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SA FULL PACKET_2017-10-17
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SA FULL PACKET_2017-10-17
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Last modified
10/16/2017 3:31:59 PM
Creation date
10/16/2017 3:31:12 PM
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Template:
City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
SA4
Date
10/17/2017
Destruction Year
2022
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EXHIBIT A TO EXHIBIT 4 <br />(vii) Further Documents or Items. Any other documents or items reasonably <br />required to close the transaction contemplated by this Agreement as determined by the Title Company <br />which are consistent with the terms of thisAgreement. <br />(b) Failure to Deliver. Should any of Seller's Delivered Items not be timely <br />delivered to Escrow, Buyer shall, by written notice to Seller, provide Seller with five (5) business days <br />to deliver all of Seller's Delivered Items. If Buyer's notice provides Seller such five (5) business days <br />to deliver Seller's Delivered Items, and if Seller's Delivered Items are not delivered within such period, <br />then this Agreement shall automatically terminate without further action or notice. In the event of any <br />such termination, any cash deposited by Buyer shall immediately be returned to Buyer. Under no <br />circumstances shall Buyer have any responsibility to or duty to pay consultants or real estate brokers <br />retained by Seller, Seller being solely responsible in connection with any such contractual <br />arrangements of Seller. <br />9, Buyer's Deliveries to Escrow. <br />(a) Buyer's Delivered Documents. At least one (1) business day prior to the <br />Closing Date, Buyer shall deposit or cause to be deposited with Escrow Holder the following items, <br />duly executed and, where appropriate, acknowledged ("Buyer's Delivered Items"): <br />(i) Purchase Price. The Purchase Price, less amounts which Seller <br />confirms in writing to Escrow Holder were theretofore paid to Seller as the Independent Consideration <br />Amount and the Deposit, together with additional funds as are necessary to pay Buyer's closing costs <br />set forth in Section 10(b) herein. In the event Seller does not qualify for an exemption from California <br />withholding tax under Section 18662 of the California Revenue and Taxation Code, as evidenced by <br />the delivery at Closing of the California Exemption Certificate duly executed by Seller, Title Company <br />shall withhold three and one-third percent (3-1/3%) ofthe Purchase Price on behalf ofBuyer for payment <br />to the California Franchise Tax Board in accordance with Section I l(b) hereof. In the event Seller is <br />not exempt from such withholding or does not otherwise deliver the California Exemption Certificate <br />at Closing, Seller shall execute and deliver three (3) originals of California Form 593 to Title Company <br />at or immediately afterClosing. <br />(ii) Change of Ownership Report. One (1) original Preliminary Change <br />of Ownership Report <br />(iii) Final Escrow Instructions. Buyer's final written escrow instructions to <br />close escrow in accordance with the terms of this Agreement. <br />(iv) Authority. Such proof of Buyer's authority and authorization to enter <br />into this Agreement and to consummate the transaction contemplated Hereby as may be reasonably <br />requested by Seller or the Title Company. <br />(v) Further Documents or Items. Any other documents or items reasonably <br />required to close the transaction contemplated by this Agreement as determined by the Title Company. <br />(b) Failure to Deliver. Should any of Buyer's Delivered Items not be timely <br />delivered to Escrow, Seller shall, by written notice to Buyer, provide Buyer with five (5) business days <br />11 <br />SA4-113 <br />
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