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CC RESOLUTION 790RESOLLTION NO. 790 RESOLLTIOP OF 'PLE CITY COLhCIL Or TIE CITY OF' EL SE LiTT:C, CALIFORNIA, ACCEPTIDC T'iE TI.,E PAYB',ENT B-- OF DAISY J. FARITER BY VID,CEI.T O.FARR ELL, BROKER, FOR CERTATY CITY aV ED REAL PROPERTY. WhEREAS, tae City of EJ Segundo, California, has heretofore instituted and is now prosecuting a general comprehsr_eive program for the restoration of tax deeded properties within said City to a tax paying basis; and W_1EREAS, pursuant to said procedure as so established said Council has caused to be given and publisned a notice of intention to sell the interest of said City in certain of such tax deeded parcels, which said notice is desi„nated as "Notice No. Six M of Intention to Sell City of El Se €undo Owned Real Property and Inviting Bids or Offers Therefor. ", and which said notice was published in the El Segundo Herald in the issues of May 10th, 17th and 24th, 1945; and WITEREAS, responsive to said notice the bid 'hereinafter specifically mentioned for the property hereinafter described was filed, and has been duly considered by this Council; and W_iEREAS, this Council has reached a decision with reference to the sale of said property; NON, THEREFORE, BE IS RESOLVED by the City Council of the City of El Segundo, as follows: Firsts That the particular property which is the subject of this resolution and the sale thereir contemplated, is located in the City of El Segundo, County of Los Angeles, State of California, and is described as follows, to wit; Lot 14, Block 58, El Segundo Tract, as per Book 20, Pages 22 -23 of Maps, Records of Los Angeles County. Second: That it would be for t:e best interest of said City to accept the bid hereinafter specifically referred to in the sum of $350.00. Third: That the bid of Mrs. Daisy J. Farmer, an unmarried woman, hereinafter called the purchaser, to purchase by good and sufficient deed w'_tn policy of title insurance from said City 1. for the sum of 4p350.00, payable in installments within the time and upon the terms and conditions hereinafter stated, with real estate contnission in the stun of 5% of the sales price, payable to Vincent 0-Farrell, a broker, be and the same is hereby accepted and all other bids on said property, or any part tnereof, are hereby rejected. Fourth: That the said acceptance of said bid and the sale herein made by virtue of this acceptance thereof are so accepted and made subject to the following conditions; 1. The terms and conditions of said 'Notice No. Six M of Intention to Sell City of El Segundo Owned Real Property and Inviting Bids or Offers Therefor."; 2. That the said purchase price for said real property to be so conveyed as above stated is payable and shall be paid as follows: $8o .00 upon execution and delivery of the contract of sale hereinafter referred to and the balance of said purchase price, together with interest on the unpaid principal amount at the rate of 7% per annum from date of said contract of sale, principal and interest payable in installments as follows; $24.60 or more, and interest on the unpaid principal balance on the 7th day February, 1946, and $24.54 or more, and interest on the unpaid principal balance on the 7th day of March, 1946, and on each and every month t^ereafter until the 7tn day of December, 1946, when the entire balance due on the principal and interest becomes due and payable. Fifth: That the purchaser, within ten days from and after written notice of the acceptance of said bid hereby made, together with notice that the said contract of sale has been prepared and is ready to be executed, shall execute and deliver the required contract of sale and purchase agreement containing the further usual provisions included in the usual form of sale and purchase agreements as printed by the title companies of Los Angeles County, and approved by the City Attorney or Special City Attorney, and that if such purchaser fails to do so, then and in that event the said City, at the option of the City Council thereof, shall be relieved of its obligation to enter into said contract of sale 2. and to convey nereunder, and the amounts theretofore paid or deposited on said property or with said bid, shall be forfeited to said City as full and liquidated damages, and said City shall thereupon be free and without liability to said successful bidders, to sell said prc�:= erty to any otner purchaser. Sixth: That the Mayor of the City of E1 Segundo is nereby authorized and instructed to execute in the name of said City and on its behalf the said contract of sale in formapproved as aforesaid, and the City Clerk is hereby authorized and instructed to attest the same and affix the corporate seal of said City thereto and to deliver said contract of sale to said purchaser upon receipt by said Clerk for said City of said initial payment of $80.00, and the delivery to said City Cleri: for said City of a like duplicate of said Contract of Sale executed by said purchaser; and that the said Mayor and City Clerk are hereby further authorized and instructed, upon the payment to said City of the full sum of all amounts payable to said City under said contract of sale to execute, attest, seal and deliver to said purchaser a quitclaim deed of said real property, together with a policy of title insurance snowing said property vested in the City of E1 Segundo. Seventh: That the bid of said purchaser, above referred to, be placed on file in the office of the said bid and said "Notice No. E, Segundo Owned Real Property and are nereby referred to and by t_is herein and made a part hereof. Eighth: That the City Clerk the City Clerk of said City, and iix M of Intention to Sell City of Inviting Bids or Offers Therefor. ", reference expressly incorporated shall certify to the passage and a doption of this resolution; shall cause the original of the same to be entered in the book of resolutions of said City of E1 Segundo, and s call ma .e a minute of the passage and adoption thereof in the records of tnG proceedings of the said City Council of said City, in the minutes of the meeting at which the same is passed and adopted. Passed, a7,proved and adopted, this 7th da of January, 1946. �L Mayor of the City of S gunda A4N� California 3. STATE OF' CALIFORNIA COUNTY OF LOS AhGELLS ) ss. CITY OF EL SEGLNDO ) I. VICTOR D. McCARTHY, City Clerk_ of the City of El Segundo, hereby certify tint the foregoing resolution was adopted by the Council of the City of El Segundo, signed by the Mayor and attested by the City Clerk at an adjourned regular mestinE, tnereof held on the 7tn day of January, 1946. That said resolution was adopted by the following vote; AYES: Councilmen; ser, ieterson, Tt,ompson jic ,_a ur oelb NOES: Counc lmen: : +one• AbSE T: Councilmen: ',Le-11-y. / ity Cler'<_ of n of E1 Segundo, California (SEAL) 4.