AG 2016 07 18 - Laserfiche WebLink

Home Browse Search

of the Weddington Road 3 Property, which leaves a balance of and One Million Four Hundred Twenty Four Thousand Two and No /100 Dollars ($ 1,424,002.00) for the remaining 101.12 acres. 4. Feasibility Period Buyer shall have a period extending from the Effective Date through and including the date which is thirty (30) days after the Effective Date (the "Feasibility Period "), within which it may in its sole discretion terminate this Contract for any reason by giving written notice to Seller prior to the expiration of the Feasibility Period. In the event Buyer gives Seller the notice, the Earnest Money shall be refunded to Buyer promptly upon request, all rights and obligations of the parties under this Contract shall expire except for Buyer's obligations to restore the Property as provided in Section 10 , this Contract shall become null and void, and Buyer shall provide Seller with copies of survey(s) and all documentation reporting the results of all tests or inspections of or relating to the Property conducted by Buyer pursuant to this Contract (the "Due Diligence Materials "); p rovided , however that such provision by Buyer to Seller of the Due Diligence Materials shall be without warranty or representation and shall not include anything of a proprietary, confidential or privileged nature. The failure of Buyer to provide such notice of termination prior to the expiration of the Feasibility Period shall be deemed conclusively as a termination of this Contract pursuant to this Section 4 5. Closing; Multiple Tracts The closing of the purchase and sale of the Property ( "Closing ") shall be held at /through the offices of Buyer's attorney, unless otherwise agreed in writing between the parties, at such time and on such date (herein called the "Closing Date ") as may be agreed upon by and between Seller and Buyer; provided however that the Closing Date shall be on or before that date which is sixty (60) days after the Effective Date (herein called the "Final Closing Date ") and, if Buyer shall fail to give notice designating the Closing Date, the Closing Date shall be, and the Closing shall take place at, 2:00 P.M. on the Final Closing Date. Closing shall occur simultaneously with the Closings on the "Weddington Road 2 Property" and the "Weddington Road 3 Property" under the "Weddington Road 2 Contract" and the "Weddington Road 3 Contract" (all as defined in Section 15 below), as well as that certain Agreement for Purchase and Sale of Real Property by and between Buyer, as buyer, and Bill and Sharon Burgos, as seller ( "Burgos Contract ") for the real property set forth therein ( "Burgos Property ") (collectively, the Weddington Road 2 Property, the Weddington Road 3 Property and the Burgos Property may hereinafter be referred to as the "Other Properties" and the Weddington Road 2 Contract, the Weddington Road 3 Contract and the Burgos Contract may hereinafter be referred to as the "Other Contracts "). Costs and Prorations a. Seller shall pay at or before Closing, all real estate taxes, and all other public or governmental charges and public or private assessments against the Property for any and all periods prior to the year of Closing b. All real estate taxes, and all other public or governmental charges and public or private assessments against the Property for the year of Closing shall be adjusted and prorated between the parties as of the day of Closing (with Seller paying/being responsible for all of the same through and including the day of Closing) and shall thereafter be assumed and paid by Buyer, whether or not assessments have been levied as of the date of Closing. Any tax proration based on an estimate shall be subsequently readjusted within thirty (30) days of receipt of the actual tax bill, if required by reason of any difference between the estimate and said actual bill. The obligations to adjust shall survive Closing. Page 2 of 17 Attachment number 8 \n G -2 Page 132