2020-03 - Authorize sale of 16300-16400 Detroit to Scalish Construction

Home Browse Search

(c) If Grantor exercises the Right to Repurchase in accordance with the terms hereof, then the consummation of such transaction (hereinafter referred to as "Repurchase Closing") will occur in the offices of Grantor's counsel on that date which is 60 days after the delivery to Grantee of the exercise notice or such earlier date upon which Grantor and Grantee agree. (d) At the Repurchase Closing, Grantee shall execute and deliver to Grantor: (i) a limited warranty deed conveying title to the Property to Grantor, subject only to the Permitted Exceptions, and such other matters established against title after the date of Closing with the express written consent of Grantor (except financing liens established at or after Closing, which Grantee shall discharge prior to or at the time of the re -conveyance); (ii) such other documents, certificates, instruments and the like, as may be required by the Title Company to issue a policy of title insurance subject only to the Permitted Exceptions, with all standard exceptions removed; and (iii) possession of the Property, subject to the matters permitted hereunder. (e) In the event that Grantor elects to exercise the Right to Repurchase in accordance herewith, the purchase price for the Property (hereinafter referred to as the "Repurchase Price") shall be whatever amounts Grantee shall have paid to Grantor by the Closing Date for Grantee's purchase of the property, including any deposits, cash and principal and interest paid by Grantee to Grantor under the terms of the purchase agreement between Grantee and Grantor and mortgage note from Grantee to Grantor plus the fair market value of any improvements to the Property made by the Buyer but in no event less than the amount due under the Construction Mortgage. Grantor shall deliver the Repurchase Price to the Title Company in cash or other funds available for immediate credit to Grantee. Closing costs shall be shared by the Grantor and the Grantee according to the custom of the jurisdiction in which the Property is located.