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Jon R Clark 2/11/2020
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Jon R Clark 2/11/2020
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Last modified
2/13/2020 9:27:23 AM
Creation date
2/13/2020 9:26:56 AM
Metadata
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Contracts
Contractor's Name
Jon R Clark
Approval Date
2/11/2020
Council Approval Date
2/5/2020
Department
Facilities
Department Project Manager
Darcie Byrd
Subject / Project Title
Acquisition of Park Property
Tracking Number
0002224
Total Compensation
$0.00
Contract Type
Real Property
Retention Period
10 Years Then Transfer to State Archivist
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a) the duly executed and acknowledged Deed; <br /> b) a duly executed and completed Real Estate Excise Tax <br /> affidavit; <br /> c) a nonforeign affidavit pursuant to Section 1445 of the Internal <br /> Revenue Code <br /> d) a tenant estoppel certificate in a form acceptable to Buyer for <br /> each Property lease that will be in effect after the Closing <br /> Date; <br /> e) any other documents, instruments, records, correspondence <br /> and agreements Seller is obligated under this Agreement to <br /> provide that have not been previously delivered; <br /> f) keys to the Property, if any. <br /> 7.3 Buyer's Escrow Deposits. On or before the Closing Date, Buyer <br /> shall deposit into escrow the following: <br /> a) cash in an amount sufficient to pay the Purchase Price, plus <br /> Buyer's share of closing costs; <br /> b) a duly executed and completed Real Estate Excise Tax <br /> affidavit; <br /> c) a nonforeign affidavit pursuant to Section 1445 of the Internal <br /> Revenue Code; and <br /> d) any other documents, instruments, records, correspondence <br /> and agreements Buyer is obligated under this Agreement to <br /> provide that have not been previously delivered. <br /> 7.4 Additional Instruments and Documentation. Seller and Buyer <br /> shall each deposit any other instruments and documents that are reasonably required by <br /> Closing Agent or otherwise required to close the escrow and consummate the purchase <br /> and sale of the Property in accordance with this Agreement. <br /> 7.5 Closing Costs. On closing, Seller shall pay real estate excise taxes; <br /> sales tax, if any; half of the Closing Agent's escrow fee; and shall pay the premium for a <br /> standard coverage owner's policy of title insurance. Buyer shall pay half Closing Agent's <br /> escrow fee and shall also pay the cost of the additional premium for an extended coverage <br /> title insurance policy (if required by Buyer) and recording fee for the deed. Additionally, <br /> at closing Buyer shall be credited for any deposits such as damage deposits, cleaning <br /> deposits, or other deposits being held by Seller resultant of any lease or other agreements <br /> pertaining to the Property. Seller shall pay applicable prorated items as set forth in <br /> 5 <br />
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