87-92 Acquire 12805 Detroit Ave - Laserfiche WebLink

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Sellers warrant and represent that they are the owners of the aforesaid Property. 2. PURCHASE PRICE. The parties hereto hereby agree that the purchase price for the Property shall be TWO HUNDRED TEN THOUSAND (210,000) DOLLARS, payable as follows: The sum of Two Hundred Ten Thousand (210,000) Dollars to be deposited or cause to be deposited in Escrow by Buyer as hereinafter set forth. 3. CONDITIONS. This agreement is subject to all of the following conditions: a. Approval by City Council by the adoption of an ordinance or resolution authorizing the Mayor to sign this Agreement on behalf of the City of Lakewood. If such approval is not granted by the adoption of such legislation, or such legislation is set aside by referendum or court action, this agreement shall be void ab initio and both parties be returned to their original position. Buyer shall have 90 days to obtain such approval; b. Approval by Buyer of any tests incident to an environmental assessment. All such tests shall be at Buyer's own and sole expense. c. Buyer shall have the opportunity to have an EPA compliance inspection conducted on the premises and terminate this agreement if it is not satisfied with the result; and 4. ACCEPTANCE OF PROPERTY. Sellers warrant and represent that they know of no material damage, defect, inoperable or unsafe condition affecting the Property. 5. DEED. Sellers agree to sell and convey said parcel of real property by good and sufficient Warranty Deed with proper release of dower, if any, conveying marketable title to Buyer or its nominee which at the time of transfer of title to Buyer shall be free and clear of all liens and encumbrances except current taxes and assessments not yet due and payable, conditions, reservations, restrictions and easements approved in writing by Buyer and zoning ordinances. 6. CURE OF TITLE DEFECTS, ENCUMBRANCES, RESERVATIONS, AND EXCEPTIONS. In the event Sellers are unable to comply with the .requirements of the foregoing paragraph, then Sellers shall have thirty (30) days after receipt of notice thereof to remove said defects and to provide Buyer with evidence thereof. If Sellers are unable to remove said defects within such thirty (30) day period, then Buyer may either: (1) accept title to the Property subject to said defects without any reduction in the total purchase price, or (2) terminate this Agreement by written notice to Sellers and thereupon have returned to it all items and funds theretofore paid or deposited hereunder, and Sellers and Buyer shall be relieved of further liability to each other. 7. ESCROW PROCEDURE. All documents and funds necessary to complete this transaction shall be placed in escrow with Lawyers Title Insurance Corporation, 1015 Euclid Avenue, Suite 500, Cleveland, Ohio 44115within twenty (20) days next following the date of the fulfillment of all of the terms and conditions of this Agreement. This Agreement shall be considered by the Escrow Agent as escrow instructions, but shall be subject to the Escrow Agent's standard conditions of escrow acceptance where not inconsistent herewith, and which conditions of escrow shall be made a Part hereof and incorporated herein by reference. 8. TITLE TRANSFER. Title shall transfer to Buyer from Sellers on the date the aforesaid Warranty Deed describing and conveying the above described parcel of real estate to Buyer, is filed for record in the office of the Recorder of Cuyahoga County, Ohio. 9. SALES COMMISSION. Sellers agree to pay real estate sales commission due any person or entity retained by Sellers from funds due Sellers and agree to indemnify, save and hold harmless the Buyer from any claims from sales commissions of any sort. 10. CHARGES AND CREDITS. 2