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2025-009 Ordinance
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2025-009 Ordinance
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Last modified
2/20/2025 11:25:26 AM
Creation date
2/20/2025 11:17:05 AM
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North Olmsted Legislation
Legislation Number
2025-009
Legislation Date
2/18/2025
Year
2025
Legislation Title
Purchase Permanent Parcel 233-26-067 from Rini Bros LLC
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EXHIBIT A <br />PURCHASE AND SALE AGREEMENT <br />TI IIS PURCHASE AND SALE AORI?EMENT (this "Agreement') is entered into as 0f' <br />the _._ Any of'_, 2024 (the "ElIeCtive Date"), by and between the Cilyol'North Olmsted, <br />Ohio, an Ohio Municipal Corporation and ("Purchaser"), and RINI EROS. H,C. an Ohio Limited <br />Liability Company ("Seller'). <br />RECITALS <br />WHEREAS, pursuant to the toms ol'this Agreement, Seller will sell and convey to <br />Purchaser and Purchaser will purchase and pay Im the Property (as defined herein). <br />NOW, THEREFORE, for valuable consideration, including the purchase price and the <br />mutual covenants of Purchuser and Seller set ibrih herein, the parties agree as lidlows: <br />DESCRIPTION OF PROPERTY <br />1.1 Pro crl . Seller shall sell and convey, and Purchaser shall purchase and pay lift, <br />upon the terms and subject to the conditions hereinaller set forth, a portion of the land known as <br />PPN 233-26-067 and more lolly described in Exhibit A (the "Master Parcel'), which portion shall <br />contain approximately 12313 acres, or 53,635 square lest. and as depicted crosshatched in blue <br />on Exhibit 13 attached hereto and incorporated herein by reference (the "Properly"). <br />2. PURCHASE. PRICE: <br />2.1 Purchase Price. Purchaser shall pay to Seller on Closing (as hcrcinalicr dclincd) u <br />purchase price pile --Purchase Price") f'or the Properly which shall be the sum or Fifteen Thousand <br />Dollars ($15,000.00) for the Property; which Purchase Price shall be payable as lidlows: <br />(a) An amount equal to Fifteen Thousand Dollars ($15,000.00) (tile 'Tarnesl <br />Money") shall be deposited in an escrow account (the "Escrow Account') with <br />Emerald Glen Thic (" I?scrow Agent" or -Title C'ompany') by wire transfer within <br />live (5) days following the H11cclive Date. <br />(b) The balance of the Purchase Price, subject tothe prorations and adjustments <br />described in this Agreement, shall be deposited into the Escrow Account by wire <br />transfer of Federal funds or ot7icial bank or cashier's check drawn on an <br />institutional commercial bank or savings and loan association payable to to order <br />of Escrow Agent at (cast one business day preceding the Closing Date (as <br />hereinafter defined). <br />(c) Purchoscr's failure to timely deposit the Earnest Money or make any otter <br />Payments required by the terms of this Agreement shall constitute an immediate <br />Default by Put -chaser of (his Agreement. which, it' 1101 remedied within two (2) <br />business days from receipt of n0lice by Seller of the Default. shall entitle Seller. at <br />
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