RD 11-02 - Laserfiche WebLink

Browse Search

shall cause the grant deed and certificate of acceptance to be recorded in the Official Records of the County of San Mateo, California. c. Agency shall execute and deliver to City (i) a Certificate of Non - Foreign Status in accordance with section 1445 of the Internal Revenue Code of 1986, as amended, and the Income Tax Regulations thereunder, and (ii) satisfactory evidence that no California withholding of tax is required with respect to the sale of the Agency Property or applicable portion thereof. d. City shall pay to Agency at closing the total Transfer Price for the Agency Property, or portion thereof, in accordance with Section 6 above. 8. Closing Costs. City shall pay all owner's policy title insurance charges, including any extra charges for any required endorsements. It is anticipated that no City or County transfer taxes will be due because City is a public entity, however, to the extent such transfer taxes are due they shall be paid by City. All other closing costs, charges and fees shall be paid in accordance with County custom. 9. Prorations. All income from the Agency Property or applicable portion thereof, if any, and all current taxes, assessments, utilities, maintenance charges and similar expenses of the Agency Property or applicable portion thereof, shall be prorated between Agency and City as of the date of closing. Monthly income and expense items shall be prorated on the basis of a thirty (30) day month. 10. Terms of Exercise. Should City exercise this Option, City agrees that it will abide by the requirements of Health and Safety Code section 33220(g) and, to the extent applicable, section 33433, and will use or develop or cause to be used or developed the Agency Property, or applicable portion thereof, in accordance with the Redevelopment Plan in existence on the Effective Date. In connection therewith, City shall become obligated in accordance with Health and Safety Code section 33437 and as provided below. a. Developed Property. With respect to the Agency Property that has been redeveloped: (i) Use or cause to be used the Agency Property or portion thereof for a purpose designated in the Redevelopment Plan, as in effect on the Effective Date. (ii) Impose upon the Agency Property or portion thereof, prior to or in connection with any sale by City to a third party, such covenants, conditions, or restrictions as are necessary to prevent speculation or excess profit taking in undeveloped land, which may include a right of reverter or option to repurchase in favor of City. Covenants, conditions, and restrictions imposed by City may provide for the reasonable protection of lenders. 3 ATTY /AGR/2011.019 /REDWOOD CITY OPTION AGREEMENT BETWEEN AGENCY 030411