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25F - AGMT PROPERTY EXCHANGE
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25F - AGMT PROPERTY EXCHANGE
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Last modified
2/15/2018 5:59:37 PM
Creation date
2/15/2018 5:52:23 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Public Works
Item #
25F
Date
2/20/2018
Destruction Year
2023
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9. BULK SAM In order to establish proof of clear title to the Improvements, Buyer <br />may publish aNotice to Creditors pursuant to the Bulk Sales Law of the State of California and <br />obtain a title report and/or a report From the Secretary of State's Office as to filings of security <br />interests covering the Improvements, <br />10. CONFLICT.ING_INTEREST$. In the event any conflicting claim o£ title of any <br />security interest or lien of any kind is discovered or asserted as to any of the Improvements, Buyer <br />shall, upon receiving notice or knowledge thereof, withhold an amount otherwise payable to <br />Tenant -Seller as is reasonably necessary, in the sole opinion of Buyer, to protect Buyer against such <br />claim of Interest or lien. The withholding of such funds ,hall not prevent closing of this transaction <br />if the total funds to be withheld from Tenant -Seller do not exceed the net amount to be paid to <br />Tonant-Selior through this transaction. Buyer will not pay out the withheld funds; or disburse any <br />withheld funds to any claimant or other party (except upon court order or levy) without the written <br />consent of Tenant -Seller. <br />A general creditor's claim shall not be deemed to be a claim against any specific <br />itcm, oflmprovemcnts and Tenant-Scllcrhercby agrees to accept all responsibility therefore. tUnims <br />otherwise provided, it shall be presumed. that Tenant-Wler is entitled to payment under this <br />transaction for the Improvements, It shall be presumed that the Property owner is the owner of all <br />improvements, fixtures and equipment associated with the Premises other than the Improvements, <br />11. 1]I_SMTSSAI Ql? LxMTNI NI' DO_M&iNL ACT.IQN, lf.Buyer has previously filed an <br />action to condemn the Tenancy Interest and/or Tenant -Seller's interest in the Improvements, <br />Temnt-Sellar hereby cnnSents to the dimtni.esml of much actinn and waivam nny clsimm for <br />compensation, costs, claims, interest, goodwill, attorney's fees and, deposits in said action, or any <br />claim whatsoever which might arise out of the fling of such action, whether or not such claim is <br />specifically identified herein, Tenant -Seller hereby authorizes Buyer to withdraw and make payable <br />to Buyer any funds deposited with the Court in any such eminent domain action. <br />12. CLOSING; PURCHASE PRICE ADJUSTMENTS. Recording of the Quitclaim <br />Deed by Buyer will constitute "Closing" of this transaction. At Closing, Buyer will pay the <br />Purchase Price to Tcnant-Seller, subject to the following adjustments: <br />A. Fay and clnargc Tcnant-SrIlcr for any and all cur eut and/or delinquent taxes <br />and any penalties and interest thereon against the Improvements and the Tenancy Interest, and for <br />any delinquent or non -delinquent assessments or bonds against the ,improvements and the Tenancy <br />Interest. <br />B. Pay and charge Tenant -Seller for any amount necessary to place title in the <br />condition necessary to satisfy Paragraphs S and 10 of this Agreement; <br />C. Disburse funds when conditions of this Agreement have been satisfied by <br />Buyer and Tenant -Seller. <br />13. PULL AND COMPLETE SETTLEMENT, <br />A. Subject: to the terms and conditions of the Agreement for Exchange of Real Property, <br />signed concurrently herewith by Buyer and Dianno Rose Mendez, owner of the Property, Tenant - <br />Seller hereby acknowledges that the compensation paid to Tenant -Seller through this Agreement <br />25F-35 <br />
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