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2025-059 Ordinance
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2025-059 Ordinance
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Last modified
6/20/2025 11:33:52 AM
Creation date
6/18/2025 1:09:28 PM
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North Olmsted Legislation
Legislation Number
2025-059
Legislation Date
6/17/2025
Year
2025
Legislation Title
Purchase Maple, Pine and Chestnut Intermediate Schools from NO Board of Education
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the Purchaser has objected. In the event that the Seller is unwilling or unable to cure any objection <br />made by the Purchaser within thirty (30) days after receipt of the Purchaser's notice, the Purchaser <br />may, by written notice to the Seller, either (i) terminate this Agreement, at which time the parties <br />shall be released from all further obligations under this Agreement, or (ii) waive such condition <br />and proceed to purchase the Property. If the Purchaser has not notified the Seller of any <br />unacceptable condition during the Due Diligence Period, then any such condition shall be deemed <br />to be waived by the Purchaser. The Purchaser must restore the Property to substantially its original <br />condition after the tests, surveys, studies and inspections are conducted. <br />Seller shall cooperate in making the Property reasonably available for inspection by <br />Purchaser. If Purchaser is not, in good faith, satisfied with the condition of the Property as <br />disclosed by any inspection thereof, Purchaser may deliver to Seller a written request that the Seller <br />remedy any unsatisfactory conditions. In the event that Purchaser and Seller do not reach <br />agreement regarding remedying the unsatisfactory conditions prior to the expiration of the Due <br />Diligence Period, then Purchaser shall have the right to terminate this Agreement. <br />6. Title Company and Escrow Agent. Northstar, a Division of Stewart Title Company, <br />20445 Emerald Parkway, Suite 200, Cleveland, Ohio 44135, phone (216) 623-3655, facsimile (800) <br />953-4026, nsinfo(dvewart.com, is hereby designated as the Title Company and escrow agent in <br />connection with this transaction. An executed copy of this Agreement shall be deposited with the <br />Title Company by Seller, and this Agreement shall serve as the escrow instructions. <br />7. Status of Title to Property. Purchaser may procure an Owner's policy of title <br />insurance for the Property in an amount it determines. Within 720 days following the date of this <br />Agreement, the Purchaser shall, at its sole cost, procure a title commitment for the Property <br />prepared by the Title Company and provide a copy to the Seller along with any recorded documents <br />referenced in the commitment. Purchaser shall also procure and deliver to the Seller a survey and <br />legal description of the Property, certified to Purchaser and the Title Company in form and <br />substance sufficient to permit the Title Company to issue the title policy with the so-called "Survey <br />Exceptions" removed from such policy together with such other certification of the surveyor as <br />may be required by Purchaser. The survey shall satisfy the most recent "Minimum Standard Detail <br />Requirements for ALTA/NSPS Land Title Surveys". The survey shall include a metes and bounds <br />description of the Property which, upon approval by the Title Company, Purchaser and the <br />Cuyahoga County Ohio Tax Map Department shall be deemed to constitute the legal description <br />of the Property. The Purchaser shall notify the Seller of its objection to any matter shown in the <br />commitment and survey not later than the expiration of the Due Diligence Period. If the Seller is <br />unable or unwilling to remove any such objections prior to the Closing, then Purchaser's sole <br />remedy shall be either to (a) terminate this Agreement, at which time the parties shall be released <br />from all further obligations under this Agreement, or (b) waive the objections and accept such title <br />as the Seller is able to convey without abatement of the purchase price. If Purchaser has not <br />notified the Seller of any objections during the Due Diligence Period, then any such condition shall <br />be deemed to be waived by Purchaser. <br />At the Closing for each of the individual property, the Seller shall furnish the Purchaser <br />and the Title Company with a seller's affidavit as to mechanic's and materialmen's liens, persons <br />in possession of the Property, and similar title matters required by the Title Company. The <br />Purchaser shall update the title commitment for the Property to the date of Closing. If such update <br />4 <br />
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