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No. 2369 approving a counter offer from and a contract of purchase and sale with Key S.B. LLC and other related matters
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No. 2369 approving a counter offer from and a contract of purchase and sale with Key S.B. LLC and other related matters
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8/12/2009 12:20:46 PM
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8/12/2009 12:17:43 PM
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• <br />(b) the Company has not received any notice, and does not have actual <br />knowledge or information about, any existing or threatened condemnation <br />or other legal action of any kind affecting the Property other than from the <br />Commission. <br />(c) the Company has not received any notice of, and does not have any actual <br />knowledge of, any actual or contemplated special assessments against the <br />Property, or reassessments for general real estate tax purposes affecting <br />the Property. <br />(d) the Company owns fee simple insurable title to the Property, subject only <br />to exceptions stated in Paragraph 3 above. From the present date to the <br />date of Closing, Company shall assure that any occupants of the Property <br />conduct business on the Property in the manner in which it heretofore has <br />been conducted, in compliance with all federal, state, and local <br />environmental laws and regulations, and further that during such period <br />the neither Company nor any occupant shall create on the Property any <br />easements or other encumbrances, except as herein specifically authorized, <br />which would prevent Company from conveying title to Commission <br />subject only to such exceptions as herein permitted. The Company shall <br />further refrain from entering into or extending any lease of the Property, <br />unless the Company first obtains the written consent of the Commission. <br />In the event that a lease, easement or encumbrance exists with respect to <br />the Property which survives the Closing and does not appear on the Title <br />Commitment, Commission shall have the option to terminate, or be <br />deemed the successor in interest to, any such easement, lease or <br />encumbrance, and the Company hereby agrees to indemnify and defend <br />the Commission for any alleged claims or damages resulting from the <br />Commission's actions with respect to such easements, leases or <br />encumbrances. <br />(e) Except for any items to be assumed by the Commission or to be prorated <br />as set forth in this Agreement, the Company shall be solely liable for the <br />payment of all expenses, liabilities, obligations, and claims arising out of <br />Company's ownership and use of the Property prior to Closing Date. <br />• <br />
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