02-19 - Authorize Sale of Vacant Parcel at 1468 W. 117th St.

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D. Private Inspection. Buyer shall have 10 days following the date of this Agreement (the "Inspec- tion Deadline "): (1) to cause the Property to be inspected by one or more qualified inspectors or contractors of Buyer's choosing (the "Private Inspection ") and (2) to notify Seller in writing of any deficiencies disclosed by such inspection(s). If the residence on the Property was built before 1978, such inspection(s) shall include, at Buyer's option, a risk assessment or inspection for the presence of lead -based paint and/or lead -based paint hazards. Seller agrees to cooperate with such inspection(s). If Buyer does not notify Seller of any deficiencies prior to the Inspection Deadline, then Buyer shall be deemed to accept the Property in its present, AS -IS condition. If Buyer gives timely notice, specifying such deficiencies, then unless Buyer and Seller otherwise agree in writ- ing, this Agreement shall terminate 5 days after Seller's receipt of Buyer's notice. E. Pre - Closing Walk- Through.(Reserved.) F. Government Requirements. If any governmental notices of violations are received prior to the Closing Date but after the date of this agreement, Seller will immediately advise Buyer. G. Lead Warning Statement. If the residential dwelling was built prior to 1978 Addendum A must be completed by the parties. 6. DAMAGE. Seller shall bear the risk of loss and shall maintain adequate insurance until title transfer. If any portion of the Property is damaged or destroyed prior to Closing, Seller shall promptly provide written notification to Buyer of such damage and the cost of repair. If the amount of damage as de- termined by the insurance adjuster or, if none, by a contractor selected by mutual agreement, exceeds 10% of the Purchase Price then Buyer shall have the option, to be exercised by written notice to Seller not later than 5 days after notice from Seller, to: (a) complete the transaction and receive the proceeds of any insurance payable for damage to the Property plus a credit at Closing equal to the amount of the "deductible," or (b) terminate this Agreement. The failure of Buyer to timely exercise its option shall be deemed an election to complete this transaction. If the amount of the damage is 10% or less of the Purchase Price Buyer shall receive a credit at Closing for the agreed cost to repair such dam- age. 7. TITLE. A. Seller shall convey title to the Property to Buyer or Buyer's nominee, by quitclaim deed (the "Deed "). Buyer may purchase a policy of title insurance at Buyer's own expense up to the amount of the Purchase Price. B. The Buyer(s) agree to take title in the name of and subject to the fol- lowing conditions: Plans for the new parking lot on the Property and improvements to the abut- ting shopping center located at 1516 W. 117`h Street, Lakewood, Ohio, constituting parcel Nos. 315 -14 -006, 315 -14 -007, and 315 -14 -008 ( "Affiliated Property"), must be approved by the City of Lakewood's Architectural Board of Review, Board of Zoning Appeals and Planning Commis- sion, as required, no later than December 31, 2019. Further, both parties agree that the parking lot on the Property and improvements to the Affiliated Property shall be completed, in compliance with all applicable laws, rules and regulations no later than September 31, 2020, unless otherwise mutually agreed to in writing by the Seller and Buyer. These conditions shall run with the land and be recorded as deed restrictions on the Property, and failure to fulfill the conditions in a time- ly manner shall cause the reversion of the Property to Setter. 8. CLOSING AND DELIVERY OF POSSESSION. The Seller at its cost shall file the Deed for record (the "Closing ") and complete this transaction in accordance with the provisions of this Agreement on