HomeMy WebLinkAboutReso 170-1977 RESOLUTION NO. 17o-77
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATEOF CALIFORNIA
A RESOLUTION AUTHORIZING EXECUTION
OF OPTION'TO PURCHASE REAL PROPERTY
(.UTAH INTERNATIONAL INC.)
that:
BE IT RESOLVED by the City Council of the City of South San Francisco
1. Exercise of Option. The City Manager is hereby authorized to
exercise or cause exercise of the option to purchase real property executed
November 2, 1976, by Utah International Inc., a Delaware corporation, and
accepted by the City of South San Francisco on November 3, 1976. The City
Manager shall on or before October 14, 1977, give written notice to Utah
International Inc. of the exercise of the option as provided in paragraph 4
of said option and deposit in Escrow No. 426865' Title Insurance and Trust
Company, 333 Marshall Street, Redwood City, the purchase price of Six Hundred
Twenty-fiveThousa~Dollars ($625,000) from capital improvement funds on or
before the 15th day of October 1977.
2. Escrow Instructions. The City Manager is hereby authorized to
issue or cause issuance of escrow instructions in accordance with paragraph
4 of said option, as follows:
2.1 An instruction requesting a grant deed.
2.2 An instruction that the City will bear one-half of the cost of
the escrow.
2.3 An instruction that City will bear the recording cost and cost of
title insurance.
2.4 An'instruction that City will accept a grant deed subject to cur-
rent county and municipal taxes which shall be prorated as of the
date of close of escrow and subject to Exceptions 3 through 12,
inclusive, as shown' on the Title Insurance and Trust Company's pre-
liminary ~report dated March 30, 1976, which is attached to said
option.
2.5 An instruction that if any additional exceptions at the time of
close are shown, same shall be subject to reasonable approval by
the City.
I hereby certify that the foregoing Resolution was regularly intro-
duced and adopted by~ the City Council of the City of South San Francisco
at a regular meeting held on the mtn day of October ,
1977 ,, by the following vote'
AYES, COUNCILMEN Richard A.. Battaglia, William A. Borba, Emanuele N. mamnte,
Terr~ J. Mirri and Leo Padreddii
None
None
ATTEST:
NOES,
ABSENT,
City Clerk