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-2- <br /> <br /> The VENDEES agree to pay for said property the sum of <br />Seventeen Thousand Five Hundred Fifty Dollars ($17 550.00) payable <br />as follows: ' · <br /> <br /> The VENDOR acknowledges receipt of a certified check in the <br />sum of Three Hundred Dollars ($300.00) deposited by VENDEES with <br />the proposal to purchase, which sum shall be applied to the.purchase <br />price, The balance of the purchase price shall be deposited by the <br />VENDEES with the escrow agent, Home Federal Savings and Loan <br />Association of Lakewood, 12222 Madison Avenue, Lakewood, ~Ohio, <br />30 days from date of execution of this agreement. <br /> <br /> The VENDOR agrees to convey said premises to the VENDEES by <br />good and sufficient warranty deed warranting the same free from all <br />encumbrances whatsoever except zoning ordinances, conditions and <br />restrictions of record, easements and reservations, if any, and <br />current taxes and/or assessments. <br /> <br /> The VENDOR agrees to furnish a guarantee of title procured <br />from Lawyer's Title Insurance Corporation guaranteeing in the <br />amount of the purchase price, that the record title is such as <br />warranted in said deed. <br /> <br /> The VENDOR agrees to deliver possession of said premises to <br />the V~NDEES as of the date of the filing of the deed for record. <br /> <br /> The deed, funds, mortgage, if any, and all other documents <br />necessary to complete this transaction shall be deposited with <br />Home Federal Savings and Loan Association of Lakewood, as escrow <br />agent, on or before 30 days from execution of this agreement, and <br />said es.crow agent is instructed to complete this transaction as <br />soon as all necessary documents and funds are deposited and the <br />escrow agent may attach its usual conditions of acceptance of <br />escrow hereto. Each party will pay one-half of the escrow fee. <br />VENDEES to pay the cost of recording deed. <br /> <br /> If the title to said premises shall not be marketable, <br />then the VENDOR shall refund to the VENDEES the earnest money <br />paid to the VENDOR and the same ehall be accepted by the VENDEES <br />in full satisfaction and discharge of all claims and demands of the <br />VENDEES arising or in any manner growing out of this agreement and <br />thereupon this agreement shall be null and void and both parties <br />released from the obligations thereof. <br /> <br /> In the event the VENDEES fail 'to perform this contract of <br />purchase and sale as hereinbefore provided, the VENDOR may, at its <br />election°either pursue its rights at law and in equity or it may <br />retain the earnest money aforesaid paid in the sum of Three <br />Hundred Dollars ($300.00) to apply toward the purchase price as <br />liquidated damages. <br /> <br /> This instrument contains the entire agreement between the <br />parties and said agreement shall inure to the benefit of and be <br />binding upon the respective parties, their heirs, successors and <br />assigns. <br /> <br /> Section 3. That this ordinance is hereby declared to be an <br />emergency measure for the reasons stated in the preamble hereof and <br />providing it receives the affirmative vote of two-thirds of all <br />members elected to Council, it shall take effect and be in force <br />immediately upon its adoption and approval by the Mayor. <br /> <br />Adopted: December 30, 1968 <br /> <br />Approved:_ ~ecember 30, 1968 <br /> <br />Robert E. Wendling <br /> <br /> President <br />Grace Reynolds <br /> ' 'Clerk ' <br /> <br />. Robert,,.~. Lawther' <br /> Mayor <br /> <br /> <br />