Reso 2010-1575 - Laserfiche WebLink

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have the option of either: (A) seeking specific performance of Seller's obligations hereunder; or (B) terminating this Agreement by giving written notice to Seller and immediately receive a refund of all deposits paid by Purchaser under this Agreement. In the event that Purchaser elects option (B) above then upon receipt by Purchaser of its deposit, this Agreement shall cease and terminate and be of no further force and effect, and Purchaser shall have no further claims against Seller under this Agreement, except for any claims under any provisions of this Agreement that specifically survive termination of this Agreement. The provisions of this Paragraph 7 shall survive any termination of this "'\grsement: $- (0 ,... . 8. Prorations. Real estate taxes, personal property taxes, assessments and all items of income and expense regarding the Property shall be prorated as of the date of Closing; provided, however, that assessment lien(s) which had been certified as of the date of Closing, and pending liens where the improvements have been substantially completed, shall be satisfied by Seller, in full, at Closing. In the event that the tax bill for the year of Closing is not available, Seller shall comply with Section 196.295, Florida Statutes. Under this Section, in the event fee title to the Property is acquired between January 1, and November 1 of any year by Purchaser, Seller shall be required to place in escrow with the county tax collector an amount equal to the current taxes prorated to the date of transfer of title, based upon the current assessment and millage rates on the land involved. This fund shall be used to pay any ad valorem taxes due, and the remainder of taxes which would otherwise have been due for that current year shall stand cancelled. .Fe Thc provi3iofi3 of thig PltIagraph 8 shall Sill vi ve Clu~illg. F P 9. Closing Costs. The parties shall bear the following costs: (a) Purchaser shall be responsible for (i) the recording cost of the Deed, (ii) the cost of the Survey (if obtained by Purchaser), (iii) the cost of the Commitment and the premium for the Title Policy obtained by Purchaser (except that Seller shall reimburse Purchaser at Closing for the title underwriter's actual cost of the title search fee for the issuance of the Commitment, up to a maximum of FIVE HUNDRED DOLLARS ($500)), and (iv) documentary stamps, taxes, surtaxes and other transfer charges in connection with the recordation of the Deed. (b) Seller shall be responsible for payment of costs of curing any Title Defects and the recording costs in connection with any curative instruments relating to same, and the Commission (hereinafter defined). (c) Each party shall be responsible for payment of its own legal fees. 10. Closing. It is mutually understood that the execution of this Purchase Agreement by Seller constitutes conditional acceptance and is subject to final acceptance and approval by the City Commission of the City of Sunny Isles Beach pursuant to the necessary vote at a duly called Commission meeting. The City Commission shall consider this Agreement for approval within 30 (thirty) days after the date the Seller signs this Agreement. The Closing shall be held at the office of the City of Sunny Isles Beach City Attorney's Office, located at 18070 Collins 6