CC RESOLUTION 1290RESOLUTION NO. 1290
RESOLUTION OF THE CITY COU��ICIL Or THE CIY'Y JIB' EL SEGU111)0, CALIFORNIA,
ACCEPTING THE TITEE PAYMNT BID OF CONSTRUCTION FII1ANCE CORPORATION, A
CALIFORNIA CORPORA`1'ION, FOR CERTAIN TAX DEEDED PROPERTY.
NBEREAS, 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
WIEREAS, 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. Eleven 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 Deceaber n, 18 and 25,
1952; and
WHEREAS, responsive to said notice, the bid hereinafter
specifically mentioned for the property hereinafter described was
filed and has been duly and regularly considered by this Council; and
�11HEREAS, this Council has reached a decision with reference
to the sale of the said property;
NOW, T!-IEREFORE, BE IT RESOLVED BY THE Cl TY COUNCIL OF Tim CITY
OF EL SEGUNDO, AS FOLLOWS:
First: That the particular property which is the subject
of this resolution and the same therein contemplated, is located in
the City of El Segundo, County of Los Angeles, State of California,
and is described as follows:
Lot 9 in Block 22, El Segundo, as per Book 18, page
69 of Maps, Records of Los Angeles County.
Second: That it would be to tr_e best interest of said City
to accept the bid hereinafter specifically referred to in the sum of
$1500.00 for said parcel of property.
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Third: That the bid of CO.` „SMUCTIO1u FINAr10E CORPORA'tSOIJ, a
California corporation, to purchase by good and sufficient deed, with
policy of title insurance from the City saia Lot 9, olock 22, Ei 3egun<le
'tract, for the sum of ap1500.00, said purchase price payable in
Installments within the tine and upon the conditions and terms herein-
after stated, BE A,>D ThE SAME IS FIEREEY ACCEPTED.
Fourth: That the acceptance of said bid and the sale herein made
by virtue of this acceptance tnereof are so accepted and made subject
to the following conditions:
1. The terms and conditions of said "Notice ivo. Eleven M of
Intention to Sell City of E'1 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: <, >400.00 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 dace of said contract of sale, princ -pal
and interest payaole in installments as follays: 5,100.00, or more,
and interest on the unpaid principal balance, on the 17th day of
March, 1953, and on ti-�e 1'jth day of each and every month thereafter
until the 17th day of January, 1954, when the entire balance due on
the principal ana interest becomes due and payable.
Fifth: That the purchasers, within ten days from and after
written notice of the acceptance of said bid hereby made, together with
notice that t 3e sa: d contract of sale has been prepared and is ready to
be executed, snall execute and deliver the requirea contract of sale
and purchase agreement containing the full usual provisions included
in the usual form of said sale and purchase agreements as printed by
the title companies of Los Angeles County, and approved by the City
Attorney or Special City .attorney, dnd that if such purcrasers fail
to do so, then, and in that event, the said City, at the option of
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the City Council thereof, shall be relieved of its obliget ion 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 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 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
name and affix the corporate seal of said City of Ll Segundo thereto
and to deliver said contract of sale to said purchasers upon receipt
by said Clerk for said City of said initial payment of L*00.00 and
the delivery to said City Clerk for said City of a like duplicaue of
said contract of sale executed by said purchasers; 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 purchasers 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 purchasers, above referred to,
be placed on file in the office of the City Clerk of said City, and
the said bid and said °ivotice ;vo. Eleven 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 cart 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 t.e minutes of the
meeting at which the same is passed and adcpted.
Passed, approved and adopted this 18th daily ooF -F'eb ry, 1953.
ATTEST- G't� Ut1_ " . Z 4g
rita Clerk. ay or oine City of E 'eguneo
pro tem
STATE OF CALIFORNIA )
COUNTY OF LOS A- NGELES
CITY OF EL S CU7 TDO )
I, NEVA ➢i. ELSEY, City Clerk of the City of El Segundo,
hereby certify that the f oregoing resolution was adopted by the
pro ten.
Council of t:e City of El Segundo, signed by the mayor/ and attested
by the City Clerk at a
of February, 1953.
That said resoluti
A) S: Councilmen
:eOES: Councilmen
AitSEi�T: Councilmen
regular meeting thereof held on the 18�th day
Dn was adopted by Lhe following vote:
- Gordon, Swanson and Mayor pro tem Peterson;
- None;
- Baker and Mayor Selby.
City Clerk, City of El Segundo.