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Award Bid - Sale of City Property for 142 N. Chicago & 722 N LaPorte Ave. - Victor Lopez
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Award Bid - Sale of City Property for 142 N. Chicago & 722 N LaPorte Ave. - Victor Lopez
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4/7/2025 9:38:52 AM
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Board of Public Works
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Contracts
Document Date
11/26/2019
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mutually agreeable date not later than sixty (60) days after the execution of this <br />Agreement. <br />B. Closing Procedure. <br />(1) At Closing, Buyer shall deliver the Property Purchase Price to <br />Seller, less the Allen Property Purchase Price, and a quit claim deed, substantially in the <br />form attached hereto as Exhibit C, conveying the Allen Property, free and clear of all <br />liens, encumbrances, judgments, title defects and exceptions, except those expressly <br />waived by the Seller. <br />(2) The Seller shall deliver a quit claim deed, substantially in the form <br />attached hereto as Exhibit ID, conveying the Property, free and clear of all liens, <br />encumbrances, judgments, title defects and exceptions, except those expressly waived by <br />Buyer. <br />(3) The possession of the Property shall be delivered to the Buyer at <br />Closing, in substantially the same condition as it exists on the Contract Date, ordinary <br />wear and tear and casualty excepted. The possession of the Allen Property shall be <br />delivered to the Seller at Closing, in substantially the same condition as it exists on the <br />Contract Date, ordinary wear and tear and casualty excepted. <br />D. Closinp, Costs. The Parties shall each pay their respective recordation <br />costs associated with the transaction contemplated in this Agreement. <br />E. personal Propcty. Any personal property remaining at the Property after <br />Closing will be deemed to be abandoned by the Seller, and Buyer, in its sole discretion, <br />may choose to exercise possession of and control over any such personal property. Any <br />personal property remaining at the Allen Property after Closing will be deemed to be <br />abandoned by the Buyer, and Seller, in its sole discretion, may choose to exercise <br />possession of and control over any such personal property. <br />F. Bu cr's Due Diligence. Buyer acknowledges that Buyer has conducted his <br />own due diligence and acknowledges that the Allen Property Purchase Price is fair and <br />reasonable and waives any right that Buyer may have to an appraisal or to contest or <br />challenge the validity of compensation received under this Agreement. <br />8. ACCEPTANCE OF PROPERTY "AS -IS" <br />Except as otherwise set forth herein, Buyer agrees to purchase the Property "as -is, where - <br />is" and without any representations or warranties by Seller as to the condition of the <br />property or its fitness for any particular use or purpose. Seller offers no such <br />representation or warranty as to condition or fitness, and nothing in this Agreement shall <br />be construed to constitute such a representation or warranty as to condition or fitness. <br />Except as otherwise set forth herein, Seller agrees to purchase the Allen Property "as -is, <br />where -is" and without any representations or warranties by Buyer as to the condition of <br />91 <br />
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