STEADFAST 1 -2005 - Laserfiche WebLink

Home Browse Search

Property, including, without limitation, copies of any licenses, permits, records, plans, agreements, leases, service contracts, equipment leases, tax bills and title documents. (v) Insurance. City shall maintain in full force and effect policies of liability insurance or a program of self-insurance for the City Property for the period through and including the Closing Date. (vi) Representations and Warranties. All representations and warranties made by City pursuant to Section 8(b) shall be true and correct as of the Closing Date. (vii) Entitlements and Building Plans. City acknowledges and agrees that the transactions described in this Agreement are subject to and conditioned upon the occurrence of Final Approval. City shall cooperate in good faith with Steadfast in Steadfast's efforts to (i) process the Entitlements and obtain Final Approval, (ii) obtain a foundation permit for the building(s) to be constructed on the City Land in accordance with Steadfast's development thereof and (iii) obtain approval of its building plans for the building(s) to be constructed on the City Land in accordance with Steadfast's development thereof, which cooperation shall include, but not be limited to designating an individual to serve as the plan- checker for such building plans. (viii) Acceptance. City shall employ its best efforts and shall take any and all action necessary to formally accept the Steadfast Property in accordance with all applicable procedures, ordinances, laws, and regulations that have been adopted by or imposed on the City, including but not limited to the passage of any resolution and the adoption of any ordinance that may be necessary to evidence such acceptance. To evidence such acceptance, City shall execute the Steadfast Deed in a manner that clearly indicates that the City accepts the Steadfast Deed. (ix) Sign. On or after the date on which Steadfast obtains a preliminary public report from the California Department of Real Estate for the Steadfast Project, City shall allow Steadfast to place a sign on the City Land that advertises and markets such project in a form acceptable to the City's Executive Director of Planning and Building Safety. 11. Prorations And Adjustments. There shall be no prorations between the Parties, except as expressly provided herein. (a) Utilities. Prior to the Closing Date, the Parties shall notify all utility companies servicing the Steadfast Property and the City Property of the anticipated change in ownership of the City Property and the Steadfast Property and request that all billings after the Closing be made to City with respect to the Steadfast Property and to the Steadfast with respect to the City Property. Utility meters will be read, to the extent that the utility company will do so, during the daylight hours on the Closing Date, with charges to that time paid by the conveying Party and charges thereafter paid by acquiring Party. Charges for utilities which are unmetered, or charges for the meters which have not been read on the Closing Date, will be prorated between Steadfast and City as of the Closing based upon utility billings for any such charges to the other Party, and such Party shall pay its pro rata share of such charges to the Party requesting payment within seven (7) days from the date of any such request. 40836735. 16 16