Agenda - Council - 01/10/2006 - Laserfiche WebLink

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R.H. shall assume special assessments pending as of the date of closing for improvements that have been ordered by the City Council or other assessing authorities. CITY shall pay on date of closing any deferred real estate taxes (i.e., Green Acres, etc.) or special assessments payment of which is required as a result of the closing of this sale. R.H. shall pay real estate taxes due and payable in the year following closing and thereafter and any unpaid special assessments payable therewith and thereafter, the payment of which is not otherwise provided. 7. ' iNSPECTION. R.H. has the fight to inspect the property prior to closing. 8. WARRANTIES. CITY WARRANTS THAT PRIOR TO THE CLOSiNG DATE PAYMENT IN FULL WtLL HAVE BEEN MADE FOR ALL LABOR, MATERIALS, MACHINERY, FIXTURES OR TOOLS FURNISHED WITHIN THE 120 DAYS IMMEDIATELY PRECEDING THE CLOSING DATE IN CONNECTION WITH CONSTRUCTION, ALTERATION OR REPAIR OF ANY STRUCTURE ON OR IMPROVEMENT TO THE CITY PROPERTY. CITY WARRANTS THAT CITY HAS NOT RECEIVED ANY NOTICE FROM ANY GOVERNMENTAL AUTHORITY AS TO VIOLATION OF ANY LAW, ORDiNANCE OR REGULATION. IF THE CITY PROPERTY IS SUBJECT TO RESTRICTIVE COVENANTS, CITY WARRANTS THAT CITY HAS NOT RECEIVED ANY NOTICE FROM ANY PERSON OR AUTHORITY AS TO A BREACH OF THE COVENANTS. ANY NOTICES RECEIVED BY CITY WILL BE PROVIDED TO CITY IMMEDIATELY. 9. RISK OF LOSS. If there is any loss or damage to the City Property between the date hereof and the date of possession, for any reason including fire, vandalism, flood, earthquake or act of God, the risk of loss shall be on CITY. CITY shall maintain public liability insurance on the property until CITY vacates the City Property. 10. UNDERGROUND TANKS. 'CITY represents to R.H. that there are no underground tanks on the City Property. 11. DEFAULT. If title is marketable or is corrected as provided herein, and R.H. defaults in any of the agreements herein, CITY may terminate this Agreement and payments made hereunder may be retained by CITY. This provision shall not deprive either R.H. or CITY of the right to recover damages for a breach of this Agreement or of the fight of specific performance of this Agreemem, provided this Agreement is not terminated, and further provided, as to specific performance, such action is commenced within six months after such fight of action arises. 12. TIME OF ESSENCE. Time is of the essence in this Agreement. 13. POSSESSION. CITY shall deliver possession of the City Property to 1LH. not later than the Closing Date. -194- 4