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10/16/12 Special
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10/16/12 Special
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7/18/2025 11:19:16 AM
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Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority - Special
Document Date
10/16/2012
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6.5 Indemnity for Injuries. The right of entry granted by this Section 6 shall be at Buyer's <br />sole risk. Buyer shall indemnify, defend and hold Seller harmless against claims, damages, costs and <br />expenses, including attorneys' fees, for injury, including death, to any person, or damage or loss of any <br />kind to property, including the Property, that may occur as a result of Buyer's exercise of the rights <br />granted under this Paragraph 6. <br />6.6 Approval or Termination. <br />(a) If Buyer has no objections to the results of Buyer's audits and inspections of the <br />Property and the matters made available to Buyer pursuant to this Article 6, Buyer may continue <br />this Agreement by delivering to Seller written notice (the "Approval Notice") on or prior to the <br />Contingency Date. <br />(b) Buyer may, at Buyer's sole discretion and option, for any reason, at any time on <br />or before the Contingency Date, elect to terminate this Agreement and not purchase the Projects, <br />by giving written notice to Seller of such election to terminate (the "Termination Notice"). If <br />Buyer neither delivers the Approval Notice nor the Termination Notice to Seller on or before the <br />Contingency Date, it shall be deemed that Buyer shall have delivered the Approval Notice and <br />the parties shall proceed to Closing as provided in this Agreement. Notwithstanding anything <br />contained herein to the contrary, if Buyer delivers the Termination Notice on or prior to the <br />Contingency Date, this Agreement shall terminate, and neither Seller nor Buyer shall have any <br />further obligation under this Agreement, except as to those obligations provided for herein which <br />are stated to survive termination of this Agreement. If Buyer delivers the Approval Notice or is <br />deemed to have delivered the Approval Notice, Buyer shall be deemed to have waived the right <br />to terminate this Agreement pursuant to this Section 6.6 and the parties shall proceed to Closing <br />pursuant to the provisions of this Agreement. <br />ARTICLE 7 <br />CLOSING; CLOSING DATE; CLOSING DOCUMENTS; CONDITION SUBSEQUENT; <br />CLOSING COST ALLOCATIONS <br />7.1 Closing; Closing Date.. The Closing shall occur on the tenth (10th) day after the <br />Contingency Date (the "Closing Date"). The Closing shall be held at 10:00 a.m. on the Closing Date at <br />the offices of Title or at such other place, date and time as Seller and Buyer may agree in writing. <br />7.2 Seller's Closing Documents. At Closing, Seller shall execute, acknowledge (where <br />appropriate), and deliver to Buyer and/or Title, as appropriate, the following, each dated as of the Closing <br />Date. <br />(a) A Quitclaim Deed ("Deed") conveying to Buyer the Property, free and clear of <br />any liens or encumbrances other than the Permitted Exceptions; provided however that the Deed <br />will contain a restriction on the use of the Property as set forth on Exhibit G attached hereto. <br />(b) An affidavit indicating that on the Date of Closing there are no outstanding, <br />unsatisfied judgments, tax liens or bankruptcies against or involving Seller, that there has been <br />no skill, labor or material furnished to the Property at the request of Seller for which mechanics' <br />liens could be filed, and that there are no other unrecorded interests in the Property of any kind, <br />including but not limited to any leasehold interests in the Property, except for Permitted <br />Exceptions. <br />84959-004\1553027_4.doc 5 <br />
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