CC Resolution No. 8454
RESOWl'ICN 00. 8454
A RESOLUTICN OF THE CITY CXXJNCIL OF THE CITY OF CUPERTIJ!D
Al'PROITIOO "JOINT ESCRCM IN8'ImJCl'IONS Fœ WILSCN SUBDIVISICN"
BE IT HEREBY RESOLVED that the City Council of the City of CUpertino,
CalifonUa hereby ~ the "Joint Escrow Instructions for wilson
SUbdivision" , and authorizes the Mayor and the City Clerk to sign said
docUIœnt on behalf of the City of CUpertino.
PASSED AND ADOPlED at
City of CUpertino this
following vote:
~ Mfs!tJers of the City Council
a regular meeting of the City Council of the
lSth day of Julv , 1991, by the
AYES: Goldman, Rogers, Sorensen, Szabo, Koppel
NOES: None
~: None
ABSTAIN: None
APPROVED:
/s/ Barb Koppel
Mayor, City of CUpertino
A'l'lEST :
/s/ Roberta A. Wolfe
City Clerk , Deputy
JOINT ESCROW INSTRUCTIONS
FOR WILSON SUBDIVISION
CUPERTINO UNION SCHOOL DISTRICT ("DISTRICT"),owner of the
property subject to this escrow, and the CITY OF CUPERTINO
("CITY"), which has entered into a SUBDIVISION AGREEMENT
( ) whereby DISTRICT agrees to install and complete certain
designated public improvements, now hereby submit the following
Joint Escrow Instructions.
1. DISTRICT shall submit into escrow deeds to lots 8
and 9 of the Wilson Subdivision, Tract 8332, from said DISTRICT
to the CITY OF CUPERTINO, to secure that DISTRICT shall furnish,
construct and install at its own expense all improvements as
required by Title of the Cupertino Municipal Code, or as
amended, and as shown on plans and specifications of said
Subdivision. Said lots shall further secure that DISTRICT shall
make payment to the contractor, his subcontractors, and to all
persons furnishing materials, supplies, equipment or labor used
in, upon, for or about the improvements required to be furnished,
constructed and installed in the Wilson Subdivision including
payment of amounts due under the Unemployment Insurance Act.
, 2. In the event that said improvements including, but
not limited to, facilities for water, gas, electricity, sewer,
cable television, storm drainage, curbs, gutters, sidewalks and
public streets, are not completed to CITY standards on or before
November 1, 1992, or in the event DISTRICT does not make payments
to the contractor, subcontractors, material and labor suppliers
for said improvements, CITY shall give written notice to
California Land Title Company of said non-compliance; a copy
shall be sent to the DISTRICT; ten (10) days following delivery
of said written notice, California Land Title Company shall
transfer title of said lots to the CITY and shall cause said
deeds to be delivered to CITY. CITY may withdraw or modify such
notice within said ten (10) day period.
3. In the event any or all of said deeds are
delivered,to CITY, CITY may use the land involved for any public
purpose, or may sell the land to the public, for fair market
value, and in either case shall assume responsibility for
completion of the improvements or compliance with the conditions,
to the extent CITY has the power and ability to carry any or all
of the same forward. CITY's activities hereunder shall not
operate to release DISTRICT from its obligations, including the
payment of any shortfall in the cost of completion of said work
or compliance with the conditions, once the fair market value of
said lots 8 and 9 has been exhausted in said efforts by CITY.
Any excess of fair market value, as determined by either sales
price in the event of sale or appraisal in the event City
decides to retain the property, resulting after completion of the
improvements/conditions shall be transmitted to DISTRICT.
Joint Escrow Instructions
wil~on Subdivision
Page Two
4. The deeds to real property frozen in escrow by the
parties hereto, are intended to be in satisfaction of legal
authority for CITY to require security such as bonds, cash
deposits, securities or other means with respect to the
obligations of DISTRICT arising as a result of its subdivision of
the aforesaid property.
5.
improvements,
Title Company
Upon the granting of final approval of said
CITY shall without delay notify California Land
to release deeds to said lots back to the DISTRICT.
6. THE PARTIES HERETO, by and between their
respective authorized officials, hereby have set their hand and
seal at the date affixed next to their respective signatures, and
represent that they have the authority to execute this agreement
on behalf of the public entity involved.
DATED:
, 1991
DATED:
June 21
, 1991