Item 25 - Warner Avenue Street Improvements (Oak Street to Grand Avenue)

Home Browse Search

obligations and liabilities of the Parties under this Agreement shall cease and terminate. If no such request is made, Escrow shall be closed as soon as possible thereafter. Buyer shall be entitled to possession of the Property immediately upon close of Escrow. The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of this Section 4 and of the General Provisions described in Exhibit "C" attached hereto and incorporated herein by this reference, in writing, delivered to the City and to the Seller within five (5) days after delivery ofthin Agreement, L-knil i-orri ru 0 i+n ftflonn no [=no -row A tsnf konmni mrieNr -- , Zj. -- I —"., �"' y W", .-� " .. -- -- --- 1 .901 11 ..�' �-. I--,. City agrees to bear and Escrow Agent is hereby authorized to charge to the City the cost of any transfer taxes, recording fees, cost of title insurance, re -conveyance fees, document preparation fees, escrow fees and any oth&-,bIbaihg 66,bts indd6nt6l to M d6fiVeyihg of Said R,6;§l W6p6ft-y to City. Nhalms 'For prepayment of bona fide obligations secured by any existing deed of trust or mortgage shall be waived pursuant to Civil Code Procedures Section i265.240. The liability to the Escrow Agent under this Agreement is limited to performance of the obligations imposed upon it under Section 4, Section 6, Section 8 and Exhibit "C" of the General Provisions of this Agreement. Seller is not responsible for payment of any escrow fees, costs or expenses. 5. Properly Taxes. Such real property taxes, if any, on Said Real Property for the fiscal year within which Said Real Property is conveyed to City as are unpaid at the time of said conveyance shall be, cleared and paid in accordance with the provisions of Section 4986 of the Revenue and Taxation Code Of. the State of California. Seller shall be eligible for a refund under Section 5096.7 of the Revenue and Taxation Code of the State of California for that portion of property taxes on Said Real Property for said fiscal year which have been paid prior to the date the deed conveying Said Real Property to City is recorded which is allocable to that portion of the fiscal year which begins on the date the deed conveying Said 14661 Ptbo&fty t6 City is r6d6ed6d 6hd Mode Und-61166tibI6 If Unp6id by r6otohi of S6i)-fiw 5086 6f M Revenue and Taxation Code of the State of California. To the extent that Seller has prepaid any taxes or assessments attributable to the Property', Seller shall be solely responsible for obtaining any refund due thereon from the taxing authority. Upon written request, Buyer shall assist Seller, at Seller's sole cost, in obtaining said refund, if any; however, in no case shall Buyer credit or otherwise pay Seller for that refund, if any, through or outside of Escrow. All unpaid taxes on Said Real Property for any and all years prior to the fiscal year within which said conveyance is made shall be paid by Seller before conveyance of Said Real Property to City. 6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept from City, as and for the full purchase price for Said Real Property, temporary construction easement, fixtures & equipment (improvements pertaining to, the realty),, goodwill (if any), and severance damages,, the total sum of Seven Thousand, Two Hundred and 001100 Dollars ($7,200.00). City agrees to deposit said purchase price in escrow with the Escrow Agent within SIXTY (60) days from and after the date on which the City has approved this Agreement, and the Escrow Agent is hereby authorized to pay the same to Seller upon and after: (a) 06h;veyah66 6f Said 1116al Property by Geller W Ci'ty as h6e6iha66V6 provided; (b) Acceptance by City of a Ouitclairn Deed conveying said portion of Said Real Property to City; (c) Acceptance by City of a Temporary Construction Easement to City;