CC RESOLUTION 1001RESOLUTION io0. 1001
RESOLUTIONa OF THE CITY COUNCIL OY TLE CITY OF EL SEGUNDO,
CALIFOR141A, ACM Tli,G 'NHL TIME 1'I YitirNi' BlD OF DETROIT
PRODUCTS COMrAPY, a co- partnership, FOR CERTAIN CITY Ja:iED
R A rROfEii'liY.
WHEREAS, the City of El Segundo, California, has
heretofore instituted and is now prosecuting a general comprehensive
program for the restoration of tax deeded properties within
said City to a tax paying basis; and
WhEf,;AS, pursuant to said procedure as so established
said Council has caused to be given and published a notice of
intention to sell the interest of said City in certain of such
tax deeded parcels, which said notice is designated as "Lotice
No. Ten M of Intention to Sell City of E1 Segundo Owned Real
Property and Inviting Bids or Offers Therefor. ", and which
said notice was published in the El Segundo Herald in
the issues of December 9, 16 and 23, 1948; and
W dR;_,AS, 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
dV EliEAS, this Council has reached a decision with
reference to the sale of said property;
14014, is RFr'ORF, BE IT RLSOLVED, by the City Council of
the City of El Segundo, as follows:
First: That the particular property which is the
subject of this resolution, and the sale therein contemplated, is
located in the City of E1 Segundo, County of Los Angeles, State of
California, and is described as follows, to -wit:
Lot 7, Block 16, El JeRundo, as per map
recorded in Book 16 Page 69 of ivlw s,
Reccm ds of Los Angeles County.
Second: That it would be for the best interest of said
City.to accept the bid hereinafter specifically referred to in
the sum of $700.00 for said parcel of property.
Third: That the bid of Detroit Products Company,
a co- partnership, hereinafter called the purchaser, to purchase
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by good and sufficient deed with policy of title insurance from said
City for the sum of 0700.00, payable in installments within the
time and upon the terms and conditions hereinafter stated,
be and the same is hereby accepted.
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 "i:otice 1do, hen M
of Intention to Sell City of El SeF-undo Owned deal 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: 4p175.00 upon execution and delivery of the
contract of sale hereinafter referred to and the balance of
said purchase price, to7etner with interest on tr_,e unsaid
principal amount at the rate of 7,o oar annum from date of said
contract, of sale, principal and interest ;payable in installments
as follows: $47.80 or more, and interest on the unpaid principal
balance on the 11th day of June, 1949, and §47.72 or more, and
interest on the unpaid principal balance on the 11th day of
July, 1949, and on the 11th day of each and every month
thereafter until the 11th day of April, 1950, 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
m the required contract of sale and purchase a7reomeat containin^
the further usual provisions included in the usual form of
sale and purchase agreements as printed by the title companies
of Los An -•eles County, and approved by the City 1�ttorney or
Special City attorney, and that if such ourchaser 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 oblimation to enter
into said contract of sale and to convey hereunder, and the
amounts theretofore paid or deposited on said property or with
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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 bidder to sell said property to
any other purchaser.
Sixth: That the L4ayor of the City Of E1 Set - ;undo is
hereby authorized and instructed to execute in the nano of said
City and on its behalf the said contract of sale in form
approved 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 _nitial payient of X175.00 and the delivery to said City
Clerk for said City of a like duplicate of said Contract of Sale
executed by said purchaser; and that the said Mayor and City
C]e rk 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, totgetner with a policy of title insurance showing
said property vested in the City of El Se,�;undo.
Seventh: That the bid of said purchaser, above referred
to, be placed on file in the office of the City Clerk of said City,
and the said bid and said "notice Zo. Ten M of intention to
Sell City of it Segundo Owned teal Property and Inviting Bids
or Offers Therefor,", are hereby referred to and by this
reference expressly incorporated herein and made a part hereof.
Eimhth: That the City Clfrk shall certify to the passage
and adoption of this resolution; snall cause the original of
the same to be entered in the book of resolutions of said City
of El Segundo, and shall make a minute of the passage and
adoption thereof in the records of the proceedings of the said
City Council of said City, in the minutes of the meeting
at which the same is passed and adopted.
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Passed, approved and adopted, this 11th day of L:ay,
1949.
NIay ,. � e City of E1
Segundo, California.
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T E 1 T:
d�'& � a -Cler
STATE ur' Cdi.l?wiNIA )
COU1,2Y OF LOS aNGELS,S
C1rZ GF EL SEGUiTDO )
I, VICTOR D. City Clerk of the City of El
Segundo, hereby certify that the foregoing resolution was
adopted by the Council of the City of El Segundo, signed by
pro tem
the IVIayoz/ and attested by the City Clerk at a regular
meeting; thereof held on the 11th day of Pray, 1949.
That said resolution was adopted by Lhe following
vote:
AIES: Councilmen Baker, Peterson, Swanson and Mayor pro tem Thompson;
NUliS: Councilmen none;
BSEwT: Councilmen` Selby.
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