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RESOT_~UTION DTO.
(PARYIRrG AUTHORITY SERIES)
A RESOLUTION OF THE PARKING AUTHORITY OF THE
CITY OF SANTA MONTCA AUT?IIORI7ING THE CHAIRP4AI~I
TO ENTER INTO AN F'SCROGd FOR THE PURCHASE OF
CERTAIN PROPERTIES FROM 7'HE PACIFIC ELECTRIC
RAILWAY COMPANY DESCRIBED IN TITLE INSURANTCE
AND TRUST COMPANY ORDER N0. 506j07g ARID TO
DO ALL THINGS NECESSARY TO EFFECTUATE SAID
P URCHl:SE .
THE PARtCIAIG AUTI-TORITY OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS:
SECTION 1. That the Chairman of the Parking Authority,
W. Blair Gibbers, is herewith authorized to participate in the
escrova at the Title Insurance and Trust Company under. Order Noo
5063078 and to purchase the prapcrty described therein For the
sum of 5>255,000.00, plus the usual buyer's escrow .charges, re-
serving to the Pacific Electric P,ailway Company the title and
exclusive r9_ght to all the minerals and mineral ores of every
kind and character ltnoinm to exist or hereafter discovered upon,
within or underlying said land or that may be _produced therefrom,
including, without limiting the generali'cy of the foregoing, all
petroleum, oil, natural gas and other hydrocarbon substances and
products derived therefrom, together with the exclusive and per-
petual right of said Grantor, its successors and assigns, of
ingress and egress beneath the surface of said land to explore
for, extract, mine and remove the same, and to make such use of
said land beneath the surface as is necessary or useful in con-
nection therewith, which use xnay include lateral or slant drilling,
di_gg9_ng, boring or sinking of wells, shafts or tunnels; provided,
however, that said Grantor, its successors and assigns, shall not
use the surface of said land in the exercise of any of .said rights
and shall not disturb the surface of said land or any 9_mprovernents
thereon or remove or impair the lateral or subjacent support of
said land or any improvements thereon.
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SECTION 2. Attached hereto and made a part hereof is a
copy of a corporation grant deed covering the property herein re-
ferred to, as well as two letters dated January 16, lg5g, and Jan-
uary 20, lg5g, from the Pacific Elect.r~.c Railway Company to the
Title Insurance and Trust Company under Title Insurance and Trust
Company 0-rder No, 5063o'7g, which letters contain the escrow in-
structions of the Pacific Electric Railway Company,
SECTIOi? 3, The City Controller is authorized, on written
order of the Chairman of the Park`~ng Authority, to draw a warrant
against the Parking Authority~s account and payable to the 7.'itle
Insurance and Trust Company and/or the Pacific Electric Railway
Company far the purchase price plus the usual buyer's escrow
charges,
SECTION ~. The Chairman shall execute this resolution on
behalf of the said Pari~ing Authority, and the Clerk of said body
shall certify to the adoption thereof, and thenceforth and there-
after the same shall be in
ADOPTEll and APPRi
ATTEST,, ~.
z'
7-` Clerk
I hereby certify
full force and effect„ 7,,
)VEll this `~~' `"~-~°° day of '.~'"~"~~"~~,,~,,~~.~_,1959•
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// // ALL;
Charma.
that the foregoing resolution was duly
adopted by the Parking Authority of the City of Santa Monica at a
°;
~,~zr.~,, ..,.~~':~"~r.•~ .,meet5.ng thereof, held on the ~ day of
195), by the followin vote of said Authority:
AYES : ~ '" t'_ ,~/M"„'. ~, ~ ;,v,~r~,y,,;~~
NOES : ~,.r-f ~<.~.._
ABSENT : ~~,' ~~u..;, ,-°„,s~"~.~. 'y ,~
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Approye~, as to 1'9~m this ,~~f_~~1~"~e „v~r~-~fim,,,=,~~~y~-~I'~
4th ~y ofr:Pla~rci~r% 1g59< Clerk. -- -
~y~., u. ~,,.,
ty Attorney
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