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2007-320A
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2007-320A
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Last modified
6/24/2016 1:17:19 PM
Creation date
9/30/2015 11:19:19 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
09/18/2007
Control Number
2007-320A
Agenda Item Number
9.A.1
Entity Name
Triple S Land Company
Subject
Option Agreement purchase of conservation easement
Supplemental fields
SmeadsoftID
6611
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8 / 10 / 2007 <br /> "Hazardous Materials" shall mean any hazardous or toxic substance , material or waste of <br /> any kind or any other substance which is regulated by any and all applicable federal , state <br /> or local laws , statutes , ordinances , rules , regulations or other governmental restrictions <br /> regulating , relating to , or imposing liability or standards of conduct concerning Hazardous <br /> Materials (herein " Environmental Laws") . Purchaser shall provide Seller with a copy of the <br /> Environmental Site Assessment. <br /> 4 .2 . HAZARDOUS MATERIALS . In the event that the Phase I confirms the presence (or <br /> significant risk of the presence , as determined in Purchaser's sole discretion ) of Hazardous <br /> Materials on the Property, Purchaser, at its sole option , may elect to terminate this <br /> Agreement and neither party shall have any further obligations under this Agreement. <br /> Should Purchaser elect not to terminate this Agreement, Seller shall , at Seller's sole cost <br /> and expense , and prior to the exercise of the option and closing , promptly commence and <br /> diligently pursue any assessment, clean up and monitoring of the Property necessary to <br /> bring the Property into full compliance with any and all Environmental Laws . However, <br /> should the estimated cost of clean up of Hazardous Materials exceed a sum which is equal <br /> to 5 % of the Purchase Price , Seller may elect to terminate this Agreement and no party <br /> shall have any further obligations under this Agreement . In the event that Hazardous <br /> Materials placed on the Property prior to closing are discovered after closing , Seller shall <br /> remain obligated hereunder, with such obligation to survive the closing , delivery , and <br /> recording of the Conservation Easements , diligently to pursue and accomplish the clean up <br /> of Hazardous Materials in a manner consistent with all applicable Environmental Laws and <br /> at Seller's sole cost and expense . <br /> 5 . 1 . SURVEY. Purchaser shall , at Purchaser's sole cost and expense obtain a current <br /> boundary survey of the Property prepared by a professional land surveyor licensed by the <br /> State of Florida , satisfactory to Purchaser, that meets both the minimum technical <br /> requirements and standards promulgated by the Florida Board of Professional Land <br /> Surveyors and the survey procedures attached to this Agreement as Exhibit "E" ("Survey'). <br /> The Survey shall be certified to Purchaser, title insurer, and the closing agent, and the <br /> date of certification shall be within 90 days before the date of closing , unless this 90 day <br /> time period is waived by Purchaser and by the title insurer for purposes of deleting the <br /> standard exceptions for survey matters and easements or claims of easements not shown <br /> by the public records from the owner's title policy. If the Survey shows any defect, or <br /> encroachment on the Property, the same shall be treated as a "title defect" under this <br /> Agreement . Purchaser shall provide Seller with a copy of the Survey . <br /> 5 . 2 . BASELINE DOCUMENTATION . The Baseline Documentation shall be obtained and <br /> prepared by Purchaser and agreed to by Purchaser and Seller. Seller agrees to pay one <br /> half ( 1 /2 ) of the cost of the Baseline Documentation . Seller agrees to cooperate with <br /> Purchaser, and Purchaser' s agents , to allow Purchaser, and Purchaser's agents, to obtain <br /> the information necessary to compile the Baseline Documentation , including access to the <br /> Property upon reasonable prior notice to Seller for photodocumentary and other data <br /> gathering purposes . <br /> 3 <br />
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