Resolution 414
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RESOLUTION 414
RESOLUTION AUTHORIZING EXECUTION OF AGREEMENT WITH BANK OF
AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, MADE
CONTEMPORANEOUSLY WITH THE PURCHASE OF REAL PROPERTY
WHEREAS, the City of Gilroy is purchasing from Bank of
America National Trust and Savings Association, real property
located along the easterly side of Monterey streett constituting
premises on which said Bank formerly maintained and operated a
bank, and which premises are more particularly described in the
deed dated the l~th day of December, 1956, conveying the said
premises to said City of Gilroy, and
WHEREAS, said property is being conveyed to said City of
Gilroy upon the understanding and agreement by the said City
that it will not rent or lease the said premises for the
purpose of conducting thereon a bank, banking premises, or any
business that is similar to, or that may be construed to be
in direct competition with a banking business, and that said
agreement and covenant shall be for the benefit of premises
upon which the said bank now operates and conducts a banking
business and bank, situated at the southwest corner of Fourth
and Monterey Streets in the City of Gilroy and are to be deemed
and taken as covenants running with the sai! land lastly mentioned,
and
WHEREAS, the said agreement as made is embraced within aI,
written contract submitted to the City of Gilroy, and which the
said City of Gilroy, through its proper officials, is requested
to execute as a part of the transaction in which the said City
of Gilroy is acquiring the real property described in the said
deed, and
WHEREAS, the said agreement as submitted is in accordance
with the understanding of the said parties.
NOW, THEREFORE, ~ II. RESOLVED: That the said agreement!
as submItted, be approved by the Common Council of the City or
Gilroy and that it be executed on behalf of the said City by its
Mayor.
PASSED and ADOPTED by the Common Council of the City of
Gilroy this 7th day of January, 1957, by the following vote:
AYES: COUNCILMEN Pate,Sanchez,Petersen,Rush,Wentworth
NOES: COUNCILMEN None
ABSENT: COUNCILMEN Gallo
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Attest:
City Clerk