Reso 2008-1241 - Laserfiche WebLink

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r--. 17. Condemnation. In the event of the institution of any proceeding by any Govemmental Authority other than Buyer (which hereby agrees not to institute such a proceeding) for the proposed taking of any material portion of the Property by eminent domain prior to Closing, or in the event of the taking of any material portion of the Property by eminent domain prior to Closing, Seller shall promptly notify Buyer and Buyer shall thereafter within fifteen (15) days after receipt by Buyer of the notice from Seller either (I) tenninate this Agreement, whereupon Seller and Buyer shall be released of all further responsibility and obligations hereunder other than those that expressly survive termination of this Agreement; or (2) proceed to close this transaction. Seller hereby agrees to furnish Buyer with written notice of a proposed condemnation within five (5) business days after Seller's receipt of notification. Should buyer terminate this Agreement, the parties hereto shall be released from their respective obligations and liability hereunder other than those that expressly survive termination of this Agreement and Buyer shall receive a return of the Escrow Funds provided that Buyer had timely exercised the Option in the manner required under this Agreement. Should Buyer elect not to terminate this Agreement, the parties hereto shall proceed to Closing and Seller shall assign all of its rights, title and interest in all awards in connection with such taking to Buyer. 18. Notice. Notices shall be in writing delivered by hand, or by certified mail, retum receipt requested, or overnight delivery by nationally recognized service, to the addressee at the address set forth herein, and shall be deemed to have been delivered on the date of receipt of such notice, if hand-delivered, or, if mailed, on the date the receipt for which the certified mail is signed or refused, by the addressee or its unauthorized agent or employee, or if an overnight nationally recognized delivery service, on the business day immediately following delivery to such delivery service. Either party may change the address for notice to that party by delivering written notice of such change in the manner provided above, such change to be effective not sooner than ten (10) days after the date of notice of change. If either party relies upon a hand delivery as described herein, then the party using this medium shall maintain an appropriate rcceipt of delivery, in the normal course of business. BUYER: The City of Sunny Isles Beach 18070 Collins Avenue Fourth Floor Sunny Isles Beach, Florida 33160 Attn: A. John SzerIag, City Manager and Hans Ottinot, City Attorney With a copy to: Harold M. Rifas, P.A. 7900 Red Road South Miami, FI33 ]43 ~ SELLER: St. Tropez Ill, LLC C/o Joseph Milton 321 ] Ponce De Leon Blvd. Suite 30] Coral Gables, FL 33] 34 Miami, FL 33 ]30 Oplion Agreement for Milton Property on Sunny Isles Blvd 13