Agenda - Council - 06/25/2013 - Laserfiche WebLink

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(viii) execute and deliver a Settlement/HUD Closing Statement in form to be prepared by the Title Company; (ix) provide the Title Company with all information necessary to allow the Title Company to prepare a Certificate of Real Estate Value; (x) provide evidence of payment of the following: the cost of providing the Title Commitment; the State Deed Tax due upon the execution of the Warranty Deed; any delinquent real estate taxes due and payable with respect to the Property; the penalties and interest due thereon and a pro rata share of any real estate taxes due and payable with respect to the Property in the year in which Closing occurs as set forth in Section 11 and one-half of Title's fee. b. BUYER must: (i) tender Four Hundred Thousand and 00/100 Dollars ($400,000.00) to SELLER via wire transferred funds. (ii) provide evidence of payment of the premium for BUYER's owner's policy of title insurance, the fees due upon the recording of the deed from SELLER to BUYER, except the State Deed Tax and one-half of Title's fee to conduct and insure the closing of this transaction. 8. POSSESSION. SELLER will be deemed to have tendered possession of the Property to BUYER on the actual date of Closing. On or before the actual date of Closing, SELLER will pay for all labor provided and materials delivered to the Property at the request of SELLER. SELLER will not place anything on the Property between the date of this Agreement and the actual date of Closing. If a third party places trash, refuse, debris, waste ("Waste") on the Property between the date of this Agreement and the actual date of Closing, SELLER will use commercially reasonable efforts to remove the Waste, before the Date of Closing. If the Waste cannot be removed before the actual date of Closing, SELLER and BUYER will escrow 125% of the estimated cost of removing the Waste with the Title Company to secure SELLER's obligation to remove the Waste. If a third party places Waste on the Property between the date of this Agreement and the actual date of Closing, the cost of removing the Waste exceeds $5,000.00, SELLER elects not to incur that cost and BUYER does not agree to waive SELLER's obligations under this Section 8, SELLER may terminate this Agreement by written notice to BUYER pursuant to Section 17 and the Earnest Money shall be returned to Buyer. 9. EVIDENCE OF TITLE. Within ten (10) days after the Effective Date, SELLER will provide an abstract of title or other title documents necessary to allow BUYER to obtain a current commitment from the Title Company to issue an ALTA 2006 Owner's Policy of Title Insurance, in the amount of the Property Payment, insuring BUYER's title to the Property (the "Title Commitment"). The Title Commitment will (i) include any easements that are appurtenant to the Property in the description of the land set forth in Schedule A; (ii) state, in Schedule B-1, Title's requirements for deleting the standard exceptions; and (iii) list, in Schedule B-1, any liens to be satisfied at Closing. Seller will also cause Title to deliver to BUYER (i) copies of any documents referenced in the legal description, Schedule B 1 or Schedule B2 of the Title Commitment; and (ii) a copy of the vesting deed for the Land (the "Evidence of Title"). 9885655v2 3