HomeMy WebLinkAbout1362 - Escrow Instructions for the MaskeysIV
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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
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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
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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