Contracts & Agreements_37-1973 - Laserfiche WebLink

Home Browse Search

B Issue Preliminary T€ ' le Reports, in duplicate, which reports trill contain among othe! things, the following information >t i I) Names of the owner or owners of each parcel 2) An insurable legal description of each parcel ] 3) InFormation relative to covenants, conditions, restrictions, reservations and encumbrances of 2 record 4) A plat of the subject property made from information 31 available to the Contractor 1 4 C. Issue Policies of Title Insurance, Litigation Guarantees and act as Escrow Holdei as follows 5 ; 1) Issue California Land Title Association Standard Coverage form 6 Policies of Title Insurance, naming as insured the Local Public Agency, the liability of each such Policy being the value of 7 the land and improvements as specified by the Local Public Agenc•, for parcels within the Project Area described in F4 ihit 81 "A" attached hereto, or the purchase price paid by the Local ! fuLlie Agency for said parcels within the Project Area des- 91 ciik 'd in said Exhibit "A", whichever 1s greater On an/ parcels within the Project Area, desrrih' d in Exhibit "A" 117)€ attached hereto, which are the subject of condemnation pro- ceedings by the Local Public Agency, as directed by the Local 111 Public Agency, the Contractor will issue a Litigation Guarantee ! in lieu of the Owners Policy of Title Insurance provided above 12 the liability of each such Guarantee to be the value of t'ie land and improvements as specified by the Local Public Agency 13 for such parcels 141 At the time Decrees of Condemnation are rendered by the Court as to such parcels, the Contractor will issue an Owner's 151 Policy of Title Insurance, as above provided, naming as insu-ed the Local Public Agency, provided, however, as directed by the 16, Local Public Agency, the liability of certain such Policies shall be the principal amount of the judgment paid by the local 171 Public Agency for such parcels 18 2) Act of Escrow Holder in transactions involving parcels within the Project Area as hereinabove defined wherein the Local 19 Public Agency is the Buyer and the Record Owners at the time of purchase by the Local Public Agency are the Sellers 20 To perform the usual services and duties of an Escrow Holder 21 including but not limited to the following 221 a Prepare Escrow Instructions and obtain signatures 231 of parties either by mail or in person b Order Preliminary Reports of Title brought to date, 241 and deliver them to the Local Public Agency 1 251 c Have Preliminary Reports of Title approved by the Local Public Agency 261 d Obtain demands, release and reconveyance documents 271 fiom holdeis of encumbrances and liens against the subject property 28 e. Prepare documents necessary to put the record title 29I to the subject property in the condition required by the escrow instructions 301 I f Obtain the Sellers' approval of demands 31 g Keep escrow balance sheets showing purchase price 32I and all charges and expenditures I t I I 2 ) I j I S I '