COUNTY OF ORANGE (14) - Laserfiche WebLink

Home Browse Search

assets including the parking structure and improvements located therein, rigbts-of-way or appurtenances used in connection with the beneficial use and enjoyment of the County Property. 1.2 City Properiv. City Property shall include all of the following; 1.2.1 Land. Fee simple interest in the real property described on Exlu'bit B hereto, including, but not limited to, land, structures, and vertical assets located on or under the real property. 1.2.2 A�rurtenances. All rights, privileges and easements dedicated to City which are appurtenant to the City Property, including, without limitation, all vertical assets including the parking structure and improvements located therein constructed at "Site 2" as part of the "Phase 1 Facilities" pursuant to that certain Development Agreement between the Parties dated December 15, 1987 and any of its subsequent amendments or modifications (collectively "1987 Development Agreement"), rights -of -way or appurtenances used in connection with the beneficial use and enjoyment of the City Property. 2. Title and Closing. 2.1 Exchange. The Exchange shall be performed by the Parties, subject to the requirements set forth below. 2.2 Title Comnanv. Title policies issued for the benefit of the City with respect to the County Property and the County with respect to the City Property, in connection with the Exchange shall be issued by Fidelity National Title National Commercial & Builder Services (the "Title Company"). 2.3 Definition of Closing. For purposes of this Agreement, the term "Closing" shall mean the time when the Title Company shall have recorded the County Deed (as defined below), and the City Deed (as defined below), as set forth in Section 6.4 below. 3. County's A_}) royal of Condition fo Titlefte Diligence. 3.1 County's Review of Condition ofTitle. Prior to the Effective Date, County has received and reviewed that certain First Amended Preliminary Title Report Order No. 00175931-994-LT2-1TW dated April 14, 2022 (the "Preliminary Title Report"), covering the City Property and County Property issued by Chicago Title Company, a copy of which is attached hereto as Exhibit C. County hereby acknowledge¢ that County has approved those exceptions listed in Schedule B ofthe Preliminary Title Report affecting the City Property identified as Parcel A therein. Those exceptions which County has approved on the Preliminary Title Report are hereinafter referred to as the "City Permitted Exceptions." The City Permitted Exceptions shall exclude any delinquent taxes or any taxes due and payable prior to the Closing and any other monetary liens or encumbrances on the City Property. 3.2 CitY Titg_Isurance Policy. At the option of County, and upon County's specific request, at the Closing and as a condition thereto, the Title Company shall issue to County a policy of title insurance (the "City Title Policy") as to all or any part of the City Property, containing the terms and provisions set forth in this Section 3.2. The City Title Policy shall be a CLTA Owner's Policy (1987 Policy Form) in an amount determined by County, showing fee Project Km . Sa U Am Property Hxchmp