RECORDING REQUESTED BY
AND
WHEN RECORDED MAIL TO:
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WITH A CONFORMED COPY
TO:
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______________________________________________________________
(Above Space for
Recorder’s Use Only
Public Agency Official Business--Recording
Fee Exempt, Gov’t Code, Section 6103)
MEMORANDUM OF OPTION
THIS MEMORANDUM OF OPTION (the “Memorandum”)
is made, executed and delivered as of the ___day of ___________, 1999, by and
between the BURBANK-GLENDALE-PASADENA AIRPORT AUTHORITY, a public entity
formed pursuant to the California Joint Exercise of Powers Act (the
“Authority”), SECURITY TRUST COMPANY, a California
corporation, as trustee (the “Trustee”) under Land Title Trust
Agreement dated __________, 1999 (the “Trust Agreement”), and CITY
OF BURBANK, a municipal corporation (the “City”), who agree as
follows:
1.
The Authority and
the Trustee grant to the City an option to purchase the real property described
in Exhibit “A” attached to this Memorandum and incorporated herein
(the “Trust Property”).
2.The Authority and the
Trustee grant this option pursuant to the terms of the Trust Agreement and an
Escrow Agreement, executed by and between the Authority and the City as of
_____________, 1999. This Memorandum is prepared for purposes of recordation
and shall not alter or affect in any manner the rights and obligations of the
Authority, the Trustee and the City under the Trust Agreement and the Escrow
Agreement. In the event of any conflict between this Memorandum and the terms
of the Trust Agreement and the Escrow Agreement, the terms of the Trust
Agreement and the Escrow Agreement shall prevail.
3.The term of this option begins upon the recordation of a certified
copy of the Final Order of Condemnation in the action entitled
Burbank-Glendale-Pasadena Airport Authority v. Lockheed Corporation, et
al., Los Angeles County Superior Court Case No. BC 155222, and shall expire
and be of no further force and effect upon the first to occur of: (a) the end
of the 60th day following the delivery by the Authority and the City to the
Trustee of a “Notice of Failure to Execute a Development Agreement”or
a “Notice of Invalidation of Development Agreement”, as provided in
the Trust Agreement and the Escrow Agreement, (b) the delivery by the City to
the Trustee of either a “Notice of Acknowledgement of Development
Approval” or “Notice of Election to Proceed Under Development
Agreement as Modified,” as provided in the Trust Agreement and the Escrow
Agreement, or (c) August 24, 2019. Upon expiration of the City’s option,
the City shall promptly execute and deliver to the Trustee, and the Trustee
shall record, a quitclaim deed applicable to the City’s option.
4.The City shall have the right, upon exercise of this option or at
any time prior to conveyance of the Trust Property to the City pursuant to the
option, to assign this option to the Burbank Redevelopment Agency, a public
entity.
IN WITNESS WHEREOF, the parties have executed this
Memorandum of Option as of the date first above written.
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“Authority”
BURBANK-GLENDALE-PASADENA AIRPORT
AUTHORITY, a public entity formed pursuant to the California Joint Exercise
of Powers Act
By: _______________________
Its: _______________________
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“Trustee”
SECURITY TRUST COMPANY,
a California corporation
By: _______________________
Its: ________________________
By: _______________________
Its: ________________________
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“City”
CITY OF BURBANK,
a municipal corporation
By: _______________________
Its: _______________________
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STATE
OF CALIFORNIA
COUNTY OF LOS ANGELES
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) ss
)
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On ________________, 1999, before me,
_____________________ [insert name], a Notary Public, personally appeared
_____________________, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to
the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature _____________________________
(Seal)
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STATE
OF CALIFORNIA
COUNTY OF LOS ANGELES
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)
) ss
)
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On ________________, 1999, before me,
_____________________ [insert name], a Notary Public, personally appeared
_____________________, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to
the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature _____________________________
(Seal)
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STATE
OF CALIFORNIA
COUNTY OF LOS ANGELES
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)
) ss
)
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On ________________, 1999, before me,
_____________________ [insert name], a Notary Public, personally appeared
_____________________, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to
the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature _____________________________
(Seal)
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EXHIBIT A
Description of Trust
Property