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Res_11487
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Res_11487
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Last modified
2/20/2018 2:49:32 PM
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2/20/2018 2:47:43 PM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
1/29/2018
Resolution #
11487
Resolution Title
Resolution Approving the Purchase/Sale of Certain Land by the City of Roseville
Resolution Date Passed
1/29/2018
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i <br /> ,judgment of Title Company, is 150%of the amount sufficient to assure cure of the Title Objections which in no <br /> event shall exceed Fifty Thousand and 00/100 Dollars ($50,000.00). Any amount so withheld will be placed in <br /> escrow with Title Company,pending such cure by Seller. If Seller does not cure the Title Objections within 90 <br /> days after the escrow is established,Buyer may,at its option, cure the Title Objections and charge the costs of such <br /> cure(including reasonable attorney's fees)against (lie escrowed amount, If the escrowed proceeds are insufficient <br /> to pay the costs of curing the Title Objections incurred by Buyer in excess of$50,000.00, Seller shall have no <br /> obligation to reimburse Buyer for the deficiency. If such escrow is established, the parties will execute and deliver <br /> such documents as may be reasonably required by Title Company,and Seller will pay the reasonable charges of Title <br /> Company to create and administer the escrow. <br /> 7.2.3 Waive the Title Objections and proceed to Closing. <br /> If Seller reasonably cures or satisfies, or undertakes to reasonably cure or satisfy,the Title Objections <br /> to the satisfaction of Buyer and Title Company, then this Agreement will continue in full force and effect.Buyer has <br /> the right at any time to waive any Title Objections that it may have made and thereby preserve this Agreement in <br /> full force and effect.Seller will not voluntarily alter or encumber in any way Seller's title to the Property after the <br /> Contract Date(except to the extent provided in Section 8),without Buyer's written consent. <br /> 8, Operations PendingClosing; <br /> Seller will, at its expense, use reasonable efforts to maintain the Property until the Closing Date or until the <br /> termination of this Agreement, whichever is earlier, substantially in its present condition,except damage by fire or <br /> other insured casualty and condemnation. <br /> During the period between the Contract Date and the Closing Date,Seller will not enter into or agree to enter <br /> into any lease or other agreement concerning occupancy or use of any portion of the Property,other agreements <br /> concerning operation or ownership of the Property or any modification or amendment of any existing Lease, <br /> Contract,or any other agreement relating to the Property,or institute any summary or other eviction proceeding <br /> or action against any Tenant or other occupant,without the prior written approval of Buyer, which consent shall <br /> not be unreasonably withheld, conditioned or delayed. Seller will not enter into any service, management, or <br /> other agreement relating to the management or operation of the Property,including without limitation any personal <br /> property lease orpurchase agreement,that is not terminable upon 30 days notice to the otherparty. <br /> In connection with new Leases or renewals of existing Leases executed by Seller between the Contract Date <br /> and the Closing Date, Buyer will be responsible for payment of only the unamortized portion(amortized over the <br /> Lease tern)of any Tenant improvement allowances granted and any commissions incurred under such Leases and <br /> attributable to the portion of the Lease tern after the Closing Date,provided Buyer has approved in writing Seller's <br /> execution of any such Lease or amendment and the amount of the costs to be incurred thereby unless otherwise agreed in <br /> writing by Seller and Buyer. The portion of such Tenant improvement allowance and commissions attributable to the <br /> period prior to the Closing Date will be paid by Seller. All Tenant improvement allowances and commissions <br /> arising out of new Leases or renewals of existing Leases entered into prior to the Contract Date will be paid for <br /> entirely by Seller. <br /> Through and'including the Closing Date,Seller will,at Seller's sole cost and expense: <br /> 8.1 Keep all existing insurance policies affecting the Property or any portion thereof in full force and effect; <br /> 8.2 Keep in full force and effect and/or renew all Permits and Licenses,if any,pertaining to Seller's owner- <br /> ship or operation of the Property or any portion thereof in substantially the same manner as Seller currently maintains <br /> such Permits and Licenses; <br /> Page 15 of 38 <br />
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