Laserfiche WebLink
(b) Disburse the funds deposited into escrow by the Parties in accordance with the <br />closing statements executed by the Parties; <br />(c) Deliver to the City (a) promptly following the Close of Escrow, one (1) original of <br />the bill of sale, assignment and assumption agreement for each Property, (b) within <br />one (1) business day following recordation a conformed copy of (i) the City Property <br />grant deed and (ii) the SCE Property grant deed; and (c) when issued, the Title Policy <br />for the SCE Property; and <br />� <br />(d) Deliver to SCE (a) promptly following the Close of IEscrow, one (1) original of tate <br />bill of sale, assignment and assumption agreement for each property, (b) within one <br />(1) business day following recordation a conformed copy of (i) the City Property <br />grant deed and (ii) the SCE Property grant deed; and (c) when issued, the Title Policy <br />for the City Property. <br />If escrow is not in a condition to close by the Close of Escrow, and failure to close is due to <br />unforeseen conditions of title or interest of third parties in either Property that cannot be <br />resolved in Escrow, then either Party may, at its option, request cancellation of Escrow and <br />this Agreement and return of any funds it has deposited into escrow. Thereupon, all <br />obligations and liabilities of the Parties under this Agreement shall cease and terminate. If <br />no such request is made, Escrow shall be closed as soon as possible thereafter. Subject to <br />satisfaction of the conditions to Closing set forth in this Agreement, the Close of Escrow <br />shall occur on or before December 31, 2018. <br />4. Representations and Warranties <br />4.1 Representations and Warranties of City. City makes the following representations and <br />warranties with respect to the City Property, each of which shall survive Close of Escrow: <br />(a) The execution and delivery of this Agreement, performance hereunder, and the <br />consummation of the transaction contemplated hereby will not constitute a violation <br />of any order or decree or result in the breach of any contract or agreement to which <br />the City is at present a party or by which the City is bound. <br />(b) To City's actual knowledge, no litigation and no governmental, administrative or <br />regulatory act or proceeding regarding the environmental, health and safety aspects <br />of the City Property is pending, proposed or threatened. <br />(c) City will not enter into any agreements or undertake any new obligations prior to <br />Close of Escrow that will in any way burden, encumber or otherwise affect the City <br />Property without the prior written consent of SCE. <br />(d) City is aware of its obligation under California Health and Safety Code Section <br />25359.7 to disclose any knowledge which they may have regarding any release of <br />Hazardous Substances (as defined by applicable federal, state and local statutes, rules <br />and regulations) upon or under the City Property. City warrants and represents to <br />Page 4 of 15 <br />25H-8 <br />