Laserfiche WebLink
Title Company does not release Owner from any obligation under this <br /> Amendment, including without limitation the Owner's obligation to cause to the <br /> Title Company to deliver the Title Policy for Transfer Lot 3. Owner represents <br /> and warrants that, as of the date of such Deed release, all representations and <br /> warranties in Section 1.3 above are true and accurate as to Transfer Lot 3. <br /> (2) Completion of Transfer Lot 3 Work and Conveyance. If the <br /> Transfer Lot 3 Work and the conveyance of Transfer Lot 3 is not completed by <br /> the Transfer Lot 3 Closing Date in accordance with this Amendment,then the <br /> City may, in addition to any other remedies it may have under law or equity, <br /> demand performance and payment under the Transfer Lot 3 Bond securing such <br /> performance or commence foreclosure of the Obligation Deed of Trust, as <br /> applicable. In the event the City commences foreclosure proceedings with respect <br /> to the Obligation Deed of Trust, then, as further set forth therein, the value of the <br /> Transfer Lot 3 Work and Transfer Lot 3 conveyance secured by the same shall be <br /> deemed to be $1.6 million(the "Transfer Lot 3 Secured Amount"), and the City <br /> shall be entitled to credit bid the Transfer Lot 3 Secured Amount(plus all unpaid <br /> Installment Payments, as set forth in the Obligation Deed of Trust) at a <br /> foreclosure sale of the property encumbered by the Obligation Deed of Trust. <br /> Similarly, if the City demands performance on the Transfer Lot 3 Bond, the total <br /> amount drawn shall be the Transfer Lot 3 Secured Amount, plus the City may <br /> tender the Installment Payment Bond for the amount of the then unpaid <br /> installments. The City may then elect between two options: <br /> 24 <br />