CCP 07-21-1997 - Laserfiche WebLink

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1 Closing and shall transfer title to the same to Purchaser by special warranty deed (the I -. "Deed") dated as of the Closing, subject only to the Permitted Exceptions. The Land is assessed as a separatc tax parcel by the taxing authorities (6) having jurisdiction thereof. I (7) Seller is not a "foreign corporation, "foreign partnership" or "foreign estate" as those tenns are defined in the Internal Revenue Codc of 1986, as amended, and I that Seller will furnish to Purchaser a so-called "FIRPT A" certificate verifying thc foregoing. (B) Purchaser represents and warrants to Seller that Purchaser has the full authority I and power to execute this Agreement and to close the sale of the Property, which representation I and warranty shall be deemed made by Purchaser to Seller as of the Final Execution Date and again as of the Closing Date, shall survive the Closing and, but for such representation and warranty, Seller would not execute this Agreement. I 9. RISK OF LOSS; CONDEMNATION. (A) Seller shall bear the risk of loss until Closing. All hazard insurance, if any, I maintained by or on behalf of Seller in respect to the Property shall be canceled as of the Closing Date. .. (B) If, prior to the Closing Date, all or any part of the Property shall be condemned by governmental or other lawful authority, Purchaser shall have the option of either (i) completing I this transaction, in which event (a) there shall be no reduction of the Purchase Price, (b) Seller shall have no duty to repair or restore, (c) Seller shall pay to Purchaser all condemnation proceeds theretofore or thereafter received by Seller with respect to such condemnation, (d) I Seller shall assign to Purchaser all rights of Seller in and to such condemnation proceeds, and (e) Seller shall furnish to Purchaser such documents, cooperation and assistance as Purchaser I requires to enforce the rights of Seller with respect thereto; or (ii) terminating this Agreement, in which event the Earnest Money shall be returned to Purchaser and neither party shall have any further obligation to the other hereunder and the parties shall execute an agreement in recordable I form canceling this Agreement. 10. SUITABILITY; INSPECTION PERIOD. I (A) Purchaser shall have from the date hereof until , 1997, (the "Inspection Period") to determine whether the Property is suitable for Purchaser's intended development and I operation with regard to the following criteria (the "Purchaser's Criteria"). Purchaser shall use diligent, good faith efforts to satisfY the Purchaser's Criteria. To assist Purchaser in its determination of the suitability of the Property for the intended I use, Seller shall, within U days of the date hereof, deliver to Purchaser copies of all .. documents which pertain to restrictive covenants, plans, plats, surveys, reports, tests, studies, title 5 I