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Agmt11 Salaman Associates, LLC
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Agmt11 Salaman Associates, LLC
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Entry Properties
Last modified
6/1/2011 4:06:04 PM
Creation date
6/1/2011 1:57:52 PM
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Template:
Agreement
Contractor Name
Salaman Associates LLC and Redevelopment Agency RWC
PROJECT NAME
Real Estate Purchase and sale agreement 1548 Maple St. Docktown -APN 052-532-010-7
RMP File Number
405
Date
3/4/2011
Reso Ref
RDA 11-05
MO Ref
see also RDA MO 11-04
Amendment
Yes
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• <br /> (m) Amendments. No amendment to this Agreement will be binding on any of <br /> the parties to this Agreement unless the amendment is in writing and executed by all parties. No <br /> acts or omissions of any employee or agent of the parties or any broker, if any, shall alter, change <br /> or modify any of the provisions of this Agreement. <br /> (n) Non - Liability of Officials. If Buyer or Seller is an entity, no officer, <br /> official, member, employee, agent, or representatives of Buyer or Seller, as the case may be, <br /> shall be liable for any amounts due hereunder, and no judgment or execution thereon entered in <br /> any action hereon shall be personally enforced against any such official, member, employee, <br /> agent, or representative. <br /> (o) Seller's Tax Deferred Exchange. Seller may desire to effect a tax - deferred <br /> exchange with respect to its disposition of the Property ( "Seller's Exchange ") pursuant to <br /> Section 1031 of the Internal Revenue Code. Seller's Exchange will be structured by Seller at its <br /> sole cost and expense and Buyer will have no obligation to acquire or enter into the chain of title <br /> to any property other than the Property. Buyer's sole obligation in connection with Seller's <br /> Exchange shall be to review and execute such documentation as is reasonably necessary in order <br /> to effectuate Seller's Exchange in accordance with the foregoing and the applicable rules <br /> governing such exchanges. Buyer's cooperation with Seller's Exchange shall not affect or <br /> diminish Buyer's rights under this Agreement, delay the Closing or be construed as Buyer's <br /> warranty that Seller's Exchange in fact complies with Section 1031 of the Internal Revenue <br /> Code. Buyer shall have the right to review and reasonably approve any documents to be <br /> executed by Buyer in connection with Seller's Exchange. Acceptance of title to the Property <br /> from Seller's designated intermediary shall not modify Seller's representations, warranties and <br /> covenants to Buyer under this Agreement or the survival thereof pursuant to this Agreement. <br /> The Grant Deed and all closing documents shall run directly between Seller and Buyer. Seller is <br /> relying solely upon the advice and counsel of professionals of Seller's choice in structuring, <br /> executing and consummating Seller's Exchange. <br /> (p) Advice of Advisors. Each party to this Agreement acknowledges and <br /> agrees that it has obtained and relied upon its own legal counsel and other advisors to evaluate <br /> the tax, accounting and legal consequences of entering into this Agreement and consummating <br /> the transactions contemplated hereby, and, except as set forth in this Agreement, neither party is <br /> relying on any representations or warranties of the other party to this Agreement. <br /> (q) Tolling of Time. Notwithstanding any provision of this Agreement to the <br /> contrary, if Seller or any other person or entity having an ownership interest in the Property shall <br /> become the subject of an Insolvency Proceeding, then the expiration of the Feasibility Period, the <br /> Closing Date, the Outside Date, and any other applicable dates for the satisfaction of any <br /> conditions precedent to Buyer's obligations under this Agreement or of Buyer's right or <br /> obligation to terminate this Agreement or to exercise any remedies under this Agreement shall be <br /> extended during any period which, as a result of such Insolvency Proceeding, Buyer is unable, as <br /> the result of any stay that arises from such Insolvency Proceeding, to have physical access to the <br /> Property, to deliver notices to such person or entity, to obtain information or documents from <br /> such person or entity, to consummate the purchase of the Property, or to file suit or to otherwise <br /> take any action against such person or entity. As used herein, the term "Insolvency Proceeding" <br /> means any proceeding commenced by or against any person or entity under any provision of the <br /> Purchase and Sale Agreement 1548 Maple <br /> 03.04. 2011 v.4 <br /> 24 <br />
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