04/26/1999 Council Packet - Laserfiche WebLink

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SECTION 5. REPRESENTATIONS AND WARRANTIES. 5.1. Optionor represents and warrants to Optionee as follows: (a) Optionor is, or will be, lawfully seized in fee simply of the Option Premises at the time of closing. (b) Optionor will defend title and quiet enjoyment of the Option Premises against the lawful claims and demands of all persons; (c) Optionor knows of no unrecorded agreements not described herein affecting any of the Option Premises; (d) Optionor will not commit waste or materially damage the Option premises. SECTION 6. CONDITIONS PRECEDENT. 6.1. Notwithstanding anything stated herein to the contrary, Optionee's obligation to perform at the closing shall, at Optionee's election, be conditioned upon the satisfaction of each of the following conditions precedent: (a) Optionor shall have performed and complied with all agreements and conditions required by this Option to be performed and complied with prior to or at the closing, and shall certify in such detail as Optionee may specify to the foregoing effect; (b) At the closing, there shall have been no material damage to, or destruction of, the Option Premises; (c) All legal matters in connection with the performance of Optionor of its obligations in this Option shall be reasonably satisfactory to counsel for Optionee, or such title insurance company described in Section 4.1. 6.2. Notwithstanding anything stated herein to the contrary, Optionor's obligation to perform at the closing shall, at Optionor's election, be conditioned upon the satisfaction of each of the following conditions precedent: (a) Optionee shall have performed and complied with all agreements and conditions required by this Option to be performed and complied with prior to or at closing, and shall certify in such detail as Optionor may specify the foregoing effect; and 3