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Justin S Lee and Angela J Choi 4/23/2020
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Justin S Lee and Angela J Choi 4/23/2020
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Last modified
5/13/2020 12:27:09 PM
Creation date
5/13/2020 12:26:45 PM
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Contracts
Contractor's Name
Justin S Lee and Angela J Choi
Approval Date
4/23/2020
Council Approval Date
4/15/2020
Department
Facilities
Department Project Manager
Paul McKee
Subject / Project Title
Sale of 1409 E Marine View Drive
Tracking Number
0002307
Total Compensation
$0.00
Contract Type
Real Property
Retention Period
10 Years Then Transfer to State Archivist
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Authentisign ID:D25BAD20-4B89-43DF-A6C8-A318D3577A86 <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 /> e) any other documents that may be reasonably required by <br /> Seller or the Title Company or Closing Agent to close this <br /> transaction, duly executed (provided however, no such <br /> additional document shall expand any obligation, covenant, <br /> representation or warranty of Buyer or result in any new or <br /> additional obligation, covenant, representation or warranty of <br /> Buyer under this Agreement beyond those already set forth in <br /> this Agreement). <br /> f) Buyer's counterpart to the Easement, duly executed and <br /> acknowledged by Buyer. <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 /> if any; sales tax, if any; half of the Closing Agent's escrow fee; and shall pay the premium <br /> for a standard coverage owner's policy of title insurance. Buyer shall pay half Closing <br /> Agent's escrow fee and recording fee for the deed. Additionally, Seller shall pay <br /> applicable prorated items as set forth in Section 7.6 below. Buyer and Seller shall prepare <br /> a real estate excise tax affidavit as required to close the sale. <br /> 7.6 Prorations. All normal and customarily pro-ratable items, including <br /> without limitation real estate and personal property taxes and utility bills, shall be prorated <br /> as of the date of closing, on the basis of a 365 day year, with Seller being charged and <br /> credited for all of same up to the closing date and Buyer being charged and credited for <br /> all of same on and after such date. If the actual amounts to be prorated are not known <br /> as of the closing, the prorations shall be made on the basis of the best evidence then <br /> available, and thereafter, when actual figures are received, a cash settlement will be <br /> made between Seller and Buyer. <br /> 6 <br />
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