Agenda - Council - 01/09/2001 - Laserfiche WebLink

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I ! I I I ,I I I I I I I I Section 2.4 Inspection. Developer, its agents and designees, are hereby granted the right, at all reasonable times, to enter upon and inspect, analyze, and test the Development Property and its various components for all reasonable purposes, including, but not limited .to, investigations for the presence of asbestos, PCBs and other hazardous substances, hazardous wastes, pollutants, or contaminants on the Development Property. Developer shall pay .for the cost of all investigations of the Develo. pment Property which are ordered by Developer. Developer hereby agrees to indemnify and hold City harmless from any claims, damage, costs, and liability including, without limitation, reasonable attorney's fees, resulting from the entering upon the Development Property or the performing of any of the analyses, tests, or inspections · referzed.to in this:Paragraph; however, nothing contained herein shall be deemed to require Developer to indemnify or hold' City .harmless from-any liability -for any environmental remediation which based upon Developer's tests, or inspections, may be determined to be .necessary, pursuant to 'applicable law or regulation, The.. provisions of this Paragraph shall survive the closing or termination of this A~eement. ' -- Section 2.5 Environmental Audit. As soon as practicable after the execution of this Agreement, City, at its sole expense, shall provide a currently dated phase one enviromnental attdit ("Environmental Audit") of the Development Property addressed to Developer and Developer's lender, if Developer provides the name of its lender to City prior to the issuance of the Environmental Audit. The Environmental Audit shall be prepared by a qualified third party environmental consultant selected by City and approved by Developer, and shall meet the guidelines for a Phase I Environmental Site Assessment Process established by the American Society for Testing and Materials. Developer's approval of the consultant will not be unreasonably withheld. Section 2.6 Obligations on Closing Date. At the. closing, City shall execute, where appropriate, and deliver to Developer: a. A warranty deed ("Deed."), properly executed on behalf of City in recordable form, with all applicable real property transfer taxes paid and stamps, if any, affixed thereto, conveying the Development Property to Developer. The Deed shall contain the following statement: "The City certifies that the City does not know of any wells on the described Development Property" unless City delivers a well certificate described in Subparagraph (f) hereof. All certificates, instruments, and other documents necessary to permit the recording of the Deed. A policy of title insurance issued pursuant to the Commitment, subject to no exceptions other than those accepted by Developer pursuant to Section 2.3 hereof together with the abstracts of title to any portion of the Development Property which is abstract property and the owners' duplicate certificate of title to any portion of the Development Property which is registered property; provided, however, Developer shall pay the premium for the policy of title insurance. 10 -183-