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2015-246
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Last modified
4/23/2018 3:42:20 PM
Creation date
12/17/2015 11:35:13 AM
Metadata
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Template:
Official Documents
Official Document Type
Agreement
Approved Date
12/15/2015
Control Number
2015-246
Agenda Item Number
12.G.1
Entity Name
RREF RB 2012 LTI-FL PHP LLC
Subject
Alternative Water Supply
Sale and Purchase Property
Official Document 12.G.2
Area
925 5th St. SW
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amount of any sums reasonably incurred by <br />caused by such event. <br />Seller before the Closing to repair any damage <br />(d) Regardless of whether any of the Net Proceeds in connection with a casualty to <br />the Property are assigned to Buyer at Closing in accordance with this Section 12.2, Seller shall <br />retain the exclusive right to process and handle the claim with Seller's insurance company. <br />Seller and Buyer agree to use good faith efforts to cooperate with each other in resolving any <br />insurance claim, including as to the amount of the Net Proceeds, including, without limitation, <br />promptly providing any and all materials requested by the insurance company and promptly <br />responding to any and all inquiries from the insurance company. Seller shall not have the right <br />to agree to the amount of Net Proceeds with the insurance company without the prior written <br />consent of Buyer (which shall not be unreasonably withheld), unless the Net Proceeds are <br />reasonably expected to equal or exceed the Purchase Price (in which case Seller shall have the <br />right to negotiate and agree with the insurance company by itself, in its sole discretion). Upon <br />payment by the insurance company on or after. Closing, the Buyer's Proceeds shall be disbursed <br />to Buyer and the Excess Proceeds, if any, (shall be disbursed to Seller. Seller makes no <br />representation or warranty with respect to the amount of the Net Proceeds that will be available <br />from the insurance company in connection with any such casualty, including, without limitation, <br />whether Buyer will be entitled to the actual cash value or the replacement cost of the Property. <br />The provisions of this paragraph shall survive the Closing. <br />12.3 Construction. The terms "Seller" and I "Buyer" whenever used in this Agreement shall <br />include the heirs, personal representatives, successors and assigns of the respective parties <br />hereto; provided, however, that Buyer's right of assignment is restricted by the provisions hereof. <br />Whenever used, the singular number shall include the plural and the plural the singular, and the <br />use of any gender shall include all genders. The term "including" as used herein shall in all <br />instances mean "including, but not limited to". The headings in this Agreement are intended <br />solely for convenience of reference and shall be given no effect in the interpretation of this <br />Agreement. This Agreement and any related) instruments shall not be construed more strictly <br />against one party than against the other by virtue of the fact that initial drafts may have been <br />prepared by counsel for one of the parties, it being recognized that this Agreement and any <br />related instruments are the product of extensive negotiations between the parties hereto. <br />12.4 Counterparts. This Agreement may be executed in two or more counterparts, each of <br />which shall be deemed an original, but all of which will constitute the same Agreement. Any <br />signature page of this Agreement may be detached from any counterpart of this Agreement <br />without impairing the legal effect of any signatures thereon and may be attached to another <br />counterpart of this Agreement identical in form hereto, but having attached to it one or more <br />additional signature pages. Electronically transmitted signatures on this Agreement, any <br />amendment thereto, and on any notice given pursuant to it shall be effective as originals. <br />12.5 Severability and Waiver. Invalidation of any one Section or provision of this Agreement <br />by judgment or court order shall in no way affect any other Section or provision. Failure of any <br />party to this Agreement to insist on the full performance of any of its provisions by the other <br />party (or parties) shall not constitute a waiver of such performance unless the party failing to <br />insist on full performance of the provision declares in writing signedby it that it is waiving such <br />MIAMI 2957652.8 79037/33274 <br />17 <br />
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