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RESOLUTION N0. 5142
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH AUTHORIZING THE EXECUTION OF ESCROW
INSTRUCTIONS
WHEREAS, the City of Newport Beach has offered certain
land for sale under the terms of Resolution No. 5081; and
WHEREAS, Mr. Roy K. Sakioka, the buyer, has requested
a formal escrow be opened to complete the purchase; and
WHEREAS, it is necessary that the City Council approve
the escrow, authorize the execution of escrow instructions, and
clarify the terms of the sale as hereinafter set out;
NOW, THEREFORE, BE IT RESOLVED:
1. The reservation of mineral rights in the deed shall
provide that there is no right of entry being reserved by the City
within 500 feet of the surface.
2. The commission amounting to 5% of the purchase
price may be paid to the broker from the escrow.
3.
The
cost
of the escrow shall
be paid by buyer.
4.
The
Mayor
and City Clerk are
hereby authorized to
execute escrow instructions to permit the transaction.to be com=
pleted in accordance with the terms of Resolution No. 5081, the
bid, and this resolution.
This resolution was adopted by the City Council of the
City of Newport Beach at a regular meeting on the 28th day of
December, 1959, by the following vote, to wit:
AYES, COUNCILMEN: Kingsley, Atkinson,
Higbie, Stoddard, Hart, Lorenz, Somers
NOES, COUNCILMEN:
None
ABSENT COUNCILMEN: None
ATTEST: (\
City Clerk
r7. Mayor
0
r�
U
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF NEWPORT BEACH)
I, MARGERY SCHROUDER, City Clerk of the City of Newport
Beach, California, do hereby certify that according to the records
of the City of Newport Beach filed and maintained in my office,
the foregoing Resolution No. 5142 was duly and
regularly adopted, passed, and approved by the City Council of
the City of Newport Beach, California, at a regular meeting of
said City Council held at the regular meeting place thereof, on
the 28th day of December , 19 59 , by the following
vote, to wit:
AYES, COUNCILMEN: Kingsley, Atkinson, Higbie, Stoddard,
Hart, Lorenz, Somers
NOES, COUNCILMEN: None
ABSENT, COUNCILMEN: None
Dated this 30th day of December , 19 59 e
M
City Clerk knd Ex-Otticlo Cer o to
City Council City of Newport Beach,
State of California,