CC RESOLUTION 1278RESOLUTION iio. 1278
RESOLUTION 03' THE CITY COUNCIL OF TEE CI'T'Y OF EL SEGUNDO, CALIFORNIA,
ACCEPT! G THE. TII'.4E PAYNE1r'T BIDS OF JAMES HOWARD SMITH FOR CERTAIN
CITY OWNED REAL PROPERTY.
WHEREAS, t:ie 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
Whi'REAS, pursuant to said procedure as so estaolished,
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 saia notice is designated as "notice Igo. Eleven
M of Intention to Sell City of A 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 11th, 18th and
25th, 1952; and
7uiu.REAS, responsive to saia notice, the bids hereinafter
specifically mentioned for t-e property hereinafter described was
filed, ana has been duly considered by this Council; and
WHEREAS, this Council has reached a decision with reference
to t -,e sale of said properties;
NOVI, Th RZFORE, be it resolved oy the City Council of Ghe
City of El Segundo, as follows:
First: That the particular property which sce the subject
of this resolution, and the sales therein contemplated, are located
in the City of El Segundo, County of Los Angeles, State of California
and described, as follows:
Parcel 1: Lot 4, Block 36, El Segundo, as per Hook 22, Page 54
of Maps, Records of Los Angeles County.
Parcel 2: The South 46 feet of Lot 5 (Ex of St) in Block 96,
E1 Segundo, as per Book 20, page 22 of Maps, Records
of Los Angeles County.
Parcel 3: The South 46 feet of Lot 6 (Ex of St) in Block 96,
E1 Segundo, as per Book 20, page 22 of Maps, Records
of Los Angeles County.
Second: That it would be for the best interest of said City
to accept the bids nereinafter specifically referred to in the
-1-
sum of 81200.00 for Parcel 1; $1750.00 for parcel 2; and $1500.00 for
Parcel 3.
Third: That the bidsof James Howard Smith, hereinafter called
the purchaser, to purchase by good and sufficient deed, with policy
of title insurance, each of the following parcels and for the following
amounts, to -wit: Parcel 1, $1200.00; Parcel 2, $1750.00; and Parcel 3,
$1500.001 payable in installments within the time and upon the
conditions and terms hereinafter stated, be and the same are iereby
accepted.
1. The terms and conditions of said "iJotice ivo. Eleven M of
Intention to Sell City of E1 Segundo Owned Heal Property and Inviting
Bids or Offers Therefor ";
2. That the purchase price for each of said parcels of real
property to be so conveyed as above stated, is payable and shall be
paid as follows:
Parcel 1: $300.00 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: $81.90, or mm e, and
Interest on the unpaid principal balance, on the 14th day of February,
1953, and $81.81, or more, and interest on the unpaid principal balance,
on the 14th day of March, 1953, and on the 14th day of each and every
month thereafter until the 14th day of December, 1953, when the entire
balance due on the principal and interest becomes due and payable.
Parcel 2: $437.50 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: $119.40, or mcr e, and
interest on the unpaid principal balance, on the 14th day of February,
1953, and $119.31, or more, and interest on the unpaid principal balance,
on the ltFth day of March, 1953, and on the 14th day of each and every
month thereafter until the 14th day of December, 1953, when the entire
balance due on the principal and interest becomes due and payable.
-2-
v�3�6
Parcel 3: $375.00 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: x$102.30, or more, and
interest on the unpaid principal balance, on the 14th day of February,
1953, and $102.27, or more, and interest on the unpaid principal balance,
on the 14th day of March, 1953, and on the 14th day of each and every
month thereafter until the 14th day of December, 1953, 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 bids hereby made, together
with notice that the said contracts of sale have been prepared and
are ready to be executed, shall execute and deliver the required
contracts of sale and purchase agreements 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
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 obligations
to enter into said contracts of sale and to convey hereunder, and the
amounts tnexetofore paid or deposited on said properties or with said
bids shall be forfeited to said City as full and liquidated damages,
and said City snall tnereupon be free and without liability to said
successful bidder to sell said properties to any other purchasers.
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 contracts of sale in form approved as aforesaid,
and the City Clerk is hereby authorized and instructed to attest the
same and affix tre corporate seal of said City thereto and to deliver
said contracts of sale to said purchaser upon receipt b`r said Clerk
for said City of the initial payment of $300.00 on Parcel 1; 5437.50
on Parcel 2; and $375.00 on Parcel 3, and the delivery to said City
Clerk for said City of a like duplicate of said Contracts of Sale
-3-
executed by said purchaser; and that the said Mayor and City Clerk
are hereby furtner authorized and instructed, upon the payment to said
City of the full sum of all amounts payable to said City under said
contracts of sale, to execute, attest, seal and deliver to said purchaser
• quitclaim deed of each of said parcels of real property, together with
• policy of title insurance, showing said property vested in the City
of E1 Segundo.
Seventh: That the bids of said purchaser, above referred to,
be placed on file in the office of the City Clerk of Baia City, and
the said bids and said "Notice No. Eleven 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 E1 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.
Passed, approved and adopted, this 14th day of January, 1953.
n�
Mayor of the City of undo
ATTEST*
(�- ,
City Clerk.
STATE OF CALIFOEiNTA )
COUNTY OF L08 ANGELE ) ss.
CITY OF EL SEGUINDO }
1, NEVA M. ELSEY, City Clerk of the City of El Segundo, hereby
certify that the foregoing resolution was adopted by the Council of th.
City of El Segundo, signed by the Mayor and attested by the City Clerk
at a regular meeting thereof held on the 14th day of January, 1953•
That said resolution was adopted by the following vote:
AYES: Councilmen - Baker, Gordon, Peterson, Swanson and Mayor Selby;
NOES: Councilmen - None;
ABSENT :Councilmen - None.
City y — L�%T; City of egun3o.
-4- F -