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COUNTY OF ORANGE (14)
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COUNTY OF ORANGE (14)
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Last modified
5/4/2023 1:34:25 PM
Creation date
4/27/2023 5:06:14 PM
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Contracts
Company Name
COUNTY OF ORANGE
Contract #
A-2022-197
Agency
Public Works
Council Approval Date
10/4/2022
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6.1.2 In the event that either Party believes it is necessary to extend the <br />Closing Date in order to conduct additional Due Diligence as described in Sections 3 or 4, above, <br />as applicable, that Party shall have the right to unilaterally extend the Closing Date by ten (10) <br />days by providing written notice to the other Party before the Closing Date. Each Party shall only <br />be entitled to one unilateral extension. The Parties may subsequently extend the Closing Date only <br />by written agreement of both Patties, except that in no event shall the Closing Date be later than <br />the Outside Date without the written agreement of both Parties. <br />6.1.3 In the event that the Closing fails to occur by the Outside Date, and <br />neither Party is in default of its obligations hereunder, then the Party for whose benefit the non - <br />satisfied condition exists may cancel the Closing by written notice to the other Party. In the event <br />that, due to an `Event of Default" by a "Defaulting Party" (as the terms are defined in Section 8.1 <br />below), the Closing fails to occur by the Outside Date, then without waiving any rights or remedies <br />which the non -Defaulting Party may have against the Defaulting Party under Section 8 of this <br />Agreement, the non -Defaulting Party may cancel the Closing upon written notice to the Defaulting <br />Party. In the event that the non -Defaulting Party elects not to terminate this Agreement, then the <br />non -Defaulting Party may pursue the remedies for such Event of Default as provided in Section 9 <br />below. <br />6.2 Cancellation. <br />6.2.1 If, for any reason, the Closing is cancelled pursuant to Section 6.1.3 <br />above, each Party shall return to the other Party delivering the same, all instruments which are then <br />hold by the Party in connection with the Exchange. <br />6.2.2 If the Closing is cancelled pursuant to Section 6.1.3 above and <br />neither Party is in default of its obligations hereunder, this Agreement shall be deemed to be <br />terminated (with the exception of those provisions which expressly state that they are to survive <br />such termination). hi such event, neither Party shall be obligated to the other to effectuate the <br />Closing. <br />6.3 tMa to be DeHvered Prior o ClosiAg, <br />6.3.1 Coun . On orbefore one (1) business day prior to the Closing Date, <br />County shall execute and provide City with a copy of the following: <br />(a) The quitclaim deed conveying fee simple title of the County <br />Property to the City ("County Dee(r"), in substantially the form of Exhibit D attached hereto; <br />(b) Such other documents as may be reasonably required by <br />Title Company in order to issue the County Title Policy, if requested by the City, or otherwise <br />required to transfer the County Property to City in accordance with the terms of this Agreement. <br />6.3.2 Q! . On or before one (1) business day prior to the Closing Date, <br />City shall execute and provide County with a copy of the following: <br />(a) The quitclaim deed conveying fee simple title of the City <br />Property to the County ("City Deed"), in substantially the form of xhi i E attached hereto; <br />PwjwtNa aaofa Am Pwp" Bxchmp <br />
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