HomeMy WebLinkAboutCC Resolution 8700 (Oakwood Unit 5)RESOLUTION NO. 8700
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SAN RAFAEL AUTHORIZING EXECUTION OF RECONVEY-
ANCE OF DEED OF TRUST AND EXECUTION AND ACCEPT-
ANCE OF SET-ASIDE LETTER - OAKWOOD UNIT 5 SUB-
DIVISION
WHEREAS, on March 19, 1984, the City of San Rafael and Paul
J. Felton entered into an agreement for construction of improvements
within the Oakwood Unit 5 Subdivision; and
WHEREAS, said agreement required that the subdivider furnish
the City with a deed of trust on the property to guarantee installation of the
required improvements; and
WHEREAS, approximately twenty percent of the required work
in Oakwood Unit 5 has been completed; and
WHEREAS, Subdivider has requested release of the Deed of
Trust, and in order to release said Deed of Trust, Subdivider has agreed to
post a Set -Aside Letter to guarantee completion of the remaining
improvements; and
WHEREAS, it is now appropriate to release the Deed of Trust to
the Subdivider upon delivery of said Set -Aside Letter.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of San Rafael that the Mayor and City Clerk are hereby authorized to
execute the Reconveyance of the Deed of Trust to Paul J. Felton and
execute and accept a Set -Aside Letter for Oakwood Unit 5 Subdivision.
BE IT FURTHER RESOLVED that said Deed of Reconveyance is
hereby authorized to be delivered to Escrow No. 92327 TE at Pacific Coast
Title Co. and the delivery of said Deed of Reconveyance by the escrow
holder shall only be made upon the following conditions:
ORIGINAL
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a) Receipt of a fully executed Set -Aside Letter by Marin
Community Bank together with the furnishing of a satisfactory bond for the
guarantee and warranty of the set-aside improvements for a period of one
year after the completion of said improvements; and
b) The close of Escrow No. 92327 TE.
I, JEANNE. M. LEONCINI, Clerk of the City of San Rafael,
hereby certify that the foregoing resolution was duly and regularly
introduced and adopted at a regular meeting of the Council of said City on
Monday, the 6th day of July, 1992, by the following vote, to wit:
AYES: COUNCILMEMBERS: Breiner, Cohen, Shippey, Thayer & Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCII.MEMBERS: None
NE M. LE014CIIVI, City Clerk
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