Agenda - Council - 05/28/2024 - Laserfiche WebLink

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13. CLOSING. This transaction for each lot shall close within 30 days after Buyer delivers a Notice to Proceed to Seller or on such earlier date as Seller and Buyer may establish by mutual, written agreement; provided, however, Buyer may extend the Closing a total of two (2) times, each time for a period of Sixty(60) days, by depositing an additional Ten Thousand and 00/100 Dollars ($10,000.00) earnest money(the "Extension Earnest Money," collectively with the Initial Earnest Money,the "Earnest Money")with Escrow Agent for each extension. Each $10,000 extension payment shall be non- refundable, but applicable to the Purchase Price. The Closing shall take place at the offices of the Escrow Agent, or at some other place as the parties may mutually agree prior to such date. At the option of either Party, the executed closing documents, Purchase Price and closing costs may be deposited with the Escrow Agent and disbursed by the Escrow Agent pursuant to avoid the necessity for a Closing at which the Parties are present. a. Seller's Obligations at Closin . At Closing, Seller must deliver to Escrow Agent, for delivery to Buyer: i. A limited warranty deed, duly executed and acknowledged on behalf of the City and with the City's seal affixed, conveying title to the Property, subject to (A)the lien of real estate taxes, if any, not yet due and payable and any installments of special assessments certified for payment therewith; (B) Building, Subdivision and Zoning Ordinances, (C) Matters that would be disclosed by an accurate survey of the Property; and (D) matters that constitute Permitted Exceptions pursuant to Section 6; it. A certified copy of a duly adopted City Ordinance and Resolution authorizing Seller's sale of the Property to Buyer; iti. The Right of Re-Entry Agreement provided for in Section 28 below; and iv. Seller's affidavits, well disclosure certificate (if required), settlement statement approved by Seller and Buyer, and any other documents required by the Escrow Agent. b. Buxer's Obligations at C At Closing, Buyer must: i. Wire Transfer(or deliver a certified check in) an amount equal to the amount of the Purchase Price adjusted for to reflect Buyer's prior payment of the Earnest Money and to reflect amounts Buyer must pay or will receive pursuant to Section 14(c), to Escrow Agent for disbursement to Seller and others pursuant to this Agreement and the Settlement Statement; it. Execute and deliver the Right of Re-Entry Agreement provided for in Section 28 below; and Page 7 of 18