RES 91152 - Laserfiche WebLink

4. CEOA Proceedincs. The obligation of each party to complete this transaction pursuant to this Agreement is subject to the satisfaction, at or before the closing, of the condition that each party has completed the California Environmental Quality Act procedures and in light of the CEQA process has concluded that the acquisition of the real property should be completed. 5. Title. 5.1 The District shall convey title to its Property by Grant Deed and agrees to cooperate with the City in its efforts, if any, to assure the title is good and marketable title. The City shall convey title to its Property by Grant Deed and agrees to cooperate with the District in the District's efforts, if any, to assure that title is good and marketable title. 5.2 The Title Company shall issue to the City and to the District, respectively, standard coverage policies of title insurance which at the City's and the District' election shall be either an ALTA or CLTA policy with total liability in an amount equal to the appraised value for the properties described in Exhibits A and B, .respectively, showing marketable, insurable title to the subject properties vested in the City and the District, respectively, subject to the exceptions noted in the title report and accepted by the City and the District, respectively. If the City or the District makes timely objections to any exceptions within fifteen (15) days of receipt of a preliminary title report, the exception shall be cured by the other party's prompt and reasonable efforts. 5.3 Each party shall deliver possession of the particular Property to the other immediately upon close of escrow. 6. No Warranties. Each party acknowledges that it is purchasing the property "as is," solely in reliance on its own investigation, and that no representations or warranties of any kind whatsoever, express or implied, have been made by the other party, or its agents, with respect to the property or its fitness for any particular purpose other than as expressly provided herein. 7. Growth Management Exemption. 7.1 The obligation of the District to complete this transaction is subject to the satisfaction, before the closing, of the condition that the City amend its Growth Management Program Ordinance in accordance with this Paragraph. 7.2 City shall amend its Growth Management Program Ordinance to provide that any residential project on surplus District property, which project has received the appropriate zoning approval, shall be given first preference in receiving growth 4