RES 93026 - Laserfiche WebLink

The City and/or its Designee shall cause the Deficiencies to be cured and, upon certification of completion of work by the City, the escrow holder shall utilize such funds to pay for said work. Any remaining funds shall be paid to Owner. 5. Notice of Intended Transfer or Vacation. In the event of transfer or vacation of the Property, and subject to the City's option to designate an Eligible Purchaser (as described in Section 8 herein) to acquire the Property, Owner shall promptly notify the City in writing of such intent. Said notice from Owner shall be sent by certified mail, return receipt requested, to the City Manager, City of Pleasanton, 123 Main Street, Pleasanton, California 94566. Following receipt of such notice, the City may notify prospective Eligible Purchasers that the Property is available for sale. 6. City's Option to Designate Eligibl~ PurchaSer. City shall have the option to designate an Eligible Purchaser to purchase the Property from Owner on the terms and in the manner set forth hereunder in the event Owner wishes to transfer or vacate the Property. Within thirty days of receipt by the City of the notice specified in Section 5, above COwner's Notice"), the City shall notify Owner of the maximum price to be paid for the Property by an Eligible Purchaser. Within the above-stated thirty days after receipt by the City of Owner's Notice, the City shall inspect the Property as described in Section 3, above, and notify Owner regarding whether or not the City intends to exercise its option to designate an Eligible Purchaser for the Property. The notification to Owner regarding the option exercise shall be sent by certified mail, return receipt requested. If the City exercises this option, it shall cause an escrow to purchase the Property to be opened within sixty days following such notification to Owner, and it shall cause the Property to be purchased by its - 4 -