Contracts & Agreements_18-1964 - Laserfiche WebLink

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BOOK 76 PACE 693 options on a date specified in Exhibit A, or at an earlier time in which event the amount of the option shall be adjusted on a pro rata basis, the City shall deposit the amount thereof in escrow and said escrow shall be conditioned on the conveyance of the said site to the City subject only to any liens or encumbrances incurred, permitted or suffered by City, and the furnishing by the lessor of a standard form policy of title insurance in the amount of the purchase price, showing title to said property to be so vested in City within sixty days after the option date. The escrow costs and policy of title insurance shall be paid by City. Assignment. With the written consent of the City, Schauerte may assign its interest hereunder, or transfer such interest in trust as security. Schauerte, notwithstanding any assignment of its interest, as provided herein, shall at all times remain bound to perform all covenants, conditions, and agreements of Schauerte hereunder except as here- inafter provided in this paragraph. After acceptance by City of possession and upon an agreement being entered into between City and a responsible assignee of Schauerte whereby said assignee agrees to be bound to perform all covenants, conditions and agreements herein provided, assignor shall be released from any further obligations under this lease. General Conditions of Agreement. Each and all of the terms and agreements herein con- tained shall be binding upon and inure to the benefit of the successors in interest of Schauerte and the City respectively. It is hereby covenanted and agreed that time is of the essence of this agreement except where otherwise expressly provided. There are no covenants and warranties other than those expressed herein, other than the warranty of title. Notices.