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eminent domain proceeding to condemn the Property had the <br />Agreement not been reached. <br />5. Future Development and Specific Plan Costs. Buyer and <br />Seller acknowledge that this purchase agreement only relates to <br />existing development conditions as of the effective date of the <br />purchase agreement. If the remainder of the Seller's property is <br />ever subdivided in the future, the new development shall be <br />subject to specific plan reimbursement costs, yet to be <br />determined. The specific plan reimbursement costs shall also <br />include all of the costs related to this realignment project <br />including any monetary expenses for land purchase or in-kind <br />construction costs made to the Seller and other land purchases <br />needed for the realignment project. <br />6. Closing aad Related Costs. The Buyer shall pay for <br />all costs including, but not limited to, preliminary soil <br />testing, title reports, escrow, title insurance, surveying, and <br />appraisals associated with the purchase of the Property, except <br />Seller shall pay for any sale commission arising out of this <br />purchase. Buyer and Seller are not aware of any sales commission <br />arising out of this purchase at this time. Each party shall pay <br />its own attorneys' fees in connection with the negotiating this <br />Agreement and closing the Escrow. Real estate taxes shall be <br />prorated as of the date of the actual closing of the Escrow. <br />7. Time of the Essence. Time is of the essence of this <br />Agreement. <br />8. Binding Effect. This Agreement will be binding upon <br />and inure to the benefit of the heirs, executors, administrators, <br />successors in interest, and assigns of the parties to it. <br />9. Closing Date. The transaction will be closed on or <br />before November 30, 1996 or at such other times as the parties <br />may mutually agree, otherwise this Agreement shall terminate. <br />10. Notices. All notices and other communications required <br />under this Agreement will be in writing and delivered either <br />personally or by depositing the communication, postage prepaid, <br />in the United States mail addressed to the party to whom the <br />communication is directed at the following addresses: <br />Seller: Kenneth Gooch <br />Ken Gooch & Associates <br />One Peters Avenue <br />Pleasanton, CA 94566 <br />Buyer: City of Pleasanton <br />123 Main Street <br />Pleasanton, CA 94566 <br />Attn: City Manager <br />3 <br />