1992 035 Resolution - Laserfiche WebLink

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, , , REAL ESTATE OPTION AGREEMENT THIS AGREEMENT, is made this day of 1992, at Cleveland, Ohio, by and amo g PAT LaCON , A LaCONTE as Executor of the ESTATE OF JEAN V. LaCONTE, deceased, RICHARD W. LaCONTE and ROSEMARY LaCONTE (hereinafter collectively referred to as the "Owners"), and the VILLAGE OF MAYFIELD, OHIO (hereinafter referred to as the "Village")_ RECITALS l. Owners, except Richard W. LaConte are the owners of certain real property located within the Village, commonly known by the street address of 320 and 370 S.O.M. Center Road, and bounded on the west by Interstate 271, and on the east by S.O.M, Center Road consisting of approximately 76 acres, currently subject to the zoning ordinances of the Village, as more fully described in Exhibit "I" attached hereto (hereinafter referred to as the "Property"). 2. Owners are willing to grant an option to the Village to purchase the Property and the Village desires to acquire said option, all upon the terms and conditions hereinafter set forth. NOW, THEREFORE, in consideration of the foregoing Recitals, the terms, covenants and conditions set forth herein below, and other good and valuable consideration, the parties agree as follows : SECTION l. DESCRIPTION OF PROPERTY Owners grant to the Village an option to purchase the Property commonly known as Parkview Golf Course, all as more particularly described in Exhibit "I" attached hereto'and made a part hereof, together with all hereditaments and appurtenances thereunto belonging, all in accordance with a certain Agreement of Sale, as described in Exhibit "II" attached hereto and made a part hereof. SECTION 2. TERM OF OPTION The term of the option herein granted shall be for a period of five consecutive years, commencing on the Ist day of September, 1992, and terminating at 11:59 p.m. on the 31st day of August, 1997 (the "Option Period"). Provided that the Village shall pay the consideration herein required, and otherwise comply with all covenants on the part of the Village to be performed in accordance with a certain Settlement Agreement entered into between the parties of even date, this Option Agreement being referenced in the Settlement•Agreement as an exhibit, the Village may exercise its option and right to acquire the Property in accordance with said Agreement of Sale, at any time during the Option Period, in the manner provided below in Section 4.