141 of 1988 - Earnest Money Agreement with Federal National Mortgage Insurance for Canterbury Apartments R 88-1
T 88-29
RESOLUTION NO. 141 OF 1988
AUTHORIZING THE EXECUTION OF AN EARNEST MONEY AGREEMENT
BETWEEN THE FEDERAL NATIONAL MORTGAGE INSURANCE AGENCY
AND SALT LAKE CITY CORPORATION FOR
PURCHASE OF THE CANTERBURY APARTMENTS
WHEREAS, Public entities are allowed to purchase property
for public purposes; and
WHEREAS, the attached agreement has been prepared to
accomplish said purposes;
THEREFORE, be it resolved by the City Council of Salt Lake
City, Utah;
1. It does hereby approve an agreement generally
described as follows, including such modifications thereto as
may be determined necessary to comply with all applicable
statutes, rules or regulations:
AN EARNEST MONEY AGREEMENT BETWEEN THE FEDERAL NATIONAL
MORTGAGE INSURANCE AGENCY AND SALT LAKE CITY CORPORATION
FOR PURCHASE OF THE CANTERBURY APARTMENTS LOCATED AT 1357
NORTH MORTON DRIVE, SALT LAKE CITY, UTAH FOR $1, 600, 000.
2. Said Canterbury Apartments shall be appropriated by
the City to the Redevelopment Agency of Salt Lake City for
moderate income housing purposes.
3 . The Earnest Money agreement shall be accompanied by
$10 , 000 to secure the City' s interest in completing the
purchase at a later date but not after April 15, 1989 .
4. Palmer A. DePaulis, Mayor of Salt Lake City, Utah is
hereby authorized to execute said agreement on behalf of Salt
Lake City Corporation and to act in accordance with it terms,
including such modifications thereto as may be determined
necessary to comply with all applicable statutes, rules or
regulations.
Passed by the City Council of Salt Lake City, Utah this
15th day of November 1988 .
SALT LAKE CITY COUNCIL
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CHAIRPERSON
M, %lL .'
C T RF DER - 1
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