No. 2584 approving the execution of a purchase agreement for the transfer of real property from the SBRC to the SB Public Transportation Corp.

Home Browse Search

• • letter, administrative inquiry, or formal or informal complaint or claim with respect to any Environmental Defect relating to the Property; or (c) been subject to or threatened with any governmental or citizen enforcement action with respect to the Property; and (4) Seller shall assign to Purchaser at Closing any environmental indemnifications which it has previously received regarding the Property or any part thereof. 11. Condemnation or Destruction. If prior to the Closing of this transaction, all or any substantial part of the Property is condemned, damaged or destroyed, Purchaser shall have the option of either applying the proceeds of any condemnation award or insurance policies to reduce the total purchase price payable by Purchaser herein or terminating this Agreement by delivering written notice of termination pursuant to this paragraph to Seller within ten (10) days of the date Seller notifies Purchaser in writing of such condemnation, damages or destruction. 12. No Government Notices. Seller warrants that Seller has not received, or is aware of, any notification from any City, County, State or other governmental authority requiring any work to be done on or affecting the Property or expressing an intent to condemn or make special improvements for the benefit of the Property. Seller further warrants that in the event any such notice is received prior to Closing, Seller shall submit such notice to Purchaser for examination and approval. Should Purchaser fail to consent in writing to the action proposed by any such notice within thirty (30) days from the date Purchaser receives such notice, this Agreement may at Purchaser's option be canceled by Purchaser's written notice. 13. Assignment. Neither party shall have the right to assign this Agreement without the prior written consent of the other parry. 14. Additional Remedies. In the event of breach of this Agreement by Seller, Purchaser shall have the right for specific performance and such additional remedies as otherwise are allowed by law or equity. The non - breaching party shall, in addition to the above remedies, be entitled to recover from the breaching party its attorney fees, expenses and costs arising from such breach and incurred in enforcing this Agreement. 15. Broke=e Services. The parties represent and warrant to each other that neither of them has made any commitment or agreement with a real estate salesman or broker to pay any fee or commission as a result of this transaction, and each agrees to indemnify and hold the other harmless against any such fees or commissions to which it has agreed. 16. Miscellaneous. A. Time is of the essence of this Agreement. B. If any term or condition of this Agreement be invalid or unenforceable, the remainder of the Agreement shall not be affected thereby. C. This Agreement and the exhibits attached hereto constitute the entire agreement of the parties hereto and, unless specified otherwise herein, no representation, OPERATIONS FACILITY 2