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Reso 16431
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Reso 16431
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Last modified
7/28/2026 2:21:46 PM
Creation date
7/28/2026 2:21:33 PM
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CC Index
CC Index - Document Type
Resolution
Meeting Type
Regular
Date
7/27/2026
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with the County Assessor’s Office and a FIRPTA certification setting forth the City’s address and <br />federal tax identification number in accordance with and/or for the purpose of complying with the <br />provisions of Sections 7701 and 1445 of the Internal Revenue Code of 1986, as amended. <br /> <br />19. Venue. The City and Buyer agree that any controversy arising under or in relation to this <br />Agreement shall be litigated exclusively in Superior Court for the County of San Mateo or the <br />federal district court for the Northern District of California. The City and Buyer each irrevocably <br />consent to service, jurisdiction, and venue of such courts for any such litigation, and waive any <br />other venue to which such Party might be entitled by virtue of domicile, habitual residence or <br />otherwise. <br /> <br />20. Binding Upon Successors. Subject to the terms of Section 21 below, the terms and <br />conditions, covenants, and agreements set forth herein shall apply to and bind the heirs, executors, <br />administrators, assigns and successors of the Parties hereof. <br /> <br />21. Assignment. Buyer shall not assign its right, title or interest in this Agreement to any other <br />party without the prior written consent of the City Manager, which determination may be withheld <br />in the City’s sole and absolute discretion. Buyer may, however, without the need for the City’s <br />prior written consent, assign this Agreement and all of Buyer’s rights hereunder to any “Affiliated <br />Company” (as that term is defined in the Development Agreement), provided that (i) such assignee <br />agrees, in a writing reasonably acceptable to the City, to execute all documents and perform all of <br />the obligations of Buyer as if such assignee were the original Buyer under this Agreement, (ii) the <br />City receives prior written notice of such assignment, and (iii) the original Buyer remains fully <br />liable for all obligations under this Agreement. <br /> <br />22. Brokers. Each Party represents to the other that it has not engaged any person entitled to <br />any brokerage commission or finder’s fee in connection with this transaction. Buyer agrees to <br />indemnify the City from and against any claim asserted against or adjudged against the City by <br />any person or entity, for any brokerage commission or finder’s fee or any like compensation <br />occasioned by or as a result of any act or omission of Buyer, including all attorney’s fees, costs, <br />expenses and any other fees incurred by, charged against or adjudicated against the City, whether <br />or not suit is filed. <br /> <br /> <br />(Signatures on next page) <br /> <br />ATTY/RESO.0051/CC RESO CONDITIONALLY VACATING SPRING STREET SEGMENT (PURCHASE AND SALE AGR) - EXHIBIT 2 <br />REV: 07-21-26 MI <br /> <br /> <br />Page 13 of 25
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