04-13-2022 Council Packet - Laserfiche WebLink

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COMMERCIAL PURCHASE AGREEMENT 304. Page 8 Date 305.Property located at . 306.Due to the complexity and potential risks of failing to comply with FIRPTA, including the Buyer's responsibility for 307.withholding the applicable tax, Buyer and Seller should seek appropriate legal and tax advice regarding FIRPTA 308.compliance, as the respective licensees representing or assisting either party will be unable to assure either 309.party whether the transaction is exempt from FIRPTA withholding requirements. 310.NOTE:45:[H[\[LLZ[HISPZOLZJLY[HPUYLZ[YPJ[PVUZVU[OLHJX\PZP[PVUVM[P[SL[VHNYPJ\S[\YHSSHUKI`HSPLUZ 311.and non-American corporations. Please seek appropriate legal advice if this Purchase Agreement is for the 312.sale of agricultural land and Buyer is a foreign person. 313.ACCEPTANCE DEADLINE: ;OPZVɈLY[VW\YJOHZL\USLZZHJJLW[LKZVVULYZOHSSIL^P[OKYH^UH[! 74 314. , and in such event all earnest money shall be returned to Buyer. 315.CONDEMNATION: If, prior to the closing date, condemnation proceedings are commenced against all or any part 316.of the Property, Seller or licensee representing or assisting Seller, shall immediately give written notice to Buyer, or 317.licensee representing or assisting Buyer, of such fact and Buyer may, at Buyer’s option (to be exercised within thirty (30) 318.days after Seller’s notice), declare this Purchase Agreement canceled by written notice to Seller or licensee representing 319.or assisting Seller, in which case this Purchase Agreement is canceled and neither party shall have further obligations 320.under this Purchase Agreement. In the event Buyer declares the Purchase Agreement canceled, Buyer and Seller ZOHSSPTTLKPH[LS`ZPNUH^YP[[LUJHUJLSSH[PVUJVUÄYTPUNZ\JOJHUJLSSH[PVUHUKKPYLJ[PUNHSSLHYULZ[TVUL`WHPK 322.here to be refunded to Buyer. If Buyer fails to give such written notice, then Buyer shall be bound to proceed with 323.closing, subject to any other contingencies to this Purchase Agreement. In such event, there shall be no reduction in 324.the purchase price, and Seller shall assign to Buyer at the closing date all of Seller’s rights, title, and interest in and to 325.any award made or to be made in the condemnation proceedings. Prior to the closing date, Seller shall not designate 326.counsel, appear in, or otherwise act with respect to, the condemnation proceedings without Buyer’s prior written 327.consent. 328.MUTUAL INDEMNIFICATION: Seller and Buyer agree to indemnify each other against, and hold each other harmless 329.from, all liabilities (including reasonable attorneys’ fees in defending against claims) arising out of the ownership, VWLYH[PVUVYTHPU[LUHUJLVM[OL7YVWLY[`MVY[OLPYYLZWLJ[P]LWLYPVKZVMV^ULYZOPW:\JOYPNO[Z[VPUKLTUPÄJH[PVU^PSS UV[HYPZL[V[OLL_[LU[[OH[H[OLWHY[`ZLLRPUNPUKLTUPÄJH[PVUHJ[\HSS`YLJLP]LZPUZ\YHUJLWYVJLLKZVYV[OLYJHZO WH`TLU[ZKPYLJ[S`H[[YPI\[HISL[V[OLSPHIPSP[`PUX\LZ[PVUUL[VM[OLJVZ[VMJVSSLJ[PVUPUJS\KPUNYLHZVUHISLH[[VYUL`Z» MLLZ"VYI[OLJSHPTMVYPUKLTUPÄJH[PVUHYPZLZV\[VM[OLHJ[VYULNSLJ[VM[OLWHY[`ZLLRPUNPUKLTUPÄJH[PVU0MHUK [V[OLL_[LU[[OH[[OLPUKLTUPÄLKWHY[`OHZPUZ\YHUJLJV]LYHNLVY[OLYPNO[[VTHRLJSHPTHNHPUZ[HU`[OPYKWHY[`MVY HU`HTV\U[[VILPUKLTUPÄLKHNHPUZ[HZZL[MVY[OHIV]L[OLPUKLTUPÄLKWHY[`^PSS\WVUM\SSWLYMVYTHUJLI`[OL PUKLTUPM`PUNWHY[`VMP[ZPUKLTUPÄJH[PVUVISPNH[PVUZHZZPNUZ\JOYPNO[Z[V[OLPUKLTUPM`PUNWHY[`VYPMZ\JOYPNO[ZHYL UV[HZZPNUHISL[OLPUKLTUPÄLKWHY[`^PSSKPSPNLU[S`W\YZ\LZ\JOYPNO[ZI`HWWYVWYPH[LSLNHSHJ[PVUVYWYVJLLKPUNHUK HZZPNU[OLYLJV]LY`HUKVYYPNO[VMYLJV]LY`[V[OLPUKLTUPM`PUNWHY[`[V[OLL_[LU[VM[OLPUKLTUPÄJH[PVUWH`HISL 339.made by such party. 340.FULLY EXECUTED PURCHASE AGREEMENT AND FINAL ACCEPTANCE: To be binding, this Purchase Agreement 341.and all addenda must be fully executed by both parties and a copy must be delivered. 342.ELECTRONIC SIGNATURES: The parties agree the electronic signature of any party on any document related to 343.this transaction constitute valid, binding signatures. 344.ENTIRE AGREEMENT: This Purchase Agreement and all addenda and amendments signed by the parties shall 345.constitute the entire agreement between Buyer and Seller. Any other written or oral communication between Buyer and 346.Seller, including, but not limited to, e-mails, text messages, or other electronic communications are not part of this 7\YJOHZL(NYLLTLU[;OPZ7\YJOHZL(NYLLTLU[JHUILTVKPÄLKVYJHUJLSLKVUS`PU^YP[PUNZPNULKI`)\`LYHUK 348.Seller or by operation of law. All monetary sums are deemed to be United States currency for purposes of this Purchase 349.Agreement. 350.SURVIVAL: All warranties and representations in this Purchase Agreement shall survive the delivery of the deed or 351.contract for deed and be enforceable after the closing. 352.DATE OF THIS PURCHASE AGREEMENT: +H[LVM[OPZ7\YJOHZL(NYLLTLU[[VILKLÄULKHZ[OLKH[LVUSPULVUL 353.(1) of this Purchase Agreement. MNC:PA-8 (8/21) March 29 2022 2750 Rice Street Little Canada 55113MN NA