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Purchase Agreement
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Seaport Centre Owner's Association - Purchase Agreement
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Purchase Agreement
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Last modified
11/18/2025 4:05:57 PM
Creation date
11/18/2025 4:00:50 PM
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Agreement
Contractor Name
HCP LS Redwood City, LLC Metropolitan Life Insurance Company Seaport Centre Owner's Association
RMP File Number
304
Date
10/23/2025
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(e) No lead or asbestos -containing materials were installed at any time <br />during construction of the Levee Improvements. <br />(f) No electrical transformers, light fixtures with ballasts or other <br />equipment containing PCBs were installed at any time during construction of the Levee <br />Improvements. <br />(g) Between the date of this Agreement and the Closing Date, to the <br />extent SCOA discovers Hazardous Materials, under or about the Levee Improvements, in <br />violation of Environmental Laws, SCOA shall remediate the Hazardous Materials and obtain the <br />issuance of closure letters without any requirement of further remedial work from all <br />governmental agencies that may assert jurisdiction over the remediation of the Property or any <br />adjacent property and provide copies of such closure letters to City. <br />(h) SCOA shall pay, when due, all persons furnishing labor or <br />materials in connection with the work of the Levee Improvements, and shall keep the Levee <br />Assets free and clear of any mechanics' liens, property liens, or bonds. <br />(i) SCOA has created (or caused to be created) and provided to City a <br />manual detailing the operation and maintenance of all systems and components of the Levee <br />Improvements which is attached hereto as Attachment 9 ("O&M Manual"). The O&M Manual <br />has been approved by City. SCOA has and will continue to coordinate with City to allow City <br />representatives to participate in operational and maintenance training of the Levee Improvements <br />systems and equipment. <br />SCOA's covenants in this Article VI shall survive the Closing for the Survival Period. <br />No claim for a breach of any covenant of SCOA will be actionable or payable if City does not <br />notify SCOA in writing of such breach prior to the expiration of the Survival Period and <br />commence a "legal action" thereon within ninety (90) days of delivery of such written notice. <br />Section 6.2 Seller Covenants. Between the date of this Agreement and the Closing <br />Date, except as otherwise specifically permitted in this Agreement, Seller shall not in any <br />manner sell, convey, assign, transfer, encumber or otherwise dispose of the Levee Assets or any <br />part thereof or interest therein. Without limiting the foregoing, Seller shall not enter into any <br />agreement or alter the condition of title to the Levee Assets without City's prior consent if the <br />same would adversely affect the City's title in the Levee Assets after the Closing. If City so <br />consents, such encumbrance shall become a Permitted Exception (as provided in Section 3.1). <br />The foregoing covenants shall not be deemed to prohibit Seller construction financing, or any <br />easements or licenses granted to the City or to utilities necessary and appropriate to the <br />construction and operation of the Levee Improvements; provided any lender or mortgagee <br />providing such Seller financing shall subordinate the lien of its mortgage, deed of trust or other <br />financing instrument to the Levee Related Easements to be granted to City and no such mortgage <br />or deed of trust shall encumber any portion of the Levee Assets <br />Section 6.3 Levee Improvements Operations. Until the Closing, SCOA is solely <br />responsible for maintaining the quality and safety of the Levee Improvements and operating the <br />Levee Improvements and City shall have no obligations with respect thereto. From and after <br />4846-4218-3288 v36 <br />2025.276 - SEAPORT PURCHASE AGREEMENT <br />REV: 10-15-25 VR <br />
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