Reso 2006-911 - Laserfiche WebLink

Home Browse Search

Environmental Problem within ninety (90) days after the end of the Inspection Period and Buyer does not elect to close subject to such Environmental Problem as and when provided below. Time is of the essence for Buyer to notify Seller of any Environmental Problems as and when provided above and in the event Buyer does not do so, it shall have waived any and all objections to the environmental condition of the Property. In the event that Buyer timely notifies Seller of an Environmental Problem in the manner required above, Seller shall within fifteen (15) days thereafter notify Buyer either (i) that Seller has elected to cure and remediate as applicable, such Environmental Problem, in which event Seller shall be entitled to one or more adjournments of the Closing up to ninety (90) days in the aggregate in order to cure and remediate such Environmental Problem or (ii) that Seller has elected to terminate this Agreement, in which event this Agreement shall immediately terminate as provided below. If Seller elects to and does cure and remediate such Environmental Problem, then Seller shall provide written notice and evidence thereof to Buyer on or prior to ninety (90) days after the end of the Inspection Period, in which event the Closing shall occur ten (10) business days thereafter. If Seller elects to, but does not cure and remediate such Environmental Problem on or prior to ninety (90) days after the end of the Inspection Period or at any time prior thereto notifies Buyer that it will no longer attempt to do so, then this Agreement shall terminate five (5) business days thereafter unless Buyer notifies Seller that it has elected to accept the Property subject to the Environmental Problem, in which event the Closing shall occur ten (10) business days after delivery of such notice from Buyer. In the event that this Agreement shall terminate under any of the foregoing provisions of this paragraph, the Option Fee and all other Escrow Funds shall be paid fOlihwith to Buyer, as Buyer's sole remedy, whereupon this Agreement shall be terminated and the parties hereto shall be relieved of all further obligations and liabilities other than those that expressly survive termination of this Agreement. 4.3 Agreement with Lessee. During the Inspection Period, Buyer shall have the right to attempt to secure an acceptable agreement with Lessee for the continued use of the property for parking purposes; provided that no such agreement shall take effect unless and until the Closing shall have occun'ed nor shall any such agreement bind or obligate or purport to bind or obligate Seller in any manner whatsoever. 4.4 Appraisals. Buyer shall have until the end of the Inspection Period to obtain two appraisals for the Propeliy in accordance with Chapter 166, Florida Statutes. Buyer shall be entitled to consider the results of such appraisals in deciding whether to exercise the Option, but the neither the results of such appraisals nor any failure of Buyer to obtain such appraisals shall be a condition to the performance of Buyer's obligations under this Agreement nor entitle Buyer to receive a refund of all or any portion of the Option Fee. 4.5 Inspection Procedures and Indemnity. Buyer shall give Seller reasonable advance notice of Buyer's inspections of the Property so that Seller, at its option, may have one of its representatives familiar with the Property accompany Buyer. Buyer agrees that reasonable precautions shall be taken in connection with such inspections so as to avoid any damage to the Propeliy and to minimize any disruption to the parties in possession of the Property. Buyer shall indemnify, protect, defend and hold Seller, Seller's Trustees, officers, tenants, agents, contractors and its personal representatives harmless from and against any claims, losses, liabilities or damages resulting from such inspections and from and against any mechanic's liens or claims of Crescent Heights XLIV, Inc. #2 6 SIB