Resolution 2016-73 - Laserfiche WebLink

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b. 608 Studios shall be responsible for paying the parking improvement fee in -lieu for the required number of parking spaces associated with the development described in the Final PUD in accordance with Section 17.20.025 of the Louisville Municipal Code. The City agrees that 608 Studios' parking improvement fee in -lieu payments shall be paid at the rate established pursuant to Section 17.20.025 in effect when payment is owed, or at the rate of $7,500 per parking space, whichever is less. The foregoing provision applies solely to parking improvement fee in -lieu payments paid prior to June 30, 2018. The provisions of this Section shall survive Closing. 10. The Parties shall sign and complete all customary or required documents at or before closing. Settlement sheets for the closing shall be furnished by the Title Company to the Parties at least three (3) working days before the date set for closing. Costs and fees for real estate closing and settlement services shall be paid at closing fifty percent by each Party. 11. Any encumbrance required to be paid by any Party as Seller shall be paid at or before the time of closing from the proceeds of this transaction or from any other source. All real property taxes levied against the 608 Studios Property or the City's Property respectively, if any, and all water, sewer and other utility charges, and all other regular expenses, if any, affecting the 608 Studios Property or the City's Property, respectively shall be paid or shall be prorated as of 11:59 p.m. on the day preceding the closing based upon the most recent assessments and mill levy and shall be final. For purposes of calculating prorations, the Party that owned the relevant property prior to closing shall be deemed to be in title to the Property and therefore entitled to the income and responsible for the taxes, charges and expenses, for the entire day upon which the Closing occurs. Except as expressly provided herein, all proration adjustments shall be final as of the date of closing. Any apportionments which are not expressly provided for herein shall be made in accordance with customary practice in Boulder, Colorado. 12. At the time of closing and upon compliance by each Party as Buyer with the terms and provisions of this Contract, the other Party as Seller shall deliver: a. A good and sufficient general warranty deed in a form acceptable to Buyer, properly executed and acknowledged, conveying the Property free and clear of all liens, tenancies, and encumbrances except those set forth in Paragraphs 6.a. and b. above; b. All instruments, certificates, affidavits, and other documents necessary to satisfy the requirements listed on Schedule B-1 of the title commitment; c. An update of the title commitment, at Seller's expense, showing title to the Property to be subject only to the permitted exceptions determined by Paragraphs 5-7, above. d. A certification that the representations and warranties of Seller pursuant to Paragraph 15 continue to be true and correct as of the date of closing; 5