Laserfiche WebLink
conditions precedent to conveyance set forth in Article 2, the following conditions shall be satisfied <br /> prior to or concurrently with, and as conditions of, conveyance of the Property: <br /> (a) The Developer shall have executed and delivered to the City the City <br /> Ground Lease and the Regulatory Agreement, in form and substance satisfactory to the City. <br /> (b) The Developer shall have famished the City with evidence of the insurance <br /> coverage meeting the general insurance requirements set forth in Section 6.1. <br /> (c) The Regulatory Agreement and a Memorandum of the City Ground Lease <br /> shall have been recorded against the Property. <br /> (d) There shall exist no condition, event or act which would constitute a breach <br /> or default under this Agreement or any other City Document or which, upon the giving of notice or <br /> the passage of time, or both, would constitute such a breach or default <br /> (f) All representations and warranties of the Developer contained in any City <br /> Document shall be true and correct as of the close of Escrow. <br /> Section 3.5 Condition of Title. Upon the close of Escrow, the Property shall have <br /> insurable title which shall be free and clear of all liens, encumbrances, clouds and conditions, rights <br /> of occupancy or possession, except: <br /> (a) applicable building and zoning laws and regulations; <br /> (b) the provisions of the City Ground Lease; <br /> (c) the provisions of the Regulatory Agreement; <br /> (d) any lien for current taxes and assessments or taxes and assessments accruing <br /> subsequent to recordation of the City Ground Lease; <br /> (e) exceptions listed in Part II of Schedule B of the preliminary title policy for <br /> the Property issued by Title Company which are acceptable to the City and the Developer. <br /> Section 3.6 Condition of Property. In fulfillment of the purposes of Health and Safety <br /> Code Section 25359.7(a), the City represents and warrants that it has no knowledge, and has no <br /> reasonable cause to believe,that any release of hazardous substances has come to be located on or <br /> beneath the Property, except as disclosed in the Phase I Study, a copy of which has been delivered <br /> to Developer. <br /> Section 3.7 Costs of Escrow and Closing. Ad valorem taxes, if any, shall be prorated as <br /> of the date of conveyance. The Developer shall pay the cost of title insurance and transfer taxes, if <br /> any. The City shall pay the cost of Title Company document preparation and recordation fees. The <br /> 144\105\105296.4 6 <br />