|
The District shall convey to the Agency fee title to the property by Grant Deed. The right, title
<br />and interest in the property shall not exceed that vested in the District, and this sale is subject to
<br />all title exceptions and reservations whether or not of record,
<br />Agency acknowledges receipt and acceptance of the Preliminary Title Report of the subject
<br />property, dated February 23, 2004 (#803-7315) prepared by Placer Title Company.
<br />Escrow services shall be provided by Placer Title Company, 215 Estudillo Avenue, San.
<br />Leandro, CA 94577. The escrow officer will be Teresa Papierniak. Her contact information is
<br />as follows: phone number (510) 351-4980, facsimile (510) 351-4980.
<br />The parties shall share equally in the closing costs including but not limited to escrow, title,
<br />recording, documentary stamp taxes, or other real estate transaction taxes or fees by whatever
<br />name known, although the parties should be exempt from paying transfer tax and recordation
<br />fees. It is the understanding of the parties that neither District nor the Agency has employed the
<br />services of a real estate broker in connection with this transaction.
<br />When the sale has been approved by the District's Board of Directors, the Redevelopment
<br />Agency Board of Directors and the City of San Leandro City Council, and all necessary funds
<br />and/or documents have been deposited into escrow, the Agency may take possession when the
<br />Grant Deed is recorded.
<br />6, The District is selling the property in an "AS IS" physical condition and Agency accepts this,
<br />with no warranty, guarantee, representation or liability, express or implied on the part of the
<br />District as to any matter, including, but not limited to the physical condition and/or contents of
<br />and/or on the property, and/or the condition and/or possible uses of the land or any
<br />improvements thereon, the condition of the soil or the geology of the soil, the condition of the
<br />air, surface water or groundwater, the presence of known and unknown faults, the presence of
<br />any hazardous substance, materials, or other kinds of contamination or pollutants of any kind in
<br />the air, soil, groundwater, building or the suitability of the property for the construction and/or
<br />use of the improvements thereon. It shall be the sole responsibility of the Agency, at its sole
<br />cost and expense, to investigate and determine the suitability of the soil, water, geologic,
<br />environmental, physical and seismic conditions of the property, for the intended use
<br />contemplated by Agency, and to determine and comply with all building, planning, zoning and
<br />other laws and regulations relative to the property and the uses to which it can be put. Agency
<br />relies solely on Agency's own judgment, experience and investigations as to the present and
<br />future condition of the property or its suitability for Agency's intended use and is not relying in
<br />any manner on any representation or warranty by District. Agency agrees that neither Agency,
<br />its agents, Agency officials, employees, successors or assigns shall ever claim, have or assert
<br />any right or action against District for any loss, damage or other matter arising out of, or
<br />resulting from, any hazardous substance or any other condition of the property existing at the
<br />close of escrow or from the release of any hazardous substance in, on or around any part of the
<br />property or in the soil, water, subsurface strata or ambient air by any person or entity.
<br />As used herein, "hazardous substance" means any substance, material or waste which is or may
<br />become designated,- classified or regulated as being "toxic", "hazardous" or a "pollutant" under
<br />any federal, state or local law, regulation or ordinance.
<br />
|