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HomeMy WebLinkAboutCC Resolution 4696RESOLUTION NO. 4696 A RESOLUTION AUTHORIZING THE SIGNING OF A LEASE OR AGREEMENT THE CITY COUNCIL OF THE CITY OF SAN RAFAEL HEREBY RESOLVES as follows; The MAYOR and CITY CLERK are authorized to execute, on behalf of the City of San Rafael a lease or agreement with Marin Title Guaranty - Contract for Title Services A copy of which is hereby attached and by this reference made a part hereof. I, MARION A. GRADY, City 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 City Council of said City held on Monday the 18th day of Mar�;h , 19 74 by the following vote, to wit: AYES: COUNCILMEN: Jensen, Miskimen, Mulryan, Nixon and Mayor Bettini NOES: COUNCILMEN: None ABSENT: COUNCILMEN: None MARION A. GRADY City Clerk THIS AGREEMENT entered into a and between the REDEVELOPMENT A California and the CITY OF SAN RAFAEL - Aareement of this3/e-_/) day of /, /�7s1 , by Y OF THE CITY OF SAN RAFAEL, State of tly, hereinafter referred to as the "Agency"; and MARIN TITLE GUARANTY, la California corporation, hereinafter re- ferred to as the "Title Company". NESSETH: WHEREAS, Agency desires preliminary title reports, title insurance policies, and other services in work hereinafter mentioned with respect to certain real property situated in the City of San Rafael, County of Marin, State of California, hereinafter described; and WHEREAS, Title Company is and other services and work hereinafter NOW, THEREFORE, the parties g to furnish preliminary title report, policies, h do mutually agree as follows: 1. Scope of Services. The Title lCompany shall perform all the necessary services provided under this Contract iniconnection with and respecting to the fol- lowing area: 1. The Central San Rafael Redevelopment Project Area as depicted in the attached Project Plan Map labeled as Exhibit "B" and incorporated by reference herein; 2. Other areas within the City of San Rafael as required by the City of San Rafael. and shall do, perform and carry out, in a satisfactory and proper manner, as deter-- mined by the Agency the following: a. Title Reports. As a basis for the issuance of any policy or binder hereinafter mentioned, the Title Company will cause a title search to be made with respect to each parcel, within the Project, as shall from time to time be designated by the Agency, and based upon such search will furnish a title report in q parcel showing: (1) The condition of the rec to with respect to each such title thereto as to the date of such report, including therein information as to all liens, encumbrances, defects, objections and exceptions to such title which are to be excluded from the protection of such policy or binder unless removed prior to the issuance thereof. (2) Insofar as are disclosed of record, the names and addresses of all persons or parties owning or claiming, or who may own or claim, an interest in or lien on such parcel and the nature of such interest or lien. (3) Tho data and recorLhItI011 plata relative to thy` ('1w11"'n flip of such parcel as of the date of such report, including the amont of Internal Revenue Stamps shown on the deed or deeds by which such ownership became vested. (4) The assessed value of such property, showing the amount of any tax exemptions, the amount of current taxes on both real property and personal property, separately set forth , and the asses- sed value of the land and improvements, separately set forth, as the same are shown on the last equalized assessment rolls on file in the offices of the Assessors of the County of Marin, State of California; provided, however, that the Title Company shall not be obligated to conduct a separate search of the unsecured personal property taxes. (5) A plat or map of such parcel showing courses and dimensions of all boundary lines thereof and the location of the parcel relative to adjacent properties. (6) All other information commonly included in title reports in Marin County. b. Continuation Letters and Supplemental Reports. At any time prior to the issuance of any policy or binder as provided in paragraph 1 (c) here- of, the Title Company will furnish continuation letters in quadruplicate when changes in ownership and/or liens against the property have not occurred and supplemental reports of title in quadruplicate in like form, continuing the title reports to later dates as from time to time may be requested by the Agency. c. Policies and Binders. After acquisition by the Agency, either by purchase or condemnation, of each parcel, the Title Company will furnish the Local Public Agency in triplicate either a policy or a binder as the Agency shall request in writing in the amount paid by the Agency as the purchase price or condemnation award for the property therein described and covered. d. Escrow Services. The Title Company will perform customary escrow services for the conveyance to the Agency of each parcel acquired by the Agency. Such services will include, but are not limited to, the dis- bursement of funds to parties entitled thereto, the recordation of all neces- sary documents, the proration of taxes, assessments, sewer service charges and rents when required, and the furnishing to the Agency of closing state- ments showing the exact disbursements of all funds delivered into escrow. The title Company shall disburse funds out of escrow immediately upon recordation of the necessary documents, unless otherwise instructed by the Agency, and shall diligently and expeditiously close escrows established by the Agency. e. Endorsements. Upon request in writing by the Agency, the Title Company at no charge shall furnish endorsements eliminating exceptions in a policy or binder issued pursuant to this Agreement in the event said exceptions are cleared after the date of the polio' or is -2- it is the Agency's responsibility to clear any and all exceptions men- tioned herein. f. Policies for Parcels Covered by Binders. The Title Company will on the request of the Agency issue and furnish to the Agency in triplicate a single policy for ten (10) contiguous parcels or parts thereof for which binders have been previously issued pursuant to this agreement, provided that title to each parcel is then vested in the Agency. Contiguity shall be determined by the circumstances prevailing after any street within the Project has been abandoned and closed. The premium for such policy to be paid pursuant to Section 3.a hereof shall be computed on the basis of the aggregate purchase price paid by the Agency for all parcels in- cluded in said policy in all respects as though such policy were for a single parcel and shall not be computed by applying the Title Compliny's rates to the purchase price of each parcel separately, provided, however, premiums for policies on individual parcels whose purchase price exceeds $500,000 shall be computed not upon the rate of any aggregate amount, but upon the rate applicable to the individual purchase price. g. Other Services. The Title Company will, by and through its officers and employees, confer from time to time with representatives of the Agency regarding the condition of title to various parcels and the curing, removal and disposal of objections, defeats, exceptions, liens and encumbrances upon the title prior to and in connection with the issuance of any policy or binder, and will make available to the Agency or its representative all in- formation and records relative thereto in its possession provided such in- formation and records are not confidential. h. Additional Areas. Agency may from time to time act as the Agent of other public bodies and Title Company will perform services under this contract as requested by Agency for properties within the City of San Rafael. 2. Time and Manner of Performance. a. It is understood by the Title Company that the time within which the afore- said work is performed is of primary importance and of the very essence of this Agreement. The Title Company shall proceed with the work hereunder in such sequence and order as the Agency may from time to time request and shall thereafter diligently and promptly prosecute said work to completion and, deliver to the Agency all documents required hereunder without unnecessary or unreasonable delay. Without limiting the foregoing, the Title Company will: (1) Furnish a title report as provided in la for each parcel not later than ten (10) days after the same are requested by the Agency. (2) Furnish Supplemental Reports as provided in Section lb not later than ten (10) days after the same are requested by the Local -3- (3) Furnish policies and binders as provided in Section lc, within 30 days after the Agency requests the same. (4) Furnish endorsements as provided in Section le, and policies for property covered by a policy or binder as provided in Section lf, within 30 days after the Agency requests the same. b. The performance of services or the delivery of documents required hereunder shall not relieve the Title Company from the obligation to correct any defective work discovered and all incomplete, inaccurate or defective work shall be reme- died by the Title Company promptly on demand and without cost to the Agency. 3. Compensation. a. Amount. The Agency will pay to the Title Company as the total consider- ation for all the work to be performed by the Title Company hereunder a sum of money computed as follows: (1) For each title report delivered to the Local Public Agency, in the event the Agency elects not to purchase the parcel of property, the sum of $40.00, and in the event the Agency or the owner procures title insurance through the Title Company, no charge shall be made. (2) There will be no charge for continuation letters. For each supplemental report on the parcel requested by the Agency, the sum of $20.00; said $20.00 shall not be applied toward the title policy premium. (3) Policies and Binders. After acquisition by the Agency, either by purchase, condemnation or donation of each parcel, Title Company will furnish the Agency, upon receipt of written instructions from the Agency, and pursuant to such written instructions, a policy or binder, in triplicate, with respect to each parcel so acquired. The policy or binder shall be delivered to the Agency within thirty (30) days following the close of escrow for each parcel acquired or for such parcels as are acquired by condemnation, within thirty (30) days after written request therefor by the Agency. Title Company coven- ants that Agency's title shall be insured as required by instructions, prior to the disbursement of any moneys deposited by Agency with Title Company. The binder in each case shall be in the amount paid by the Agency as the pur- chase price for each parcel acquired. The policy in each case shall be in the amount paid by the Agency as the purchase price for each parcel acquired or in the aggregate amount paid by the Agency as the purchase price for a segment or segments. Policy fees shall be based on the full value of the estate or interest at the rate of 60% of the schedule of compensation attached hereto as Exhibit "A". Binder fee shall be based on the full value of the estate or interest at the rate of 10% in accordance with the schedule of compensation attached hereto as Exhibit "A". (4) Escrow Charges. The charge for escrow services performed hereunder shall be in accordance with the following schedule: -4- Amount of Transaction $0 to $25,000 inclusive $25,001 to $60,000 inclusive $60,001 to $150,000 inclusive $150,001 and over Charge $10.00 $10.00 plus $0.10 per thousand or fraction thereof for each additional thousand over $25,000 and up to $60,000. $27.50 plus $0. 15 per thousand or fraction thereof for each additional thousand over $60,000 and up to $150,000. $150,000 (5) When requested the Title Company will furnish ownership data from their title plant which services will be performed by their employees and charged at a rate of $8.50 per hour for searching time and $4.00 per hour for typing time. The Agency shall have the privilege of supplying an employee to assist in obtaining such data. No charge however, shall be made to the Agency for the use of title company's lot book plant by an employee of the Agency. 4. Definitions. The terms herein set forth are defined for the purposes hereof as follows: a. The terms "parcel" means any contiguous tract of land in the same ownership, including the street areas which are a part thereof, lying wholly or partially within the Project Area. b. The term "title report" means a preliminary report of title as pro- vided in paragraph 1. hereof. c. The term "policy" means a policy of title insurance identically in form to the California Land Title Association Standard Coverage Policy of Title Insurance in use on the date of this Agreement. d. The term "binder" means an interim certificate and agreement by the Title Company in the form set forth in Exhibit "C" attached hereto and by this reference made a part hereof. Marin Title Guaranty Company 1300 Fourth Street San Rafael, California SAN RAFAEL REDEVELOPMENT AGENCY ecutive Director CITY OF CCt t Mayor ATTEST: City Clerk r- -5- 0j%RS BASIC INSURANCE RATE POLICY FEES WITHOUT ESCROW SERVICE C.L.T.A. OWNERS, CA.T.A. LENDERS JOINT PROTECTION, OR STANDARD A.L.T.A. LENDERS COVERAGE Basic Short - Short Amount of Rote Term LoanTerm Insurance (A) Role Rote Rate $ 1,000 S 5000 S 40.00 $ 40.00 $ 32.00 2,000 5650 45.20 45.20 36,16 3.000 63.00 50.40 5040 4032 4.000 69.00 55 20 55.20 44.16 5,000 75.00 60.00 60.00 48.00 6.000 81.00 64.80 64.80 51.84 7,000 87.00 69.60 69.60 55.68 8.000 93.00 74.40 74.40 59.52 9.000 99.00 7920 79.20 63.36 10,000 105.00 84.00 84.00 67.20 11,000 109.25 87.40 87.40 69.92 12.000 113.50 90.80 90.80 72.64 13,000 117.75 94.20 94.20 75.36 14,000 122.00 97.60 97.60 78.08 15,000 126.25 101.00 101.00 80.80 16.000 130.50 104,40 104.40 83.52 17,000 134.75 107.80 107.80 86.24 18,000 139.00 111.20 111.20 88.96 19,000 143.25 114.60 114.60 91.68 20,000 147.50 118.00 118.00 94.40 21,000 151.75 121.40 121.40 97.12 22,000 156.00 124.80 124.80 99.84 23,000 160.25 128.20 128.20 102.56 2 4, 000 164-50 131.60 131.60 10 5.2 8 2 5, 000 16 8.7 5 135-00 135.00 108.00 26.000 173.00 13840 138.40 110.72 27,000 177.25 141.80 141.80 113.44 2 8, 000 181 50 14 5.2 0 145.20 116.16 2 9, 000 185.75 148.60 1A8.60 1 18.8 8 3 0, 000 190.00 152.00 15 2.0 0 121.60 31,000 193.25 154.60 154.60 123.68 32,000 196.5 0 15 7.2 0 157.2D 125.76 33,000 199.75 159.80 159.80 127.84 34,000 203.00 162.40 162.40 129.92 35,000 206.25 165.00 165.00 132.00 36,000 209.50 167.60 167.60 134.08 37,000 212.75 170.20 170.20 136.16 38,000 216.00 172.80 172.80 138.24 39,000 219.25 175.40 175.40 140.32 40,000 222.50 178.00 178.00 142.40 41,000 225.75 180.60 180.60 144.48 42,000 229.00 183.20 183.20 146.56 43,000 232.25 185.80 185.80 148.64 44,000 235.50 188.40 188.40 150.72 45,000 238.75 191.00 191.00 152.80 46.000 242.00 193.60 193.60 154.88 47,000 245.25 196.20 196.20 156.96 48,000 248.50 198.80 198.80 159.04 49,000 251.75 201.40 201.40 161.12 50,000 255.00 204.00 204.00 163.20 51,000 258.25 206.60 206.60 165.28 52,000 261.50 20920 209.20 167.36 53,000 264.75 211.80 211.80 169.44 54,000 268.00 214.40 214.40 171.52 55,000 271.25 217.00 217.00 173.60 SHORT TERM RATE SHORT TERM RATE applies only to an insured owner or borrower when the dote of a prior C.L.T.A. or A.L.T.A. form of policy is within a period of 24 months of the entry date of the current order. Owners-J,int Protection or A.L.T.A. Lenders Insurance. The reduction is 20°0 0' the amount shown in the column marked "Basic Rate (A)." C.L.T.A. I _nders Insurance. The reduction is 16% of the amount shown in the column marked "Basic Rote (A)." CA.T A. OWNG C.L.T.A. LENDERS JOINT PROTECTION, OR STANDARD A.L.T.A. LENDERS COVERAGE Basic Short Short Amount of Rale Term Loon Term Insuron ce (A) Role Role Rate S 56.000 $274.50 $219.60 1219.60 $17568 57,000 •277.75 222.20 222.20 177.76 56.000 281.00 224.80 224.80 179.84 59,000 284.25 227.40 227.40 181.92 60,000 287.50 230.00 230.00 184.00 61,000 290.50 232.40 232.40 185.92 62.000 293.50 234 80 234.80 187.84 63,000 296.50 237.24 237.20 189.76 64,000 299.50 239,60 239.60 191.68 65,000 302.50 242.00 242.00 193.60 66,000 305.50 244.40 244.40 195.52 I 67,000 30850 246.80 246.80 197.44 68,000 311.50 249.20 249.20 199.36 69,000 314.50 251.60 251.60 201.28 70,000 317.50 254.00 254.00 203.20 71,000 320.50 256.40 256.40 205.12 72,000 323.50 258.80 258.80 207.04 73,000 326.50 261.20 261.20 208.96 74,000 329.50 263.60 263.60 210.88 75,000 332.50 266.00 266.00 212.80 76,000 335.50 268.40 268.40 214.72 ' 77,000 338.50 270.80 270.80 216.64 78,000 341.50 273.20 273.20 218.56 79,000 344.50 275.60 275.60 220.48 80,000 t 347.50 278.00 278.00 222.40 81,000 350.50 280.40 280.40 224.32 82,000 353.50 282.80 282.80 226.24 83,000 356.50 285.20 285.20 228.16 84,000 359.50 287.60 287.60 230.08 85,000 r 362.50 290.00 290.00 232.00 86,000 365.50 292.40 292.40 233.92 87,000 368.50 294.80 294.80 235.84 88,000 371.50 297.20 297.20 237.76 89,000 374.50 299.60 299.60 239.68 90,000 377.50 302.00 302.00 241.60 91,000 380.50 304.40 304.40 243.52 92,000 383.50 306.80 306.80 245.44 t 93,000 386.50 309.20 309.20 247.36 94,000 389.50 311.60 311.60 249.28 95,000 392.50 314.00 314.00 251.20 1 96,000 395.50 316.40 316.40 253.12 97,000 398.50 318.80 318.80 255.04 98,000 401.50 321.20 321.20 256.96 99,000 404.50 323.60 323.60 258.88 100,000 407.50 326.00 326.00 260.80 Each Additional $1,000 Up to $ 300,000 Add 2.50 2.00 2.00 1.60 Up to $ 1,000,000 Add 2.00 1.60 1.60 1.28 Up to $ 5,000,000 Add 1.75 1.40 1.40 1.12 Up to $10,000,000 Add 1.50 1.20 1.20 .96 Over $10,000,000 Add 1.20 .96 .96 .77 SHORT TERM RATE SHORT TERM RATE applies only to an insured owner or borrower when the dote of a prior C.L.T.A. or A.L.T.A. form of policy is within a period of 24 months of the entry date of the current order. Owners-J,int Protection or A.L.T.A. Lenders Insurance. The reduction is 20°0 0' the amount shown in the column marked "Basic Rate (A)." C.L.T.A. I _nders Insurance. The reduction is 16% of the amount shown in the column marked "Basic Rote (A)."