Agenda - Council - 01/24/2006 - Laserfiche WebLink

Home

GM 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. 10. ACCEPTANCE. GM understands and agrees that this Agreement is subject to acceptance by the CITY in writing. 1 I. INSPECTION. GM has the right to inspect the City Property prior to closing. 12. WARRANTIES. CITY WARRANTS THAT PRIOR TO THE CLOSING DATE PAYMENT IN FULL WILL 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 GM IMMEDIATELY. 13. 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. 14. UNDERGROUND TANKS. CITY represents to GM that there are no underground tanks on the City Property. 15. ENVIRONMENTAL. To the best of CITY'S knowledge, the City Property has never been used to store, produce, process or in any manner deal with Hazardous Materials (as that term is hereinafter defined) except for any storage or use in accordance with applicable laws; no Hazardous Materials have ever been installed or in any manner dealt with on the City Property except for any storage or use in accordance with applicable laws; and no owner of the City Property or occupant (collectively, "Occupant") has received any notice or advice from any governmental agency or any Occupant with regard to Hazardous Materials affecting the City Property. The term "Hazardous Materials" as used herein includes, without limitation, gasoline, petroleum products, explosives, mdi6active materials, hazardous materials, hazardous wastes, hazardous or toxic substances, polychlorinated biphenyls or related or similar materials, asbestos or any other substance or material as may be defined as a hazardous or toxic substance by any federal, state or local environmental law, ordinance, rule or regulation. To the best of CITY'S actual knowledge, there are no asbestos containing materials and no urea-fermeldyde in, on or upon the City Property. 4 -245-