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(10)After the purchase price of the vacant lot has been earned and/or paid in accordance with an <br /> executed MOU between Purchaser and the City of Memphis,the Mow to Own program will prepare <br /> the necessary documents and schedule the closing to effect the transfer of the City Property. <br /> (11)A Quit Claim Deed will be prepared and issued for transfer of the property. Purchaser will be <br /> responsible for the recording fee. Purchaser shall pay the Seller the recording fee to the Shelby <br /> County Register. <br /> (12) The City will not provide title insurance to Purchaser. Purchaser may independently purchase <br /> title insurance through a title company. <br /> (13)All City Property is sold by"AS IS" without any warranties or guarantees. <br /> (14) The City will issue the appropriate tax form (1099) showing the amount earned by the <br /> purchaser during the period maintenance was conducted as income to the Purchaser. <br /> SECTION 2. <br /> BE IT FURTHER ORDAINED BY THE MEMPHIS CITY COUNCIL that the provisions of this Ordinance are <br /> hereby severable. If any of these sections, provisions, sentences, clauses, phrased, or parts are held <br /> unconstitutional or void,the remainder of this Ordinance shall continue in full force and effect. <br /> SECTION 3. <br /> BE IT FURTHER ORDAINED BY THE COUNCIL OF THE CITY OF MEMPHIS that this Ordinance shall <br /> take effect from and after the date it shall have been passed by the Council,signed by the Chairman <br /> of the Council, certified and delivered to the Office of Mayor in writing by the comptroller and <br /> become effective as otherwise provided by law. <br /> Berlin Boyd <br />