60-87 Ratify Exchange agreement - SOHIO

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8. Conditions. The following conditions are conditions precedent to the agreement to convey the Property and must be fully satisfied at or before the .' ate of closing. If any of such conditions are not satisfied as t3Jae and d ~ . . ~,, ~ ?~ 'd this contract is voidable by Exchangee$_and.~f ,,, .~- :: ---,_ aforesa~ , · · n -: ~ -- ~----~-~,~, nt ......... ,~ T--.~--~ r~r. ............. ~. ~n l;ne eve , '~"~'~_'.'._ZZ;Z~^~ at its sole option, specifically waive in wr~zr~_ the. may., rl~v~.~l¢-coo, . . - be close(] as satisfaction of such. conditions, whereupon this contract shall though said condition.or conditions had been satisfied. a. Subject to approval by the Council of the City of Lakewood pursuant ....... to duly adopted ordinance. P~ovided, however, that Exchangee shall satisfy, waive or exercise its right to teminate with re.~ect to the aforementioned conditions in this Section 8 within 90 days of the date of this Agreement. If Exchangee exercises its right t6-terminate this Agreement, at the time it exercises such right, it shall assign to Exchangor all agreements it has entered into for the acquisition of Exchange Property. 9. Property Escrow Closing (a) Time and Place. Except as otherwise agreed to in writing by the parties, the closing of the conveyance of the Property to Exchangee pursuant to this Agreement ("Closing") shall be held within thirty (~0) days of 1~86 Exchangee's acceptance, at offices ...' ("Closing Date"), at the offices of%SCrow Holder. (b) On or before the Closing Date, Exchangee shall deposit with the Escrow Holder, in cash or by certified check, an amount equal to the fair market value of the Property as set forth in paragraph 2(a) hereof, less the Initial Oeposit (The "8alance"), and Exchangor and Exchangee shall deposit with the Escrow Holder all other monies, documents and papers required hereunder. The Exchange Security is defined to be the Initial Deposit plus The Balance. (c) Transfer to Trust Account. On the Closing Date, provided the conditions precedent to Closing pursuant to Section 8 hereof have been satisfied or waived, Escrow Holder is instructed to close the Rroperty Escrow and is hereby authorized and directed to transfer from the Property Escrow and deposit into a trust account the Exchange Security as security for Exchargee' s contractual obligations to acquire and convey to Exchangor the Exchange ~- Property designated by Exchangor pursuant to this Agreement.