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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