Res 2004-090 - Laserfiche WebLink

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Commercial Contract - Improved Property concerning 1402 West Hopkins Street, San Marcos B. Rollback Taxes: If Seller changes the use of the Property before closing or if a denial of a special valuation on the Property claimed by Seller results in the assessment of additional taxes, penalties, or interest (assessments) for periods before closing, the assessments will be the obligation of Seller. If this sale or Buyer's use of the Property after closing results in additional assessments for periods before closing, the assessments will be the obligation of Buyer. This Paragraph 13B survives closing. C. Estoppel Certificates: (1) Within N / A days after the effective date, Seller will deliver to Buyer estoppel certificates signed not earlier than by each tenant that leases space in the Property. (2) The estoppel certificates must state: (a) that no default exists under the lease by the landlord or tenant as of the date the estoppel certificate is signed; (b) the amount of the scheduled rents to be paid through the end of the lease and any rental payments that have been paid in advance; (c) the amount of any security deposit; (d) the amount of any offsets tenant is entitled against rent; (e) the expiration date of the lease; (f) a description of any renewal options; and (g) D. Rent and Security Deposits: At closing, Seller will tender to Buyer all security deposits and the following advance payments received by Seller for periods after closing: prepaid expenses, advance rental payments, and other advance payments paid by tenants. Rents prorated to one party but received by the other party will be remitted by the recipient to the party to whom it was prorated within 5 days after the rent is received. This Paragraph 13D survives closing. f'.J~ CASUALTY LOSS AND CONDEMNATION: A. If any part of the Property is damaged or destroyed by fire or other casualty after the effective date, Seller must restore the Property to its previous condition as soon as reasonably possible and not later than the closing date. If, without fault, Seller is unable to do so, Buyer may: (1) terminate this contract and the earnest money, less any independent consideration under Paragraph 7B(3)(a), will be refunded to Buyer; (2) extend the time for performance up to 15 days and the closing date will be extended as necessary; or (3) accept at closing: (i) the Property in its damaged condition; (ii) an assignment of any insurance proceeds Seller is entitled to receive along with the insurer's consent to the assignment; and (iii) a credit to the sales price in the amount of any unpaid deductible under the policy for the loss. B. If before closing, condemnation proceedings are commenced against any part of the Property, Buyer may: (1) terminate this contract by providing written notice to Seller within 15 days after Buyer is advised of the condemnation proceedings and the earnest money, less any independent consideration under Paragraph 7B(3)(a), will be refunded to Buyer; or (2) appear and defend the condemnation proceedings and any award will, at Buyer's election, belong to: (a) Seller and the sales price will be reduced by the same amount; or (b) Buyer and the sales price will not be reduced. (TAR-1801) 2-6-02 Initialed for Identification by Buyer --4J-, _ seller~, ~ Page 9 of 14 Produced with ZipFormlM by RE Forms Net, llC 18025 Fifteen Mile Road, Clinton Township, Michigan 48035, (800) 383-9805 T6285880.ZFX