09-10-2014 Council Agenda - Laserfiche WebLink

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any time on or before the Closing Date. Upon such termination, neither party will have any further rights or obligations regarding this Agreement or the Property, all Earnest Money will be returned to Buyer, and the parties shall execute a written cancellation of this Agreement. All of the contingencies set forth in this Agreement are specifically stated and agreed to be for the sole and exclusive benefit of the Buyer and the Buyer shall have the right to unilaterally waive any contingency by written notice to Seller. 4. Closing. The closing of the purchase and sale contemplated by this Agreement (the "Closing") shall occur within on or before September 24, 2014 (the "Closing Date"). The closing shall take place at the office of the Company that provides the Title Commitment, or at such other place as may be agreed to. Seller agrees to deliver possession of the Property to Buyer within 24 hours of Closing. Seller shall keep property insured during this period and shall assume all liability from the continued use of the property until possession is granted to the Buyer. Seller shall name the Buyer as Loss Payee for the period from the date of Closing until the date of Possession. The period during which the Seller remains in occupancy of the Property until Buyer gains possession shall be considered ownership from the Seller's perspective pursuant to the mutual indemnification terms delineated in Provision # 12. A. Seller's Closing Documents. On the Closing Date, Seller shall execute and/or deliver to Buyer the following (collectively "Seller's Closing Documents"): (1) Deed. A Warranty Deed, in form reasonably satisfactory to Buyer, conveying the Real Property to Buyer, free and clear of all encumbrances, except the Permitted Encumbrances hereafter defined. (2) Title Policy. The Title Policy, or a suitably marked up Commitment for Title Insurance initialed by the Title Company, in the form required by this Agreement. (3) Seller's Affidavit. An Affidavit of Title by Seller indicating that on the Closing Date there are no outstanding, unsatisfied judgments, tax liens or bankruptcies against or involving Seller or the Real Property; that there has been no skill, labor or material furnished to the Real Property for which payment has not been made or 3 4