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RAMOS, RAFAEL AND YOLANDA (2)
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RAMOS, RAFAEL AND YOLANDA (2)
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Last modified
8/16/2022 11:30:42 AM
Creation date
8/16/2022 11:28:50 AM
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Contracts
Company Name
RAMOS, RAFAEL AND YOLANDA
Contract #
A-2022-143
Agency
Public Works
Council Approval Date
7/19/2022
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3.13 Cal-FIRPTA Withholding. Unless this transaction is exempt under California <br />Revenue and Taxation Code Sections 18805 and 26131, Escrow Holder shall be the "withholding agent" <br />and withhold from proceeds due Seller any amounts required under the above code sections to be withheld <br />by Buyer and pay same to the California Franchise Tax Board or Internal Revenue Service in accordance <br />with applicable law. <br />3.14 Additional Documents. Seller and Buyer shall execute and deliver to Escrow any <br />other documents reasonably required by Escrow Holder including, without limitation, Seller' s affidavits <br />or statements regarding mechanics liens and /or tenants or parties in possession. <br />3.15 Termination of Property Contracts. Seller shall terminate any service contracts or <br />similar agreement relating to the Property that the Buyer does not expressly elect in writing to assume <br />which termination shall be effective as of the Close of Escrow. <br />4. Real Estate Brokerage Commission. Buyer and Seller each represent and warrant <br />to each other that they have not incurred any obligation to any broker, agent or finder in connection <br />with the Property, and that they have not incurred any obligation to pay any other real estate <br />brokerage or other commission or fee in connection with the conveyance of the Property to Buyer. <br />Buyer and Seller agree to indemnify, defend and hold each other free and harmless from and <br />against all costs and liabilities, including without limitation reasonable attorneys' fees and the costs <br />and expenses of litigation, for causes of action or proceedings in any way related to or resulting <br />from a breach of the foregoing representation and warranty or arising out of any action or <br />proceedings which may be instituted by any broker, agent or finder, licensed or otherwise, claiming <br />through, under or by reason of the conduct of the indemnifying Party, respectively, in connection <br />with this transaction. Notwithstanding any provision in this Agreement, Seller shall not be <br />obligated or otherwise responsible to pay any real estate brokerage or other commission or fee in <br />connection with the conveyance of the Property to Buyer. <br />5. Inspections; AS -IS Condition of Property <br />5.1 Waiver of Inspections. Buyer and Seller agree that Buyer unequivocally waives any <br />right to conduct independent investigations concerning (i) Buyer's proposed use, sale, development or <br />suitability for development of the Property; (ii) the condition and all other attributes of the Property, <br />including, without limitation all improvements located thereon; (iii) applicable laws, statutes, rules, <br />regulations, ordinances, limitations, restrictions or requirements concerning the use, density, location or <br />suitability of the Property or any existing or proposed development or condition thereof, including but not <br />limited to zoning, subdivision and other regulations; (iv) the necessity or availability of any specific plan <br />or general amendments, rezoning, zone variances, conditional use permits, building permits, environmental <br />impact reports, subdivision maps, public reports issued by the California Bureau of Real Estate and all <br />other governmental permits, approvals or acts; (v) the necessity and existence of all dedications, fees, <br />charges, costs or assessments which may be imposed by any Governmental Authority in connection with <br />the proposed development of the Property; (vi) the value of the Property; (vii) the availability or adequacy <br />of access to the Property, or of water, sewage, gas, electrical or other utilities serving the Property and <br />(viii) the presence or adequacy of infrastructure or other improvements on, near or concerning the Property. <br />-7- <br />
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