1999 028 Ordinance - Laserfiche WebLink

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have the option, exercisable within twenty (20) days after receipt of such notice to (a) accept title to the Property subject to said Defect without diminution in the Purchase Price, or (b) terminate this Agreement. If Buyer elects to terminate this Agreement pursuant to this Section, all funds and documents deposited or paid by Buyer to Seller shall be immediately returned to Buyer and the parties shall be released from any further obligations each to the other, except that the parties shall split equally the costs ~of all title work and accrued escrow charges. If Buyer fails to make a written election within the twenty (20) day period provided, Buyer shall be deemed to have elected option (a) above. 6. Closin .The transaction contemplated herein shall close in escrow upon a date selected by Seller which shall be (i) no later than the date upon which Seller is required to vacate the Property pursuant to Section 6G. herein, and (ii} no earlier than December 31, 1999. A. Seller's Deliveries. On or before the Closing Date, Seller shall deposit or cause to be deposited with the Escrow Agent: i. A good and sufficient General Warranty Deed (the "Deed"}, in form acceptable to Buyer, conveying to Buyer fee simple title to the Property, free and clear of-all Defects except the Permitted Exceptions; ii. "Non-Foreign Seller Affidavit" as required by Section 1445 of the Internal Revenue Code of 1989,as amended; iii. Such funds and other instruments, in recordable form or otherwise, as may be reasonably required by the Escrow Agent as a condition of the closing of the escrow. B. BuYer's Deliveries. On or before the Closing Date, Buyer shall deposit with the Escrow Agent: The Promissory Note and Mortgage described in Section 2.C.; ii. A certified copy of a resolution of the Council of Mayfield Village authorizing Buyer to enter into this Agreement and perform the obligations to be performed by Buyer hereunder, including payment of the Purchase Price; iii. Such other funds and instruments, in recordable form or otherwise, as may be reasonably required by the Escrow Agent as a condition of the closing of the escrow. C. Seller's Costs. Seller shall pay or be charged with the following costs and expenses: i. any and all state, county and local transfer taxes and conveyance fees on the sale and transfer of the Property;