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AgdaPkt 2019-12-16 Joint SA PFA
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AgdaPkt 2019-12-16 Joint SA PFA
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Last modified
10/1/2020 12:17:00 PM
Creation date
12/13/2019 1:39:49 PM
Metadata
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Template:
CC Index
CC Index - Document Type
Agenda Packet
Meeting Type
Joint
Agency Type
City Council and Successor Agency and Public Financing Authority
Date
12/16/2019
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7.C. - Page 151 of 178 <br />4.1.6 Non -Foreign Certification. Seller having executed and delivered to Buyer <br />on or prior to the Closing Date a certification (the "Non -Foreign Certification"), substantially in <br />the form of Exhibit B. <br />4.1.7 California Certification. Seller having furnished the residency <br />certification required pursuant to Sections 18805 and 26131 of the California Revenue and <br />Taxation Code or having authorized Escrow Holder in writing to withhold from the Purchase <br />Price the amounts required to be withheld by such Sections. <br />4.1.8 Ground Lease. The Seller, as YMCA, and the Buyer, as City, have <br />entered into the Ground Lease, as set forth in the Master Project Agreement, and construction of <br />the New YMCA has commenced. <br />4.2 Seller's Conditions. Seller's obligations under this Agreement are expressly <br />subject to the timely fulfillment of the conditions set forth in this Section 4.2 on or before the <br />Closing Date, or such earlier date as is set forth below. Each condition may be waived in whole <br />or part by Seller by written notice to Buyer. <br />4.2.1 Covenants. Buyer performing and complying in all material respects with <br />all of the terms of this Agreement to be performed and complied with by Buyer prior to or at the <br />Closing. <br />4.2.2 Representations and Warranties. The representations of Buyer set forth in <br />Article 6 being true and accurate on the Closing Date, as if made on such date. <br />4.2.3 Ground Lease. The Seller, as YMCA, and the Buyer, as City, have <br />entered into the Ground Lease, as set forth in the Master Project Agreement, and City has issued <br />a certificate of occupancy for the New YMCA. <br />ARTICLE 5. SELLER'S REPRESENTATIONS AND WARRANTIES. <br />To the Best of Seller's knowledge, Seller hereby makes the following <br />representations and warranties to Buyer with the understanding that each such representation and <br />warranty is material and is being relied upon by Buyer: <br />5.1 Defects. The Improvements are in moderate condition and repair and are, to the <br />best of Seller's knowledge, free of any latent or patent design, construction, physical or <br />mechanical defects and there is no known settlement, earth movement, or termite infestation <br />affecting the Property. <br />5.2 Documents. All of the Due Diligence Documents which have been delivered or <br />made available to Buyer pursuant to Article 3, and all other documents delivered to Buyer by or <br />on behalf of Seller (a) are true, correct and complete copies of what they purport to be, <br />(b) represent truly the factual matters stated therein, (c) are in full force and effect, (d) have not <br />been modified, except as set forth therein and (e) do not omit any information required to make <br />the submission thereof accurate and complete in all material respects. <br />82483.00016\32456469.4 6 <br />574 <br />
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