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25H - AGMT - BRISTOL ST PHASE 4
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25H - AGMT - BRISTOL ST PHASE 4
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Last modified
4/27/2017 3:38:29 PM
Creation date
4/27/2017 3:10:56 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Public Works
Item #
25H
Date
5/2/2017
Destruction Year
2022
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uncollectible if unpaid by reason of Section 5086 of the Revenue and Taxation Code of the State <br />of California. To the extent that Seller has prepaid any taxes or assessments attributable to the <br />Property, Seller shall be solely responsible for obtaining any refund due thereon from the taxing <br />authority. Upon written request, Buyer shall assist Seller, at Seller's sole cost, in obtaining said <br />refund, if any; however, in no case shall Buyer credit or otherwise pay Seller for that refund, if <br />any, through or outside of Escrow. <br />All unpaid taxes on said <br />saia conveyance Is made shall be paid by Seller before conveyance of said real property to City. <br />6. pavment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept <br />from City, as and for the full purchase price for said real property, fixtures & equipment <br />(improvements pertaining to the realty), goodwill (if any), and severance damages, the total sum <br />of Six Hundred Ten Thousand Dollars ($610,000). City agrees to deposit said purchase price in <br />escrow with the Escrow Agent within THIRTY (30) days from and after the date on which the City <br />has approved this Agreement, and the Escrow Agent is hereby authorized to pay the same to <br />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; and <br />(c) Recordation of the Grant 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, subject to the <br />Permitted Exceptions, which shall be made free by Seller of all personal property. <br />L No later than three (3) days after close of escrow, Seller shall have removed all <br />merchandise, inventory, equipment, personal property, and /or removable trade fixtures from the <br />Property. Any merchandise, inventory, equipment, personal property, and /or removable trade <br />fixtures at the Property as of three days after close of escrow shall be deemed abandoned by <br />Seller on that date. <br />V. If Seller does not vacate the Property by the close of escrow, the Seller agrees to <br />have the Court immediately issue a Writ of Possession and /or Assistance, directing the Marshall <br />or Sheriff of Orange County to take physical possession of the Property in favor of the City. Seller <br />waives the right to have the City file an unlawful detainer action, as well as waive the right to any <br />hearing or any requirements for an application by City to obtain the Writ of Possession and /or <br />Assistance and waives any and all rights to object to the issuance of said Writ if Seller does not <br />vacate the Property by three (3) days after close of escrow. <br />8. Rental and Occupancy By Seller. Seller agrees to execute a complete, current and <br />correct statement of rentals (Seller Estoppel) on a form furnished to Seller by City and deliver <br />same to City within fifteen (15) days hereof with copies of any written leases or rental agreements <br />attached. All rents will be prorated as of the close of escrow on the basis of a 30 -day month /365- <br />day year consistent with that statement, subject to approval of City. Seller hereby agrees not to <br />rent any units on the premises which are vacant as of the date that this Agreement is executed <br />by Seller, or which may be vacated by present occupants prior to close of escrow. In return, the <br />City agrees to reimburse seller lost rentals incurred by keeping units vacant through the close of <br />escrow. Seller agrees that any and all Tenant Security Deposits pertaining to the subject property <br />Sk -3- <br />4833.3742•053.3 <br />25H -7 <br />
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