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CALIFORNIA, STATE OF (4)
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CALIFORNIA, STATE OF (4)
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Last modified
9/21/2023 5:53:50 PM
Creation date
9/21/2023 5:50:36 PM
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Contracts
Company Name
CALIFORNIA, STATE OF
Contract #
A-2023-147
Agency
Community Development
Council Approval Date
8/15/2023
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deliver the Contingency Period Notice shall be deemed to constitute Buyer's approval of the <br />Property and the Documents and Materials. In the event Buyer timely delivers the Contingency <br />Period Notice to State disapproving the Property then provided that Buyer has complied with the <br />terms of Section 22(n) below), and, except as otherwise provided in this Agreement, State and <br />Buyer will have no further obligations or rights to one another under this Agreement. If this <br />Agreement is terminated pursuant to this subsection, Buyer shall deliver to State (i) the <br />Documents and Materials delivered to Buyer by State, and (ii) at no cost and without warranty as <br />to correctness, copies of all reports, studies, maps and engineering studies that were generated by <br />third parties for Buyer with respect to the Property, including, but not limited to, all <br />environmental reports, surveys, marketing reports, geotechnical reports, lot studies and <br />improvement plans. <br />(v) Title Insurance. As of the Close of Escrow, Title Company shall <br />have committed to issue the Title Policy to Buyer; <br />(vi) State's Representations. All representations and warranties made <br />by State to Buyer in this Agreement shall be true and correct on the date hereof and shall be true <br />and correct in all material respects as of the Close of Escrow; <br />(vii) State's Obligations. As of the Close of Escrow, State shall have <br />performed all of the obligations required to be performed by State under this Agreement; and <br />(viii) Documents and Materials. To assist Buyer in Buyer's due <br />diligence, on or before May 31, 2023 State delivered to Buyer all of the documents and materials <br />described on Exhibit D attached hereto, to the extent within State's possession or control <br />("Documents and Materials"). By executing this Agreement, Buyer acknowledges receipt of <br />the Documents and Materials on or before May 31, 2023. State makes no representation <br />concerning the adequacy or accuracy of any of the Documents and Materials. These materials <br />have been furnished solely for the purpose of assisting Buyer in its due diligence, a part of which <br />is Buyer's independent determination as to the reliability and completeness of the information <br />contained therein. If this Agreement is terminated for any reason, Buyer shall deliver to State (1) <br />the Documents and Materials delivered to Buyer by State, and (2) at no cost and without <br />warranty as to correctness, copies of all inspections, investigations, tests and studies that were <br />generated by Buyer and/or by third parties for Buyer with respect to the Property, including, but <br />not limited to, all environmental reports, surveys, marketing reports, geotechnical reports, <br />studies, maps and engineering studies, lot studies and improvement plans. <br />(b.) Conditions to State's Obligations. The Close of Escrow and State's <br />obligation to consummate the transactions contemplated in this Agreement are subject to the <br />satisfaction of the following conditions (or State's waiver thereof) for State's benefit on or prior <br />to the dates designated below for the satisfaction of such conditions, or the Close of Escrow in <br />absence of a specified date: <br />(i) Buyer's Obligations. Buyer shall have timely performed all of the <br />obligations required to be performed by Buyer under this Agreement; <br />
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