Agmt99 Peninsula Habitat... (2) - Laserfiche WebLink

Browse Search

, � b. Possession of the Property shall be delivered to the Developer concurrently with the conveyance of title. c. The Close of Escrow shall be take place within sixty (60) days of the opening of Escrow. In the event that the Close of Escrow cannot occur by the specified closing date due to one or more of the conditions set forth in Section 2 . 07 of this Agreement having not been satisfied or waived, the closing date for Escrow shall be automatically extended for an additional period of sixty (60) days to permit the satisfaction or waiver of such unsatisfied conditions . The Agency and Developer may agree to additional extensions of any of the closing dates, not to exceed an additional ninety (90) days . Section 2 . 05 . Form of Deed. The Agency shall convey to the Developer title to the Property in the condition provided in Section 2 . 06 of this Agreement and by means of a grant deed substantially in the form attached hereto as Exhibit "E" (the "Grant Deed") . Section 2 . 06. Condition of Title. The title to the Property conveyed by the Agency to the Developer shall be a marketable title free and clear of encumbrances and exceptions, except for: (a) the agreements, covenants and conditions of this Agreement and the Grant Deed, (b) such pre-existing easements or rights-of-way as may be disclosed by the Preliminary Title Report and approved by the Agency and the Developer, (c) real property taxes for the fiscal year in which escrow closes which constitute a lien not yet payable, (d) certain easements to be retained by the Agency, on behalf of it, the City or any utility provider, as set forth in Exhibit "F" hereto and (e) the effect of continuing litigation with respect to any parcel of the Property in an eminent domain action, if the Agency should determine to bring any such actions . Section 2 . 07 . Conditions for Close of Escro�z. � a. The Close of Escrow, and the Agency's obligation to convey the Property to the Developer, are expressly conditioned upon satisfaction of or waiver by the Agency of each of the following: � ' ' l . The Developer shall have executed and deposited l � � ; � ; with Escrow for recording simultaneously with the Close of Escrow, ; ; the Declaration of Affordability Covenants and the Declaration of � ' Redevelopment Covenants as set forth in Section 4 . 05 and Section 4 . 06 respectively. REDW\0006\DOC\013-6 8 3/OS/05 mvc