HomeMy WebLinkAboutH-1 - City Council Authorization of Cancellation of a Note and Execution of a Request for Full Reconveyance of a Deed of Trust to Coast Capital, IncC ITY OF NEWPORT BEACH
CITY ATTORNEY
DE ARTMENT
September 20,, 1967
To; The Honorable Mayor and
Members of the City Council
From-. City Attorney
Subject-. City Council authorization of cancellation of a note and
execution of a request for full reconveyance of a deed
of trust to Coast Capital, Inc.
On June 22, 1964, the City sold a parcel of real property located
near the intersection of 28th Street and Newport Boulevard to Noel
Singer, acting for Coast Capital, Inc. The property sold is shown
on the attached drawing as Parcel "H". The purchase price for the
property was $83,000. Under the terms of the sale, the purchaser
paid one-third of the purchase price immediately and the remainder
of the purchase price was paid in three annual installments of
$18,4440440
The Finance Director has advised us that Coast Capital has paid the
final installment owed to the City. The resolution which appears on
your agenda authorizes the Finance Director to acknowledge payment
of the note and authorizes the reconveyance to the purchaser of the
property interest held by the trustee under the deed of trust,
Adoption of the resolution will complete the transaction insofar
as the City is concerned.
THS°mec
Att
cc m City Manager
City Clerk
Finance Director
Tully Sey o
City Attorney
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JACK S. RAUB LAND SURVEYOR
UcIENSE No. 2312
136 ROCHESTE:R STREET P. O. Box 117 COSTA MESA. CAL -IF.
0 Al SCALE FIELD BOOK CALC, BOOK
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JOB No. 7g59