Reso 2018-2840 - Laserfiche WebLink

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(90) days after the date the Existing Lease was assigned to the City and continuing each 90 days thereafter until the earlier of (i) the date that all the Navarro's TDRs are sold to a willing buyer or purchased by the City, or(ii)the date that the Existing Lease is terminated. In the event that the Existing Lease is terminated prior to the date that all the Navarro's TDRs are sold to a willing buyer or purchased by the City, then the City shall pay to Owner all base rent due under the Existing Lease up to the date of termination thereof. The City and Owner agree to enter into a separate agreement providing for the transfer of rent to the Owner and indemnification of the City under the Existing Lease. This clause shall survive Closing. The City and Owner agree to enter into a separate agreement providing for the transfer of rent to the Owner and indemnification of the City under the Existing Lease. This clause shall survive Closing. 6. TDRs Buy-Back Option and Installment Payments. In the event the City is not able to sell all or part of the Navarro's TDRs by December 31, 2021 and the Renewal Option has been terminated, the City shall pay Owner the Guaranteed Maximum Price per square foot for the remaining unsold Navarro's TDRs in three (3) equal installments on or before the following dates; January 1,2022, January 1,2023 and January 1, 2024. If the Renewal Option discussed herein has not been terminated by December 31, 2021, the City shall pay the Guaranteed Maximum Price per square foot for the remaining unsold TDRs in five (5) equal installments on or before the following dates; January 1, 2023, January 1, 2024, January 1, 2025, January 1, 2026, and January 1, 2027. Notwithstanding any provision in this Agreement to the contrary, the City reserves the right to purchase all the Navarro's TDRs at the Guaranteed Maximum Price at any time prior to the expiration of Existing Lease. The City further agrees to sell Navarro's TDRs before the City sells any other TDRs held in the public bank account controlled by the City. Notwithstanding anything to the contrary herein, upon the City selling any of the TDRs, the City shall pay to Owner the amount of the proceeds from such sale within thirty (30) days of the closing. 7. Owner Warranties and Representations. The Property is being conveyed on an "AS IS "WHERE IS " basis and in its present state and condition and the Owner disclaims all warranties and representations of any kind or nature, whether oral or written,express or implied,concerning the Property, any such personal property or the Owner, except as follows; 3 of 8