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CC - Agendas - City Council - REGULAR - 3/23/2010
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CC - Agendas - City Council - REGULAR - 3/23/2010
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Last modified
1/15/2020 11:47:57 AM
Creation date
11/13/2018 11:03:25 AM
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CC - Agendas
Department
City Clerk
Sub
Clerk Records
Content
Agendas
Committee Status
Current
Document Type
City Council
Meeting Type
REGULAR
Meeting Date
3/23/2010
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Permanent
Retention Type
Permanent
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Public
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Scan Date
11/13/2018
Record Series
GS1016, #10260
Supplemental fields
Conversion Number
2420580
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upon Buyer's failure to perform, subject only to (a) the conditions of Section 4 hereof and <br /> (b) to performance by Seller of its obligations hereunder. Immediately upon receipt of the <br /> Earnest Money Deposit, the Escrow Agent shall deposit the funds in a short-term interest- <br /> bearing account at a financial institution mutually acceptable to Buyer and Seller. The <br /> interest earned on such deposit shall accrue to the benefit of the Buyer, except in the <br /> event Seller becomes entitled to retain the Earnest Money Deposit by reason of Buyer's <br /> failure to perform, in which event said interest shall accrue to the benefit of the Seller. <br /> (2) The balance of the remaining purchase price in the sum of Two Hundred <br /> and Two Thousand dollars ($202,000.000) shall be paid as follows: <br /> (a) Buyer shall pay the balance of Two Hundred and Two Thousand <br /> dollars ($202,000.000) to the Escrow Agent for the benefit of Seller plus or minus <br /> pro-rations as hereinafter provided, in cash or certified funds or by wire, on or <br /> before the Scheduled Closing Date, unless the Scheduled Closing Date is <br /> extended by mutual agreement of the parties in which case the balance shall be <br /> paid to Escrow Agent on or before the agreed upon extended closing date. The <br /> balance shall not bear interest and shall be paid and disbursed to Seller on or <br /> before Close of Escrow during the City of Prescott's fiscal year 2009-2010. <br /> 5. EXAMINATION PERIOD. <br /> A. Buyer shall have a period commencing on the date of Opening of Escrow <br /> and ending at 5:00 p.m. on the ( ) day after the Opening of Escrow but not later than <br /> (the "Examination Period") during which to make its examination and investigation <br /> of the Property, and this Agreement is subject to and conditioned upon Buyer's approval of same <br /> in Buyer's sole and absolute discretion. Buyer's activities during the Examination Period shall <br /> include, without limitation, investigation of all aspects of the Property that Buyer deems <br /> advisable to confirm that the Property is suitable for Buyer's intended use <br /> B. Within the Sixty (60) day examination period after the Opening of <br /> Escrow, or such shorter time period as will allow the closing of escrow prior to <br /> Seller shall assist in and cooperate with Buyer obtaining information and documents and any <br /> real property information possessed by Seller to assist Buyer in obtaining and procuring, at <br /> Buyers' sole cost, a survey of the Property (the "Survey") prepared by an Arizona licensed civil <br /> engineer. The Survey shall be certified to Buyer, Seller and Escrow Agent and shall meet the <br /> minimum ALTA/ASCM standards for issuance by Escrow Agent of an extended ALTA <br /> coverage owner's policy of title insurance. The Survey shall contain a complete and accurate <br /> legal description of the Property. In addition, Seller agrees to reasonably cooperate with Buyer <br /> during the Examination Period and to furnish Buyer such other documents, instruments and <br /> information in Seller's possession concerning the Property or its operation as Buyer may, from <br /> time to time, reasonably request. <br /> C. Following the Opening of Escrow, Buyer, its agents and employees may <br /> enter upon the Property at any time for the purpose of conducting any and all tests, <br /> 3 <br />
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