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Last modified
2/22/2024 9:33:41 AM
Creation date
2/22/2024 9:31:32 AM
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Planning Files
Planning Files - Planning File #
1500
Planning Files - Type
Division of Land
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r <br />0 <br />• <br />17_� <br />a. A release of the subject premises from State <br />Farm Life Insurance Company ("State Farm"), the holder <br />of a mortgage of record against the subject premises; <br />and <br />b. An amendment to the existing Contract for Deed <br />between Seller and Vertimag, which Contract covers the <br />subject premises and additional property located <br />immediately northerly of the subject premises (said <br />additional property is referred to as the "Vertimag <br />Property"), the terms and provisions of which amendment <br />shall be satisfactory to Seller in its sole discretion. <br />Said amendment shall provide, among other things, for <br />the release of the subject premises from said Contract <br />and contain the agreement of Vertimag to exercise its <br />rights under that certain Option to Purchase Agreement <br />dated April 7, 1984 (the "Option") among Buyer, as <br />optionor, and Vertimag, as optionee, to purchase <br />property located adjacent to and easterly of the <br />Vertimag Property and to thereafter further amend said <br />Contract to include therein said additional property <br />acquired pursuant to the exercise of the Option; and <br />C. The approval of the City of Roseville and all <br />governmental authorities having jurisdiction to the <br />split of the legal descriptions which will occur upon <br />the conveyance of the subject premises herein to Buyer; <br />and <br />d. Revision of the Option to delete therefrom the <br />contingency referred to in paragraph-3 thereof; and <br />e. An option agreement in favor of Seller, and in <br />form and substance satisfactory to both Seller and <br />Buyer, covering the property which is the subject of <br />the Option, <br />which contingencies shall be satisfied, or waived at the option of <br />Seller, on or before the Date of Closing. If said contingencies <br />are not so satisfied or waived on or before said date, this <br />Purchase Agreement shall be null and void and all earnest money <br />paid hereunder by Buyer to Seller shall be refunded and thereafter <br />neither party shall have any liability to the other hereunder. <br />8. Notwithstanding any provision herein to the con- <br />trary, Buyer's obligation to perform the to rims of this Purchase <br />Agreement is contingent upon Buyer obtaining, at its sole expense: <br />a. Results of soil borings taking by Buyer which <br />proves to its satisfaction that the subject premises is <br />suited for its development plans and that there are no <br />contaminates in the soil which would necessitate <br />r 3moval; and <br />3 <br />
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