RES 93026 - Laserfiche WebLink

1. Grant of Option. Rotary, in consideration of the previous waivers of City fees and permits, grants to City the exclusive right and option to purchase the Property, on the following terms and conditions. 2. Option Period. The term of this option shall be for 318 days, commencing on February 16, 1993, or until the improvements described in this Agreement have been completed and a Certificate of Occupancy for all seven residential units has been issued, whichever is later, but in no event no later than December 31, 1993. 3. Exercise of Option. City may exercise this option by giving Rotary written notice, signed by the City Manager, before the time set for expiration. 4. Failure to Exercise Option. If City does not exercise its option in accordance with the terms and within the option period, this option and the rights of City shall automatically and immediately terminate without notice. 5. PurChaSe Price. The purchase price for the three bedroom units shall be $124,402 per unit and the purchase price of the two bedroom units shall be $99,902 per unit, or a total of ($797,314) for the seven units. 6. Transaction to Be Closed ThrOugh Escrow. If the Option To Purchase is exercised, the sales transaction shall be consummated through the services of an escrow company. The escrow shall be opened within 30 days following exercise of the option in the manner herein provided. Rotary and City shall execute escrow instructions consistent with the terms of this Option to Purchase, providing for close of escrow forthwith. Escrow costs shall be paid by City. 7. R0tarV's Agreement to Make Improvements. Within the option period, Rotary shall construct and obtain a Certificate of Occupancy for the improvements. Rotary shall construct the improvements on the Property in accordance with the plot plans, constructions plans, and specifications filed with the City. If City desires to exercise its option, Rotary will furnish in escrow, after completion of the improvements, proof of payment of all claims for labor or materials for such construction, and all other expenses in connection with such construction, and such proof shall be to the satisfaction of City. Rotary represents and warrants that all appliances and related equipment, such as the furnace, included in the sale will be in working order as of the date of the closing. City may, prior to closing, at its sole expense and on reasonable notice, inspect or cause inspection to be made of the appliances and equipment involved. Any necessary repairs will be made at the cost of Rotary. Rotary shall provide a warranty for all repairs to the improvements for one year after the close of escrow. - 2 -