1992 035 Resolution - Laserfiche WebLink

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SECTION 3. CONSIDERATION The consideration to be paid for the option herein granted shall be a non-refundable sum of $250,000.00, payable to Owners by the Village upon signing this Option Agreement. SECTION 4. EXERCISE OF OPTION The Village shall exercise the option granted herein, if at all, by the delivery of a written notice to Owners evidencing such intent, by certified mail, return receipt requested, postmarked on or prior to October 1, 1992 or prior to July 1 of any of the years thereafter in which the option is exercised (the "Option Year"). In addition thereto, the Village shall deliver to Owners four copies of the Agreement of Sale (Exhibit "II"), which will have an effective date of October 1 of the Option Year, all of which will be signed by the Mayor or other authorized representative, and witnessed, as provided therein, together with a legal opinion letter prepared by the then-acting law director for the Village giving the opinion that upon signing of the Agreement of Sale by Owners, the Village will be bound by the terms of the Agreement of Sale, and the persons signing the Agreement of Sale on behalf of the Village have been duly authorized by Council for the Village, or as otherwise required by law. Within five business days after delivery of the same, Owners shall sign and return to the Village two signed copies of said Agreement of Sale, and the transaction shall be closed thereafter in accordance with said Agreement of Sale. SECTION 5. COVENANTS OF OWNERS A. During the Option Period, Owners will maintain the Property in a state of repair and condition similar to the condition which exists as of the effective date of this Option Agreement. B. Owners shall timely pay all valid real estate taxes and assessments which Owners are required to pay, wateZ' and Sewer utilities, and any other charges, the nonpayment of which would constitute a lien against the Property, reserving the right to contest any taxes, assessments or other charges in the manner permitted by law. SECTION 6. MISCELLANEOUS Further Acts The parties agree to perform any further acts and to execute and deliver any further documents which may be reasonably necessary to carry out the intent and provisions of this Agreement. Situs of Agreement The parties agree that the situs of this Agreement is Cleveland, Ohio. Al1 mattPrs pertaining to the validity, con- -2-