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AG 2000 03 20
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AG 2000 03 20
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Last modified
3/25/2002 4:56:44 PM
Creation date
11/27/2017 11:47:01 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
3/20/2000
Board
Board of Commissioners
Meeting Type
Regular
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bo <br /> <br />placed in an interest bearing account'with interest in all events accruing to <br />Purchaser. The Deposit, plus accrued interest ther. eon, shall be returned to <br />Purchaser unless the Purchaser elects in writing 180 days from Purchaser's <br />receipt of a fully executed copy/of this Contract to proceed with <br />Purchaser's purchase of the Property, in which case the Deposit shall <br />become non-refundable to the Purchaser, but shall remain applicable to the <br />Purchase <br /> Price.. <br /> <br />At Closing (as hereinafter defined), Purchaser shall deliver~t~e Deposit <br />and a cashier's check or a bank wire in the amount of $4-rJr-7~;qg~(plus <br />or minus closing prorations or adjustments to the Purchase Price as a result <br />of the survey of the Property and interest earned on the Deposit). <br /> <br />Seller, within twenty (20) days of the execution of this Agreement shall provide <br />Purchaser with a survey of the Property (the "Survey"). The Survey shall show <br />the location of all easements and other encumbrances affecting the Property~ The <br />entire cost of the Survey shall be borne by the Seller. <br /> <br />Seller shall cause a title company to issue to Purchaser, at Seller's expense, a title <br />insurance commitment committing to insure title to the Property in Purchaser (the <br />"Commitment"). Seller shall, within twenty (20) days of the execution of this <br />Contract, provide to Purchaser copies of (i) a tax search for the Property, (ii) <br />legible recorded copies of all encumbrances for the Prop.erty, and (iii) (iv) copies <br />of all title material (e.g., existing title insurance reports and policies) which relate <br />to the Property (collectively the "Title Documents"). If within twenty (20) days <br />of the later of (a) Purchaser's receipt of the Commitment and al1 Title Documents <br />or (b) Purchaser's exercise of the Contract Purchaser shall raise written objection <br />to Seller's title which, if valid, would render the title unmarketable, either party <br />shall have the right to cancel this Contract by giving written notice of such <br />cancellation to the other party and Purchaser's deposit shall be refunded, <br />whereupon all liability by reason of this Contract shall cease; provided however, <br />if Seller shall be able to cure the objection prior to the date set for closing herein <br />or if either party secures a commitment for title insurance at standard rates in a <br />.face amount equal to the purchase price to insure indefeasibility of title a. gainst the <br />objections raised, or title insurance acceptable to Purchaser, Seller shall pay the <br />cost thereof (excluding the cost of any mortgage policy), and in such event this <br />Contract shall remain and continue in full force and effect. If Purchaser finds <br />valid objections to Seller's title which make it uninsurable, Purchaser shalI have <br />the right to cancel this Contract on written notice to Seller within twenty (20) days <br />of receipt of the Commitment, in which event the Deposit shall be promptly <br />returned to Purchaser. <br /> <br />This Contract is also contingent upon the Purchaser, by M~ 15, 2000, (the <br />"Contingency Period" satisfying itself that (a) the Property is physically and <br />environmentally acceptable to Purchaser in Purchaser's sole discretion and (b) <br />Purchaser obtaining all required permits, zoning and governmental approvals to <br /> <br />2 <br /> <br /> <br />
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