07/23/2007 Council Packet (2) - Laserfiche WebLink

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that Seller incurs because of the breach of any of the above representations and warranties, whether such breach is discovered before or after the Date of Closing. 4. Purchase Price. Purchaser shall pay to Seller, in consideration for the purchase of the Subject Property, the sum of Six and 35 /100 Dollars ($6.35) multiplied by the number of "gross" square feet of usable property in the Land exclusive of the square foot area of the existing ponding area in southeast corner for Lake Drive storm drainage. Such "gross" area shall be as determined by survey to be prepared as required in Paragraph 5 herein. The purchase price shall be paid as follows: Ten Thousand and 00 /100 Dollars ($10,000.00) upon execution of this Agreement (hereinafter called "Earnest Money Deposit ") with Seller by Purchaser, and shall be held by Old Republic National Title Insurance Company ( "Title Company ") without interest. The ;balance of said purchase price and the Earnest Money Deposit, plus or minus (as the case may be) an amount which equals the cumulative result of all cash adjustments and proration required by this Agreement, shall be payable to Seller on the Date of Closing by means of a wire transfer to be received on the Date of Closing in Seller's designated bank account. All of the Earnest Money Deposit will be credited to the purchase price. 5. Evidence of Title /Survey/Environmental Report. Not later than the date ten (10) days after the date of this Agreement, Seller shall furnish to Purchaser at Seller's cost, except as hereafter provided a current commitment for an Owner's ALTA Form B 1992 policy of title insurance (including a special assessment) as to the Subject Property (including any appurtenant easements) issued by Title Company covering the Land and any appurtenant easements provided for herein with endorsements, if available, (a) deleting the creditor's remedies exclusion, (b) deleting the co- insurance provisions for new construction, and (c) deleting the arbitration requirement, and in an amount equal to the purchase price for the Subject Property, in which - 7 - - 6 5 - • • •