Resolution 2025-55 - Laserfiche WebLink

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15. Termination of Contract. In addition to all other rights and remedies of the City and the Seller as set forth in this Contract, the Seller agrees that the City shall have the right to terminate this Contract and to make the same of no further force and effect: a. If the representations and warranties of the Seller as set forth and provided for in Paragraph 7 are not true and correct as of the date of the Closing. b. If City determines, in its sole discretion, that the cost to manage, treat, abate, or remove any hazardous substances found on the Property is uneconomical as a result of any conditions disclosed by tests conducted hereunder. c. If any part of the Property is condemned, or if proceedings for such condemnation are commenced or notice of condemnation is received by Seller from a condemning authority other than the City prior to the date of Closing on the Property. d. In the event any action whatsoever is commenced to defeat or enjoin the City's performance under this Contract. If the City elects to terminate the Contract pursuant to this Paragraph, the City shall provide written notice to Seller declaring this Contract terminated, whereupon all Earnest Money shall be returned to City, all other things of value received hereunder shall be immediately returned to the parties, and both parties shall be released herefrom except for the City's obligations under Paragraph 6, which shall survive termination of this Contract. 16. Real Estate Commission. Neither party has engaged the services of any real estate agent or broker, and no commission is owed by either party in this transaction. Seller is advised to seek legal and tax counsel representation for Seller's own account, and Seller shall be solely responsible for any commission or fees owned to any agent, broker or counsel retained by Seller. 17. Property to Remain Unencumbered. Seller agrees that Seller will not, so long as this Contract is in effect, encumber or burden the Property. Seller further agrees that during the term of this Contract and through the date of the conveyance of the Property to the City, Seller shall not develop the Property in any manner, including, without limitation, constructing any improvements or erecting any structures on the Property, demolishing any structure on the Property, selling, leasing, transferring, or otherwise conveying mineral rights for the Property, or disturbing the surface of the Property. 18. Tax Consequences. Seller acknowledges that neither the City, nor any of its agents or attorneys have made any representations as to the tax treatment to be accorded to this Contract or to any proceeds thereof by the Internal Revenue Service under the Internal Revenue Code or by the tax officials of the State of Colorado under Colorado tax law. 7