99-166 Ordinance - Laserfiche WebLink

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? ftw PURCHASE AGREEMENT 1. The undersigned, Ralph. Kronz and Pamela Kronz, hereinafter referred to as Purchasers, offer to buy finro (2) parcels of land, Permanent Parcel Number 234-26-008 and the Western most 213th feet of Permanent Parcel Number 234-26-011, located in the City of North Olmsted, County of Cuyahoga and State of Ohio, and more fully described in Exhibit A, affixed hereto, subject to Seller's reservation of a storm drainage easement over Permanent Parcel Number 234-26-011, as hereinafter provided. 2. The purchase price is Seventeen Thousand Five Hundred Dollars ($17,500.00) payable as follows: $ 1.000.00 Earnest money to be deposited into escrow with Independence Title Agency, Inc., or another mutually acceptable escrow agent upon Seller's execution of this Agreement; and $16.500.00 Cash to be deposited in escrow. 3. This Agreement is subject to approval by the North Olmsted City council. Should City council not have approved this Agreement by June 30, 2000, Purchasers may declare this Agreement null and void, and in that event, Purchasers' earnest money shall be refunded and neither party will have any rights or obligations under this Agreement. 4. All funds and documents and any other items required to complete the sale shall be placed in escrow with Independence Title Agency, Inc., or another mutually approved escrow agent within fifteen (15) days after approval of this Agreement by the North Olmsted City Council as provided in paragraph 3. 5. Seller shall furnish a warranty deed, conveying to Purchasers' marketable title, free and clear from all encumbrances, except restrictions, easements and reservations of record, which do not materially affect the value of use or value of the property, and a lien for real estate taxes not yet payable, provided, however, that the deed of conveyance shall contain the following reservation of easement: Grantor, municipal corporatior, reserves for itself, its successors and assigns, an easement for storm water drainage onAover the above described property. Said easement shall include the right to install a storm sewer on the property, and the right to enter upon the properly to maintain, repair or replace the storm- water course and/or storm sewer. Seller shall also provide an Owners' Fee Policy of Title Insurance, in the amount of the purchase price, showing marketable title as aforesaid. 6. Seller shall deliver possession to Purchasers no later than on the closing date. 7. Purchasers shall pay, all closing costs including without limitation, recording the warranty deed, the cost of title search and title insurance and the escrow fee. 8. When accepted by Seller, this Purchase agreement shall constitute a binding contract befinreen the parties, their heirs, personal representatives, successors and assigns.