Laserfiche WebLink
C. Pine Intermediate School located at 4267 Dover Center Road, North Olmsted, Ohio <br />44070, and identified in the records of the Fiscal Officer of the County of Cuyahoga, <br />Ohio, as Parcel Identification No. 232-23-132. <br />The Purchaser agrees to buy and the Seller agrees to sell, for the consideration provided for in <br />Article 3 and upon the terms and subject to the conditions set forth in this Agreement, the <br />Properties together with all easements, rights, privileges, hereditaments and appurtenances <br />belonging thereunto. In all events, the Seller shall have a right to continue to occupy the Properties <br />until December 31, 2027 or 180 days after the demolition of Birch elementary school whichever <br />is later and will also be fully responsible for all expenses, including routine and extraordinary <br />maintenance and all repairs, associated with the School regardless of whether it has been sold <br />hereunder while it occupies the school or during the abate and demolition period and through <br />closing. <br />Consideration for Sale. The purchase price to be paid by the Purchaser to the Seller for the <br />Properties shall be, prior to abate and demolition costs, $1,550,000 for Chestnut, $1,100,000 for <br />Pine and $680,000 for Maple (collectively known as "Purchase Price"). The purchase price shall <br />be paid by Purchaser for each school within 180 days of the abatement and demolition of each <br />building unless otherwise agreed in writing. Purchase Price shall be paid in cash, bank or cashier's <br />check, or wire transfer, after taking into consideration any deposit and adjustments for closing <br />costs and prorations as specified in this Agreement. <br />3. Seller shall be responsible for the remediation and demolition of the Properties <br />unless the City or prospective developer assumes that responsibility. Demolition and remediation <br />obligations include the following: <br />a. Demolish and abate all buildings and other above -ground structures and <br />improvements from the Properties (and to the extend necessary any foundations) and otherwise <br />remediate the Properties to cause the Properties and to be in compliance with all applicable laws; <br />b. Fill removed basements with clean fill; <br />Remove all demolition debris and hazardous materials from the site; <br />d. Generally clear and grade the Properties for development as may be <br />mutually agreed to by the Parties, all in accordance with Applicable Laws and as necessary to <br />develop the Properties. <br />Any deposit made by the Purchaser shall be refunded to Purchaser if this Agreement is <br />terminated in accordance with Articles 4 or 6 or if the Closing fails to occur as a result of the <br />Seller's default. Seller shall retain the deposit if the Agreement is terminated for any other reason. <br />If for any reason the City or prospective developer agrees in writing to assume the <br />responsibility for the demolition and remediation of one (1) or all of the Properties, such that Seller <br />is not responsible to deliver the Properties in a remediated and demolished condition, then the <br />Consideration for Sale / Purchase Price set forth above shall be adjusted by mutual agreement <br />between Seller and Purchaser and the Seller shall thereafter not be responsible for remediation and <br />demolition of the Properties and the Properties shall be delivered in their present condition. <br />2 <br />