WINCHELL'S DONUT HOUSES-2010 - Laserfiche WebLink

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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, as improved, goodwill (if any), and severance damages, the total sum of NINE HUNDRED FIFTEEN THOUSAND AND NO/ 100 Dollars ($915,000). City agrees to deposit said purchase price in the Escrow with the Escrow Agent within THIRTY (30) days from and after the date on which the City has signed this Agreement, and the Escrow Agent is hereby authorized to pay the same to Seller upon and after: (a) Conveyance of said real property by Seller to City as hereinabove provided; (b) Acceptance by City of a Grant Deed conveying said real property to City; (c) Delivery to City of the policy of title insurance as hereinabove provided; (d) Recordation of the Grant Deed conveying said real property to City. 7. Possession. Seller agrees to deliver to City, on the date the Grant Deed conveying said real property to City is recorded, quiet and peaceful possession of said real property, subject to the interests described in Paragraph 15, below. 8. Rental and Occupancy By Seller. Seller agrees to execute a complete, current and correct statement of all leases and agreements for occupancy of said real property (Seller Estoppel) on a form furnished to Seller by City and deliver same to City within fifteen (15) days after such form is provided with copies of any written leases or rental agreements attached. All rents for any such leases or agreements for occupancy of said real property will be prorated as of the close of Escrow on the basis of a 30-day month/360-day year consistent with that statement, subject to approval of City. Seller hereby agrees not to rent any units on the premises which are now vacant, or which may be vacated by present occupants prior to close of Escrow. Seller agrees that any and all Tenant Security Deposits pertaining to said real property collected by or in the possession of Seller prior to the close of Escrow shall be transferred to and become the property of City at the close of Escrow. Seller hereby warrants that the rental statement referred to shall include the terms of all rental agreements, tenancies, and leases (written, unwritten, recorded, or unrecorded). Seller also warrants that there are no oral leases on all or any portion of said real property which grant the right to occupy any portion of said real property for a term exceeding one month. -3-