RES 87077 - Laserfiche WebLink

except that the purchase price shall be reduced by the amount required for replacement or repair, such amount to be determined by independent appraisal if the parties cannot agree. 13. Care of Improvements Prior to Closing. Until the closing date hereunder, Owner shall maintain the existing improvements and fixtures on the property in substantially the same condition as they are as of the date of this contract, reasonable wear and tear excluded. In case of minor damage to the improvements or fixtures beyond ordinary wear and tear, Owner shall repair the same before the closing date. In the event of major damage to, or total destruction of, the improvements or fixtures, the rights and obligations of the parties shall be as stated in Paragraph 14. Owner's Right to Remove Certain Improvements. It is understood that the following improvements currently in place on the property are not included in this sale transaction: Data processing equipment, phone switching equipment, boardroom furniture, filing equipment and all furniture. All other items will be agreed to.by both parties prior to close of escrow. Owner shall have the right to full use of the same, without payment of rent or other consideration, until the closing and transfer of possession of the property as herein provided. Owner may remove such improvements, or any of them, until December 31, 1987, provided that Owner takes reasonable means to assure that no damage to the land or other improvements results from such removal, and that Owner removes from the premises all debris resulting from the removal. Any of the above listed improvements that are not removed by the above specified date shall become the property of City, and Owner shall have no further rights with respect thereto. 15. Retention of Possession by Owner Until Specified Date After Closing. After the close of escrow and conveyance of title, Owner shall be entitled to remain in the premises up to and including, but not after, December 31, 1987, without payment of rental or other consideration. During such time Owner shall pay all utility services and charges and shall maintain the premises and all fixtures thereof in a good and workable condition. The parties agree that nothing herein contained is intended to create a relationship of landlord and tenant between them. Unless Owner vacates the premises on or before December 31, 1987, Owner shall pay to City the sum of One Hundred Twenty and No/100Dollars ($120.00) per day, for each and every day, or portion thereof, it shall remain in possession thereafter, not as rent, but as and for liquidated damages. - 3 -