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RESOLUTl.N NO. 4193
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ARCADIA AUTHORIZING, THE SALE OF CERTAIN
REAL PROPERTY KNOWN AJ3 THE TOvlNE CENTER PARCEL
v~ill, the City has extended to Union Realco, from time
to time, an option to purchase certain real property in the City of
Arcadia, County of Los Angeles, State of California, known as
Lots 1, 2, 3, 4, 6, 29, 30, -32, 33, and 34 and 31
of Block 76,of Arcadta Santa Anita Tract, as
per map recorded in Book 15, Page 89 of Maps
in the office of the County Recorder of said
County; and
vilmREAS, a substantial part of the consideration for the
purchase of said property is Union Realco's agreement to construct
thereon an eight story office building; and
WHEREAS, Union Realco has arranged to finance said construc-
tion which arrangements cannot be finalized for several days,
NOW, 'l'HEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ARCADIA THAT:
SECTION 1. The Mayor and the City Clerk are authorized to
execute an option and purchase agreement for said property in the
form attached hereto and made a part hereof.
SECTION 2. The Mayor and City Clerk are authorized to
execute a grant deed to said property and to deposit the same in an
escrow for delivery to the grantee when all the conditions and
covenants of said purchase agreement have been fulfilled.
SECTION 3. Said property is excess land to the City of
Arcadia, is not needed for any public use, and it is for the City's
best interest to sell said property. Said property was not acquired
for memorial grounds, streets, squares, parkways, or reservations.
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4193
STATE OF CALIFORNIA }
COUNTY OF LOS ANGELES 5S,
CITY OF ARCADIA
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I, CHRISTINE VAN MAANEN, the duly elected qualified and acting C
'd~ hereby certify that the fareging is 0 full, true and correct copy of
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e$ the seme eppeers of record end on file in my office, end thet I heve cerefully compered the seme with the or~i,l,
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cr.r~ of ffle City or Arcadio. Cerif.
By
Deputy
I HEREBY CERTIFY that the foregoing resolution was
adoptedat a regular meeting of the City Council of the City of
Arcadia held on the 6th day of April, 1971, by the affirmative vote
of at least three Councilmen, to wit:
AYES: Councilmen Arth, Considine, Hage, Helms, and
Butterworth
NOES: None
ABSEN~r: None
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SIGNED AND APPROVED
1971
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4193
OPTION AGREEMENT
The City of Arcadia hereby grants an exclusive option to Union Realco,
hereafter referred to as Realco, to purchase the real property hereafter described
on the conditions set forth herein,
The consideration for this option is $3000,00 receipt of which is
acknowledged,
If this option is exercised said $3000,00, as well as $6000,00 previously
paid to the City by Realco under an option agreement dated September 29, 1970, shall
apply to the purchase price,
This option shall expire and have no further effect at 5 p,m" P.D.T.
MAY 3, 1971.
This option shall be exercised by Realco executing the purchase agreement
which is a part hereof, and unconditionally delivering it to the Bank of America
Escrow Department, Arcadia Branch,
This option shall not be assignable by operation of law or otherwise,
Time is of the essence.
The conditions and terms of purchase are set forth below in the form of
a purchase agreement, which agreement shall be dated with the date upon which it is
executed by Realco,
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This Agreement, made and entered into this
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"PURCHASE AGREEMENT
day of
and between the CITY OF ARCADIA,
a municipal corporation, hereinafter
/
California corporation, hereinafter
referred to as "City" and Union Realco, a
referred to as "Renleo",
IT IS AGREED AS FOLLOWS:
Realco shall purchase from City and City shall sell to Realco for the
sum of $329,154,00 and other consideration real property in the City of Arcadia
described as:
Lots 1, 2, 3, 4, 6, 29, 30, 31, 32, 33 and 34 of Block 76
of Arcadia Santa Anita Tract, as per map recorded in
Book 15, Page 89 of Maps in the office of the County
Recorder
Option Agreement
Page Two
on the following terms and conditions:
1. City has vacated the alley which abuts Lots 3, 4, 6, 29, 30, 31,
32 and Lot 5 in said block of said tract. City does not agree, warrant or represent
that it has or will obtain a clear title to the property in the vacated alley,
City agrees to transfer to Realco whatever right, title, and interest it has in
said alley by virtue of its ownership of the above described property, excepting
said Lot 5.
2. City shall execute and deliver to Realco a grant deed to said
property subject to easements and to conditions, covenants, and restrictions of
record, when Realco has paid to City the purchase price and the eight-story building
hereafter referred to has been completed in accordance with the terms hereof,
3, On the first day of each month after this agreement is executed,
Realco shall pay to City the sum of $3,000,00 until the total balance of the
purchase price is due in accordance with the terms hereof.
4, Within 30 days from the date hereof Realco shall pay to City a sum,
which together with a credit for
$9000,00 for option payments previously made by
ry. e>CtlJ ~ ~ J tJ\
of the purchase price io -$.30G,eOe, 00 ,~ From said
Realco, shall reduce the balance
sum, so paid, City agrees to pay to Sidney E, Collins, Jr. the sum of $19,749,24,
as a realtor's commission, City has no agreement with Sidney E, Collins, Jr, to
pay a commission to him, and its sole obligation to him is to make said payment
from said sum, if and when it is paid to City in accordance with the terms of this
agreement,
5, The total balance of the purchase price, allowing credits for
payments made in accordance with the terms hereof, shall be due and payable at the
time that Realco pays off any loan, or any part thereof, obtained for the purpose
of constructing the building hereafter referred to, or at the time any permanent,
take-out loan on said property is funded, or on September 18, 1973, whichever occurs
first, Realco may pay the balance of the purchase price at anytime on or before
September 18, 1973 without penalty,
6, All payments made by Realco shall be credited to the purchase price,
provided Realco performs all conditions in a timely manner.
Option Agreement
Page Three
7, Upon execution of this agreement, City shall deliver possession of
said property to,Realco for the purpose of constructing a building thereon and
Realco shall forthwith proceed to construct and diligently prosecute to completion
on said property an eight-story office building with parking facilities. Con-
struction shall commence no later than May 1, 1971, and shall be completed within
one year, Plans for the building shall be subject to approval of the City Council
which approval shall not be unreasonably withheld,
8, Until the title to said property is conveyed to Realco, no sign
shall be erected on the property or on any buildings or structures thereon, except
permanent signs, without the written consent of City,
9, At all times, City shall have the right to erect signs on said
property giving notice of nonresponsibility for mechanic's and materialmen's liens
and other notices of a legal nature,
10, The conditions imposed herein by City are in its capacity as a
seller of real property, and it is not to be inferred that City waives its right
to require Realco to comply'with all applicable laws and ordinances relating to the
development of said property; the imposition of requirements on the construction of
said building and other improvements on said property by City pursuant to its zoning
or building regulations shall not be construed to be a breach of any of the conditions
hereof expressed or implied,
11. Time is of the essence of this agreement, failure of Realco to
perform any of the conditions hereof, shall cause this agreement to immediately
terminate and be of no further force or effect, and Realco shall immediately return
possession of said property to City, and City shall keep any and all payments made
pursuant hereto and anything affixed to said real property by Realco; provided that
any such failure which is due to strikes, or local or national emergency, shall
excuse performance for a reasonable period; provided, further, that in the event the
Bank of America becomes an assignee hereof by way of security, said Bank shall have
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Option Agreement
Page Four
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60 days after written notice of any default to cure the default,
12, Any taxes levied against the real property, which is the subject
of this agreement, or any interest therein, shall be paid by Realco,
ATTEST
CITY OF ARCADIA
By
Mayor
,..
City Clerk
APPROVED AS TO FORM
UNION REALCO
By
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This Option Agreement Executed ~a~~;7 ,1971
y;ff7 ~ C, () CITY OF '!jCADIA
~<:-i;4;; k/Zt,/I;u>>J By /{!u-kJr~l of (/)ui{u<-ac<j~,
"City Clerk ' . Edward L, Butterworth, Mayor
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APPROVED AS TO FORM
City
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