2003-135 Council Resolution - Laserfiche WebLink

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Earnest Money Payment"). Buyer's payment of the Second Additional Earnest Money Payment shall be nonrefundable to Buyer. (The Initial Earnest Money, the First Additional Earnest Money Payment and the Second Additional Earnest Money Payment shall hereinafter be referred to collectively as the "Earnest Money.") Closing will occur within ninety (90) days after all contingencies have been completed or such earlier date as the parties may agree upon (the "Closing Date"). City agrees to cooperate with Buyer and to use all reasonable efforts to close on an earlier date if Buyer so requests. City will be provided with a written notice of the intent of the Buyer to close a minimum of sixty (60) days prior to the Closing. 3. PURCHASE PRICE. The purchase price (the "Purchase Price") shall be calculated on a per square foot basis, inclusive of easements, but not public roads on the Property. The exact square footage of the Property shall be determined by the Survey described in Section 4 herein. The Purchase Price shall be based upon a price of Four Dollars and Fifty Cents ($4.50) per square foot of land area confirmed by survey. Buyer shall deposit within fourteen (14) days after execution of the Purchase Agreement by City and Buyer the sum of Ten Thousand and No/100 Dollars ($10,000.00) (the "Initial Earnest Money") in the trust account of the Title Company, which amount shall be credited against the Purchase Price. 4. SURVEY. Within thirty (30) days after the date of this Agreement or as soon as it is feasible depending on weather conditions, City, at its sole cost and expense, shall cause a survey to be completed (or updated) on the ground of the Property in accordance with ALTA Land Survey standards and the provisions hereinafter set forth (the "Survey"). The Survey shall be dated subsequent to the date hereof and shall be prepared by a surveyor mutually agreed upon by City, Buyer and the Title Company (described in Section 5 herein). A copy of the Survey shall be furnished promptly to Buyer and the Title Company. The Title Commitment (described in Section 5 herein) and other costs incurred in connection therewith by City shall be paid by City. 5. TITLE INSPECTIONS - TITLE POLICY. Within thirty (30) days after the date of this Agreement, City, at its sole cost and expense, shall cause the Title Company to deliver to Buyer the Title Company's commitment (the "Title Commitment") to issue to Buyer an ALTA Owner's Policy (4/6/90) of title insurance (the "Title Policy"), in the full amount of the Purchase Price, effective as of the Closing Date, insuring that fee simple title to the Property is vested in City (or City's assignee). In addition to the Title Commitment, City shall cause the Title Company to simultaneously deliver to Buyer two (2) legible copies of all documents identified in Schedule B or the Requirements Section of the Title Commitment (the "Title Documents"). Buyer shall pay the premium cost of any Owner's and/or Mortgagee's Policy of Title Insurance. Buyer shall have until thirty (30) days following receipt of the Title Commitment, the Title Documents and the Survey to notify the Title Company and City in writing of any defect in the title of the Property or any other matter deemed unacceptable to Buyer, for any reason, disclosed by the Title Commitment, the Title Documents or the Survey. City shall have twenty (20) days after notice of such a defect or matter is given by Buyer within which City shall make a diligent and reasonable effort to eliminate or cure the