01-10-2024 Council Packet - Laserfiche WebLink

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3 6. Contingencies to Closing. 6.1 Buyer’s Contingencies. The closing of the transaction contemplated by this Agreement and all the obligations of Buyer under this Agreement are subject to fulfillment of the following “Buyer’s Contingencies”: (a) Representations and Warranties. The representations and warranties of Sellers contained in this Agreement must be true now and on the Closing Date as if made on the Closing Date. (b) Title. Title shall be found acceptable to Buyer, or made acceptable, in accordance with the requirements and terms of Section 10 below. (c) Performance of Sellers’ Obligations. Sellers shall have performed all of the obligations required to be performed by Sellers under this Agreement, as and when required by this Agreement. (d) Performance of Buyer’s Obligations. Buyer shall have performed all of the obligations required to be performed by Buyer under this Agreement, as and when required by this Agreement. (e) Successful Closing. The Buyer’s obligation to purchase any parcel is contingent upon successful closing of the real Property identified on Exhibit A attached hereto. 6.2 Seller’s Contingencies. The closing of the transaction contemplated by this Agreement and all the obligations of Seller under this Agreement are subject to fulfillment of the following “Sellers’ Contingencies”: (a) Representations and Warranties. The representations and warranties of Buyer contained in this Agreement must be true now and on the Closing Date as if made on the Closing Date. If either party defaults by failing to satisfy any of the contingencies set forth above in this Section 6, this Agreement may be terminated, at the option of the non-defaulting party by written notice to the defaulting party, at any time prior to the Closing Date. Upon termination by either party: (a) Buyer and Sellers shall execute a recordable written termination of this Agreement, which shall include Buyer’s quit claim of any interest in and to the Property; (b) earnest money shall be distributed accord to the terms of this Agreement, and (c) neither party shall have any further rights or obligations under the terms of this Agreement. 7. Sellers’s Closing Documents. On the Closing Date, Sellers shall execute and/or deliver to the Buyer the following (collectively “Sellers’s Closing Documents”): (a) Deed. A limited warranty deed, in form reasonably satisfactory to the Buyer, conveying the Property to Buyer, free and clear of all encumbrances, except