine Company, a corporation organized
and existing under and by virtue of the laws of the State of West.Virginia; that as such
Secretary he is a keeper of the records and seal of said Corporation.
Excerpt Typed: 11 -18 -75 ,
Charles S. Wheeler, Secretary
CITY OF NEWPORT BEACH
1 i CALIFORNIA
City Hall
C�'6 /FONN,* 3300 W. Newport Blvd.
Area Code 714
673_2116
DATE July 2. 1976
TO: FINANCE DIRECTOR
FROM: City Clerk
SUBJECT: Contract No. 1771
Description of Contract Aaraamrat far Pius as aL Sale Dndar Threat of
Eminent Domain
Authorized by Resolution No. 8a9 , adopted on 6_25 -76
Effective date of Contract
Contract with no T=d"- company
Address 550 Igewport C"t-ar Dr
Newport Beach, CA 92663
AtLii' CflmlEfCia1 ]�jviainn
Pmount of Contract Sea contract
City Clerk
a
_ -i ARVINE COMPAW
610 Newport Center Drive
Newport Beach, California 92663
(714) 644 -3011
E .f A
i Y
June 24, 1976
Safeco Title Insurance Company
825 North Broadway
Santa Ana, California
Escrow #-Zy3y�K�
You are hereby authorized and instructed to use the
AGREEMENT FOR PURCHASE AND SALE UNDER THREAT OF EMINENT
DOMAIN, a copy of which is attached, as our instructions
to you in this escrow and we agree to hand you the items
called for in the Agreement.
The parties understand that,Safeco Title Insurance
Company makes no representions or warranties as to the
number of acres in said land and holds you harmless from
liability in connection therewith.
In addition to the matters set forth in the preliminary
title report approved by Buyer to show in the Policy of Title
Insurance you are authorized to show the oil exception and
covenants, conditions and restrictions contained in the Grant
Deed to record.
Buyer and Seller shall each pay their share of the
escrow fee, as provide within the att hed agreement.
Date: Date: 37 7
wAE c
THE IR CITY OF NEWPORT BEACH
By:- A By
tleL,Pre i ent MAYOR.
By: By:
fi$ \
r e t a r y
"Seller" "Buyer"
;OCK- s1 6/3/76
OFFIC11 AL T4'0 7-4.71MENT
AGREEMENT FOR PURCHASE AND SALE
UNDER THREAT OF EMINENT DOMAIN
THIS AGREEMENT FOR PURCHASE AND SALE OF LAND made as of
this o2 day of 1976, by and between the
CITY OF NEWPORT BEACH, a municipal corporation, hereinafter
referred to as "Buyer ", and THE IRVINE COMPANY, a West Virginia
Corporation, hereinafter referred to as "Seller ":
RECITALS
Seller is the owner of certain real property as described
on Exhibit "A" attached hereto and made a part hereof by.this
reference. Buyer wishes to acquire.said property as a site for I
a library facility, and to this end has adopted a resolution
authorizing the exercise of the power of eminent domain for its
acquisition. The parties hereto mutually desire to provide for
the purchase and sale of said property upon mutually acceptable
terms to avoid necessity of an action in eminent domain.
AGREEMENT
1. Seller hereby agrees to sell to Buyer, and Buyer hereby,
agrees to buy from Seller, that certain parcel of real property
located in the State of California, County of Orange, City of
Newport Beach, more particularly described in the attached legal
description marked Exhibit "A" and incorporated herein by this
reference, and as delineated on Exhibit "B ", attached hereto and
incorporated herein by this reference.
2. Buyer and Seller agree to open an escrow with Safeco
Title Insurance Company for the purpose of conveying the property,
the terms of which will be consistent with the terms stated herein.
3. A Preliminary Title Report has been prepared and
delivered to the Buyer by Seller for approval, which approval or
disapproval shall be delivered in writing to escrow. Disapproval
shall cancel the escrow.
4. Seller shall convey subject property to Buyer by
Corporation Grant Deed in the form attached hereto as Exhibit "C".
5. The purchase price for the subject property shall be
TWO HUNDRED SEVENTY NINE THOUSAND FIVE HUNDRED AND NO 1100 DOLLARS
($279,500.00) payable by Buyer to Seller through escrow as follows:
(a) Pursuant to Article 16, Section 18 of the California
Constitution, a special account shall be set aside by Buyer during
the current fiscal period in an amount sufficient to pay the total
purchase price and out of which all payments will be made to
Seller as follows:
(i) Within ten (10) days after the opening-of escrow, a
sum equal to One -Fifth (1 /5th) of the total purchase price
or FIFTY -FIVE THOUSAND NINE HUNDRED DOLLARS ($55,900.00),
shall be deposited in escrow and credited as part of the
purchase price; and
(ii) On or before the close of escrow, Buyer shall
deliver to escrow a fully executed Promissory Note for the
balance of the purchase price, said note to be paid in ten
equal installments, plus interest at the rate of 6z% per
annum until paid, at the time and in the manner as set forth
_= in the form of Promissory Note set forth in Exhibit "D"
attached hereto.
(iii) It is mutually agreed by the parties hereto that
if Buyer shall not pay any said installment upon the due date
thereof, Seller shall have the right to enforce payment of
the balance out of the funds remaining in the special account
referred to hereinabove in subparagraph 5 (a)
(b) The obligation of the City under this Agreement to pay
Seller the purchase price of said property shall not be a lien,
charge or encumbrance, legal or equitable, on any City property, or
upon any of the income, receipts or other revenues of the City, other
than those specific revenues allocated to the special account as
hereinabove described.
6. Seller agrees to provide a standard CLTA owner's
Title Insurance Policy insuring the City as Grantee for the amount
of sale. Conveyance shall be subject to the following:
-2-
(a) The printed exceptions of said policy
of title insurance;
(b) Current real property taxes and assessments;
(c) Covenants, conditions, restrictions, rights,
rights of way, easements of record or
apparent as of the date of said Deed;
(d) Other matters set forth on the Deed
attached hereto as Exhibit "C ", or as
approved by the City, or as agreed to
herein.
7. All parties to escrow agree to cooperate to whatever
extent possible to enable Safeco Title Insurance Company to
close escrow on or before June 30, 1976, which date may be
extended by mutual written agreement signed by both Buyer and
Seller. Prior to close of escrow, Seller shall deliver to Escrow
an executed Corporation Grant Deed in the form set forth in
Exhibit "C" and the Buyer shall deliver to Escrow the executed
Promissory Note in the form set forth in Exhibit "D ". The parties
hereto jointly instruct Safeco Title Insurance Company to record
the documents when it is in a position to issue the Policy of
Title.Insurance set forth in paragraph 6 above, and the requirements
of escrow have been met.
8. All closing costs shall be charged to Buyer and Seller
in accordance with standard real estate practices, and the escrow
fees shall be paid one -half by Buyer and one -half by Seller.
9. Taxes on the subject property shall be prorated as of
the date of conveyance, In the event that Seller shall have
prepaid taxes on the subject property, Buyer shall immediately
reimburse Seller for said advance taxes, and shall be solely
responsible for obtaining any refund of taxes under Revenue Code
Section 5096.7, or any other applicable section. Buyer shall
sic
11
take all necessary action pursuant to the Revenue and Taxation
Code to cause the subject property to be removed from the
property tax rolls.
10. It is mutually agreed that, upon payment of the sums,
plus interest, as required in Exhibit "D ", the obligation of
Buyer under Paragraph 5 shall be terminated.
11. Buyer and Seller hereby agree to grant one to each
other reciprocal cross easements over Buyer's property and the
remainder of the property located in this Block owned by Seller
for pedestrian and vehicular access and parking purposes at such
time as Seller improves a part of or the entire remainder of said
Block of property.
12. At such time as Seller improves a portion of or the
remainder of the Block owned by Seller, Buyer and Seller agree to
enter into an Agreement providing for the maintenance of all
common area landscaping and parking on Buyer's property and
Seller's property within said Block. Said Common Area Maintenance
Agreement shall be subject to the approval of both Buyer and Seller.
=. 13. Any notices required under this Agreement shall be
sent by first class mail, postage prepaid, addressed to the
parties as follows:
To Irvine: THE IRVINE COMPANY
550 Newport Center Drive
Newport Beach, California 92663
Attn: Commercial Division
To City: City of Newport Beach
3300 Newport Boulevard
Newport Beach, California 92660
Attn: City Clerk
14. All of the provisions of this Agreement that have
not been performed by close of escrow shall survive the close
of escrow and shall be binding upon the parties hereto.
-4-
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.
TH
UN
Chi
E&'
CITY O NEWPORT BEACH
By r-►
Mayor
ATTEST:
Cit C er
APPRO AS TOE FORM: /
City Attorriey
EXHIBIT "A"
to
AGREEMENT FOR SALE AND PURCHASE
CITY OF NEWPORT BEACH
LIBRARY SITE
All that certain land located in the City of Newport Beach,
County of Orange, State of California, described as follows:
Parcel 1 of Parcel Map filed in Book 81, Page 9
of Parcel Maps in the Office of the County Recorder
of said County.
SUBJECT TO covenants, conditions, reservations,
restrictions and rights and rights of way and
easements of record or apparent.
SHEET 2 OF 2 SHEETS
SCALE I' • 100
25.26 ACRES, 3 PARCELS
SIMPSON - STEPPAT
DONALD C. SIMPSON, R.C.E. 10595
MARCH, 1976
PARCEL MAP
IN THE CITY OF NEWPORT BEACH,
COUNTY OF ORANGE, STATE OF CALIFORNIA.
56E I D"SES 1 FOR ®4915 OF
lbe aNcS + MONUMENT NOTES.
81.'9
RESUBDIVISION NO. 501
RST 7603
JUN 10 5975 14 32 5
nro., rr 81
a raven ou]n a u]u*a al�yy
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EXHIBIT "B" TO
AGREEMENT FOR SALE AND PURCHASE
CITY OF NEWPORT BEACH LIBRARY
O
s-
RECORDING REOUESTEDto
CITY OF NEWPORT BEACH
AND WHEN RECORDED MAIL TO
NAMEI CITY OF NEWPORT BEACH l
ADDRESS 3300 Newport Boulevard
Newport Beach, California
sTA =E, 92660
MAIL TAX STRTEMENTS TO _
NAME
ADDRESS TAX EXEMPT
QTY &
STATE _..I
LJ
J
-13 'V-3
SPACE ABOVE THIS LINE FOR RECOR ER'S SE
DorurneNary Transfer lax 8.......... I .............._._......._.....
❑ .ornppted =n full value of properly ronceyed, or
m
❑ �tpuled oil full =aluc less liens S Cmvmhrances
remaining thereon at lime of sale:.
Signature of derlorant or agent drlermirling Ias - firm name
❑ Unincorporated area ❑City of ...............
Corporation Grant Heed
FOR A VALUABLE CON'SIDF.RATION, receipt of ,ohieh is herehy .ukno„led^_ed.
THE IRVINE COMPANY,
a eorporal[oil organized colder the lau'-of [lie. Slate of WEST VIRGINIA,
hereby GHANTISI to CITY OF NEWPORT BEACH, A MUNICIPAL CORPORATION
the following de.rribed real properiv in the CITY OF NEWPORT BEACH
I ollllly of ORANGE =tale of California:
SEE ATTACHED EXHIBIT "A" CONSISTING OF TWO (2) PAGES
Unn.l -- ._a.4�.._ �?6
�r�'tr: nr cv.nnitllt. �
ill.1'I'F W ($$
1
Ur hrforr nu•. [hr mulrn
- ignrd. ;, Nman 1"thh, iu :Ind rug .:,id Ianuvy and State, prr.�imullp
kmn,n In nIr 1n 6r the I'residrnt, slid
knm.n n1 mr la, I.e
S.,o tare nr the rnrPni alum 1ImI r\, -,I ... I the
within In- lrn.I,,w. known In nu• I, I.,- Ihr I..r- ou...ho,"' I'd IIR
within hUtlnmrnl. nn L..h:Jl of the rorpurnlion Ih,.rrin Da un..1.:uld
m Am.�wledged w mr Thal •ugh r,,ri..."nhnl r\t,owd the ,6111h
inalrumrnt purnuant In it+ by htw. or rerolulinn of it, hoard nl
dim, tore.
THE IRVINE COMPANY
FOR NOTARY SEAL OR STAMP
EXHIBIT "C" to Agreement for
�i�nal nl 1. 11,1:1„ Purchase and Sale, City of
Newport Beach
Title hider No. ... .... Es(rot, No..
EXHIBIT "A" TO GRANT DEED
CITY OF NE14PORT B
That certain land located in the City of Newport Beach, County of Orange, State of
California, described as follows:
Parcel 1 of Parcel Map filed in Book 31, Page 9 of Parcel Maps
in the Office of the County Recorder of said County.
SUBJECT TO covenants, conditions, reservations, restrictions, rights
and rights of way and easements of record or apparent.
RESERVING to Grantor, its successors and assigns, all oil, oil rights,
gas, minerals, mineral rights, natural gas rights, and other hydrocarbon sub-
stances in and under said real property, and the right to grant and transfer
the same, 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
reservation is expressly subject to all restrictions and regulations concerning
the drilling for and production of oil, gas, minerals, petroleum and other hydro-
carbon 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:
1. General and special taxes and assessments for the current fiscal tax
year;
2. Covenants, conditions, restrictions, reservations, rights, rights of way
and easements of record or apparent;
3. The condition that for a period of twenty -five (25) years from the date
hereof, the property shall be subject to the following covenants. Such covenants
shall apply to and bind Grantee, its successors and assigns and shall be enforceable
by Grantor, its successors and assigns. Failure of Grantor, its successors and
assigns, to enforce the following covenants at any time shall not be deemed a
waiver of such right with respect to future violations thereof.
(a) If at any time within twenty -five (25) years from the date of
the Deed, Grantee shall propose to voluntarily sell or lease all or any
portion of the Subject Property, Grantor shall have the right of first
refusal 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 right of first refusal.
All notices provided for herein shall be deemed to have been duly given
if and when deposited in the United States mail, properly stamped and
addressed to the party for whom intended at the party's legal
address, or when delivered personally to such party.
(b) Grantor, its successors and assigns,.for a period of twenty -five
(25) years from the date of the deed shall have the right to approve the
exterior design of all improvements to be constructed upon Subject property.
Before Grantee commences construction of improvements, Grantee shall deliver
to Grantor for its approval two (2) sets of schematic plans which shall in-
clude, but not be limited to, exterior elevations, floor plans, site plans,
and material and color palette. Then after schematic approval, the Grantee
shall deliver to Grantor for its approval three (3) sets of construction plans
and specifications for the exterior of said improvements, prepared by a
licensed architect or licensed engineer, including, but not limited to, build-
ing plans and elevations, roof plans, materials and color palette, grading
EXHIBIT "A" - PAGE 1 of 2
and drainage plans and soils report, a plot plan showing the proposed
location of said improvements, all utilities and service connections,
all places of ingress and egress to public streets and roads, and plans
for outdoor signs, lighting and landscaping. If approved, such approval
shall be endorsed by Grantor upon said plans, specifications and plot
plan within thirty (30) days from the receipt thereof, one (1) set of
which shall be retained by it; provided that if Grantor has neither
approved or disapproved said plans and specifications within said thirty
(30) day period, the same shall be deemed approved. If Grantor disapproves
such plans and specifications, Grantor shall within thirty (30) days from the
receipt thereof notify Grantee of its reasons for not approving said plans
and specifications. Grantee shall within thirty (30) days of such notice of
disapproval submit to Grantor plans and specifications modified to comply
with the reasons specified by Grantor for its disapproval. Approval of
said plans and specifications shall not be unreasonably withheld. Upon
completion.of said improvements and within 180 days from the final in-
spection by the local municipality, all landscaping proposed with the
approved construction plans must be completed.
(c) During said twenty -five (25) year period, no structure or other
improvement, the plans, specifications and proposed location of which have
not first received the written approval of Grantor or which does not comply
with such plans, specifications and locations, shall be constructed and main-
tained on the land. No material addition to or alteration of any building
or structure erected on the premises shall be commenced unless and until
plans and specifications covering the exterior of the proposed addition
or alteration shall have been first submitted to and approved by Grantor in
the manner above provided. The approval by Grantor of any plans and speci-
fications refers only to the conformity of such plans and specifications to
the general architectural plan for the premises and the neiqhboring lands;
Grantor by approving such plans and specifications assumes no liability or
responsibility therefor or for any defect in any structure constructed from
such plans and specifications.
(d) Prior to commencement of any substantial work of construction on the
-` improvements to be constructed on the premises, Grantee shall supply to Grantor
verification by a licensed civil engineer or land surveyor that the work of
improvements is on the correct parcel of land and is located on the premises
in accordance with plans as previously approved by Grantor. Upon completion
of the work of construction of the improvements on the premises, Grantee
shall supply to Grantor certification by Grantee's architect that the work
which was designed by the architect has been completed in accordance with
the plans and specifications previously approved by Grantor. Upon completion
of the landscaping upon the premises, Grantee shall supply to Grantor certi-
fication by Grantee's architect or landscape architect that the landscaping
has been completed in accordance with plans and specifications previously
approved by Grantor.
EXHIBIT "A" - PAGE 2 of 2
PROMISSORY NOTE - INSTALLMENT
(Unsecured)
$223,600.00
1976.
IN INSTALLMENTS, as hereinafter set forth, the undersigned
promises to pay to THE IRVINE COMPANY, a West Virginia corporation, or
order, at 550 Newport Center Drive, Newport Beach, California, the sum
of Two Hundred Twenty -Three Thousand Six.Hundred and no /100 Dollars
($223,600.00) plus interest from date at the rate of S-ix and One -Half
percent (6 -1/2%) per annum until paid. Principal and interest shall be
payable in installments as follows:
First
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Tenth
year,
year,
year,
year,
year,
year,
year,
year,
year,
year,
$22,360.00
$22,360.00
$22,360.00
$22,360.00
$22,360.00
$22,360.00
$22,360.00
$22,360.05
$22,360.00
$22,360.00
plus
plus
plus
plus
plus
plus
plus
plus
plus
plus
interest $14,534.00
interest $13,080.60
interest $11,627.20
interest $10,173.80
interest $ 8,720.40
interest $ 7,267.00
interest $ 5,813.60
interest $ 4,360.20
interest $ 2,906.80
interest $ 1,453.40
on
on
on
on
on
on
on
on
on
on
JULY 1, 1977
JULY 1,1978
JULY 1, 1979
JULY —1,-1930
JULY 1, 1991
JULY 1, 1982
JULY 1, 1983
JULY 1,1984
JULY T_,1985
JULY 1, 1986
Should interest not be so paid, it shall thereafter bear like interest as
the principal, but such unpaid interest so compounded shall not exceed an
amount equal to simple interest on the unpaid principal at the maximum rate
permitted by law.Should default be made in payment of principal and interest
when due,the whole sum of principal and interest due as of the date of de-
fault shall become immediately due at the option of the holder of this note.
Principal and interest payable in lawful money of the United States. If
action be instituted on this note, the undersigned promises to pay such sum
as the court may fix as attorneys' fees. This note shall be payable only
from the proceeds.of that certain special account to be established by the
City of Newport Beach pursuant to the terms of the agreement between the
City and The Irvine Company, entitled "Agreement for Purchase and Sale
Under Threat of Eminent Domain:, dated , 1976, and
this note shall not be deemed to pledge the general credit of the City,
nor shall it create, or be used as a basis for creating, a lien, charge,
or encumbrance, legal or equitable, on any City property, or upon any of
the income, receipts or other revenues of the City, other than those
specific revenues derived from the special fund established by the City
.as described above.
CITY OF NEWPORT BEACH
By
Mayor
ATTEST:
Citv Clerk
STATE OF CALIFORNIA)
County of Orange ) ss
On , 1976, before me, the undersigned,
a Notary Public in and for said State, personally appeared
known to me to be the Mayor, and
known to me to be the City Clerk of the municipal
corporation that executed the within instrument, known to me to be the
persons who executed the within instrument on behalf of the municipal
corporation therein named, and acknowledged to me that such municipal
corporation executed the within instrument pursuant to a resolution of
its City Council.
WITNESS my hand and official seal.
Notary Public in and for said State
EXHIBIT "D"
r
RESOLUTION NO. 8818
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH DETERMINING AND DECLARING
THAT THE PUBLIC INTEREST, CONVENIENCE AND
NECESSITY OF THE CITY OF NEWPORT BEACH REQUIRES
THE ACQUISITION OF CERTAIN UNIMPROVED REAL
PROPERTY TO BE USED BY SAID CITY AS THE SITE
FOR A LIBRARY, AND DECLARING THE INTENTION OF
THE CITY TO ACQUIRE SAID PROPERTY UNDER EMINENT
DOMAIN PROCEEDINGS, AND DIRECTING THE CITY
ATTORNEY OF SAID CITY TO COMMENCE AN ACTION IN
THE SUPERIOR COURT OF THE STATE OF CALIFORNIA,
FOR THE COUNTY OF ORANGE, FOR THE PURPOSE OF
ACQUIRING SAID REAL PROPERTY
WHEREAS, the City Council of the City of Newport
Beach has determined that it would be in the best interests
of the citizens of the City of Newport Beach to acquire
certain property in Newport Center for the location of a
branch library;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Newport Beach as follows:
SECTION 1. The public interest, convenience, and
necessity of the City of Newport Beach and the inhabitants
thereof, require the acquisition and taking of the hereinafter
described real property, for use for library purposes.
SECTION 2. The property to be condemned is described
in the attached legal description marked Exhibit "A" and
incorporated herein by this reference.
SECTION 3. The taking and acquiring by said City of
the property hereinbefore described is deemed necessary.for
the development of certain library facilities by the City of
Newport Beach and the inhabitants thereof for a municipal purpose;
such use is a public use, and for such public use it is neces-
sary that the City of Newport Beach condemn and acquire said
property.
SECTION 4. The City Attorney of the City of Newport
Beach is hereby authorized and directed to commence an action
v
in the Superior Court of the State of California, in and for
the County of Orange, in the name and on behalf of the City
of Newport Beach, against all owners and claimants of the
attached described property, for the purpose of condemning
and acquiring said property for the use of said City.
ATTEST:
City Clerk
ADOPTED this 28th day of June I , 1976.
Mayor
-2-
DDO /bc
6/8/76
RESOLUTION NO. 8616
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF NEWPORT BEACH AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE AN AGREE-
MENT BETWEEN THE CITY OF NEWPORT BEACH
AND THE IRVINE COMPANY TO ACQUIRE A
LIBRARY SITE IN NEWPORT CENTER
WHEREAS, the City of Newport Beach is desirous of
acquiring property in Newport Center for the location and
construction of a library; and
WHEREAS, The Irvine Company is willing to sell property
in Newport Center to the City of Newport Beach; and
WHEREAS, the City of Newport Beach and The Irvine
Company have negotiated terms and conditions of an agreement
for the acquisition of a site in Newport Center; and
WHEREAS, the City Council has reviewed the conditions
and finds them to be just and equitable;
NOW, THEREFORE, BE IT RESOLVED, by the City Council
of the City of Newport Beach that the agreement between the City
and The Irvine Company, as outlined below, is hereby approved
and the Mayor and City Clerk are hereby authorized and directed
to execute said agreement, subject to final approval by the .
City Council of the ultimate terms of purchasing said property
after review of all available options. The terms and conditions
of said agreement are generally as follows:
1. The legal description for said property will be
approved by the City Council showing the size, configuration
and location of the site, which is presently estimated to be
approximately 86,000 square feet.
2. Consideration to be paid by the City to The Irvine
Company will be Two Hundred Seventy Nine Thousand Five Hundred
and no /100 Dollars ($279;500.00).
3. Title will pass to the City upon making the initial
payment to The Irvine Company.
4. The Irvine Company will reserve the right to
review plans and specifications of the building to ensure
compatibility with surrounding development.
5. The Irvine Company will reserve mineral rights
below the depth of 500 feet,
6. Should the City desire to sell the property within
twenty -five (25) years of the date of acquisition, The Irvine
Company would have an option, which amounts to a right of first
refusal, to reacquire the property based upon the fair market
value at the date of the proposed sale as determined by a bona
fide offer from a third party.
7. A special fund will have to be created out of
which the total payments for the property will be made.
8. There will be cross easements over the property
to be acquired by the City and the adjacent property dealing with
parking over the remaining area together with a mutual mainten-
ance agreement.
BE IT FURTHER RESOLVED that the Mayor and City Clerk
are hereby authorized and directed to execute any other necessary
documents to facilitate the transaction herein approved.
ADOPTED this 28th day of October, 1975
ATTEST:
City Clerk
Mayor
-2-
DDO:yz
10/29/75
AGREEMENT FOR PURCHASE AND SALE
UNDER THREAT OF EMINENT DOMAIN
THIS AGREEMENT FOR PURCHASE AND SALE madg( as of
t i day of 1975, by and bet een the
CIT NEWPORT BEACH, a municipal corporation hereinafter
referr d to as "Buyer ", and THE IRVINE COMPA Y, a West
Virginia Corporation, hereinafter referred to as "Seller ":
CITALS
Se l er is the owner of certa' real property as
described on Ex ibit "A" attached her to and made a part hereof
by this referenc Buyer wishes to acquire said property as
a site for a libra facility, and to this end has adopted a
resolution authorizi g the exerc'se of the power of eminent
domain for its acquisi ion. Th parties hereto mutually desire
to provide for the purc ase a sale of said property upon
mutually acceptable terms to avoid necessity of an action in
eminent domain.
AGREEMENT
1. Seller here y ag ees to sell to Buyer, and Buyer
hereby agrees to buy fro Selle that certain parcel of real
property located in the State of lifornia, County of Orange,
City of Newport Beach, more particu arly described in the
attached legal descr' tion marked Exh'b
herein by this refe ence, and as de in
attached hereto an incorporated herein
2.
purchase price f
by Buyer to obt
insuring the C't
the following
1975 -1976;
agrees to allow Bu
t "A" and incorporated
ted on Exhibit "B ",
this reference.
er a credit against the
Ir the subject property in e
in a standard CLTA Owners Ti
as vestee. Conveyance shall
amount expended
Insurance Policy
�e subject to
(a) Real property taxes for the f
year
0
0
(b) Covenants, conditions, restrictions and
public utility easements of record or apparent as of the date
of said deed;
(c) Reservation in favor of Seller and its
successors and assigns of all oil, gas, petroleum and other
hydrocarbon substances in and under the option property, together
with all necessary and convenient rights to explore for, develop,
produce, extra t and take the same, subj t to the express
limitation that ny and all operations or the exploration,
development, produ tion, extraction nd taking of any of said
substances shall be rried on all 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 and, and subject further to the
express limitation that th foregoing reservation shall in no
way be interpreted to in ude any right of entry in and upon the
surface of the land he inabove described. It is understood by
the parties that the bove stated reservation is expressly
subject to all rest ictions and regulations concerning the drill-
ing for and produ tion of oil, gas, petroleum, and other hydro-
carbon substanc which are contained in the City Charter or
the municipal rdinances of the City of Newport Beach.
3. The purchase price for the subject property shall
be Two Hund ed Seventy Nine Thousand Five Hundred and no /100
DollZConstitution, 79,500.00) payable as set forth in the attached
paym interest schedule marked Exhibit "C ", incorporated
herehis reference and made a part hereof.
(a) Pursuant to Article 16, Section IS of the
Cali a special account shall be set aside
by Buyer during the current fiscal period in an amount sufficient
to pay the total purchase price and out of which all payments
will be made to Seller.
-2-
(b) Buyer shall deliver a note as set forth in
Exhibit "D" to Seller fully executed at the time that Seller shall
deliver to Buyer the deed. It is mutually agreed by the parties
hereto that if Buyer shall not pay any said installment upon
the due date thereof, Seller shall have the right to enforce
payment of the balance of the note out of the funds remaining in
the special account referred to hereinabove i paragraph 3(a).
(c) The obligation of the Ci under this Agree-
ment to pay Seller the purchase price of id property shall
not be a li n, charge or encumbrance, 1 al or equitable, on
any City prop rty, or upon any of the income, receipts or other
revenues of the City, other than th se specific revenues
allocated to the pecial account s hereinabove described.
4. Taxes on the subj ct property shall be prorated
as of the date of cc veyance. In the event that Seller shall
have prepaid taxes on he s ject property, Buyer shall immediately
reimburse Seller for sa d dvance taxes, and shall be solely
responsible for obtainin any refund of taxes under Revenue Code
Section 5096.7, or any oth r applicable section. Buyer shall
take all necessary a tion p rsuant to the Revenue and Taxation
Code to cause the s bject pr erty to be removed from the property
tax rolls.
5. I is mutually ag eed that, upon payment of the
sums, plus int rest, as required in Exhibit "C ", the obligation
of Buyer and Paragraph 3 shall be terminated.
6 Seller, its successors and assigns, for a period
of twenty- ive (25) years from the date of the deed shall have
the righ to approve the exterior design, color, and landscaping
of all mprovements to be constructed upon the premises, Buyer
shall supply to Seller for its approval two complete sets of
preliminary and final construction plans and specifications for
the exterior of said improvements and adjoining areas to be
-3-
• •
landscaped, prepared by a licensed architect or licensed
engineer, including but not limited to grading and drainage
plans and soils report, a plot plan showing the proposed
location of said improvements, all utilities and rvice
connections and all places of ingress and egres to public
streets and roads and plans for outdoor signs and lighting.
Seller steal approve said plans within thi y (30) days from
the receipt t reof by returning one set of plans to Buyer
with its appro indicated thereon, o shall notify Buyer
within thirty ( 0 days from receipt of said plans of the
reasons for its is pproval. Howe er, Seller shall not unreason-
ably withhold its orisent. Upon completion of said improve-
ments and within on hundred e'ghty (180) days from the final
inspection by the to 1 muni 'pality, all landscaping proposed
with the approved cons ruc on plans must be completed.
During said t ty -five (25) year period no structure
or other improvement, t e lans, specifications and proposed
location of which hav not irst received the written approval
of Seller or which d es not mply with such plans, specifications
and locations, sha be constr cted and maintained on the land.
No material addition to or alte tion of any building or structure
erected on the p emises shall be ommenced unless and until
plans and spec' ications covering a exterior of the proposed
addition or a teration shall have be n first submitted to and
approved by eller in the manner abov provided. The approval
of Seller any plans and specificatio s refers only to the
conformit of such plans and specificati ns to the general
architectural plan for the premises and t e neighboring lands;
such approval of plans and specifications a sumes no liability
or responsibility therefor or for any defect in any structure
constructed from such plans and specifications.
7. If at any time within the twenty -five (25) years
-4-
I
from the date of the deed, Buyer shall propose to sell or lease
all or any portion of the subject property, Seller shall have
the option to purchase the property to be sold or leased at the
current fair market value based on a bona fide offer from a
third party. Buyer shall notify Seller in writing of the bona
fide offer to purchase or lease, precisely describing the parcel
to be sold or leased, and Seller shall hav thirty (30) days in
which to n tify Buyer if it wishes to ex cise its option. If
Seller shall xercise said option, an crow for the purchase
shall be opened ithin five (5) days hich escrow shall have the
term thirty (30) ys. Buyer shall convey title to Seller subject
only to those matte of record a of the date of the deed and
subsequent matters to which Buy shall have given its consent.
Seller shall pay all co is in onnection with said escrow.
8. Buyer and 11 r hereby agree to grant one to
each other reciprocal cros easements over Buyer's property and
the remainder of the pro ert located in this Block owned by
Seller for pedestrian d veh ular access and parking purposes
at such time as Selle improves a part of or the entire remainder
of said Block of
9. Buy and Seller her \ehe e to enter into a
maintenance agre ent to jointly s responsibility and
obligation of intaining any commwhich may result as a
consequence o any further developa part of or all of the
remainder o this Block of propertWITNESS WHEREOF, the hereto have executed
this Aqr ent as of the date firswritten.
CITY OF NEWPORT
ATTEST: / ByJ� /���N•✓I
Mayor
City Clerk THE IRVINE COMPANY
0
LM
APPR ED AS TO FORM:
City Attorney
-5-
0
0
PAYMENT AND INTEREST SCHEDULE
Buyer and Seller have agreed that a number of options
are available for financing the purchase of the subject property
which is comprised of eighty -six thousand (86,000) square feet.
The total urchase price based on Three Dollars and Twenty -Five
Cents ($3.2 ) per square foot is Two Hundr d Seventy Nine
Thousand, Pi Hundred Dollars ($279,500. 0). The available
options are:
A. T tal payment for cost f land at close of
escrow - $27 500.00
B. 1. Nost of Land - ,$279,500.00
2. Payment at clj6se of escrow (20% down) - $55,900
3. Balance of gayment to be spread over a
four year period a� terest on the unpaid balance -
$223,600. /
1. Cost of land $279,500
2. Payment at close of escrow (208 down) - $55,900
3. Balance of payment to be spread over a ten
(10) year period at 6 1/2% interest on the unpaid balance
$223,600.
EXHIBIT "C" - 1
st oar
principal
and interest -
$69,316
on year
principal
& interest -
$65,962
r year
principal
and interest -
$62,608
r h year
principal
& interest -
$59,254
Ct
of land
$279,500.00
ment at
close of escrow
(20% down) - $55,900
ance of
payment to
be spread over a six
(6) yeat 6 1/4%
/per'od
interest
on the unpaid
balance
$223,60s
t Year
principal
& interest
$54,241.67
ond year
principal
& interest
- $48,912.50
rd year
principal
& interest
- $46,583.34
rth year
principal
& interest
- $44,254.17
th year
principal
& interest
- $41,925.00
th year
principal
& interest
- $39,595.82
1. Cost of land $279,500
2. Payment at close of escrow (208 down) - $55,900
3. Balance of payment to be spread over a ten
(10) year period at 6 1/2% interest on the unpaid balance
$223,600.
EXHIBIT "C" - 1
4. First year
principal &
interest
- $36,894.00
Second year
principal &
interest
- $35,440.60
Third year
principal &
interest
- $33,987.20
Fourth year
principal &
interest
- $32,533.80
Fifth year
principal &
interest
- $31,080.40
Sixth year
principal &
interest
- $29,627.00
Seventh year
principal
& interest
- $28,173.60
Eighth year
principal &
interest
- $26,720.20
Ninth year
principal &
interest
- $25,266.80
Tenth year
principal &
interest
- $23,813.40
Pri \on he close /ofhe Buyer and Seller will
mutually agree ne of the ions whic h they wish
to be bound by e purchasubject property. The
option agreed ll be incin the installments of
the promissory referred as Exhibit "D ".
EXHIBIT "C" - 2
• •
RESOLUTION NO. 8 6 1 5
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH DETERMINING AND DECLARING
THAT THE PUBLIC INTEREST, CONVENIENCE AND
NECESSITY REQUIRES THE ACQUISITION OF CERTAIN
REAL PROPERTY TO BE USED BY THE SAID CITY AS
THE SITE FOR A LIBRARY FACILITY, AND DECLARING
THE INTENTION OF THE CITY TO ACQUIRE SUCH
PROPERTY UNDER EMINENT DOMAIN PROCEEDINGS, AND
DIRECTING THE CITY ATTORNEY OF SAID CITY TO
COMMENCE AN ACTION IN THE SUPERIOR COURT OF
THE STATE OF CALIFORNIA, FOR THE COUNTY OF
ORANGE, FOR THE PURPOSE OF ACQUIRING SAID REAL
PROPERTY
WHEREAS, after thorough study and analysis of the
needs of the City of Newport Beach for a library and the deter-
mination to construct an adequate library facility, the City
of Newport Beach has selected a site in Newport Center, as more
specifically hereinafter described;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Newport Beach as follows:
SECTION 1. The public interest, convenience and
necessity of the City of Newport Beach and the inhabitants
thereof, require the acquisition and taking of the hereinafter
described real property for use and for the purpose of con-
structing public buildings thereon.
SECTION 2. The property to be condemned is described,
in the attached Exhibit "A" which is incorporated herein and
made a part hereof by this reference and more particularly shown
on attached Exhibit "B" which is incorporated herein by this
reference.
SECTION 3. The taking and acquiring by said City of
the property hereinbefore described is deemed necessary for
the construction and operation of said public buildings by the
City of Newport Beach and the inhabitants thereof for a municipal
purpose; such use is a public use, and for such public use, it is
necessary that the City of Newport Beach condemn and acquire said
property.
-1-
SECTION 4. The City Attorney of the City of Newport
Beach is hereby authorized and directed to commence an action
in the Superior Court of the State of California, in and for
the County of Orange, in the name and on behalf of the City of
Newport Beach, against all owners and claimants of the above
described property, for the purpose of condemning and acquiring
said property for the use of said City. -
ADOPTED this day of OCT23 , 1975.
ATTEST:
I
j City Clerk
Mayor
-2-
BRC:dt
11/23/75