Resolution 1998-08 - Laserfiche WebLink

Home Browse Search

10. Closinq Procedures. At the time of closing, and upon each party's compliance with the terms and provisions of the Agreement, the City shall deliver to Colony Square a good and sufficient special warranty deed in a form acceptable to Colony Square, properly executed and acknowledged, conveying the City Parcel, free and clear of all liens, tenancies and encumbrances except those set forth in Paragraph 6.a. At the time of closing, and also upon each party's compliance with the terms and provisions of the Agreement, Colony Square shall deliver to the City a good and sufficient special warranty deed in a form acceptable to the City, properly executed and acknowledged, conveying the Colony Square Parcel, free and clear of all liens, tenancies and encumbrances, except those set forth in Paragraphs 6.a. and 6.b. Possession shall be delivered at the time of closing. 11. Closinq Documents. The City and Colony Square shall sign and complete all customary or required documents at or before closing. Costs and fees for real estate closing and settlement services shall be paid at closing fifty percent by the City and fifty percent by Colony Square. Each party shall pay the recording costs for the deed provided to it at closing. 12. Payment of Encumbrances. Any encumbrance required to be paid with respect to a Parcel to be conveyed shall be paid by the Parcel's current owner at or before the time of closing. 13. No Impairment of Discretion. Nothing herein shall affect or impair the legislative discretion of the City with respect to the proposed final replat and proposed final PUD plan for Lots 1-4, Colony Square Subdivision and the City Parcel, or with respect to any other legislative action contemplated herein. No assurances with respect to such proposed final replat and proposed final PUD plan have been made or relied upon by Colony Square. In the event that a final replat and final PUD plan have not been approved by City Council on or before July 7, 1998, this Agreement shall be null and void and each party shall be released from the terms and obligations created hereunder. 14. Removal of Asphalt. As additional consideration for the exchange contemplated herein, Colony Square agrees at its sole cost and expense to remove and properly dispose of all asphalt and road base located upon the Colony Square Parcel and the City Parcel. Upon written notice to Colony Square, the City may waive this obligation as respects all or any portion of the City Parcel if removal of asphalt and road base from all or a portion of the City Parcel is not necessary to comply with the approved final PUD plan for Lots 1-4, Colony Square Subdivision and the City Parcel. The asphalt and road base shall be removed after closing (unless otherwise agreed by the City) but prior to the issuance of the first building permit for development of Lots 1-4, Colony Square Subdivision, and in no event later than fifteen days after closing, unless otherwise directed by the City.