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PURCHASE AGREEMENT: OFFER AND ACCEPTANCE <br /> <br /> This agreement is made this day of <br /> , 1992, by and between Linda and <br />Raymond Gruss, (hereinafter referred to as "Buyer") and <br />the City of Lakewood, 12650 Detroit Avenue, Lakewood, <br />Ohio (hereinafter referred to as '~Seller"). <br /> W I T N E S S E T H: <br /> WHEREAS, Seller desires to sell and Buyer <br />desires to buy certain real property located at 1361 <br />Giel Avenue, located in the City of Lakewood, Ohio, as <br />further described in the legal description attached <br />hereto as Exhibit "A" referred to herein as the <br />"Property," together with all Seller's right, title and <br />interest in and to the property described, with <br />financing to be provided by the Community Development <br />Corporation of Lakewood referred to as Lender. <br /> NOW, THEREFORE, in consideration of the <br />mutual promises, covenants and agreements contained <br />herein and for other good and valuable consideration, <br />the receipt and sufficiency of which are hereby <br />acknowledged, the parties hereto agree as follows: <br /> 1.. AGREEMENT TO BUY AND SELL. Seller agrees <br />to sell and convey to Buyer and Buyer agrees to buy and <br />take title, under the terms and conditions set forth <br />below, to all of Seller's right, title, estate and <br />interest in and to the real property located adjacent <br />to 1361 Giel Avenue, Lakewood, Ohio, as detailed in <br />Exhibit "A", and all appurtenant rights, privileges and <br />easements belonging thereto, together with all of <br />Seller's rights, title, estate and interest in and to <br />the property. <br /> 2. PURCHASE PRICE. The purchase price for <br />the property shall be ONE HUNDRED AND EIGHTEEN THOUSAND <br />($118,000) DOLLARS and shall be financed by the <br />Community Development Corporation of Lakewood. <br /> 3. ACCEPTANCE OF PROPERTY. Seller warrants <br />and represents that it knows of no material damage, <br />defect, inoperable or unsafe condition affecting the <br />property. Buyer warrants and represents that Buyer has <br />inspected the property and Buyer accepts the property <br />in its present condition. <br /> 4. a) DEED. Seller shall furnish a Warranty <br />deed conveying marketable title to the Property to <br />Buyer, subject at the time of title transfer to: <br />(1) taxes and assessments which are a lien, but not yet <br />due and payable, and (2) such other encumbrances, <br />reservations and exceptions, if any, as are not <br />material to the marketability of title. <br /> b) TITLE INSURANCE. Community <br />Development Corporation will obtain an owners policy <br />Title Insurance at Community Development Corporation's <br />sole expense, at the time of title transfer. <br />5. CURE OF TITLE DEFECTS, ENCUMBRANCES, <br />RESERVATIONS AND EXCEPTIONS. If Seller is unable to <br />comply with the requirements of subparagraphs 4 (a) <br />above, then Seller shall have 30 days after receipt of <br />notice thereof to remove said defect(s) and to provide <br />Buyer with evidence thereof. If Seller is unable to <br />remove said defect(s) within such 30 day period, then <br />Buyer may either: (1) accept title to' the Property <br />subject to said defect(s) without, any reduction in the <br />total purchase price, or (2) terminate this Agreement <br />by written notice to Seller and thereupon have returned <br />all items and funds theretofore paid or deposited <br />hereunder. <br /> 6. ESCROW PROCEDURE. All documents and <br />funds necessary to complete this transaction shall be <br /> 1 <br /> <br /> <br />