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Item 24 - Joint Public Hearing Adopt Resolution and Approve Purchase and Sale Agreement
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Item 24 - Joint Public Hearing Adopt Resolution and Approve Purchase and Sale Agreement
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9/20/2024 10:28:27 AM
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City Clerk
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Agenda Packet
Agency
Community Development
Item #
1
Date
9/17/2024
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EXHIBIT 4 <br />(d) Confirmation Regarding Buyer's Title Policy. Seller shall have received <br />written confirmation from Buyer that Buyer has approved a pro forma title policy. <br />(e) Delivery of Documents. Buyer's delivery of all documents described in <br />Section 9, below. <br />Should any of Buyer's Contingencies not be met by the Outside Date and Buyer has <br />so informed Seller, Seller may, by written notice to Buyer, terminate this Agreement. If this <br />Agreement is so terminated, then (except to the extent expressly allocated to one party hereto by this <br />Agreement) any title or other cancellation fees shall be paid by Buyer. <br />8. Seller's Deliveries to Buyer. <br />(a) Seller's Delivered Documents. At least one (1) business day prior to the <br />Closing Date, Seller shall deposit or cause to be deposited with Buyer the following items, duly <br />executed and, where appropriate, acknowledged ("Seller's Delivered Items"): <br />(i) Deed. The Grant Deed in the form attached hereto as Exhibit B (the <br />"Deed"). <br />(ii) Possession of Real Property. Possession of the Real Property free of <br />any tenancies or occupancy. <br />(iii) Authority. Such proof of Seller's authority and authorization to enter <br />into this Agreement and to consummate this transaction as may be reasonably requested by Buyer and <br />the Title Company. <br />(iv) Further Documents or Items. Any other documents or items <br />reasonably required to close the transaction contemplated by this Agreement as determined by the <br />Title Company. <br />(b) Failure to Deliver. Should any of Seller's Delivered Items not be timely <br />delivered to Buyer, Buyer may, by written notice to Seller, terminate this Agreement; provided, <br />however, that Buyer may (but shall not be obligated to) in such notice provide Seller with five (5) <br />business days to deliver all of Seller's Delivered Items. If Buyer's notice provides Seller such five <br />(5) business days to deliver Seller's Delivered Items, and if Seller's Delivered Items are not delivered <br />within such period, then this Agreement shall automatically terminate without further action or notice. <br />In the event of any such termination, any cash deposited by Buyer shall immediately be returned to <br />Buyer. Under no circumstances shall Buyer have any responsibility to or duty to pay consultants or <br />real estate brokers retained by Seller, Seller being solely responsible in connection with any such <br />contractual arrangements of Seller. <br />9. Buyer's Deliveries to Seller. At least one (1) business day prior to the Closing Date, <br />Buyer shall deposit or cause to be deposited with Seller the following, each duly executed and <br />acknowledged by Buyer, as appropriate ("Buyer's Delivered Items"): <br />(a) Purchase Price. The Purchase Price, together with additional funds necessary <br />to pay Buyer's closing costs set forth in Section 10(b) herein. <br />M <br />
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