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07
City of Pleasanton
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2023
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030723
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3/1/2023 3:16:23 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
3/7/2023
DESTRUCT DATE
15Y
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in the form attached hereto as Attachment 3 including its Exhibits A and B thereto. <br /> I. Escrow or Escrow Account means the escrow account established by the CITY at <br /> First American Title Company, 920 5th Avenue, Suite 1200, Seattle, WA 98104, <br /> Order No.NCS-955020-WA1. <br /> J. Title Company means First American Title Company <br /> 2. Permanent Easement Deed. Within five (5) business days after City has approved <br /> the Title Conditions (as defined below), but no later than March 3, 2023, GRANTOR shall <br /> deposit in Escrow the Grant of Easement in an executed form suitable for recordation <br /> conveying the easement from GRANTOR to CITY. As a condition to the Closing, City must <br /> approve all liens, leases, encumbrances recorded and unrecorded Assessments, taxes and <br /> exceptions contained in the Title Report issued by the Title Company for Easement Area <br /> (the "Title Conditions") and the Encumbrance Condition set forth in section 3(E) hereof must <br /> be satisfied. If the City does not approve the Title Conditions on before February 24, 2023, <br /> this Agreement shall terminate and neither party shall have any rights or remedies <br /> hereunder thereafter. <br /> 3. Purchase. <br /> A. Consideration. At least one business day prior to the Closing Date, CITY shall pay <br /> the sum of ONE HUNDRED AND TEN THOUSAND and NO/100 Dollars <br /> ($110,000.00) (the "Consideration") to the Escrow Account as consideration for the <br /> Easement, the TCE and the other covenants and obligations of Grantor under this <br /> Agreement, the Grant of Easement and the TCE. <br /> B. Deductions. The Title Company may deduct and pay from the Consideration at the <br /> Closing any amount necessary to satisfy any delinquent taxes due in any year except <br /> the year in which this escrow closes, together with penalties and interest, and/or <br /> delinquent and unpaid non-delinquent assessments, which may have become a lien <br /> at the close of escrow (the "Deductions"). <br /> C.Current taxes. Taxes for the tax year in which this escrow closes shall be cleared <br /> and paid in the manner required by Revenue and Taxation Code Section 5086 if <br /> unpaid at the close of escrow. <br /> D. Escrow and title charges. CITY agrees to pay all escrow, recording and title <br /> insurance charges, if any, incurred in this transaction. <br /> E. Clear title. The Close of escrow for this transaction, and both parties obligations <br /> under this Agreement, are conditioned upon the Title Company receiving deeds of <br /> reconveyance, for the Easement Area only, from any deed of trust or mortgage holder <br /> trustees and beneficiaries (the "Encumbrance Condition"). If the Property is secured by <br /> a mortgage(s) or deed(s) of trust, GRANTOR is responsible for payment of any demand <br /> under authority of said mortgage or deed of trust out of GRANTOR's proceeds; <br /> provided, however, such amount required to be paid by GRANTOR to satisfy the <br /> Encumbrance Condition shall not exceed the Consideration to be paid hereunder at the <br /> Closing. <br /> F. Closing. The Closing of the transactions described herein (the Closing") shall occur <br /> on or before March 31, 2023 (the "Closing Date"). In the event that and contingencies <br /> or conditions to the Closing set forth in this Agreement have not been satisfied as of the <br /> Closing Date, and the failure to satisfy any such contingencies or conditions is not due <br /> to the breach by any party of the terms of this Agreement, each party shall direct the <br /> Title Company to return all documents and funds to the party that deposited them, this <br /> Agreement shall terminate and neither party shall have any rights or remedies <br />
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