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occupancy of the property, which shall have a duration of <<xx>> months, and is described and <br />shown as attachment (Exhibits "A" and "B ") to the Temporary Construction Easement deed. City <br />agrees to deposit said purchase price in escrow with the Escrow Agent within THIRTY (30) days from <br />and after the date on which the City has approved this Agreement, and the Escrow Agent is hereby <br />authorized to pay the same to Seller upon and after: <br />(a) Conveyance of said real property by Seller to City as hereinabove provided; <br />(b) Acceptance by City of a Grant Deed conveying said real property to City; <br />(c) Delivery to City of the policy of title insurance as hereinabove provided; <br />(d) Recordation of the Deed conveying said real property to City. <br />7. Possession. Seller agrees to deliver to City, on the date the Deed conveying said real <br />property to City is recorded, quiet and peaceful possession of said real property, which shall be made <br />free by Seller of all personal property. <br />8. Rental and Occupancy By Seller. Seller agrees to execute a complete, current and correct <br />statement of rentals (Seller Estoppel) on a form furnished to Seller by City and deliver same to City <br />within fifteen (15) days hereof with copies of any written leases or rental agreements attached. All <br />rents will be prorated as of the close of escrow on the basis of a 30 -day month /365 -day year <br />consistent with that statement, subject to approval of City. Seller hereby agrees not to rent any units <br />on the premises which are vacant as of the date that this agreement is executed by seller, or which <br />may be vacated by present occupants prior to close of escrow. In return, the City agrees to <br />reimburse seller lost rentals incurred by keeping units vacant through the close of escrow. Seller <br />agrees that any and all Tenant Security Deposits pertaining to the subject property collected by or in <br />the possession of Seller prior to the close of escrow shall be transferred to and become the property <br />of City during escrow. <br />Seller hereby warrants that the rental statement referred to shall include the terms of all rental <br />agreements, tenancies, and leases (written, unwritten, recorded, or unrecorded) and Seller agrees to <br />hold City harmless from all liability from any such leases or agreements. Seller also warrants that <br />there are no oral or written leases on all or any portion of the subject property exceeding a period of <br />one month. <br />9. Waivers. The waiver by City of any breach of any covenant or agreement herein contained <br />on the part of the Seller shall not be deemed or held to be a waiver of any subsequent or other <br />breach of said covenant or agreement nor a waiver of any breach of any other covenants or <br />agreements contained herein. <br />10. Heirs, Assigns, Successors -in- Interest. This PSA, and all the terms, covenants and <br />conditions hereof, shall apply to and bind the heirs, executors, administrators, successors and <br />assigns of the respective Parties hereto. <br />11. Time is of the Essence. In all matters and things hereunder to be done and in all payments <br />hereunder to be made, time is and shall be of the essence. <br />12. Just Compensation. Seller acknowledges and agrees that said purchase price is just <br />compensation at fair market value for said real property. <br />13. Acknowledgment of Full Benefits and Release <br />