HomeMy WebLinkAbout1979-60 CRA
EJC:adg
10/31/79
RESOLUTION NO. 79- 60
.
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA APPROVING
AND AUTHORIZING THE CHAIRMAN OF THE AGENCY
TO EXECUTE THE SECOND AMENDMENT TO PARTICI-
PATION AGREEMENT BETWEEN THE COMMUNITY
REDEVELOPMENT AGENCY AND AMERICAN NATIONAL
PROPERTIES, A DECLARATION OF RESTRICTIONS,
A GRANT DEED FROM THE COMMUNITY REDEVELOPMENT
AGENCY TO AMERICAN NATIONAL PROPERTIES,
AND AN INDEMNITY AGREEMENT WITH CHICAGO TITLE
INSURANCE COMPANY
WHEREAS, the Community Redevelopment Agency
previously entered into that certain agreement with American
National properties entitled "Participation Agreement,"
dated January 15,1979, amended by that certain agreement
entitled "First Amendment to Participation Agreement," dated
August 20,1979, hereinafter collectively referred to as
"said agreement as amended;" and
.
WHEREAS, a portion of the Phase I Sales Parcel,
described in said agreement as amended as the "Phase I-B
~les parcel," is being acquired by the Community
Redevelopment Agency of the City of Santa Ana in that
certain eminent domain action currently pending in the
Orange County Superior Court, Case No. 314253; and
WHEREAS, American National Properties desires the
Community Redevelopment Agency to execute a grant deed for
said Phase I-B Sales Parcel prior to Agency's acquisition of
title in order to obtain necessary financing for the
rredevelopment project; and
.
WHEREAS, Chicago Title Insurance Company is
willing to provide the necessary title insurance on said
Phase I-B Sales Parcel for financing purposes if Agency
agrees to indemnify Chicago Title Insurance Company for any
and all loss which it might sustain as a result of the
failure of Agency to acquire title in the foregoing eminent
domain action as provided in Section II.N. of said agreement
as amended; and
WHEREAS, the foregoing transaction requires a
second amendment to said agreement as amended to provide for
execution of a grant deed by Agency prior to Agency
acquiring title and to prohibit American National properties
from exercising any right of rescission it may have under
law based on nonmerchantability in order to protect Agency
and Chicago Title Insurance Company.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS:
.
1. The Chairman of the Agency is hereby
authorized to execute that certain" Second Amendment to
Participation Agreement," form dated October 29, 1979, that
certain" Personal Undertaking (Indemnity Agreement),"
between the Community Redevelopment Agency of the City of
Santa Ana and Chicago Title Insurance Company, and that
certain Grant Deed to American National properties and
Declaration of Restrictions attached thereto, copies of
which are on file in the office of the Secretary of the
Agency, to which copies reference is hereby made for full
particulars.
.
.
.
.
2. The Executive Director is hereby authorized
to take all steps, and to sign all documents and
instruments, necessary to carry out said Second Amendment to
Participation Agreement between the Community Redevelopment
Agency and American National properties on behalf of the
Agency.
ADOPTED this
the following vote:
5th
,1979, by
November
day of
AYES:
MEMBERS: BRICKEN, GRISET, MARKEL, SERRATO, WARD, YAMAMOTO
MEMBERS: NONE
NOES:
ABSENT:
MEMBERS: LUXEMBOURGER
ATTEST:
o~,CÚ)~
~~
Executive Director/
Recording Secretary
APPROVED AS TO FORM:
.~{d
KEITH L. GO ,
Agency Legal Counsel
2.