AG 1996 09 16 - Laserfiche WebLink

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or use thereof; and (3) the title to the subject property. If Buyer determines in its sole discretion that the subject properties are u~suitable as aforesaid, then Buyer shall give written notice' to Seller of same, and this Contract shall thereupon terminate and all earnest monies shall be refunded to Buyer and each party shall be released from all obligations hereunder. Failure of Buyer to give such notification within said ninety (90) day period shall void Buyer's rights under this provision, but such failure shall not void any other provision in this Contract which shall remain in full force and effect. (c) Buyer shall have 90 days from the Acceptance Date to obtain a firm commitment for financing. 6. CONDITION TO SELLER'S OBLIGATIONS: It is a condition to Seller's obligations hereunder that the Buyer and Seller must come to a mutual agreement prior to closing for the assurance of the Seller as to the Buyer's ability to perform certain obligations after the closing of Tract 1, to wit: Purchase of t_he Drive-in Movie Tract; payment of the $500,000.00 under paragraph 3(c); and completion of the construction of the golf course. 7. CLOSING: (a) All parties agree to execute any and all documents and papers necessary in connection with closing and transfer of title and to place all such documents, papers, and funds in escrow with a closing agent designated by Buyer, such that the closing of escrow andthe disbursement of funds shall occur no later than: (1) as to Tract 1, 120 days after the Acceptance Date, unless extended by agreement of the parties hereto; and (2) as to Tract 2, one year after the closing of Tract 1, or earlier at Buyer's option. (b) Seller shall pay for the preparation of a deed and for any transfer charges required by law. Buyer shall pay for recording the deed and for preparation and recording of all other instruments. Both parties shall bear their own legal and other professional fees. 8. TITLE: (a) Title must be delivered at closing by general warranty deed and must be fee simple marketable title, free of all encumbrances except ad valorem taxes for the current year and utility easements that do not materially affect the value of the Property and such other enc~hrances as may be ass,,~ed or specifically approved by Buyer. The Property must have legal access to a public right of way. (b) Seller agrees to deliver to Buyer as soon as reasonably possible after the acceptance of this offer, copies of all title information in the possession of or available to Seller, including but not limited to: title insurance policies, attorney's opinions on title, surveys, covenants, deeds, notes, and deeds of trust and easements relating to the Property. (c) To the knowledge of Seller there are no special assessments, either pending or confirmed, for sidewalk, paving, water, sewer, or other improvements on or adjoining the Property. 3