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IN-N-OUT BURGERS (2) - 2017
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IN-N-OUT BURGERS (2) - 2017
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Last modified
1/31/2018 11:16:16 AM
Creation date
1/31/2018 9:59:31 AM
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Contracts
Company Name
IN-N-OUT BURGERS
Contract #
A-2017-310
Agency
PUBLIC WORKS
Council Approval Date
11/21/2017
Insurance Exp Date
1/1/1900
Destruction Year
0
Document Relationships
IN-N-OUT BURGERS
(Amended By)
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\Contracts / Agreements\I
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obligations as "Escrow Holder." Escrow Holder shall hold and dispose of the Escrow <br />Deposit (as defined below) in accordance with the terms of this Agreement. The Escrow <br />Holder's General Provisions are attached hereto as Exhibit "B" and made a part hereof. <br />2.1 Purchase Price <br />The total purchase price for the Property shall be the sum of Nine Hundred <br />Five Thousand Dollars ($905,000.00) ("Purchase Price"). <br />(a) Escrow Deposit. Within three (3) business days following the <br />Effective Date, Buyer will remit into escrow a deposit of Twenty Thousand Dollars <br />($20,000.00) ("Escrow Deposit"). Such Escrow Deposit shall be fully refundable until the <br />expiration of the Due Diligence Period and as otherwise set forth herein. Such Escrow <br />Deposit shall be credited towards the Purchase Price paid to Seller as provided in this <br />Agreement. <br />(b) Closing Payment. The Purchase Price, as adjusted by the <br />application of the Escrow Deposit and by the proration and credits specified herein, shall be <br />paid by Buyer to Seller in cash at the Close of Escrow (the amount to be paid under this <br />Section 2.1(b) being herein called the "Closing Payment"). <br />(c) Independent Consideration. Escrow Holder shall pay a portion <br />of the Escrow Deposit in the amount of One Hundred Dollars ($100.00) ("Independent <br />Consideration") to Seller upon the earlier to occur of the Close of Escrow (as defined <br />below) or the termination of this Agreement for any reason. The Independent <br />Consideration constitutes bargained -for consideration for this Agreement and Buyer's rights <br />under Section 2.6(d) and is expressly acknowledged to be adequate. The obligation of <br />Buyer to pay the Independent Consideration to Escrow Holder, and the obligation of <br />Escrow Holder to pay the same to Seller, are unconditional and shall survive any <br />termination of this Agreement. <br />2.2 Close of Escrow <br />If Buyer does not exercise its right to terminate this Agreement under Section <br />2.6 of this Agreement, then Escrow shall close ("Close of Escrow") on a date mutually <br />agreeable to the parties within ten (10) days subsequent to Buyer's attainment of all of the <br />Approvals (as defined below) including, without limitation, the building permit and all related <br />municipal and other governmental approvals, as applicable, for the Intended Use (as <br />defined below). <br />2 <br />
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