HomeMy WebLinkAboutReso 1993-17173 RESOLUTION NO. 17173
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING LETTER OF ESCROW INSTRUCTIONS FOR THE
RELEASE OF SUBDIVISION IMPROVEMENT AGREEMENTS,
SUPPLEMENTAL SUBDIVISION IMPROVEMENT AGREEMENTS AND
BONDS FOR SUBDIVISIONS IN RANCHO DEL REY SPAS ! AND II
IN CONNECTION WITH THE TRANSFER OF FEE TITLE FROM RANCHO
DEL REY PARTNERSHIP TO RANCHO DEL REY INVESTORS, L.P.
(ESCROW #107316j FIRST AMERICAN TITLE COMPANY) AND
AUTHORIZING THE MAYOR TO SIGN SAID LETTER
WHEREAS, Rancho del Rey Partnership has notified the City that the fee
interest in fourteen (14) subdivisions located in Rancho del Rey SPAs I and II
is to be conveyed to Rancho del Rey Investors, L.P.; and,
WHEREAS, the letter of escrow instructions directs the escrow agent (First
American Title Company) to release the original subdivision improvement
agreements, supplemental subdivision improvement agreements and security
instruments (bonds) only after the fee interest on the properties has been vested
in the new owner, Rancho del Rey Investors, L.P. and new bonds and agreements
have been posted, and a title policy is issued insuring that we are in the same
or better priority position to all debt or other encumbrances.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista does hereby approve letter of escrow, known as document number C093-137,
a copy of which is on file in the office of the City Clerk, instructions for the
release of subdivision improvement agreements, supplemental subdivision
improvements agreements and bonds for subdivisions in Rancho del Rey SPAs I and
II in connection with the transfer of fee title from Rancho del Rey Partnership
to Rancho del Rey Investors, L.P. (Escrow #1073167j First American Title
Company).
BE IT FURTHER RESOLVED that the Mayor of the City of Chula Vista is hereby
authorized to sign said letter of escrow instructions on behalf of the City of
Chula Vista.
Presented by Appr as to for by
D~of Publ i~ Lorks City Attorne°ygaard
Resolution No. 17173
Page 2
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PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 20th day of July, 1993, by the following vote:
YES: Councilmembers: Fox, Hotton, Moore, Rindone, Nader
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Tim Nader, Mayor
ATTEST:
Beverly ~ Authelet, City Clerk ~.
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do
hereby certify that the foregoing Resolution No. 17173 was duly passed, approved,
and adopted by the City Council held on the 20th day of July, 1993.
Executed this 20th day of July, 1993.
Bev~rl~ A~/Authelet, Ci y lerk