27-80 Purchase 1355 Sloane - Laserfiche WebLink

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OPTIOr~ TO PURCHASE REAL ESTATE This Option, granted , t980, by James Pfaff and Marcia M. Pfaff, residing at Berea, Ohio, to the City of Lakewood, an Ohio municipal corporation, upon the terms and conditions hereinafter expressed. 1. GRANT OF OPTION In consideration of the sum of One Dollar ($1.O0) paid by the City of Lakewood to James and Harcia Pfaff, James and Marcia Pfaff hereby grant to the City of Lakewood the exclusive option to purchase the real property known as 1355 Sloane Avenue, Lakewood, Ohio, permanent parcel no. 311-14-41, and further described as: Situated in the City of Lakewood, County of Cuyahoga and State of Ohio: and known as being the premises located at the point of intersection of Sloane and Edanola Avenues, and being a'll of Sublot No. 52, in the Mathews and Gilbert Highbridge Park Subdivision No. 4, a resubdivision of part of the Clifton Park Association allotment, of part of section 23, Rockport Township, as recorded in Volume 9 of Maps, Page 38 of Cuyahoga County Records, as shown by the recorded plat thereof in Volume 30 of Maps, Page 10 of Cuyahoga County Records, and bounded and described as follows:-beginning at a point on the easterly side of Sloane Avenue, at the northwesterly corner of Sublot No. 52; thence southerly along said easterly line of Sloane Avenue, 90 feet to a curved turnout between the easterly line of Sloane Avenue, and the northwesterly line of Edanola Avenue; thence southeasterly along said curved turnout 38.70 feet to a point in the northwesterly line of Edanola Avenue; thence northeasterly along said northwesterly line of Edanola Avenue 90 feet to the most easterly corner of said Sublot No. 52; thence north- westerly along the northeasterly line of said Sublot No. 52, 45.37 feet to the most northerly corner of said Sublot No. 52; thence westerly along the northerly line of said Sublot No. 52, 45.37 feet, to the place of beginning, be the same more or less, but Subject to all legal highways. 2. EXPIRATION DATE This option shall expire at 12:O0 p.m. noon on September 15, 19~0. 3. NOTICE OF EXERCISE This option is to b'e exercised by the City of Lakewood by sending to James and ~arcia Pfaff written notice signed by a duly designated official of the City of Lakewood ~ogether with a certified copy of the Ordinances approving Said purchase and option by certified mail, prior to the expiration date, to James and Marcia Pfaff at their address set forth above. 4. PURCHASE PRICE The total purchase price for the real estate des- cribed above shall be Thirty-Five Thousand Dollars ($35,000.00) to be paid by the City of Lakewood, if this option is exercised, on the terms and conditions to be agreed to at a later date or the fair market value as deter- mineo by the appraisal process and HUD regulations under the Uniform Reloca- tion Assistance and Real Property Acquisition Policies Act of 1970 (P.L. 91- 646), whichever s greater.