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Agenda - Council Work Session - 01/11/2016
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Agenda - Council Work Session - 01/11/2016
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3/17/2025 3:46:30 PM
Creation date
1/8/2016 9:13:54 AM
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Meetings
Meeting Document Type
Agenda
Meeting Type
Council Work Session
Document Date
01/11/2016
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Escrow Funds in trust for Seller and Purchaser in a non-interest bearing account <br />and will only disburse the Sign Escrow Funds in accordance with the terms of <br />this Article 5b. If Seller completes construction of the Signs within 60 days after <br />Purchaser's Footings Installation Date, Purchaser and Seller will, within 30 days <br />after the date Seller completes construction of the Signs, execute an Approved <br />Form Affidavit ("Sign Completion Affidavit") setting forth their agreement that <br />the Signs are complete and will send the Sign Completion Affidavit to Escrow <br />Agent. Escrow Agent is authorized to disburse the Sign Escrow Funds to Seller <br />upon receipt of the Sign Completion Affidavit. However, if Seller does not <br />complete the Signs within 60 days after Purchaser's Footings Installation Date, <br />Purchaser may take such actions as Purchaser reasonably deems necessary to <br />complete the Signs, and will send a reasonably detailed written invoice to Escrow <br />Agent within 30 days after Purchaser has completed the construction of the <br />Signs. Immediately upon receipt of Purchaser's invoice, Escrow Agent is <br />authorized to disburse the amount set forth on Purchaser's invoice to Purchaser <br />from the Sign Escrow Funds, and any remaining amount of the Sign Escrow <br />Funds to Seller. <br />Furthermore, if Seller does not complete construction of the Signs within such 60 <br />days, Seller will, on the 61st day after Purchaser's Footings Installation Date, <br />provide to Purchaser all of Seller's plans and specifications for the Signs, <br />including, but not limited to, any electrical, landscaping, irrigation and <br />engineering plans. In the event that Purchaser completes construction of the <br />Signs pursuant to the terms of this Amendment, Seller grants Purchaser a <br />temporary access and construction easement ("TCE") over Lots 1 and 3 as <br />reasonably necessary for Purchaser to construct the Signs, which TCE will be <br />effective upon the 61st day after Purchaser's Footings Installation Date and will <br />expire upon the date that Purchaser completes construction of the Signs. <br />Seller will not be responsible for any costs associated with the construction of the <br />Signs by Purchaser that exceeds $120,223.50. This provision survives closing <br />and will not merge with the deed." <br />8. Article 6 is hereby added to the Seller's Work Rider to read as follows: <br />"6. Maintenance: Landlord covenants and agrees, at Landlord's sole cost <br />and expense, to maintain in good condition and repair, or cause to be maintained <br />and kept in repair, the Temporary Lighting. The obligation of Landlord to <br />maintain, repair and keep in repair the Temporary Lighting, will, without limiting <br />its generality, include the following: <br />(i) Periodically having a licensed contractor inspect the <br />Temporary Lighting to verify they are in good and safe condition; and <br />(ii) Maintaining, repairing and replacing the Temporary <br />Lighting as necessary to keep the Temporary Lighting in good condition and <br />repair; and <br />(iii) Replacing, as necessary, all bulbs, lamps and ballasts in <br />the Temporary Lighting; and <br />Document#:5 830971 v 12 <br />Document #: 1273065-v6 <br />
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