HomeMy WebLinkAbout1996-10-16 96-416 ORDERCOUNCIL ACTION
Item No. 96-416
Date October 16, 1996
Item/Subject: Authorizing City Manager to Execute Indemnity
Agreement with Commonwealth Land Tittle Insurance Company
Responsible Department: Legal
Commentary:
See item attached. This Order will be discussed in executive
session prior to the regular City Council meeting on October 16,
1996.
rt t Head
Manager's Comments:
n/ City Manager
Associated Information:
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KS s PSSo4N`01 Finance DirCCtor
Legal Approval
_ �Salicito�,
Introduced For
Passage
First Reading
Referral Page of
96-016
Aeopredto fuivwlar Sullivan October 16, 1996
�
'p CITY OF BANGOR
(TITLE.) (Orbeli Authorising City Manager to, execute Indemnity _.
Agreement with Commonwealth Land Title Insurance Company.
By Am CMF Cou OfW Cft Kesuwr:
ORDERED,
TWT the City Manager is hereby authorized and directed to
execute an indemnity agreement, in a form approved by the City
Solicitor, indemnifying Commonwealth Land Title Insurance Company
against any future losses sustained by Commonwealth on account of
any insufficiency or defect in the City of Bangor's 1994 tax
foreclosure and/or 1995 condemnation of the former Freese's
building.
tatrnent of Fact:. Commonwealth Lanb Title Insurance Company is
the company issuing title insurance in connection with the pending
redevelopment of the rear third of the Freese's building by Freese
Building Associates. The City of Bangor acquired title to the
former Freese's building through statutory foreclosure of matured
tax liens in December, 1994, and by condemnation proceedings under
30-A MESA 5 5204 in 1995. Because Charles Fitzgerald's lawsuit
challenging the City's tax foreclosure and condemnation remains
pending at this time, Commonwealth has regulred indemnification
from the City against any losses Commonwealth might suffer based on
any adverse result in the pending litigation. This Order
authorises the City Manager to execute an indemnification agreement
for that purpose. -
IN CITY COUNCIL
October 16, 1996 9fi-616
Passed
I ' O R D E
Cc Title,
Authari in(Cit
y Hanger
to
e Indemnity Ae nt with
Commonwealth Land
Title Insurance
......................................
Company
MugNtd to -
Councilmen