Agmt 2003 RDA (3) - Laserfiche WebLink

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H. The future conveyance of the Property from the Agency to a third party may require demolition of existing structure(s). In recognition of this fact, City agrees to accept as payment a per square foot value for the Property which takes into account demolition costs for structures on the Property to be directly paid by the Agency or assumed by the third party buyer. I. The City may continue to use the Property for storage until receipt of a 15- day notice from Agency of imminent sale. City's use of Property will not interfere with any entry or inspection of Property by Agency or prospective buyers. Agency will assess City a reasonable rent ($.25/SF of Property per month) for use of the Property from Effective Date until issuance of the 15-day notice or notice to Agency of City's vacation from the premises, whichever comes first. This amount shall be deferred until sale of the Property, and then deducted from City's share of proceeds. Upon sale of the ,Property to the third party buyer, this amount may be reduced or forgiven at the discretion of the Executive Director. NOW, THEREFORE, IN CONSIDERATION of the mutual covenants, promises and undertakings set forth herein, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Conveyance and Acquisition. City shall convey the Property to Agency and Agency shall accept the conveyance of the Property from City on all of the terms, covenants and conditions provided herein by a Grant Deed in the form attached hereto as Exhibit "B". City shall convey the Property to Agency without the payment of monies from Agency to City prior to or at the time of such conveyance. 2. Payment of Proceeds from Subsequent Disposition. If and when Agency disposes of the Property to another party, any and all funds Agency derives from such disposition shall be paid to City under terms described in Sections H, I, and 4, with appropriate documentation. Agency agrees that, unless a longer period is required by law, it shall deliver such funds to City within thirty (30) days of its receipt of same. The obligations of this Section 2 shall be the only payment obligations from Agency to City in connection with the conveyance and acquisition provided for in Section 1. 3. Recording. Following the delivery of the Grant Deed from City to Agency, Agency shall cause the Grant Deed to be recorded in the official records of Alameda County, California. 4. Costs. Agency shall advance and City shall reimburse transfer taxes, recording fees, and miscellaneous costs associated with the transfer of the property. The total amount of the City's costs will be deducted from payment to the City as per Section 2. 5. Possession. City shall deliver possession of the Property to Agency upon delivery of the Grant Deed. City-Agency Agreement 2101 Marina Boulevard