2017/12/20 Council Agenda Packet

• I 16.8.3 The City's Deliveries. On or before each Closing Date, the City shall deliver to Escrow Agent: a) All costs and fees required to be paid by the City pursuant to Section 16.8.5 below; b) Such other documents and instruments as may be reasonably requested by Developer or by the Escrow Agent in order to consummate this transaction. 16.8.4 Developer's Deliveries. No later than one (1)business day prior to the Closing Date,Developer shall deliver to Escrow Agent all of the following: a) A fully executed and acknowledged bargain and sale deed, conveying the Property to the City(the"Deed"),subject to no exceptions other than the Approved Title Matters; b) Documentation, in form acceptable to Escrow Agent, authorizing the execution, delivery and performance by Developer of the Deed and any other actions required of Developer by this Section 16,and designating one or more members to execute documents on Developer's behalf in connection with this transaction; c) Certificates of Developer's non-foreign status sufficient to relieve the City from any obligation to withhold any portion of the Option Price pursuant to Federal and State law; and d) Such other documents and instruments as may be required herein or reasonably requested by the Escrow Agent in order to consummate this transaction. 16.8.5 Closing Costs. Developer shall pay:(a)the premium for a standard coverage 2006 ALTA Owner's Policy of Title Insurance; (b) any excise tax due in connection with the conveyance of the Property at Closing; (c) all escrow and recording costs; and (d) all other costs of closing other than the City's attorneys' fees. The City shall pay the incremental cost of extended title in the event that the City elects to obtain the same. 16.9 Commissions. Each party represents and warrants to the other that it has not engaged any broker or finder in connection with the transaction contemplated under 19 49