Agenda - Council - 07/22/2014 - Laserfiche WebLink

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PURCHASE AND SALE CONTRACT Should Seller receive notice or actual knowledge of any inaccurate information regarding any of the matters set forth in this Section 9 after the date of this Agreement and prior to Closing, Seller will immediately notify Buyer of the same in writing. If Seller is unwilling or unable to correct such inaccuracy on or before Closing of the applicable Property, Buyer may cancel this Agreement and any Earnest Money shall be returned to Buyer. The representations and warranties of Seller shall survive each Closing for a period of one (1) year. 10. CLOSING. In the event Buyer exercises its rights to purchase the Property, the consummation of the purchase and sale, delivery of the deed of conveyance and payment of the Purchase Price (the "Closing") shall take place at a legal office on a date and time mutually agreed to by the parties hereto, but in no event later than thirty (30) days after the end of the Inspection Period. Notwithstanding the foregoing, Buyer may extend the closing date for two (2) additional periods of sixty (60) days each upon payment of one thousand ($1,000) to the Escrow Agent at the time each such extension is requested, which deposits shall be non-refundable (subject only to Seller's ability to convey clear title), and shall be applied towards the Purchase Price at closing. Possession of the Property is to be given to Buyer upon delivery of the deed. Seller will pay the costs of Seller's counsel, preparation of the deed and any bill of sale, a title insurance Commitment, transfer taxes for the conveyance, and one half of the escrow or closing fees. Buyer will pay the cost of Buyer's counsel, the cost of the survey, all loan costs required by Buyer's lender, owner's title policy, lender's title policy, one half of any escrow or closing fee, and recording fees for the deed and mortgage, and any applicable mortgage tax. NOTICE. All notices will be in writing and served by postage prepaid certified mail, by next day delivery (such as Federal Express), by facsimile transmission, or by electronic mail to the addresses shown below, until notification of a change of such addresses. All such notices shall be deemed delivered on the date initiated. For Buyer: Imperial Development Company, LLC 194 Narrows Dr. Suite # 1 Birmingham, AL 35242 Telephone: (205) 995-2990 Fax: (205) 995-2989 sid@theoverlandgroup.com Buyer's Initials With a Copy To: Imperial Development Company, LLC 1598 imperial Center, Ste. 2001 P.O. Box 885 West Plains, MO 65775 rodhamby@theoverlandgroup.com theoverlandgroup.com Seller's Initials s