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BRISTOL CENTER PROPERTIES, LLC
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Entry Properties
Last modified
11/18/2024 2:40:59 PM
Creation date
11/18/2024 2:40:27 PM
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Contracts
Company Name
BRISTOL CENTER PROPERTIES, LLC
Contract #
A-2024-166
Agency
Public Works
Council Approval Date
10/15/2024
Notes
PERM
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the following documents (with the documents that are to be recorded in the following order and <br /> delivered as provided below): <br /> 3.11.1 Grant Deed. One (1)fully executed and <br /> acknowledged copy of the Grant Deed conveying the Property to Buyer. <br /> Conformed copies of the recorded Grant Deed shall be returned to Buyer and <br /> Seller as soon as possible. <br /> 3.11.2 Withholding Exemption Certificates. One <br /> (1)completed and executed copy of the following: Non-foreign Transferor <br /> Declaration; Preliminary Change in Ownership Report, Internal Revenue <br /> Service Form 1099-S, and California Franchise Tax Board Form 593 and any <br /> other applicable state tax withholding forms,as applicable. <br /> 3.11.3 Disbursement of Closing Documents. As soon as <br /> reasonably possible following the Close of Escrow,Escrow Holder shall deliver <br /> copies of all closing documents,including,without limitation,those listed above, <br /> the Title Policy, any additional escrow instructions and the final Escrow closing <br /> statement,to Seller's counsel and Buyer or Buyer's counsel. <br /> 3.12 Seller's Proceeds. At the Close of Escrow, subject to Section 3.13 below, <br /> Escrow Holder is directed to wire funds representing Seller's cash proceeds through Escrow to <br /> Seller's account as directed in separate written instructions to be provided by Seller. <br /> 3.13 Cal-FIRPTA Withholding. Unless this transaction is exempt under <br /> California Revenue and Taxation Code Sections 18805 and 26131, Escrow Holder shall be the <br /> "withholding agent" and withhold from proceeds due Seller any amounts required under the <br /> above code sections to be withheld by Buyer and pay same to the California Franchise Tax Board <br /> or Internal Revenue Service in accordance with applicable law. <br /> 3.14 Additional Documents. Seller and Buyer shall execute and deliver to <br /> Escrow any other documents reasonably required by Escrow Holder including,without limitation, <br /> Seller's affidavits or statements regarding mechanics liens and for tenants or parties in possession. <br /> 3.15 Termination of Property Contracts. Seller shall terminate any service <br /> contracts or similar agreement relating to the Property that the Buyer does not expressly elect in <br /> writing to assume which termination shall be effective as of the Close of Escrow. <br /> 4. ):teal Estate Brokerage Commission. Buyer and Seller each represent and warrant <br /> to each other that they have not employed, dealt with or incurred any obligation to any broker, <br /> agent or finder in connection with the Property, and that they have not incurred any obligation to <br /> pay any other real estate brokerage or other commission or fee in connection with the conveyance <br /> of the Property to Buyer. Buyer and Seller agree to indemnify, defend and hold each other free <br /> and harmless from and against all costs and liabilities, including without limitation reasonable <br /> attorneys' fees and the costs and expenses of litigation,for causes of action or proceedings in any <br /> way related to or resulting from a breach of the foregoing representation and warranty or arising <br /> out of any action or proceedings which may be instituted by any broker, agent or finder, licensed <br /> -7- <br />
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