Agenda - Council - 09/22/2015 - Laserfiche WebLink

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Property good and marketable of record in City and to obtain and deliver to Developer appropriate endorsements to the Title Commitment. If not sooner satisfied, City shall satisfy any mortgages or other monetary liens against the Development Property at the closing. if the title to the Development Property, as evidenced by the Title Commitment together with any updating of the Title Commitment, is not made good and marketable of record in City on the Closing Date, •Developer, at its option, may terminate this Agreement by giving written notice to City in which event this Agreement shall become null and void, and neither party shall have any further rights, obligations, or liability hereunder. 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 Development 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 referred 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 environrnental 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 Agreement. Section 2.5. Environmental Audit. The Developer may, at its sole expense, obtain a currently dated phase one environmental audit ("Environmental Audit") or other additional environmental audits as may be reasonable or necessary for the Development Property. 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, 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 (e) hereof. (b) All certificates, instruments, and other documents necessary to permit the recording of the Deed. (c) A policy of title insurance issued pursuant to the Title Commitment, subject to no exceptions other than those accepted by Developer pursuant to Section 2.3. hereof together with those abstracts of title to any portion of the Development Property which are in the City's possession 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. 9