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Inst 2007196718
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Inst 2007196718
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6/14/2007 3:05:57 PM
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6/14/2007 3:05:54 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
4/24/2007
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PERM
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<br />another date and time. Owner shall make the Property available for inspection on the date <br />and at the time specified in the City's request for inspection. <br /> <br />9. Escrow. Promptly after delivering a Notice of Exercise, the City shall open an escrow <br />account for its purchase of the Property. Close of escrow shall take place on such date which is the later to <br />occur of the following, (a) sixty (60) days after a Notice of Exercise has been delivered, or (b) ten (10) days <br />after Owner has performed all acts and executed all documents required for close of escrow. Prior to the <br />close of escrow, the City shall deposit the Adjusted Resale Price as defined in Section 12 below and all <br />escrow fees and closing costs to be paid by City. Closing costs and title insurance shall be paid pursuant to <br />the custom and practice in the County of Alameda at the time of the opening of escrow, or as may <br />otherwise be provided by mutual agreement. Owner agrees to perform all acts and execute all documents <br />reasonably necessary to effectuate the close of escrow and transfer of the Property to the City. <br /> <br />10. Proceeds of Escrow: Removal of Exceptions to Title. Prior to close of escrow, Owner shall <br />cause the removal of all exceptions to title to the Property that were recorded after the date of this <br />Agreement. All amounts required to be deposited into escrow by the City shall be applied first to the <br />payment of any and all liens and encumbrances recorded against the Property in order of lien priority, and <br />thereafter to the payment of escrow fees and closing costs. Any amounts remaining after the amounts <br />deposited into escrow by the City have been so applied, if any, shall be paid to Owner upon the close of <br />escrow. If the amounts deposited into escrow by the City are insufficient to satisfy all liens and <br />encumbrances recorded against the Property, the Owner shall deposit into escrow such additional sums as <br />may be required to remove said liens and encumbrances. In the event that the City agrees to proceed with <br />close of escrow prior to the date that Owner has caused all exceptions to title recorded after the date of this <br />Agreement to be removed, then Owner shall indemnify, defend and hold City harmless from any and all <br />costs expenses or liabilities (including attorneys' fees) incurred or suffered by City that relate to such <br />exceptions and their removal as exceptions to title to the Property. <br /> <br />11. Base Resale Price. Prior to adjustment pursuant to Section 12 the base resale price <br />("Base Resale Price") of the Property shall be the lowest of: <br /> <br />a. Appraisal Method. <br /> <br />City or its designee shall have an appraisal made by a neutral professional appraiser of its choice <br />to establish the market value. The Owner may also have an appraisal made by a neutral professional <br />appraiser of Owner's choice to establish the market value. If agreement cannot be reached, the average of <br />the two appraisals shall be deemed to be the market price. This requirement for an appraisal may be <br />waived by the City if, in the exercise of its judgment, the appraised value will be substantially higher than <br />the price determined in subsection 11 (b) below. <br /> <br />b. Base Price Method. <br /> <br />The purchase price of Three hundred twenty-three thousand, three hundred ninety-two <br />dollars and no cents ($323,392.00) paid by Owner plus the amount of any prepayment fees paid by the <br />Owner-Seller at the time said Owner purchased the Premises ("base price"), plus the lesser of either (i) <br />the rate of increase of Area Median Income ("AMI") as published periodically by the United States <br />Department of Housing and Urban Development for Alameda County during the seller's ownership; or (ii) <br />the rate of increase in the housing component of the San Francisco-Oakland metropolitan area Consumer <br />
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