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SPYGLASS INVESTMENT GROUP - 2015
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SPYGLASS INVESTMENT GROUP - 2015
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Last modified
2/23/2016 4:04:07 PM
Creation date
2/19/2016 10:44:52 AM
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Contracts
Company Name
SPYGLASS INVESTMENT GROUP
Contract #
A-2015-225
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
10/20/2015
Destruction Year
0
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2.6 Buyer's Conditions Precedent to Close of Escrow <br />The obligation of Buyer to purchase the Property as contemplated by this <br />Agreement and the Close of Escrow is subject to satisfaction of each of the following <br />conditions: <br />(a) All representations and warranties of Seller set forth in this <br />Agreement shall be true and correct as of the date of the Close of Escrow; <br />(b) Seller shall timely perform all obligations required by the terms <br />of this Agreement to be performed by it; <br />(c) The irrevocable and unconditional written agreement of Title <br />Company to record the grant deed at the Close of Escrow and to issue to Buyer the Title <br />Policy, effective as of the date and time the deed is recorded; <br />(d) Buyer shall have thirty (30) calendar days, from the opening of <br />escrow ( "Due Diligence Period "), within which to perform and complete all of Buyer's due <br />diligence examinations, reviews and inspections of all matters pertaining to the Property, <br />including all leases and service contracts, all physical, environmental and compliance <br />matters and conditions respecting the Property, and satisfy its contingencies ( "Due <br />Diligence Investigations "). During the term of this Agreement, Seller shall provide Buyer <br />with reasonable access to the Property, as further set forth below. Within ten (10) days <br />following the Effective Date, Seller shall deliver to Buyer true and complete copies of any <br />environmental reports, title documents and any other agreements, documents, or <br />information pertaining to the Property to the extent in Seller's possession or reasonably <br />obtainable by Seller. Seller will make every effort to provide all pertinent documents, but <br />Seller's inability or failure to provide any document shall not be considered a violation <br />subject to termination of the Agreement. At any time on or before the last day of the Due <br />Diligence Period, Buyer may, in its absolute and sole discretion, for any reason or no <br />reason, give written notice ( "Termination Notice ") to Seller electing to terminate this <br />Agreement, whereupon a condition to Buyer's obligation to close shall not be satisfied, the <br />Escrow Deposit (less the Independent Consideration) shall be immediately returned by the <br />Escrow Holder to Buyer, and this Agreement, and the obligations of the parties hereunder, <br />shall terminate (other than those obligations that expressly survive a termination of this <br />Agreement). If Buyer fails to deliver the Termination Notice to Seller prior to the expiration <br />of the Due Diligence Period, then Buyer shall have no further right to terminate this <br />Agreement and have the Escrow Deposit (less the Independent Consideration) returned to <br />Buyer except as otherwise set forth herein. <br />(e) Buyer shall have obtained all final approvals, including, without <br />limitation, the building permit and all related municipal approvals (the "Approvals ") <br />necessary for developing the Property and constructing thereon, pursuant to a site plan <br />which is acceptable to Buyer, a building or buildings, together with parking, signage and <br />related site improvements (the "Intended Improvements ") appropriate forthe operation of <br />an outpatient renal dialysis clinic, renal dialysis home training, aphaeresis services and <br />related office and administrative uses (the "Intended Use "), such that immediately following <br />M <br />
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