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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: aW wilt \m �a...� Q i•"vewVve 51'y'SS"�N 1� 0ssys{r to<�4�14,'T�N\ 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