STEWART, HELEN E. - Laserfiche WebLink

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(c) IF CITY, ITS EMPLOYEES, AGENTS, CONTRACTORS OR SUBCOTNRACTORS COMMENCE CONSTRUCTION UPON SAID REAL PROPERTY BEFORE CONVEYANCE OF SAID REAL PROPERTY TO CITY, THEN BY SUCH ACTION, 1.) CITY SHALL BE DEEMED TO HAVE ACCEPTED SAID REAL PROPERTY IN ITS "AS IS" CONDITION AND SUBJECT TO ALL MONETARY LIENS, ENCUMBRANCES, EASEMENTS, COVENANTS, RESTRICTIONS, RIGHTS, AND OTHER MATTERS WHETHER KNOWN OR UNKNOWN BY CITY, AND 2.) CITY SHALL BE DEEMED TO HAVE WAIVED ANY RIGHT WHICH MIGHT HAVE OTHERWISE ACCRUED TO THE CITY BECAUSE OF SELLER'S FAILURE TO CONVEY TITLE AS OTHERWISE PROVIDED IN THIS AGREEMENT. CITY AGREES THAT CITY SHALL PAY TO SELLER THE FULL PURCHASE PRICE OF SEVEN THOUSAND DOLLARS ($7,000.00), DESCRIBED IN SECTION 5 BELOW, BEFORE CAUSING OR COMMENCING CONSTRUCTION UPON SAID REAL PROPERTY. CITY FURTHER AGREES TO PERFORM SERVICES IDENTIFIED IN EXHIBIT "C", ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF. CITY ACKNOWLEDGES THAT VIOLATION OF ANY OF THE PROVISIONS OF THIS SECTION WILL CAUSE IRREPARABLE LOSS AND HARM TO SELLER WHICH CANNOT BE REASONABLY OR ADEQUATELY COMPENSATED BY DAMAGES IN AN ACTION AT LAW. ACCORDINGLY, IN THE EVENT OF A BREACH OR THREATENED BREACH BY CITY OF ANY OF THE PROVISOINS OF THIS SECTION, SELLER SHALL BE ENTITLED, WITHOUT POSTING BOND OR OTHER SECURITY, TO INJUNCTIVE AND OTHER EQUITABLE RELIEF THEREOF, AND CITY AGREES THAT IT WILL NOT BE A DEFENSE TO ANY REQUEST FOR SUCH RELIEF THAT SELLER HAS AN ADEQUATE REMEDY AT LAW. NOTWITHSTANDING THE FOREGOING, CITY AND SELLER SHALL HAVE OTHER LEGAL REMEDIES AS MAY BE APPROPRIATE UNDER THE CIRCUMSTANCES, INTER ALIA, RECOVERY OF DAMAGES OCCASIONED BY SUCH BREACH. 4. Escrow. City agrees to open an escrow at the office of First American Title Insurance Company, 2 First American Way, Santa Ana, California, (the Escrow Agent) within five (5) days from and after the date on which the City has approved this Agreement. This Agreement constitutes the joint escrow instructions of the City and the Seller and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of the escrow. The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of this Section 4 and of the General Provisions described in Exhibit "B" attached hereto and incorporated herein by this reference, in writing, delivered to the City and to the Seller within five (5) days after delivery of this Agreement, shall carry out its duties as Escrow Agent hereunder. City agrees to bear and Escrow Agent is hereby authorized to charge to the City the cost of any transfer taxes, recording fees, cost of title insurance, reconveyance fees, document preparation fees, escrow fees and any other closing costs incidental to the conveying of said real property to City. Penalties for prepayment of bona fide obligations secured by any existing deed of trust or mortgage shall be waived pursuant to Civil Code Procedures Section 1265.240. 2