CC - Agendas - City Council - REGULAR - 11/28/2017

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exceptions and exclusions and any other matters approved in writing by the BUYER. 5. Closing Costs. The BUYER shall pay all recording and transfer taxes and fees, and any and all closing costs not hereinbefore specified. Property taxes shall be prorated to the close of escrow. 6. No Sale or Encumbrance. SELLERS shall not sell or encumber the Property prior to the closing. 7. Possession. Possession shall be given to the BUYER on the date of closing. 8. Seller's Environmental Representations. SELLERS makes no representation as to the environmental condition of the property. 9. As-Is Condition. BUYER purchases the Property "as-is", "where-is", and with all faults. 10. Contingencies. a) BUYER shall dedicate a public Right-of-way, fifty feet (50') in width, across the City-owned Peavine Trail in a location agreed to by the parties as evidenced by the separate easement agreement entered into by the parties concurrent with this agreement. b) BUYER shall provide appropriate boundary signage. c) BUYER shall work with SELLERS to provide appropriate language and location for a plaque memorializing the Storm Family ranching history on or about the property that is the subject of this agreement. 11.Mutual Release. SELLERS hereby release and discharge the BUYER and its departments, employees, agents, assigns, executives, and administrators from any and all present and future claims, demands, causes of action, damages or suits of any kind, in whole or in part, concerning the Property arising before the Closing Date. BUYER hereby releases and discharges the SELLERS and its departments, employees, agents, assigns, executives, and administrators from any and all present and future claims, demands, causes of action, damages or suits of any kind, in whole or in part, concerning the Property arising on or after the Closing Date. 12.Right of Entry. The SELLERS grants a right of entry to the BUYER, its agents and contractors to conduct such inspections on the Property as BUYER deems necessary, including, but not limited to, inspections to determine the environmental condition of the Property. BUYER shall give reasonable notice to SELLERS prior to any such inspection. This right of entry shall end if this Agreement is terminated. BUYER agrees to indemnify, defend and hold harmless SELLERS for, from and against all claims, liabilities and damages, including attorneys' fees, for personal injury, physical damage to property or mechanics' or materialmen's liens which may Page 2 of 9