Reso 2008-1264 - Laserfiche WebLink

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2.2 Option Fee. As consideration for the Option, simul taneously with the deli very by Buyer to Seller of this Agreement executed by Buyer, Buyer shall pay by wire transfer or c h e c k t he sum 0 f T wen t y F i veT h 0 usa n d Do 11 a r s ( $ 2 5 , 0 0 0 . 0 0 ) ( t he "Option Fee") to Chicago Title Insurance Company, 2701 Gateway Drive, Pompano Beach, Florida 33069 Attention: Artie Montaner, as escrow agent ("the Escrow Agent"). The Option Fee shall be held and released as set forth in Section 3.3 below. Upon Closing, the Option Fee shall be applied to the Purchase Price as set forth in Section 3. The Option Fee is refundable, except that Buyer shall be entitled to receive a refund of the Option Fee if and only if (a) Buyer timely exercises the Option in the manner required under this Agreement and (b) an Option Fee Refund Event (as defined below) occurs. As used herein, an "Option Fee Refund Event" shall mean one or more of the following events: (i) termination of this Agreement pursuant to the provisions of Section 4.2 hereof due to an Environmental Problem not cured by Seller as and when provided therein; (ii) termination of this Agreement pursuant to the provisions of Section 5.2 hereof due to a Title Objection not cured by Seller as and when provided therein; (iii) termination of this Agreement pursuant to the provisions of Section 7.6 hereof due to an incorrect representation and warranty of Seller not cured by Seller as and when provided therein; (iv) termination of this Agreement pursuant to the provisions of Section 9.1 hereof due to an unsatisfied Buyer's Condition Precedent not satisfied by Seller as and when provided therein; (v) termination of this Agreement pursuant to the provisions of Section 17 hereof due to a taking of the Property as and when provided therein. The provisions of this Section 2.2 shall survive any termination of this Agreement. 2.3 Exercising the Option. In order to exercise the Option, Buyer must deliver on or prior to 5: 00 p. m., Eastern Time on the Option Expiration Date a notice to Seller given in accordance with the "Notice" section of this Agreement stating that Buyer has elected to exercise the Option and close in accordance with this Option Agreement (the "Option Notice"). Time is of the essence for Buyer to give the Option Notice and any attempt to exercise the Option after the Option Expiration Date shall be of no force or effect. If Buyer does not exercise the Option on or prior to the Option Expiration Date, then Seller shall be entitled to receive and retain the full amount of the Option Fee and the Option and this Agreement shall terminate and the parties hereto shall be relieved of all