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CC RESOLUTION 1195L` 10 6592 RESOLUTION NO. 1195 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL SEGUNDO, CALIFORNIA ACCEPTI!iG THE TIME PAYMENT BID OF JAMES L. STINNETT FOR CERTAIN CITY OWNED REAL PROPERTY. WHEREAS, the City of E1 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 WHEREAS, 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 "Notice 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 E1 Segundo Herald in the issues of December 9, 16 and 23, 1948; and WHEREAS, 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 WHEREAS, this Council has reached a decision with reference to the sale of said property; NOW, THEREFORE, be it resolved by the City Council of the City of E1 Segundo, as follows: Fires That the particular property which is the subject of this resolution, and the sale therein contemplated, is located in the City of El Segundo, County of Los Angeles, State of California, and is described, as follows: Lot 10, Block 6, El Segundo, as per Book 18, Page 69 of Maps, Records 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 $856.00 for said parcel of property. Third: That the bid of James L. Stinnett and Marie Stinnett, husband and wife, as joint tenants, hereinafter called the purchaser, to purchase by good and sufficient deed, with policy of title -1- 6593 ' insurance from the City for the sum of $$56.00, payable in install- ments within the time and upon the conditions and terms 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 "Notice No. Ten M of Intention to Bell 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; $225.00 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 the date of said contract of sale, principal and interest payable in installments as follows: $57.40 or more, and interest on the unpaid principal balance, on the 24th day of November, 1951, and $57.36 or more, and interest on the unpaid principal balance, on the 24 h day of December, 19510 and on the 24th day of each and ever; month thereafter until the 24th day of September, 1952, 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 full 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 purchasers fail to do so, then and in that event the City, at the option of the City Council thereof, shall be relieved of its obligations to enter into said contract of sale and to convey hereunder, and the amounts there- tofore paid or deposited on said property or with said bid shall be -2- 6504 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 property to any other purchaser. Sixth, That the Mayor of the City of E1 Segundo is hereby authorized and instructed to execute in the name 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 initial payment of $225.00 and to deliver to said City Clerk for said City of the like duplicate of said Contract of Sale executed by said purchaser; and that the said Mayor andCity 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, showing 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 City Clerk "of said City, and the said bid and said "Notice No. Ten M of Intention to Sell City of El Segundo Owned Real Property and Inviting Bids or Offers Therefor ", are hereby referred to and by this reference expressly incorporated herein and made a part hereof. Eighth; That the City Clerk shall certify to the passage and adoption of this resolution; shall 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 City Council of said City, in the minutes of the meeting at which the same is passed and adopted. .3- A6tEfjih" V 0 0 10 t 4 65:5 4 Passed, approved and adopted, this 24th day of ©otobe:T ', 1951- Mayor o' eC'�or� egundo, Calif ornia ,ATTEST: _ C er SPATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) as. CITY OF EL SEGUNDO ) It WEVA M. ELSEY, 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 the Mayor and attested by the City Clerk at a regular meeting thereof held on the 24th day of : =', 1951• That said resolution was adopted by the following vote: AYES; Councilmen - Gordon, Swansons Thompson and Mayor Selby, XOES: Councilmen - None; ABSENT: Councilmen - Peterson. City erk of the ty of El Segundo, Califo ia. n