2000 RES R-45-00 - Laserfiche WebLink

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Quitclaim Deed by the authorized officers of the Agency and the acceptance of delivery of Agency Quitclaim Deed by the authorized officers of the City. Section 3. The Agency makes no representation or warr * anty to the City or to any third party concerning the condition of, the Propertyr including, without limitation, mechanical systems, foundation, structural, or compliance with building codes, zoning or development requirements and the Agency will make no repairs to the Property either before or after exe'cution of this Asset Transfer Agreement or the recordation of the Agency Quitclaim Deed. The City understands that the Agency does not guarantee or warrant that the Property is free of visible or hidden structural defect, termite damage, asbestos containing materials, lead-based paint, or any other condition that may require a response action or other repair or mitigation or render the Property unusable for any public or private purpose. City acknowledges responsibility for taking such action and conducting such investigation of the condition of the Property as it believes necessary to satisfy itself that the Property is in a condition acceptable to it and the City agrees to accept the Property in an "AS IS," "WHERE IS" and "SUBJECT TO ALL FAULTSff condition. Section 4. If requested by the City, the Agency shall cooperate with the City to obtain the issuance at the expense of the City of an owner's CLTA policy of title insurance in favor of the City at the time of recordation of the Agency Quitclaim Deed, which insures the Property in a merchantable and lien -free condition, subject to all matters of record and the possessory interest of any tenants who may then be in possession of the Property on the date of recordation of the Agency Quitclaim Deed. The Agency hereby agrees to assign to the City any lease which may affect the Property as of the date of recordation of the Agency Quitclaim Deed. The Executive Director of the Agency is hereby authorized and directed to execute such assignments of lease as may be appropriate. All rental income received by the Agency from and after the date on which the Agency receives the first payment under Section 1 hereof, shall be deemed to be rental income payable to the City. Section 5. The payments received by the Agency under Section 1 of this Asset Transfer Agreement shall be deemed to be an asset of the Cooley Ranch Capital Projects Fund. The Agency shall use and apply to payments received by the Agency under Section 1 of this Asset Transfer Agreement together with other sources of funds available to the Agency, to pay for principal and interest on outstanding indebtedness and for other eligible redevelopment activities as described in the Agency's 2000 Redevelopment COLT/0001/'DOC/335 2 5/2-5/00 1010 iMW