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<br />78 <br />Page 27 <br /> <br />. The City must indemnify the Seller for losses and damages for property damage, <br />death or personal injury suffered by the Seller as the result of the City's due <br />diligence activities on the Property. <br /> <br />Current Occupants. <br /> <br />. The Property is currently leased to Frey's Trucking Company, which uses and <br />occupies a portion of the Property for its trucking and landscape materials <br />business. <br />. The balance of the Property is subleased to approximately 25-30 subtenants <br />(including landscaping and other contractors) for storage purposes. <br />. Bair Island Aquatic Center ("BIAC") leases the aquatic center directly from the <br />Seller. At the closing, the lease between the Seller and BIAC for the aquatic <br />center will be assigned to the City. <br />. All tenants and occupants, other than BIAC, are required to vacate the Property <br />before the closing of the purchase and sale. <br /> <br />Condition ofPropertv. <br /> <br />. The Property is currently used for industrial purposes. Further investigations <br />regarding the types of prior uses and potential presence of hazardous materials <br />will be Wldertaken during the Feasibility Period. <br />. The Seller is required to deliver possession of the Property in the condition <br />required by the tenants' leases and free of waste, debris and the tenants' personal <br />property. <br />. Subject to the Seller's express obligations under the Agreement, the Property will <br />be sold in its '"as is" condition. <br /> <br />Title: <br /> <br />. The Seller must deliver title to the City at the Closing free of mortgages, deeds of <br />trust and other monetary liens (other than non-delinquent taxes) and leases. <br />. The City has the right to evaluate and object to other title matters during the <br />Feasibility Period. <br /> <br />Broker's Commission. If the closing occurs, the City will be obligated to pay NA BT <br />Commercial Real Estate a commission equal to four and one-half percent (4.5%) of the <br />purchase price (i.e., $200,250). <br /> <br />Prorations. The following closing expenses will be borne as follows: <br /> <br />. Real estate transfer taxes will be paid equally by the Seller and the City. <br />. Water, sewer, trash removal, rent, and real estate taxes will be prorated by the <br />Seller and the City as of the date of Closing. <br />. The Seller will pay the cost of a "CL T A" policy of title insurance, and the City <br />will pay any incremental cost of obtaining AL T A title insurance coverage. <br /> <br />2 <br />