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CC RESOLUTION 1218RESOLUTION h0. 1218 RESOLUTION OF TIE CITY COUNCIL OF THE CI'T`Y OF EL SEGUNDO, CALIFORNIA, ACCEPTING THE TIME PAYMENT BID OF JAMS E. NICHOLS II FOR CERTAIN TAX DL.. D PROPERTY. INILx'REAS, 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 V':IMMEAS, 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 El 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 uIFEREAS, 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 WHMAS, this Council has reached a decision with reference to the sale of said property; NOW, THIMFORE, be it resolved by the City Council of the City of E1 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; Lot 31, Block 10, 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 0705.00 for said parcel of property. Third; That the bid of James E. Nichols II, hereinafter called purchaser, to purchase by good and sufficient deed, with policy of -1- title insurance from the City for the sum of x705.00, payable in installments within the time and upon the conditions and terms hereinafter stated, be and tre same is hereby accepted. Fourth: That the said acceptance of said bid ano 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 11hotice Plo. Ten M of Intention to Sell City of El SeLundo 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: .x200.00 upon execution and delivery of tne contract of sale hereinafter referred to and t' -e balance of said purchase price, together with interest on tt.e unpaid principal amount at the rate of 75 per annum from the date of said contract of sale, principal and interest payable in installments as follows: 045.90, or more, and interest on the unpaid principal balance, on the 2nd day of Idiay, 1952, and $45-91, or more, and interest on the unpaid principal balance, on the 2nd day of June, 1952, and on the 2nd day of each and every month thereafter until the 2nd day of March, 1953, when the entire balance due on the principal and interest becones 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, ano- that if such purchasers fail to do so, then and in that event the said City, at the option of the City Cour_cil thereof, shall be relieved of its obligation to enter into said contract of sale and to convey hereunder, and the amounts theretofore paid or deposited on said property or with said bid shall -2- be forfeited to said City as full and liquidated damages, and said City shall thereupon be free and without liability to said successfu' bidders to sell said property to any ot::er purchaser. Sixth: That the Mayor of the City of El 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, ana the City Clerk is hereby authorized and instructed to attest the name 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 0200 and tune delivery to said City Clerk for said City of a like duplicate of said Contract of Sale executed by said purchaser; and tnat the said LL?ayor and City Clerk are hereby further authorized and instructed, upon the payment to said City of tie full sum of all amounts payable to said City under said contract of sale to execute, attest, seal and deliver to said pure'_ aser a quitclaim deed of said real i,rcuerty, to`;otl�er with a policy of title insurance, showinc said' pro -erty 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 Ad and said "Notice ldo. Ten IT of Intention to Sell City of E1 Segundo Owned heal Property and Inviting Bids or Offers Therefor ", are hereby referred to ana by t'nis 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 t',ie book of resolutions of said City of E1 Segundo, and shall make a minute of the passage and adoption therejf in the records of the proceedings of to City Council of said City, in the minutes of the neetin;; at wrilch the same is passed ana adopted. -3- Passed, approved and adopted, this 2nd day of April, 1952- 1,ayor of the City of E1 ;undo. ATTEST: City Clerk. SPATE 0-' CALiY Or.FIA COUNTY 0? LOS Ac",RLES ) ss. CITY OP EL SECJI`T O ) I, ITIEVA t ".. ELSEY, City Clerk of the City of El Se.undo, hereby certify that the forcLoino resolution was adopted by the Council of the City of 21 Segundo, signed by the L'ayor and attested by the City Clerk at a regular neetinl ttereof Yield on the 2nd day of April, 1952. That said resolution was adopted by the followint vote: AYES: Councilmen - Gordon, Peterson, Swanson, Thompson and Mayor Selby; NOES: Councilmen - None; ABSE;iT: Councilmen - None. o Yl City Cler_. off the City r -71 Segundo.