2001-049 Ordinance - Laserfiche WebLink

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tenancy basis, in accordance with a new lease expected to be executed by Buyer and said tenant at or after Closing. Time for Closing 2.04 This transaction shall close on or before July 31, 2001, unless ot}aerwise agreed between the parties. Failure of Conditions 2.05 Should any of.the conditions specified in Article 2 fail to occur, Buyer and/or Seller shall have the power, exercisable by the giving by it of written notice to the escrow agent and to the other party to cancel such escrow, terminate this Agreement, and recover in the case of Buyer, or retain, in the case of Seller, any amounts paid or documents delivered to each other or to the escrow agent on account of the purchase price of the Property. The exercise of such power by Buyer or Seller.shall not, however, constitute a waiver by it of any other rights either party may have against the other for breach of this Agreement. The escrow agent shall be, and is hereby, irrevocably authorized; upon the failure of any condition(s) and receipt of notice from either pariy of said failure, to refund all moneys and/or return all documents deposited in escrow pursuant to this Agreement to the party who delivered the same to escrow agent. Prorations 2.06 Neither real property taxes or assessments, nor any of the charges for utilities servicing the Property shall be prorated in this transaction. Presently, under Seller's lease with its tenant, namely, JAMES LUMBER COMPANY, said tenant is responsible for the payment of all such real property taxes, assessments, and utility charges for the Property, and it is contemplated by Buyer, under the expected new Lease with said tenant, that tenant will continue to pay all real property taxes and assessments against the Property (unless otherwise agreed with Buyer), and all charges for 7/31/01 (#1) -3-