R-093-16 Authorize the Purchase of Parcel 0163-362-26 and to Amend the Fiscal Year 2016-2017 Budget to appropriate $75,000 for the purchase od Parcel 0163-362-26

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2.8 Notices. All communications from Escrow Holder to either Buyer or Seller shall be directed to the addresses and in the manner established in Section 7.1 herein for notices, demands and communications between the Buyer and Seller. 2.9 Facsimile/Countemart Documents. In the event Buyer or Seller utilizes "facsimile" transmitted signed documents, the Parties hereby agree to accept and instruct Escrow Holder to rely upon such documents as if they bore original signatures. Buyer and Seller hereby acknowledge and agree to provide to Escrow Holder, within seventy-two (72) hours after transmission, such documents bearing the original signatures. Buyer and Seller further acknowledge and agree that facsimile documents bearing non -original signatures will not be accepted for recording and that the Parties will provide originally executed documents to Escrow Holder for such purpose. Escrow Holder is authorized to utilize documents which have been signed by Buyer and Seller in counterparts. 3. TITLE. 3.1 Title Report. Within two (2) calendar days following the Opening Date, the Parties shall obtain, and provide to Buyer, a standard preliminary report for the Property from Fidelity National Title Company, Newport Beach, California ("Title Company"), together with the underlying documents relating to the Schedule B exceptions set forth in such report (collectively, the "Title Report"). 3.2 Title Policy: Permitted Exceptions. It is a condition to the Close of Escrow for Buyer's benefit that title to the Property and the right to possession to any portion of the Property shall be subject only to the Permitted Exceptions (defined below), as evidenced by the receipt by Escrow Holder prior to the Closing Date of an irrevocable commitment from Title Company to issue to Buyer upon Close of Escrow its standard owner's form policy of title insurance ("Title Policy") in an amount equal to the Purchase Price, showing title to the Property vested in Buyer, subject only to: (i) a lien to secure payment of general and special real property taxes and assessments, not delinquent and (ii) other exceptions to title disclosed by the Title Report that have been approved in writing by Buyer prior to the Close of Escrow (collectively, the "Permitted Exceptions"), and containing such endorsements and affirmative coverage as Buyer may require. In the event Escrow Holder has not received such irrevocable commitment prior to the Closing Date, then Buyer may terminate this Agreement as provided in Section 6.1 herein. 3.3 Due Diligence Period. Due Diligence deadline will conclude at the Close of Escrow unless otherwise extended by the City Manager at his sole exclusive discretion. 4. SELLER'S REPRESENTATIONS AND WARRANTIES. Seller hereby represents and warrants to Buyer that the following statements are true and correct as of the Effective Date, and shall be true and correct as of the Close of Escrow, and the truth and accuracy of such statements shall constitute a condition precedent to all of Buyer's obligations under this Agreement: 4.1 Seller's Authority. Seller has full legal right, power and authority to enter into this Agreement and the instruments and documents referenced herein and to consummate 23152.0631909248878.1 4