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GARNSEY CORP
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Last modified
12/13/2022 3:04:06 PM
Creation date
12/13/2022 3:02:50 PM
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Contracts
Company Name
GARNSEY CORP
Contract #
a-2022-234
Agency
Community Development
Council Approval Date
12/6/2022
Destruction Year
0
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(c) Delivery to City of the policy of title insurance as hereinabove provided; <br />(d) Recordation of the Deed conveying said real property to City. <br />7. Possession. Seller agrees to deliver to City, on the date the Deed conveying said real property to <br />City is recorded, quiet and peaceful possession of said real property, which shall be made free by Seller of all <br />personal property. <br />a. No later than fourteen (14) days after the close of escrow, Seller shall have removed all <br />merchandise, inventory, equipment, personal property, and/or removable trade fixtures from <br />the Property. Any merchandise, inventory, equipment, personal property, and/or removable <br />trade fixtures at the Property as of fourteen (14) days after the close of escrow shall be <br />deemed abandoned by Seller on that date. <br />8. Rental and Occupancy By Tenants. Seller acknowledges the presence of multiple tenants at the <br />property. Seller agrees to execute a complete, current and correct statement of rentals (Seller Estoppel) on <br />a form furnished to Seller by City and deliver same to City within fifteen (15) days hereof with copies of any <br />written leases or rental agreements attached. All rents will be prorated as of the close of escrow on the basis <br />of a 30-day month/360-day year consistent with that statement, subject to approval of City. Seller hereby <br />agrees not to rent any units on the premises which are vacant as of the date that this agreement is executed <br />by seller, or which may be vacated by present occupants prior to close of escrow. Seller agrees that any and <br />all Tenant Security Deposits pertaining to the subject property collected by or in the possession of Seller prior <br />to the close of escrow shall be transferred to and become the property of City during escrow. <br />Seller hereby warrants that the rental statement referred to shall include the terms of all rental agreements, <br />tenancies, and leases (written, unwritten, recorded, or unrecorded) and Seller agrees to hold City harmless <br />from all liability from any such leases or agreements. <br />Tenants on the property at the time this Agreement is approved shall be eligible for relocation advisory and <br />financial assistance to the extent required by state and/or federal law. <br />9. Waivers. The waiver by City of any breach of any covenant or agreement herein contained on the <br />part of the Seller shall not be deemed or held to be a waiver of any subsequent or other breach of said <br />covenant or agreement nor a waiver of any breach of any other covenants or agreements contained herein. <br />10. Heirs, Assigns, Successors -in -Interest. This PSA, and all the terms, covenants and conditions <br />hereof, shall apply to and bind the heirs, executors, administrators, successors and assigns of the respective <br />Parties hereto. <br />11. Time is of the Essence. In all matters and things hereunder to be done and in all payments <br />hereunder to be made, time is and shall be of the essence. <br />12. Just Compensation. Seller acknowledges and agrees that said purchase price is just compensation <br />at fair market value for said real property and includes payment for fixtures & equipment (improvements <br />pertaining to the realty), goodwill (if any), and severance damages. <br />
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