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Item B - Hospital Update
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Item B - Hospital Update
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6/9/2010 1:11:24 PM
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12/1/2004 2:33:49 PM
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City Council
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Agenda Item Summary
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12/6/2004
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give Seller reasonable advance notice of such entry and shall conduct such entry and any <br /> inspections in connection therewith so as to minimize, to the greatest extent possible, <br /> interference with Seller's business and the business of Seller's tenants and in a manner <br /> reasonably acceptable to Seller. Without limiting the foregoing, prior to any entry to <br /> perform any on-site testing, Purchaser shall give Seller advance notice thereof, including <br /> the identity of the company and person(s) who will perform such testing and the proposed <br /> nature of the testing. In the event that Purchaser proposes to perform any destructive or <br /> invasive testing, Seller shall authorize or not authorize, in its sole discretion, entry for the <br /> proposed destructive or invasive testing within three (3) business days after receipt of <br /> Purchaser's advance notice. Seller's failure to provide such notice shall be deemed non <br /> authorization of the entry for the testing. Seller or its representative may be present to <br /> observe any testing or other inspection performed on the Property. Purchaser shall <br /> promptly deliver to Seller a copy of any reports relating to any testing or other inspection <br /> of the Property performed by Purchaser or its agents, employees or contractors. <br /> Purchaser shall maintain, and shall assure that its agents or contractors maintain, public <br /> liability and property damage insurance in amounts and in form and substance adequate <br /> to insure against all liability of Purchaser and its agents, employees or contractors, arising <br /> out of any entry, testing or inspections of the Property pursuant to the provisions hereof, <br /> and Purchaser shall provide Seller with evidence of such insurance coverage upon request <br /> by Seller. Seller shall be a named insured on all such policies, which shall be in form and <br /> substance reasonably acceptable to Seller. Purchaser shall indemnify and hold Seller <br /> harmless from and against any costs, damages, liabilities, losses, expenses, liens or <br /> claims (including, without limitation, reasonable attorneys' fees) arising out of or relating <br /> to any entry on the Property by Purchaser, its agents, employees or contractors in the <br /> course of performing the inspections, testing or inquiries provided for in this Agreement. <br /> The foregoing indemnity shall survive beyond the closing, or, if the sale is not <br /> consummated, beyond the termination of this Agreement. <br /> <br />10. CLOSING. The closing date shall be on the first business day after the date which is 30 <br /> days after the expiration of the longer of Purchaser's Certificate Period, or the Seller's <br /> Financing Period. At closing, Seller and Purchaser shall each deliver to the other usual <br /> and customary conveyancing documents. Seller will furnish to Purchaser and pay for a <br /> standard owner's title insurance policy insuring fee simple title to the Property in the <br /> amount of the Purchase Price. Title will be conveyed by a statutory special warranty <br /> deed subject only to mutually agreeable exceptions. Seller shall use its best efforts prior <br /> to closing to obtain tenant estoppel certificates and subordination, attornment and non- <br /> disturbance agreements in mutually agreeable form from each of the tenants of the <br /> Property. <br /> <br />11. TITLE AND SURVEY. Purchaser shall obtain, at Purchaser's sole cost and expense, a <br /> current title commitment and a survey of the Property. Purchaser shall provide Seller a <br /> copy of the survey when it has been completed. Purchaser has until the end of the <br /> Purchaser's Inspection Period to review and notify Seller in writing of any objections to <br /> title and survey. It is a condition to Purchaser's obligations to consummate the closing <br /> that Seller delivers the Property to Purchaser free and clear of all liens and encumbrances <br /> and other matters except for mutually agreeable exceptions. It is a condition of the <br /> obligation of Seller and Purchaser to consummate the closing that Seller be able to obtain <br /> <br /> L:\CMO\2004 Council Agendas\M041206\S041206B.doc <br /> <br /> <br />
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