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No. 2197 rescinding approval of contract for purchase/sale of real estate and approving/authorizing execution of contract for purchase/sale of real estate containing certain revised terms and approving execution of documents
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No. 2197 rescinding approval of contract for purchase/sale of real estate and approving/authorizing execution of contract for purchase/sale of real estate containing certain revised terms and approving execution of documents
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10/18/2012 1:38:05 PM
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of Closing. Seller shall pay all title insurance premiums and charges with the exception of <br />charges for any extended coverage which shall be paid by Purchaser. <br />(3) Deliver to Purchaser possession of the Property, free and clear of <br />all leases, tenancies, and occupancies, except those to which Purchaser has agreed the title may <br />be subject. <br />(4) Furnish evidence of its capacity and authority to sell the Property <br />and close this transaction. <br />(5) Execute and deliver any other documents or instruments which <br />may be necessary or reasonably required by Purchaser or the Title Company to complete the sale <br />of the Property and close this transaction, and make any pre - construction and construction <br />documents and plans available to Purchaser upon request. <br />B. Purchaser shall: <br />(1) Make payment to Seller of the Demolition Contribution according <br />to the terms set forth at Paragraph 2 of this Agreement. <br />(2) Furnish evidence of its capacity and authority to purchase the <br />Property and close this transaction by a Resolution from its Board of Directors. <br />(3) Execute and deliver any other documents or instruments which <br />may be necessary or reasonably required by Seller or the Title Company to complete the sale of <br />the Property and close this transaction. <br />6. Risk of Loss. Risk of loss shaRremain on Seller prior to Closing. <br />7. Conditions Precedent to Purchaser's Obligations. In addition to any other <br />condition of or contingency set forth in this Agreement, Purchaser's obligations under this <br />Agreement are subject to the following contingencies, which contingencies, if not satisfied or <br />waived by Purchaser in writing at Closing, shall constitute grounds for Purchaser to terminate <br />this Contract by its written notice to Seller. <br />A. The commitment for issuance of a policy of title insurance meeting the <br />requirements of Paragraph 7 of this Agreement. <br />B. Seller shall not be in default under any of the terms and conditions <br />contained in this Contract.. <br />C. Commitment by Seller to contribute all costs required to deliver to <br />Purchaser a suitable building site for the construction of Purchaser's new maintenance facility as <br />more particularly listed on attached Exhibit C attached hereto and made a part hereof (the "Site <br />I <br />
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