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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
Creation date
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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5. Closing, The closing ("Closing") shall take place 40 days after the Notice <br /> of Exercise is delivered to the City ("Date of Closing"), At Closing, the <br /> City shall execute and deliver to Gaughan Properties a limited warranty <br /> deed conveying title to Parcel B (subject to the Easement described below) <br /> and all other documents required by Gaughan Properties' title company in <br /> order for the title company to provide Gaughan Properties with an ALTA <br /> Owner's Title Insurance Policy showing Gaughan Properties as the fee <br /> simple owner of Parcel B with no exceptions to title except for the <br /> Easement and covenants, conditions, restrictions, declarations and <br /> easements of record on the Effective Date. Gaughan Properties shall be <br /> allowed access to Parcel B between the date of the exercise of the option <br /> and the date of closing to conduct tests (including taking soil borings) on <br /> and to inspect Parcel B, Gaughan Properties shall have the right to,revoke <br /> the exercise of its option at any time before Closing if it finds Parcel B to <br /> be unsuitable, title unmarketable, or Gaughan Properties otherwise <br /> determines that it does not want to close on the acquisition of Parcel B. <br /> Upon such revocation, neither the City nor Gaughan Properties shall have <br /> any future rights or obligations under or in connection with this <br /> Agreement. <br /> 6. Easement Rights. The conveyance of Parcel B to Gaughan Properties <br /> shall be subject to an easement that will be reserved in favor of Parcel A in <br /> the location as shown on Exhibit C. Upon request from Gaughan <br /> Properties, the City shall cause the Easement to be prepared and delivered <br /> to Gaughan Properties for review. If the Easement is not acceptable to <br /> Gaughan Properties, the parties shall thereafter proceed to negotiate in <br /> good faith an Easement which is mutually agreeable to the parties. <br /> 7. Taxes and Special Assessments. At Closing,the parties shall prorate real <br /> estate taxes pertaining to Parcel B which are due and payable in the year <br /> of closing as of the Date of Closing. If the real estate statement for the <br /> real estate taxes due and payable in the year of closing pertaining to the <br /> City Property includes real estate taxes for property in addition to Parcel <br /> B, the parties shall prorate the real estate taxes for the entire area covered <br /> by the real estate tax statement between Parcel B and Parcel A/the other <br /> property on a per-square-foot basis. Gaughan Properties shall be solely <br /> responsible for payment of all real estate taxes due and payable against <br /> Parcel B in all years following the year of closing, except as otherwise <br /> stated below. The City shall be responsible for the payment of all real <br /> estate taxes due and payable pertaining to Parcel B in all years prior to the <br /> year of closing, The City shall pay all special assessments levied and <br /> pending against Parcel B at Closing, <br /> 8, "As Is; Where Is." Notwithstanding anything to the contrary contained <br /> in this Agreement, it is expressly understood and agreed that if Gaughan <br /> Properties exercises its purchase option hereunder, Gaughan Properties <br /> will purchase Parcel B "As Is" and "Where Is" as of the time of Closing, <br /> Page 3 of 9 <br />
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