Reso 2023-3589 - Laserfiche WebLink

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local, state, and regional growth management plans; availability of permits, approvals, and licenses, including any wetlands permits that may be required; and all other investigations or inspections that Purchaser deems necessary to determine the Property's suitability for the Purchaser's intended use. If the Purchaser, in its sole discretion, determines that the Property is unacceptable for the Purchaser's intended use, the Purchaser may elect to terminate this Agreement and neither party shall have any further obligations under this Agreement. (D) Purchaser shall promptly restore any portions of the Property affected by Purchaser's inspections and investigations to the condition that existed immediately prior to the inspections or investigations. . 5. TITLE INSURANCE. Purchaser may obtain a marketable title insurance commitment through Nabors, Giblin & Nickerson, P.A., to be followed by an ALTA owner's marketable title insurance policy from a title insurance company approved by Purchaser, insuring marketable title to the Property in the amount of the purchase price. If Seller defaults under this Agreement, Seller shall reimburse Purchaser for all costs incurred in obtaining the title insurance commitment Purchaser's remedy for default under the provisions of this paragraph is cumulative to all other remedies available to Purchaser at law and in equity. 6. DEFECTS IN TITLE. If the title insurance commitment or Survey furnished pursuant to this Agreement discloses any title matters that are not acceptable to Purchaser, Seller may, within 15 days after notice from Purchaser, remove said matters. Any violation of federal, state, or local laws, including statutes, regulations, ordinances, codes, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements, and other governmental restrictions shall be considered a title defect. At Seller's option, Seller agrees to use diligent effort to correct the defects in title within the time provided therefor, including the bringing of necessary suits. Defects arising from liens against the Property shall be satisfied at closing from Seller's proceeds. If Seller is unsuccessful in removing the title defects within said time or if Seller elects not to pursue the curing of said title defects, Purchaser shall have the option to either: (a) accept the title as it then is with no reduction in the Purchase Price, or (b) terminate this Agreement, thereupon releasing Purchaser and Seller from all further obligations under this Agreement; provided, however, that Seller shall reimburse Purchaser for all actual costs associated with Purchaser's due diligence activities outlined in paragraph 4 and Purchaser's deposit shall be fully refunded to Purchaser. 7. CLOSING. (A) The consummation of the transaction contemplated by this Agreement (the "Closing") shall take place at a location mutually agreed upon by the parties, on a date after City Commission approval that is mutually agreeable to the parties (the "Closing Date"), but no later than 60 days following the date this Agreement is approved by the Board, unless a delay is mutually agreeable to the parties. The City Manager shall be authorized to agree to any adjustments of the Closing Date on behalf of the City. ' r�)`� 4 urchaser. ) Seller 232