2003 013 Ordinance - Laserfiche WebLink

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3. THE PREMISES. The purchase price set forth above shall include all right, title and interest of Seller in and to all improvements buildings and fixtures thereon to part of the real estate set forth above and known as 710 S.O.M. Center Road, Permanent Parcel Number 831-013-005 and referred to as Parcel 3 as designated in the Site Sketch attached hereto as Exhibit 4. POSSESSION. Buyer shall be entitled to take possession of said premises on the date set for the closing of this matter. Seller shall be responsible for any and all utilities consumed upon the premises, until possession is transferred to Buyer. Buyer and Seller shall cooperate to have any and all utilities transferred as of the date of possession and Seller shall order final meter readings as of said date. 5. TAXES. Seller shall pay all delinquent taxes, including penalties and interest, and all other real estaie iaxes which are a lien on fhe ciosing date, prorated to that date and computed, if undetermined, on the basis of the last certified tax rate and valuation. Seiler shail also pay all assessments pro-rated to the date of ciosing, which exists on the property as of the date of closing. Buyer agrees to pay before delinquency all taxes and assessments that may.thereafter become due on said premises. 6. HAZARDS. Buyer assumes all risk of damage to or destruction of any improvements now on said land or hereafter to be placed thereon from the date of closing. However, if any building on the premises or any part thereof shall be substantially damaged or destroyed by fire or other cause prior to the date of closing, Seller shall immediately notify Buyer thereof and furnish to Buyer a written statement of the amount of insurance, if any, payable on account thereof. Substantial damage is any damage costing in excess of Ten Thousand Dollars ($10,000.00) to repair. Within ten (10) days after receipt of notice of any such substantial damage or destruction and the written statement of insurance payable on account thereof, Buyer may elect to terminate this Agreement by written notice of termination to Seller. Upon such termination, any part of the purchase price paid by Buyer or deposited in escrow shall be refunded to Buyer and thereafter neither party shall have any further obligation nor liabilities hereunder. In the event Buyer fails to make such election to terminate, this trarisaction shall be completed in accordance with the terms hereof and Seller shall apply any and all insurance proceeds payable by reason of such damage or destruction to the payment of the purchase price and, if paid in full, shall pay any excess proceeds to Buyer. 2