AgdaPkt 2018-06-11 Closed and Joint SA PFA

Browse Search

6.1.F. - Page 15 DRAFT 5/18/2018 d. The Parties shall submit to the Escrow Agent joint escrow instructions substantially conforming to the foregoing, together with any supplemental instructions necessary to effectuate the intent of this Agreement as may be agreed to in writing by the Parties. 10. Close of Escrow and Recordation. The joint escrow instructions shall direct the escrow agent to notify the Parties, upon the agent's receipt of all documents listed and described in the escrow instructions, of its intention to close escrow and to record this Agreement, if not already recorded, and all deeds and patents pertaining to the Closing, in the manner specified in, and subject to the requirements of, the escrow instructions. 11. Record of Survey. Immediately following the Closing, the City, at its cost, shall record (or cause to be recorded) in the Office of the Recorder a record of survey, reviewed and approved by the Parties and based on field surveys, describing the boundaries of the Trust Addition Lands and Trust Termination Lands. Each record of survey shall establish the physical location of boundaries and shall define same with sufficient controlling monuments appropriately placed. The Commission's approval of the survey may be given by its Executive Officer. 12. City Boundary Line Agreement. The City and third parties are negotiating agreements or settlements to fix a boundary line (BLA) between the Bradford Street Site and the abutting Upland Parcel, depicted on Exhibit H (Illustrative Plat of Upland Parcel). The City shall use all commercially reasonable efforts to settle the full length of the contemplated boundary. The Commission, upon request of the City and satisfactory proof that a BLA has been or will shortly be effectuated, shall deliver to the City (or to an escrow created to effectuate a BLA) a quitclaim deed quitclaiming all of the State's right, title, and interest, excepting recorded interests, in the Upland Parcel (or portion thereof, at the Commission's discretion) to "Owner(s) of Record." The City shall bear all costs related to the Commission's quitclaim, including, without limitation, costs of escrow, recording, and delivery. This Section is not intended to, and does not, create any right or cause of action in or grant any benefit or recourse or claim to a party who is not a signatory to this Agreement. 13. Impacts of Sea Level Rise. a. The exchange authorized by this Agreement is intended to establish with certainty the boundary between lands free of the Trust and lands subject to the Trust within the Bradford Street Site and Maple Street Site, which boundary is intended to be fixed and not subject to change by erosion, accretion, reliction, or submergence, whether due to natural or artificial causes. However, if lands established as free of the Trust should later become submerged or subject to the ebb and flow of the tide below the elevation of mean high water, whether due to erosion or sea level rise (Inundation), those lands, for so long as the condition of Inundation exists, shall be subject to an easement in favor of the Public Trust; provided, however, that the Public Trust Easement shall not attach until Inundation has existed continuously for five years. Prior to the attachment of the Public Trust Easement, neither the Easement nor the Commission shall prevent the right of any owner of the inundated lands to reclaim or otherwise restore the lands to their pre -Inundation condition so long as the owner has begun activities to exercise this right within one year after Inundation. An owner's submittal of an application for any permit required for reclamation or restoration and reasonable efforts to complete the permitting process are sufficient, but not necessary, evidence that the owner has