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Home My WebLink About00081C - BEN BLANK INDEMNITY AGR (NEVER EXECUTED) [ City of Palm Springs ] [0409961 Tran [C ] * [ Records Management System ] [ ] [ ] Update [Action ] (Enter Y if you want to specify Action-Nbr) [ ] [Action ] [124-010-0015 ] * (Leave blank on ADD. ) [Category ] [COMMUNITY REDEVELOPMENT ] [Sub Category] [124-010 ] * Move fields to Index? (Y/N) [ ] [PA1B4-6 LAND ACQUISITION ] [Index ] [PA1B4-6 DFP TRANSAMERCCA INDEMN LOTIONS POTINS A82 R210 4-4-84 C] Date [04/04/19841 MO [ ] Res [210 ] Ord [ ] Vol [ 11 Pg [ 2651 Case # [ ] Deed [ ] Sec [ ] T [ ] R [ ] Agreements [00081C] [00082C] [02062 ] [02063 ] [Action ] same as [Index ] [ ] [R210 APPR INDEMNITY AGR (2) WITH TRANSAMERICA TITLE INS . IN LINE ] [W/PRESENTATION & REVIEW MADE AT APR 3 MEETING-BEN BLANK AGR 81; AND ] [MDX & LOTIONS AND POTIONS AGR 82 ; CITY AGR NUMBERS ASSIGNED BUT NO ] [SEPARATE DOCUMENTS; R15000 APPRV AGRS AND ASSUR CRA WILL PERFORM ITS] [DUTIES ] [NO EXECUTED COPY EVER FILED WITH CITY CLERK. UNSIGNED COPY IN A81 &] [A82 FOLDERS FOR INFO. ] Document Loc [ ] Name [ ] Author [ ] Locat Code [ ] Addl [Assoc Action] [Y] Locator Same as Key [ l Obs [ ] Reten Dt [ ] Destr Dt [ ] Flm Dt [ ] Reel [ ] The entry is shown. Ben Blank Indem agr w/Transam Title Ins ifor prop in PA#lB4 INDEMNITY AGREEMENT AGR #2062(City)AGR #81 (CRA) Res 15000/Res 210, 4-4-84 ORDER NO. 192302 - This Agreement is made and entered into this day of , 1.984, by and between the COMMUNITY REDEVELOP- MENT AGENCY OF THE CITY OF PALM SPRINGS, a public entity (hereinafter referred to as "the AGENCY" ) , and TRANSAMERICA TITLE INSURANCE COMPANY, a California corporation (herein- after referred to as "TRANSAMERICA" ) . RECITALS A. On or about November 2, 1983 , the AGENCY adopted its resolution No. 166. A true and correct copy of that Resolution is attached hereto as Exhibit A to this Agree- ment; and, by this reference, the same is incorporated herein as though set forth in full. B. The real property that is a subject matter of this Agreement is situated in the City of Palm Springs, County of Riverside, State of California, and is more particularly described as follows : Lot 4 of Block 22 of Palm Springs, as shown by Map-on file in Book 9 page 432 of Maps , Records of San Diego County, California. The above-described real property shall be hereinafter referred to as "the property" . C. As of the date of this Agreement, the public records reflect that the fee ownership in and to the property is held by Ben Blank and Ruth Blank, husband and wife, as Joint Ten- ants. --- -- D. On or about November 4 , 1983 , the AGENCY filed an action in eminent domain against Ben Blank, Ruth Blank, and others before the Superior Court for the County of Riverside under case number Indio 39588 ; which shall be hereinafter referred to as "the condemnation action" . E. As of the date of this Agreement, the following de- scribed events have occurred in connection with the condemna- CPO P3 tian action: (1) the AGENCY has deposited the sum of $142 , 000 (> f with the Clerk of the Court as probable just compensation for the taking of the property; and, (2) a final order of prejudgment possession has been entered with the Court in favor of the AGENCY; and, (3) a stipulation has been entered into between the AGENCY and Ben Blank and Ruth Blank in the condemna- tion action which has been filed with the Court and which provides, in essence, that the sole issue to be litigated in the condemnation action is the matter of just compensa- tion; and, (4) in accordance with the provisions of the Stipulation referred to in subparagraph (3) of this para- graph E, supra, the AGENCY has paid to Ben Blank and Ruth Blank the sum of $60, 000. 00. Furthermore, and also in accordance with the terms of the aforementioned Stipula- tion, the AGENCY took possession of the property on or after February 9 , 1984 , but prior to the effective date of this .Agreement. F. The AGENCY intends to cause the property to be developed in accordance with the terms and provisions of that certain "Participation Agreement" between the AGENCY and North Plaza Associates and South Plaza Associates, as modified, dated the 8th day of November , 1983. G. The AGENCY has requested that TRANSAMERICA issue various policies of title insurance in connection with the redevelopment project which is referred to in .Exhibit A to this Agreement, including extended coverage policies to lenders which, subject to the terms , provisions, conditions, and stipulations of said policies , would insure that the lien of the deed of trust given for the benefit of the insured lender encumbers the fee estate in and to the pro- perty notwithstanding that as of the time of the recording of the deed of trust, said fee estate has not been trans- ferred by law or grant from the current record owners there- of to the AGENCY or the t.r.ustor of the aforementioned deed of trust. COVENANTS NOW, THEREFORE, in consideration of the issuance by TRANSAMERICA of its policy or policies of title insurance in the manner referred to in paragraph G of this Agree- ment, and also in consideration of the issuance of any other policies of title insurance and/or indorsements thereto which TRANSAMERICA may be called upon to issue on the title to the property in the manner referred to in paragraph G of this Agreement, and for other valuable con- sideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree, covenant, and promise as follows: 1. The AGENCY shall, without limitation, hold and save TRANSAMERICA harmless from and against any and all damages, or liability therefor, loss, costs , attorneys ' fees and/or, expenses of whatsoever kind or character [in- cluding any costs, charges, attorneys ' fees or other ex- penses which may arise or be incurred in connection with the enforcement of this Agreement] which TRANSAMERICA shall or may, at any time, suffer , sustain, or incur, by reason of or in consequence of having issued a policy of title insurance or policies of title insurance in the manner described in paragraph G of this Agreement. 2 . The AGENCY shall not abandon the condemnation action. 3 . The AGENCY shall. satisfy all conditions precedent to the granting of a final judgment of condemnation which may be imposed upon the AGENCY by operation of law or equity including, but not limited thereto, the possibility that the Court may require an additional deposit of money concerning the probable just compensation that may be award- ed in the condemnation action. 4 . The AGENCY shall undertake all action available to it to cause, in good faith, a final judgment of condemna- tion to be entered in the condemnation action. 5. Upon entry of a final. judgment of condemnation in the condemnation action, the AGENCY shall execute any docu- ments that .may then be necessary to perfect the title or interests insured under a policy of title insurance or poli- cies of title insurance in the manner described in paragraph � f (; of Fh ia A , C (Z l C 6. In the event that the condemnation action is re- solved by way of a settlement agreement between the AGENCY and the defendants to said action which results in the transfer of fee title in the property to the AGENCY by way of grant., the AGENCY shall then execute any documents that may then be necessary to perfect the title or interests insured under a policy of title insurance or policies of title insurance in the manner described in paragraph G of this Agreement. 7. TRANSAMERICA may disclose to any prospective in- sured the basis for and the contents of this Agreement. If any prospective insured objects to the issuance of a Policy of title insurance to it in the manner described in paragraph G of this Agreement, TRANSAMERICA shall not be under any obligation to issue the policy as requested by the AGENCY, or by its successors or assigns, and TRANS- AMERICA shall not have any liability to the AGENCY, or its successors or assigns, by reason of the requested policy of title insurance not being issued for the reasons set forth in this paragraph. 8 . Whenever the context of. this Agreement so requires, the singular shall include the plural. 9 . This Agreement is entered into within the State of California and the same shall be governed and construed by the laws of that State. 10. This Agreement may only be modified by a writing executed by the parties hereto. 11. Any notices required by this Agreement shall be directed to the parties hereto as follows: COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OP' PALM SPRINGS Post Office Box 1786 Palm Springs, California 92263-1786 Attn. : Kenneth E. Feenstra Redevelopment Director TRANSAMERICA TITLE INSURANCE COMPANY 888 North Main Street, Suite 900 Santa Ana, California 92701 Attn. : Southwest Division Manager. 12. In the event that any provision- of this Agreement is deemed to be unenf -ceable by a final judgmer' of a court of competent jurisdiction, any such adjudication shall not render the remaining provisions of this Agree- ment unenforceable or null or void. 13 . This Agreement shall inure to the benefit of and be binding upon the successors and .assigns of the parties here- to. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above-written. COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF' PALM SPRINGS BY: Chairman By: Assistant Secretary TRANSAMERICA TITLE INSURANCE COMPANY By: Vice President By: Vice President By appropriate resolution of its City Council, the City of Palm Springs hereby approves this Agreement and also hereby assures the faithful performance thereof on the part of the Community Redevelopment Agency of the City of Palm Springs . THE CITY OF PALM SPRINGS By: Attest: Mayor. City Clerk By: Reviewed and Approved:_ ADOPTED this 2nd day of November 1983, AYES : Members Foster, Maryanov, Smith & Chairman Bogert NOES : None ABSENT: None ABSTAIN: Member Doyle ATTEST: COMMUNITY REDEVELOPMENT AGENCY OF ) THE CITY OF PALM SPRINGS, CALJU-OFRNI 7 J" st, Secretary's Chair- REVIEWED & APPROVED & � . I , Judith Sumich, Assistant Secretary of the Community Redevelopment Agency of the City of Palm Springs, do hereby certify that the, foregoing resolution is a true and correct copy of Resolution No. 166, passed and adopted by the Community Redevelopment Agency of the City of Palm Springs at its regular meeting held on the 2nd day of November, 1983. Dated : November 4, 1983c.c= %�Lc --- ;' ssistant Secretary EXHIBIT A PAGE: 2 OF 4 PAGES t 3 vD iA tv OS4 A vF. 6 '6 to I �n /so '' t.—' ...i T I Jo 1.tf ai07I I O a£xO I � po � o.ls .�c. NN N J.aF.is a•/ p - I I � � I I I I. c Pu - as1 N I N `1 4 �J ,j- I _ T _ ` II ,• ((�� IN M Ip h b N 0 I IO 1 eIN SIP h b �. m g G N Gr.y IN 35� ` lJ 11 I a I N I N 1 N N P LJ I�I I I 11 iz I I. ii �o J • r I_ rr I sr ra a 1 411 �31 a5 io I ! - I - - - —>°A-//✓! N oo'os i9'�-V �iir�`i=Y�tY- - � — 1 - —iT/T�`YC 'I � 3 11 1 1 I 093 I I I Z N M q h b 1 .• 1 � , 1 � �� 1 . I � i � iTLL �� , 1 A(VI A U C] R 0 A D 513-093-002 513-093-003 PROPOSED FASHION PLAZA EXPANSION PARCEL TO BE ACQUIRED I :i•`!f0`TL'ti;i; J w fL o'cy O nr nI F-M r_ G c,L.I3 a la umsm _ Z - o G \� _a' 513-093-010 to 015 : :�� `ex�•r 4 .art- � PARKINGA-NORIEAE; rIOAC u n NSCULPTURE 0=SEr?1' MUSE 1M GARDEN 0' FASHION PLAZA : G a Iu Z rn 7 1 . \ � PARKING i TAI-(QIJI'1-Z 'McCALLUIVI WAY d d�a 0 d n J n J � d x J a � EXHIBIT A I CITY _ OF PALM SPRINGS APPROVED 9Y PLAN, COMM. DATE P�_IGANT E . J. DeBartolo E Desert Fashion . APPROVED 9Y COUNCIL DATE _— MARKS Plaza ORO . NO. RESOL. NO. SrrT EXHIBIT A PAGE 4 OF 4 PACES .y RESOLUTION NO. 210 OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, CALIFORNIA, APPROVING INDEMNITY AGREEMENTS WITH TRANSAMERICA TITLE INSURANCE COMPANY. WHEREAS the Community Redevelopment Agency has entered into a Participation Agreement with the North Plaza Associates and South Plaza Associates (the Participant) , and WHEREAS this Agreement requires the Agency to convey fee simple title to certain parcels on Block 4 of the Central Business District, and WHEREAS in the absence of fee simple title the Agency is required to provide insurable title to the Participant, and WHEREAS to acquire such insurance the title company requires the Agency and the City to indemnify said title company from any liability arising from the inability of the Agency to acquire fee simple title, NOW THEREFORE BE IT RESOLVED, that the Community Redevelopment Agency of the City of Palm Springs hereby approves the Indemnity Agreements with Transamerica Title Insurance Co. for those properties and leasehold interests in Block 4 which cannot be conveyed by fee simple title to the Participant in escrow. ADOPTED this 4th day of April 1984. AYES: Members Foster, Maryanov, Smith and Chairman Bogert NOES: None ABSENT:None COMMUNITY REDEVELOPMENT AGENCY ATTEST: PALM SPRINGS, CALIFORNIA By Assistant Secretary Chairman REVIEWED & APPROVED: