08-13-08 Council Agenda - Laserfiche WebLink

Home Browse Search

3. Deed and Other Documents: City and Terrace Heights shall convey marketable and insurable title to the Parcels by quitclaim deed, with a release of dower, curtsey, homestead and other spouse's rights, at the respective grantor's sole cost, subject only to current real estate taxes, not delinquent, and covenants, conditions, easements, encumbrances and restrictions approved by the respective grantee in writing. 4. Title Insurance: The parties shall each order a title commitment on their respective Parcel for an ALTA Form B Owner's policy, with extended coverage, or a comparable form, from Land Title Insurance Company, in the amounts to be determined by each party, covering the date hereof (including any endorsements that City deems necessary). If either title commitment discloses any defects in title (other than liens or encumbrances of a definite or ascertainable amount which may be paid at closing), the respective property owner shall make a good faith effort to cure such defects. If such defects are not cured within 180 days, the notifying party may terminate this Contract or may chose, at its election, to cure defects or take the title as it then is. All costs related to the issuance of the title policy, including title examination fees and premiums, for the Parcel acquired by each party shall be paid for by that party. In addition, all costs associated with curing title defects shall be borne by the party in possession prior to the transfer of property contemplated by this agreement. 5. Conditions Precedent: This Contract is conditioned upon both parties confirming as to the Parcel being acquired by each that: (a) Environmental Condition: a determination, in each party's sole discretion, that there is no contamination or other adverse environmental conditions that will affect the utilization of Parcel 1 or 2 or would cause additional costs to be incurred by each respective party; (b) Survey: a survey showing that the dimensions of the Parcels 1 and 2 comply with this Contract and that there are no encroachments or interfering easements or conditions. Each party shall allow the other to enter upon the respective Parcel to be conveyed after City has established an ownership interesi in 2404 Rice Street and 93 County Road 62 West to make tests, obtain a survey and perform soil tests, as deemed necessary. City and Terrace Heights covenant to act in good faith and use due diligence to satisfy all conditions for which they are responsible, and neither party shall have the right to terminate this Contract unless it has so performed. {c) Approvals: Terrace Heights procuring the approval of all public and governmental authorities as to all matters relating to zoning, special use permits, utility extensicns, or similar approvals, and obtaining all necessary building permits, licenses and approvals, of any type, for the establishment of up to six (6) mobile home lot sites as depicted on Exhibit C. If approvals are not obtained after making agood-faith effort, Terrace Heights may terminate this Gontract. (d) City's Title: Terrace Heights and City acknowledge that City does not have fee simple title to Parcel 1 as of the date of this Contract. City agrees to take all necessary action to acquire title to Parcel 1 and meet its obligations under this Contract. If, after making a good faith effort to obtain title, City is unable to perform, City may terminate this Contract and agrees to reimburse Terrace Heights for all title, survey, engineering, architectural, legal and other fees incurred by Terrace Heights in reliance on this Contract. S:\HO\Dept\Legai\USLEGAL\Cenlral Division\Mitlwesl1022~0071 {Little Canada)\COntrac( (revisetl 02.14.07).doc _2_