HomeMy WebLinkAboutAgenda Report - January 17, 1990 (58)�a,..,,. �:a x:..,.... .. .-.n.,.�� .�;:�.z.� ,.. �.�:..�. .>:.<. � �,wk-rae t as '�`1"ri. � _t� ��r ��Fh�,,dt�� , k"� �..r.•.
Ct, -jNCIL C0MYUNICA 10N
TO: THE CITY COUNCaL COUNCIL MEETING DATE
FFCM THE CITY MANAGER'S OFFICE JANUARY 17, 1990
SUBJECT: TRANSFER OF CITY CAB LICENSE
Assistant City Manager
RECOMMENDED ACTION: The Lodi City Council approve the transfer of the
operator's permit for taxi service from Rae Neel
Margrave to Raymond A. Neel.
BACKGROUND INFORMATION: Section 5.24.280 of the Lodi Municipal Code requires
Council approval of a transfer of the operator's
permit. Attached (Exhibit A) is an installment Contract
of Sale of Real Property and Business executed by Mrs. Margrave and Mr. Neel in
which Mr. Neel i s purchasing the business known as City Cab Company of Lodi.
There is no reason to deny this transfer as Mr. Neel has been actively involved in
the management of the City Cab Company for over a year.
Council is requested to authorize this transfer.
Respectfully submitted,
rry L. Glenn
Assistant City Manager
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Attachment
COU NC736
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INSTAT•UMT CONTRACT OF SALE
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This Agreement is made on a(_� . �_. 11989, .�
between y _ and�1�
RAE NEEL MARGRAVE, h i s wire, /here inati Ger reierred t o
"SELLERS", and RAYM= A. NEEL �• ,+
hereinafter referred to as "BUYERS".
1. PROPERTY TO BE TRANSFERRED: Sellers agree to sell to
Buyers, and•Buyers agree to buy from Sellers that unproved real
property locate3 at 510 East Lodi Avenue, Lodi, California, the
legal description of which is:
All that real property situate in the City of Lodi,
County of San Joaquin, State of California, described as
follows:
LOT 4 in Block 4 of L031 BARNHART TRACT, according to the
Official Map thereof, filed in Voliune 3 of Maps, Page 48,
San Joaquin Records.
Sellers also agree to sell to Boyers, an:, Buyers agree to buy
fro.a, Sellers that certain business knoN., as "City Can Company
of Loi, California", and ail of the assets, equipment,
furnishings, supplies ane vericles currently uses in the
operation cf said business, as more particularly described in
Exhioit r. attached heretc, a:. well . _ the 000u will of said
business ant; the richt to use the name "City Cab Company of
Lod;, California". Sellers represent and warrant that ail
calor furnishings, equipment an5 vehicles included in the sale
are in c_ood working order and repair as o: th. date of
eae:ution Cf the Acreement.
2. P'JR.-M-I.S= PRICE• Tne total purchase price of all
property, real and oersonal, to be transferred cc canvaved to
Buyers her ewnder is One Hi=%:r ed Thirty-five Tnousanc D: liars
S1.3-5,00:�.0D), tc be paid as hereinafter described.
lne Sc: purchase prig a. nz? eo
r' .'..�. � afiJn- the .::f ere;:t
assets :,eine conveved or trap=fer::ed herea_ as follows.
{-i Real property ane improvements. Sovent�>_fi.=
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a:)c use `f tnc nam—_ c.` the ti_,sines rnc.. a-
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,
Buyers agree to pay to Sellers the suxn of One Hundred
Thirty Five Thous id Dollars ($135 000.00), together with
interest thereon as herein provided, as follows:
The sum of Fifty Five Thousand Dollars ($55,000.00), with
interest thereon at the rate of ten percent (10%) per annum
from February 1, 1989, in thirty-six (36) equal monthly
payments of principal and interest each in the amount of One
Thousand Seven Hundred Seventy-four and 70/10OThs Dollars
($1,774.70). The first monthly payment shall be due on
February 1, 1989, and each succesive monthly payment shall be
due on or before the first day of each month thereafter: and,
The sm of Eighty Thousand Dollars ($80,000.00), shall be due
and payable on or before January 1, 1989.
3. TADS AND kSSES&gMn'S,, insurance. Buyers shall pay all
taxes and assessments on the above-described property levied,
assessed, or accruing after the date hereof. Buyers shall, keep
the improvements -on,. -the property insured for an amount not less
than,
payable in case of loss to Sellers.
Should Buyers fail to pay any taxes or assessments as
herein provided, or fail to keep the property insured, Sellers
may, at their option, pay all or any of such taxes and
assessments, and obtain such "nsucance, and Buyers shall repay
to Sellers, on demand, the amount of all moneys paid by Sellers
on account of such taxes, assessments, and/or insurance,
together with interest thereor, from, the date of payment until
cepa i d at the rate of Ten per cent (10%) per annum.
4. DELIVERY OF DEED: Sellers, when the purchase price, and
all other amounts to be paid to S`Qllers, ,are fully paid as
herein provided, and all covsnants and agreements on the part
of Buyers to be performed have Seen satisfactorily performed,
will execute and deliver to buyer's a good and sufficient grant
deed conveying the real property free of all encumbrances rode,
done, or suffered by sellers, and a bill of sale in customary
form transferring to Buyers all right, title, and interest Gf
Sellers in all personal prooert;• subject to this sale.
5. POSSESSION% Buyers shall be entitled to possession of
the property from and after Fecrru ry 1, 1989.
6. DEMULT: If Buyers stall fail for a period cf 15 days to
(1) pay Sellers any Of thE7 sums herein agree- to be paid,
either as installments on account of principal or as interest,
after such sums are d,;e, or (2i pay taxes or assessments cri the
property after the same beco.;ie cue, or (3 ) comp l v with an-, of
the covenants on their part tc be ke?t :--id perforuie-5, then.
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Sellers shall be released from all obligation to convey the
real and personal property, and Buyers shall forfeit all right
thereto, and all payments theretofore made by buyers under this
agreerr:ent shall be considered compensation for the use and
cccuWcy of the real and personal property, and shall be
retained by Sellers.
7. TIME OF ESSENCE: Time is of the essence of this
agreement.
8. REPRESST'TATIONS OF SELLERS: Sellers represent that
(a) The area in which the property is located is zoned
€or use of the property for Taxi Cab Company pur-
poses. Sellers, are aware of no proposed or pend-
ing zoning changes t at would affect the Legality
of such use.
(b) Sellers are duly qualified under California law to
operate the Taxi Cab business, and such operation
is in full compliance with all applicable state
and local requirements and regulations.
(c) Sellers have good and marketable title to all real
property, personal propacty, fixtures, and intan-
gibles being conveyed or transferred herewiller.
9. PRELIMINARY TITLE REPORT: Sellers shall furnish Lo
Buyers as promptly as possible, a preliminary title report
covering the real property to Buyers. The report shall be
delivered to purchasers as soon as it is available, but in no
event later than March 1, 1989.
If the report shows lack of good and marketable title in
Sellers, or defects r.o title that require correction, Suyecs
shall report the same in writing to Sellers who shall have 30
days from receipt of such report in which to cure all such
objections. If Sellers fail or neglect to cure all such
objections within the stated period, Buyers may at their ootion
terminate and rescind this contract and be entitled to the
ret-c'n of all payments made by them, or cney may accept title
to the property witn the defects and exceptions remaining.
10. PRO RA'1GNS: Real estate taxes and assessments alread`-
paid by sellers with respect to the property for the current
year, shall be prorate6 as of the closing_ Cate. Bjyers' account
being debited accordingly.
11. RISE. OF LOSS: In the event that. prior to transfer o_'
legal title or possession of th= abzvc- oe- zrin�_-d premises
to buvers, such premises shall t, fi-di l • or destroyed
by fire or other casualty without fault of Buyers, or shall be
taken by eminent domain* Buyers may terminate this contract
without liability on their part and recover any portion of tho
price that tetey have paid. Damage in the amount of/
Dollars ($ %,►/ ) or more shall be considered materi ►�'�
destruction of the premises. If damage to the property does
not constitute "material destruction" thereof, this contract
shall remain in effect, but the total purchase price shall be
reduced by the dollar amount of such damage as determined by
appraisal by a disinterested third party.
12. ATTORNEY'S FEES: In the event any suit is instituted by
Either party to enforce the terms, covenants, or conditions of
this contract, the prevailing party in any such litigation,
shall receive reasonable attorney's fees from the losing party.
13. BIDDING EFFECT: The terms, conditions, and covenants of
this agreement shall be binding cn and shall inure to the
benefit of the heirs, executors, administrators, and assigns of
the respective parties, but no assignment or transfer by Buyers
of this contract, or of their interest in the property
described herein, shall be valid, unless made with the written
consent of Sellers.
14. A.DDITIO`;.T_ CO;�SIDERAMON: Buyers agree to pay annually
to Sellers fifty per cent (50t) of the net profits of the
business after all incorte taxes have been deducted, for a
period cf three years, with said payments to be made by Ja:.uar.�
3), for the preceding calend__ :ear.
Cin tht
date first above Writte:7. ---
FVLA'f• a.;:) A. NED:l
Buyer
RAE NEEL DIARGRAVE
Seller
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RESOLUTION NO. 90-06
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A RESOLUTION OF THE LODI CITY COUNCIL
AUTHORIZING THE TRANSFER OF THE OPERATING PERMIT FOR CITY CAB COMPANY
OF LODI FOR OPERATION CF A TAXI SERVICE WITHIN THE CITY Of LODI
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WHEREAS, Rae Neel Margrave, owner of City Cab Company of Lodi,
had heretofore been issued a permit under the terms of Lodi Municipal
Code Chapter 5.24, to operate a taxi service within the City of Lodi;
and
WHEREAS, Rae Neel Margrave has sold that business to her son,
Raymond A Neel; and
WHEREAS, Lodi Municipal Code Section 5.24.280 requires City Council
approval to transfer said license;
NDN,, TI-E;EFORE, BE IT RESOLVED, that the Lodi City Council hereby
approves the transfer from Rae Neel Margrave to Raymond A Neel,
of the operator's permit of City Cab Company to operate a taxi service
within the City of Lodi.
Dated : January 17, 1990
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I hereby certify that Resolution No. 90-06 waspassed and
adopted by the City Council of the City of Lodi in a regular meeting
held January 17, 1990 by the following vote:
Ayes : Council Members - Hinchman, Olson, Pinkerton., Reid and
Sn ider (Mayor)
Noes : Council Members - None
Absent: Council Members - None
1.L f 'rte
Jennife':'M. Perrin
Deputy City Clerk
for Alice M. Reimche
City Clerk
90-06
RES9006/TXTA.02J