Agmt20 Casey Property Donation - Laserfiche WebLink

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Disapproved Exception that may be discharged only by the payment of money. If Donors is unable or unwilling to obtain a discharge, satisfaction, release, or termination of any Disapproved Exception within the period specified above, then this Agreement shall automatically terminate ten (10) business days after expiration of the 30 -day period for curing the Disapproved Exceptions or after Donors advises City in writing that Donors is unable or unwilling to cause such discharge, satisfaction, release, or termination, whichever occurs first, unless within such 10 -business -day period City waives in writing such Disapproved Exception, in which event such Disapproved Exception shall be deemed an Approved Exception under this Agreement. If this Agreement terminates pursuant to the foregoing sentence, then Donors shall pay all charges of the Escrow Agent in connection with this transaction, including the charges of the surveyor and environmental engineering company; and the Parties shall be relieved of all further obligations and liabilities to each other under this Agreement except as otherwise provided herein, and all funds and documents deposited with Escrow Agent shall be promptly refunded or returned, as the case may be, by Escrow Agent to the depositing Parry. Anything above to the contrary notwithstanding, it is understood and agreed that City's indemnity obligations under Section 5 shall not terminate upon termination of this Agreement pursuant to this or any other provision hereof. 7. Close of Escrow. 7.1 Title. Simultaneously with the Close of Escrow, Escrow Agent shall issue an ALTA Standard Policy of Title Insurance (formerly referred to as a CLTA Title Policy) ("Title Policy") in the amount of Two Million Seven Hundred Thirty Thousand Dollars ($2,730,000.00), subject only to (i) liens for real property taxes, bonds, and assessments not then due, and (ii) the Approved Exceptions. 7.2 Donors' Deposits into Escrow. Donors shall deposit with Escrow Agent on or prior to the Close of Escrow the following documents: (i) a grant deed in the form attached hereto as Exhibit "C-1" (with respect to the portion of the Property owned by Casey Trustees) and Exhibit "C-2," with respect to the portion of the Property owned by Caseys, executed and acknowledged by Casey Trustees and Caseys, respectively, conveying to City good and marketable fee simple title to the Property, subject only to the Approved Exceptions ("Deeds"); and (ii) Donors' approval of the draft of Escrow Agent's closing statement. 7.3 City's Deposits into Escrow. City shall deposit with Escrow Agent on or prior to the Close of Escrow the following documents: statement; and (i) City's approval of the draft of Escrow Agent's closing (ii) All funds required to be placed in Escrow by City. 7.4 Closing. The conveyance of the Property to City and closing of this transaction ("Close of Escrow") shall take place on or before December 21, 2020 ("Closing Date") following the establishment of an Escrow pursuant to Section 3 of this Agreement. REV: 10-29-2020 SK ATTY/AGR.2020.244/Casey Family Trust (Casey Property Donation Agreement) (Page 6 of 25)