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HomeMy WebLinkAbout1377 - Escrow Instructions to Ralph & Irene Maskey7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 LAW OFFICES OF "LAND "OMPSON 210 SPURGEON BUILDING SANTA ANA. CALIFORNIA RESOLUTION NO. -� a WHEREAS, there has this day been presented to the City Council of the city of Newport Beach certain Escrow instructions directed to the OrangeCounty Title Company, dated the 15th day of August, 1938, signed by Ralph P. Maskey, and Irene Maskey, his wif covering Lots 5, 6 and 7 in Block 338, Canal Section, Newport Beac Tract, as shown on a Map recorded in Book 4, page 98, Miscellaneou Maps, Records of Orange County, California; and WHEREAS, said instructions provide that the considers- tion for the transfer of the above described property to the city of Newport Beach is the sum of $1500.00, payable in thirty days from date of escrow, and in consideration of which the said Ralph P. Maskey and Irene Maskey agree to convey said real property on the terms in said instructions recited, from which the Orange County Title Company is instructed to deduct its charges and advances and also pay all encumbrances on said property necessary to issue Policy of Title Insurance showing title to said property vested in the new owner, free of all encumbrances, except City of Newport Beach taxes and Orange County taxes, and all assessments for public improvements of record, whether due or delinquent, or otherwise, including 1911 Improvement Act bonds, it being understood and agreed in this connection that the city of Newport Beach takes said property subject to all taxes, city and county, whether delinquent or otherwise, and also subject to all assessments whether due or delinquent, or which may become due in the future, including 1911 Improvement Act Bonds; and WHEREAS, the said Ralph P. Maskey and Irene Maskey, agreed to his wife, have /pay to the city of Newport Beach said $1500.00 mentioned in the previous paragraph, on account of taxes and assessments and as and for the first installment under the Pape 1. 1 2 3 v� 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 LAW OFFICES OF "LAND "OMPSON 210 SPURGEON BUILDING SANTA ANA. CALIFORNIA RESOLUTION NO. -� a WHEREAS, there has this day been presented to the City Council of the city of Newport Beach certain Escrow instructions directed to the OrangeCounty Title Company, dated the 15th day of August, 1938, signed by Ralph P. Maskey, and Irene Maskey, his wif covering Lots 5, 6 and 7 in Block 338, Canal Section, Newport Beac Tract, as shown on a Map recorded in Book 4, page 98, Miscellaneou Maps, Records of Orange County, California; and WHEREAS, said instructions provide that the considers- tion for the transfer of the above described property to the city of Newport Beach is the sum of $1500.00, payable in thirty days from date of escrow, and in consideration of which the said Ralph P. Maskey and Irene Maskey agree to convey said real property on the terms in said instructions recited, from which the Orange County Title Company is instructed to deduct its charges and advances and also pay all encumbrances on said property necessary to issue Policy of Title Insurance showing title to said property vested in the new owner, free of all encumbrances, except City of Newport Beach taxes and Orange County taxes, and all assessments for public improvements of record, whether due or delinquent, or otherwise, including 1911 Improvement Act bonds, it being understood and agreed in this connection that the city of Newport Beach takes said property subject to all taxes, city and county, whether delinquent or otherwise, and also subject to all assessments whether due or delinquent, or which may become due in the future, including 1911 Improvement Act Bonds; and WHEREAS, the said Ralph P. Maskey and Irene Maskey, agreed to his wife, have /pay to the city of Newport Beach said $1500.00 mentioned in the previous paragraph, on account of taxes and assessments and as and for the first installment under the Pape 1. 1� 2 3' 4 5, 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 LAW OFFICES OF ROLAND THOMPSON 210 SPURGEON BUILDING SANTA ANA. CALIFORNIA moratorium ordinances of the city of Newport Beach, on lots 1 and 2 in Block 537, Lot 8 in Block 637, Lots 4, 6 and 7 in Block 339, Lots 1 and 5 in Block 340, and Lot :.j' in Block :339, all in Canal Section, Newport Beach Tract, as shown on a Map recorded in Book 4, page 98, Miscellaneous Maps, Records of Orange County, California; .and , WHEREAS, it is further provided that the city of Newport Beach shall be at no expense in said escrow. NOW, THEREFORE, BE IT RESOLVED: That the City Council of the city of Newport Beach deems that the price paid for said lots.is the fair market value thereof at this time, and that it is for the best interests of the City of Newport Beachi that said oity'puxtha69 said property for the sum mentioned, and upon the considerations in said escrow specified. BE IT FURTHER RESOLVED: That the City of Newport Beech will materially benefit from the purchase of said property herein described in as much as it is contemplated and agreed that the said Ralph P. Maskey and Irene Maskey, his wife, will immediately expend said $1500.00 in making payment on the installment plan on delinquent city taxes and assessments on properties now owned by them and located in said city, and that all the money so ,paid for said property by said city will be return to said city by way of payment of delinquent taxes and assessments as aforesaid. BE IT FURTHER RESOLVED: That the Mayor and City Clerk of the City of Newport Beach be and they are hereby directed, authorized and instructed to sign said escrow instructions in the name of and on behalf of the city of Newport Beach, and the City Clerk is instructed to deliver the same into escrow with said Orange County Title Company as escrow holder. Page 2. l 2 3 4 5 6 71 L7 9 10 11 12 13 14 15 1;6 17. 18' 19. 20 21 22 23 24 25 26 27 28 29 30 31 32 LAW OFFICES OF ROLAND THOMPSON 210 SPURGEON BUILDING SANTA ANA, CALIFORNIA d I hereby certify that the above and foregoing Resolution was duly and regularly passed and adopted by the City Council of the city of Newport Beach at an adjourned regular meeting thereof held on the 15th day of August, 1938, by the following vote, to —wit: y AYES; COUNCILMEN: an &07n \ ire, NOES, COUNCILMEN: L mp ABSENT, COUNCILMEN: ' Mayor F- Gity of Newport Beach Page 3. Form N.. 1033- 3- 1 -38—bH ESCROW INSTRUCTIONS Order Escrow No ........... ........................ To the ORANGE COUNTY TITLE COMPANY Santa Ana, Cali lornia,..........._�?..�..?st 15th ly as IxX3&X hand you a Deed — Mortgage —Trust Deed and the note secured thereby, executed fry........:... Ralph P. Maskey and Irene Uaskey, his wife; -------------------------------------------------------------- - - -- -- - - - - -- ------ - - - - -- - -- -- - - - - - -. -- - -- .. -- .. - - -- -- - - - - - -. - -- . ---------- - - - - -- - -- - -- -- ----- - - - - -- - - - - - -. = ------------------------------------------------------- - - - - -- ---------------------------------------------- - - - - -- --------------------------------- - - - - -- ------ - - - - -- - -- - - - -- --- -------- "----- - - - - -- - - - - - -- ta. -. -the 61t7 Of vot7pflPt Bec"Obs c,, Lunialpol. 002poyation 08 teaq ©L"th - ------------------------------ - - - - -- --------------------- - - - - -- ------- - - - - -- ---------------------------------------- - - - - -- ------ - - - - -- ----------------------------------------- elnoo_ of Orc aNr - Cot�aty, California, ------------------------------------------------------------------------------------------------------------ Lots give (5), $ix (6) and Seven (7) in covering that certain property described as f ollows: ......... ........._-.....__.....---.-.....-.....-............-.....----------------- --- ---------------------- ...... Block 338, Canes Section, Feuport Beach Tract, as shorm on a Flap - ........ ------------•---------------------------=------------------ - - - - -- ...................................... ------- - - - - -- ---------------------------------------------------------------- recorded in Book, page -.98, Liisoellan ®ous" Pups, Records of Orange County, California, which you are to deliver to the Grantee — Mortgagee — Beneficiary upon payment to you for my account, as hereinalter pro- vided, the sum o f $1500.00 ------------ --- --------------- 30 in ..................days from date hereof, (il a construction loan said money to be disbursed in accordance with instructions of lender) and in consideration thereof, 1 hereby agree to�yr the above described property for said amount and on the terms herein recited, from which sum you may deduct your charges and advances, and from which you may also pay all encumbrances on said property necessary to issue your Policy of Title Insurance in your usual form, showing the record new owner, free of all encumbrances, except city of nzlif$$ d��Pe et�zfid' axeB sad-- -Ormge County tomes; anti-- all --- asaesements --- far -------- public improvements of record, whether due or delinquent, or otherwise, - " " " " " " " " " " -. "- ...................................... ---------------------------------------------------------- - - - - -- -- ----------- .......................................... �4 �---------- - ------------------------- ---------------------------------------- ------------------------------- - - - - -- w............................................. X idtXrrXS1C.'ditXX Ane ------------------------------------- ------- - - - - -- - - You are further aut or zed and directed to pay out of the -above funds - - -of" I1500,-OO -, ---- the --- fl- rst ---- Installment --- under- - -- the - --ten -year =-p]an---undea-- the----- ----- ---- -- -- - - -- Moratorium Ordinances of the city of 1Vewport Beach, said amount to be pros = rated- and--as --- a--- first --- installment-- under ------ said--tsn= yeaa--p2Em --- o-f -- paying -- taxes on the.fol_lowing described properties in the city of "Weryport Beach, - n B16ck- 339, -L0`Es i and 6 -0 B16bk`340" grid LK-1`1A 9166k "##9. -Ul' in YV(AV {1 4�VVV, GO Gt {VKY V1! Gi f.I VV VL 4VV H1 soel aneous Pups, Records of Orange County, California. If the °albova - �1500�00 - 1s --- not"""euffioieiit" to --- pay --- s_Td --- taxes - Abim-- mOnti- One-d, we agree- to deposit sufficient" funds" in "esoror�_ "to pay same. " " "" " (OVER) 1 1.. 9 Your liability under said-Policy of Title Insurance to be limited to $15M10.0 Transfer insurance as handed you without cost to close of escrow ............ ......... .._------ ....._....__. All interest to be adjusted to the date hereof, except no adjustment to be made on interest on any improvement bonds or assessments. You are authorized to pay...- ..- ._.:- ...... ---------- $ -------------------- -... upon the close of this escrow as commission in this transaction. Alt disbursements to be made by check of the Orange County Title Company from the fund in the escrow account hereinafter mentioned. It is understood that you will file any necessary instruments and then pay off such encumbrances as may exist at the time of filing of such instruments as is necessary to vest the title as above, and you shall not be held responsible for any liens that may attach after such filing. Time is declared to be the essence of these instructions, and if, within the time specified, and such additional time as may be required by you to make, to your satisfaction, the necessary examination of the official records to ascertain the condition of title to the above mentioned property, you are unable to comply with these instructions, then all papers, money or property left with you by me shall be returned to me on my written demand but, in the absence of such de- mand, you will proceed with these instructions as soon as possible thereafter. In the event of any disagreement resulting in adverse claims or demands being made with you in connection with, or for any papers, money, or property involved herein, or affecting you as the Escrow Holder hereunder, then without any liability to any one therefor, you shall be entitled, at your option, to refuse to comply with the demands of the parties hereto, or any.of them, and in so refusing, will make no delivery or any disbursements of any papers, monies or prop, erty involved in this escrow, and further, you shall be entitled to so refuse to comply with the demands of the parties hereto until: (I) The rights of the parties shall be adjudicated in a Court assuming the jurisdiction of any party or parties in or affected by this escrow, or (2) The parties hereto have reached an agreement in their differences, and shall have notified you, as such Escrow Holder, of such agreement in writing, signed by all of said parties. In the event there is any'litigation pertaining to this escrow or the subject matter thereof, you shall be reasonably compensated for any extraordinary services and reimbursed for all costs, reasonable attorney's fees and expenses occasioned thereby and you shall have the right to retain all documents and /or other things of value at any time held by you here- under until such sums shall be paid; the undersigned hereby jointly and severally promise to pay such sums upon de. mand. a1fdC34ikiflXaF7#� ee d XrJC iC7t 7C7 iXXXZ;y -_XXO X74.Kk3g fiC2 RY�4� X 1{4h �:Yu°� S4St i9Qi II4 7�£d I approve of the above instructioas and will hand you $ ........ 1500!!_()o ................ which you are authorized to deposit in your General Escrow Account in any Bank in Santa Ana, and I agree to buy the above described property for the amount and on the terms above recited, and I will hand you any papers or instruments that may be re. quired of me to complete this escrow us above provided. s� 3�C,}67I? 6817% �FyXi6r7 ir31i�r`, gYs7 �Yai�va3ia`° eXih" sYsdir�YpF, a" pSrYgYb'l u° iig�dL2�e7it$ �e '$72"X�AS.isG'�YixrXltX`aiYrt- We are to beat no expense in this escrow. -----------...-------------------------------------------------------- ----- ......................................... This esoroa Resolution. is subiect to the City of Newport Beach by written - -- - -------------------- ------ - - - - -- --- --- -- -- - - -- ---.... ..------ ----------------- - - - - -- F1 Address -------- ...... PSecpoit...Beaoh.e -- 'California------- ... - -..- - 1