HomeMy WebLinkAbout1523 RESOLUTION NO. 1523
A RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF A
SUPPLEMENTAL AGREEMENT BETWEEN THE CITY OF THE TOWN OF LOS
ALTOS HILLS AND THE PALO ALTO UNIFIED SCHOOL DISTRICT,
AND AUTHORIZING EXECUTION AND DELIVERY OF NOTE AND
DEED OF TRUST
RESOLVED, by the City Council of the City of the Town of Los
Altos Hills, County of Santa Clara, State of California, that
WHEREAS, on December 3 , 1980 , the City Council adopted Resolution
No. 1320 , among other things , authorizing execution of an Agreement
between the City of the Town of Los Altos Hills (herein called the
"Town") and the Palo Alto Unified School District (herein called the
"District") , concerning acquisition of the real property commonly known
as "Page Mill/Alexis Site" ` (herein called the:.."Property"); and
WHEREAS, thereafter the Town completed purchase of the PROPERTY
and executed and delivered a Note secured by a Deed of Trust, of which
the unpaid balance of principal and accrued interest was payable on
December 31, 1982 ; and
WHEREAS, thereafter the Town subdivided the PROPERTY into twenty
(20) lots commonly known as Tract No. 7187 , Matadero Creek Subdivision,
and in connection therewith dedicated a portion of the PROPERTY to
open space and recreational uses in accordance with the recitals in
Resolution No. 1320 ; and
WHEREAS, although a portion of the unpaid balance of principal
and interest has been paid, the TOWN has negotiated an extension of
time until December 31 , 1983 , within which to pay the remaining unpaid
balance of principal and interest, and the DISTRICT has agreed to the
extended payment term upon the terms and conditions set forth in a
Supplemental Agreement; and
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WHEREAS, the TOWN and DISTRICT desire to substitute a new Note
to be secured by a new Deed of Trust for the remaining unpaid obliga-
tion in place of the existing Note and Deed of Trust in order to pro-
vide for an extended payment term and to set forth and modify terms
of the original Note and Deed of Trust, including terms of reconveyance
of title to lots hereafter sold by the TOWN; and
WHEREAS, the City Council has read and considered that certain
Supplemental Agreement between the TOWN and the DISTRICT concerning
the extended payment term described above upon the terms and conditions
set forth therein, and the Council has read and considered the forms
of the proposed new Note and Deed of Trust, said Note to continue to
be payable solely from the revenues contained in a special fund hereto-
fore created and commonly known as the "Revenue Fund" ,
NOW, THEREFORE, IT IS FOUND,:;..ORDERED AND DETERMINED as follows:
1. Public interest and convenience require the entering into of
a Supplemental Agreement and the City of the Town of Los Altos Hills
hereby approves the above-described Supplemental Agreement.
2. The City of the Town of Los Altos Hills shall enter into and
the Mayor and City Clerk thereof be and they and each of them hereby
is authorized and directed on behalf of said City, respectively, to
executeand attest a Supplemental Agreement between the City of the
Town of Los Altos Hills and the Palo Alto Unified School District of
Santa Clara County.
3. The City of the Town of Los Altos Hills shall enter into and
the Mayor and City Clerk thereof be and they and each of them hereby
is authorized and directed on behalf of said City, respectively, to
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execute and attest a new Note for the unpaid balance of the purchase
price and to be payable solely from the revenues contained in the
"Revenue Fund" described above, and a new Purchase Money Deed of Trust
as security therefor, and to deliver the new Note and Purchase Money
Deed of Trust in accordance with the terms and provisions of the
Supplemental Agreement.
REGULARLY passed and adopted this 25th day of January, 1983.
BY
Mayor c
ATTEST:
City Clerk
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