2000-02-23 CC - Laserfiche WebLink

Home Browse Search

~~O' ~I i~UU LI:~0A~' ~.) :,~'~-T y February 18, 2000 Page 2 011 page 5, we can eliminate the subparagraph (9) a~ the top of the page entitled "Certifica1e(s) of Occupancy. " On page 7, ~1.r. Hubers attorney indicates that they do not W<2:<.1t to do an additional survey. but rather use the one 'that was done v.ithin the l~'t five years. I am not particularly opposed to that situation, however, we should reyiew the last survey from Mr. Hubers and then make a determination on whether '-'.e will accept that or require a new one. Also on page 7, subparagraph (b), Mr. Hubers' atto1'1ley makes a oomment in the margin regarding amount of money to be withheld. The type of objection this paragraph is anticipating is one in t':1e fonn of an unpaid judgment or similar obligation. Accordingly, th~ title company would typically require an escrow of125% Qfthe principal balance of the out.Etanding obligatioIL Of course, this assuIl1es that we ron into such an objection. I do not anticipate having such a problem, but t.i1at is how it would be dealt with. On page 8, subpt'..ragraph (2) at the top of the page, Mr. Huber~' attorney alS;J has the same comment about the dollar amount to be \Vithheld. This paragraph anticipates an objection that is not necessarily referenced in the dollar amount, but rather is some type of cloud on the title. Accordingly, the title insurance company would make detennination cn how much it would cost in attorneys fees to remedy the objection. Once that detennination is made, that amount will be withheld, assuming no st.--enuous objections from either tht: buyer or sell. Also on page 8. subparagraph 8(a) can be removed as the seller is not a corp'J1'ation. On page 9, subparagraphs Cd), (e) and (g) can be removed. On page 10, subparagraph (p) entitled "Condition", we should be entitled to the representations in this paragraph as we are paying full market value for the property. If the seller wants us to purchase the property withc,ut any representation from the condition of the property, then we should at a minimum have the ability to haye the building and property thoroughly ir..spected at seller's cost. Additionally, if the seller wants to shift the risk of the condition of the property to the City, then that shift in risk should be in conjunction with a reduction in the purchase price. Also on page 10, subparagraph (q) it is my understanding from our last conversation and discussion with the Council that the City will undertake the expense to cap the well located underneath the building On page 11, in tbe t(lp paragraph on that page carried over froln page 10. :-k. Hubers' attorney wants the term "v,illful" inserted prior to "breach". I do not have a partic11lar problem with inserting that designation. Also on page 11, paragraph 12 entitled "Broke:' s Commission" can be removed.