01-11-2016 Council Packet - Laserfiche WebLink

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184949v1 5 (c) Real Estate Taxes and Special Assessments. (i) City Land. General real estate taxes payable in the years prior to the year of closing and installments of special assessments will be paid by the City. General real estate taxes payable in the year of closing, if any, shall be pro rated by the City and the Barkleys as of the Closing Date on a per diem basis based upon a calendar year. The City shall pay on or before the Date of Closing all pending special assessments that are due prior to the Closing. The City shall pay at Closing any deferred real estate taxes or special assessments payment of which is required as a result of the closing of this Agreement. The Barkleys shall pay real estate taxes due and payable in the year following closing and thereafter. (ii) Remnant Parcel. General real estate taxes payable in the years prior to the year of closing and installments of special will be paid by the Barkleys. General real estate taxes payable in the year of closing, if any, shall be pro rated by the Barkleys and the City as of the Closing Date on a per diem basis based upon a calendar year. The Barkleys shall pay on or before the Date of Closing all pending special assessments that are due prior to the Closing. Barkleys shall pay at Closing any deferred real estate taxes or special assessments payment of which is required as a result of the closing of this Agreement. The City shall pay real estate taxes due and payable in the year following closing and thereafter. (d) Recording Costs. Each party will pay the cost of recording all documents necessary to place record title to the property the party is conveying in the condition warranted by the parties in this Agreement. Each party will pay the cost of recording the deed for the property that that the party is acquiring. 10. CITY’S COVENANTS, REPRESENTATIONS AND WARRANTIES. The City hereby covenants, represents and warrants to the Barkleys, as of the date of this Agreement and as of the Closing Date, as follows: (a) No Breach. The consummation of the transactions contemplated by this Agreement will not constitute a default or result in the breach of any term or provision of any contract or agreement to which the City is a party so as to adversely affect the consummation of such transactions. (b) Authority. The execution, delivery and performance of this Agreement by the City has been authorized and approved by the City, and the person executing this Agreement on behalf of the City has full authority to bind the City to the terms hereof. (c) No Actions. There is no action, suit, legal proceeding, investigation, condemnation or other proceeding pending or threatened against the City which may adversely affect the consummation of the transactions contemplated by this Agreement or affecting any portion of the City Land, in any court, before any arbitrator of any kind or before or by any governmental body.