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
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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:
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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)."