AgdaPkt 2014-01-13 Interview, Closed and Regular

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9.B. - Page 24 9. Written Agreement. A formal written agreement, approved as to form by the City Attorney, delineating the terms and conditions of the purchase and sale or lease transaction should be prepared and signed by all parties. The signed agreement should be provided to a title company in accordance with accompanying escrow instructions in the event of a sale. 10. Opening of Escrow. Once the written agreement has been signed, escrow can be opened. Proceeds shall be placed in a fund as set forth below. 11. Record Grant Deed or Lease Agreement. The grant deed, signed by the City shall be recorded in the Officials Records of the County of San Mateo. Leases should include a provision that a memorandum of lease agreement signed by the City and the lessee may be recorded at the City's sole discretion. The person signing on behalf of the City, usually the City Manager must have his or her signature acknowledged by a notary. A conformed copy of each recorded document should be obtained from the County Recorder at the time of recordation. When escrow is opened, recording is normally done through the escrow company. 12. Insurance. Finance should coordinate with the City's pooled -risk program representatives to ensure the property is removed from the program in the case of a sale, or in the case of a lease that the lessee's insurance is in order. 13. City Inventory. Once the transaction is completed and all documents have been signed and, if applicable, recorded, the City Clerk should modify the inventory of City -owned parcels as necessary. The City Clerk should maintain copies of the written agreement, grant deed or lease, and other related documents for the official City records. 14. Long - Term Lease Procedures. In addition to the procedures noted above, the following guidelines pertain to long -term leases: ATTY /POLICIES /PROPERTY ACQUISITION AND DISPOSITION PROCEDURES FINAL REV: 09 -16 -13 PT Page 18 of 22