Item 24 - Joint Public Hearing Adopt Resolution and Approve Purchase and Sale Agreement

Home Browse Search

EXHIBIT 5 description, and any survey obtained. The City must provide written approval of title matters by the Contingency Date. 10.Termination Right: The City has the right to terminate the Purchase and Sale Agreement if its contingencies are not met within 60 days of Oversight Board and Department of Finance (DOF) approval (Outside Date), as long as the City informs the Successor Agency through a termination notice (Termination Notice) and pays any relevant fees. 11. Seller's Conditions: The City shall provide written confirmation to the Successor Agency that it has completed its review of the title and the condition of the property, including hazardous materials, zoning, and suitability. Additionally, the City shall ensure that the Oversight Board and DOF approvals are obtained, confirm approval of the Title Policy, and deliver all necessary documents by the agreed dates. If any contingencies are not met by the Outside Date, the Seller may terminate the Agreement, and the City shall be responsible for any title or cancellation fees unless the Seller is in default. 12. Buyer's Deliveries to Seller: At least one business day prior to the Closing Date, the City shall deposit with the Successor Agency the Purchase Price, together with additional funds necessary to pay the City's closing costs, proof of the City's authority and authorization to enter into the Purchase and Sale Agreement and complete the transaction, and any other documents or items reasonably required to close the transaction as determined by the title company, as defined by the Purchase and Sale Agreement (Title Company). 13. Costs and Expenses: The City shall bear its respective costs related to the transaction, including proration of revenues and expenses associated with the Property. 14. Prorations and Withholding: The City shall prorate all revenues and expenses related to the Property as of the Closing Date, with any delinquent taxes to be settled by the Successor Agency. Successor Agency Responsibilities 1. Purchase and Sale: The Successor Agency agrees to sell the Real Property to the City for $190,000. 2. Closing without Escrow: If the Successor Agency elects to proceed without an escrow holder, the Successor Agency shall confirm that the deed can be recorded and that the Title Company, will issue the City's Title Policy, subject to acceptable exceptions. 3. Delivery of Real Property and Formation Documents: The Successor Agency shall provide necessary documents, including tax bills, proof of authority, and other relevant property documents within 10 days after the Effective Date.