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Azusa Unified OKs amendments allowing developers to demolish school buildings before escrow closes
Summary
The Azusa Unified School District board approved two second amendments to purchase-and-sale agreements that give developers permission to demolish school buildings at their own risk before escrow closes and noted nonrefundable deposits on a separate sale.
The Azusa Unified School District Board of Education on March 11 approved two second amendments to purchase-and-sale agreements that, if exercised by the buyers, would allow developers to demolish former school buildings before the district’s escrow closes.
Superintendent Ortega told the board that the amendment for Taylor Morrison of California LLC would specifically allow the buyer to demolish the existing school buildings at its own cost and liability prior to close of escrow. Ortega said the amendment will be presented for the board’s consideration that evening and confirmed the developer would assume the risk if escrow fails to close after demolition.
The board also approved a second amendment to the purchase-and-sale agreement with Malia Holmes Inc. (the transcript lists the buyer name as presented). Ortega reported that escrow has opened for the former Mountain View School site with Taylor Morrison and that the due-diligence period for Ellington…
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