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STEADFAST 1 -2005
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STEADFAST 1 -2005
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Last modified
1/3/2012 2:11:17 PM
Creation date
7/21/2005 11:26:21 AM
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Contracts
Company Name
Steadfast
Contract #
A-2005-309
Agency
Planning & Building
Council Approval Date
10/17/2005
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<br />(vii) Representations and Warranties. All representations and <br />warranties made by Steadfast pursuant to Section 8(a) shall be true and correct as of the Closing <br />Date. <br /> <br />(viii) Entitlements. Steadfast shall use its commercially <br />reasonable efforts to promptly and efficiently process the Entitlements. <br /> <br />(ix) Demolition of Improvements on Steadfast Land. On or <br />prior to the Closing Date, Steadfast shall commence and diligently process until completion (a) <br />the demolition of the building and all site structures (e.g. walls, retaining walls, etc.), including <br />the foundation and footings thereof, located on the Steadfast Land, (b) the removal of the <br />resulting debris from such demolition, ( c) the capping or closing off of the existing site utilities <br />located at Steadfast Land, (d) the removal ofthe existing asphalt and concrete paving, and (e) the <br />grading of the site to a flat but non-compacted and non-certified state. <br /> <br />(b) Citv's Obligations. City hereby covenants to Steadfast, upon <br />which covenants Steadfast has relied and will continue to rely, that for the period from the date <br />of this Agreement through and including the Closing Date: <br /> <br />(i) Further Liens and Encumbrances. With the exception of the <br />City Lease Agreement, City shall not subject the City Property to any additional liens, <br />encumbrances, covenants, conditions, easements, rights of way or similar matters after the date <br />ofthis Agreement that will in any way affect Steadfast's rights to possess, use or enjoy the City <br />Property following the Closing Date. With the exception of the City Lease Agreement, City will <br />not hereafter modify, extend, renew, replace or otherwise change any ofthe terms, covenants or <br />conditions of any of such documents, or enter into any new agreements affecting the City <br />Property without the prior written consent of Steadfast, which consent shall not be unreasonably <br />withheld. <br /> <br />(ii) Other Contracts. With the exception of the City Lease <br />Agreement, City will not hereafter enter into any leases or contracts that will survive Closing and <br />will affect the City Property. <br /> <br />(iii) Materials, Labor and Supplies. City will execute any <br />affidavits, waivers, sworn statements or indemnities that may reasonably be required by the Title <br />Company in order to allow the Title Company to issue the Title Policy without any exceptions <br />relating to mechanics or materialmen's liens. <br /> <br />(iv) Cooperation with Representatives. City shall cooperate <br />with Steadfast and its accountants, counsel and/or other representatives in providing information <br />and materials pertaining to the City Property. Without limiting the generality of the foregoing, <br />promptly following the Opening of Escrow, City shall (a) allow a representative or <br />representatives of Steadfast access to the City Property for the purpose of performing such <br />investigations and analyses of the City Property as Steadfast may reasonably require, and <br />(b) deliver (or make available to Steadfast at City's business offices during normal business <br />hours) copies of all documents relating to City's ownership and/or operation ofthe City <br /> <br />40836735. 16 <br /> <br />15 <br />
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