3/7/2016 10:31:17 AM
10/1/2015 3:29:08 AM
Official Document Type
Agenda Item Number
Richard and MaryAnn Rentschler
Purchase agreement CR 510 road expansion
7595 85th St.
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Beach , Florida and more specifically described in the sketch and legal description <br /> attached as Exhibit "A" , containing approximately 0 . 126 acre , and all improvements <br /> thereon , together with all easements , rights and uses now or hereafter belonging <br /> thereto ( collectively , the " Property" ) . <br /> 3 . Purchase Price , Effective Date . The Purchase Price ( " Purchase Price " ) of <br /> $ 33 , 958 ( $ 111958 [0 . 126 acre parcel of land ] + $ 22 , 000 [ improvements and <br /> damages/cost4o -cure value of fencing , trees and landscaping as established by a <br /> limited scope appraisal prepared by All Real Estate Appraisals] _ $ 33 , 958 ) shall be paid <br /> on the Closing Date , The Effective Date of this Agreement shall be the date upon which <br /> the County shall have approved the execution of this Agreement , either by approval by <br /> the Indian River County Board of County Commissioners at a formal meeting of such <br /> Board or by the County Administrator pursuant to his delegated authority . <br /> 4 . Title . Sellers shall convey marketable title to the Property by warranty deed free <br /> of claims , liens , easements and encumbrances of record or known to Sellers except as <br /> noted in Exhibit "A" ; but subject to property taxes for the year of Closing and covenants , <br /> restrictions and public utility easements of record provided ( a ) there exists at Closing no <br /> violation of any of the foregoing ; and ( b ) none of the foregoing prevents the County' s <br /> intended use and development of the Property ( " Permitted Exceptions " ) . <br /> 4 . 1 The County may order an Ownership and Encumbrance Report or Title <br /> Insurance Commitment with respect to the Property . The County shall within fifteen <br /> ( 15 ) days following the Effective Date of this Agreement deliver written notice to Sellers <br /> of title defects . Title shall be deemed acceptable to the County if ( a ) the County fails to <br /> deliver notice of defects within the time specified , or ( b ) the County delivers notice and <br /> Sellers cure the defects within thirty ( 30 ) days from receipt of notice from the County of <br /> title defects ( " Curative Period " ) . Sellers shall use their best efforts to cure the defects <br /> within the Curative Period and if the title defects are not cured within the Curative <br /> Period , the County shall have thirty ( 30 ) days from the end of the Curative Period to <br /> elect , by written notice to Sellers , to : ( i ) to terminate this Agreement , whereupon shall be <br /> of no further force and effect , or ( ii ) extend the Curative Period for up to an additional <br /> ninety ( 90 ) days ; or ( iii ) accept title subject to existing defects and proceed to closing . <br /> 5 . Representations of the Sellers . <br /> 5 . 1 Sellers are indefeasibly seized of marketable , fee simple title to the Property , and <br /> are the sole owners of and have good right , title , and authority to convey and transfer <br /> the Property which is the subject matter of this Agreement , free and clear of all liens and <br /> encumbrances . <br /> 5 . 2 From and after the Effective Date of this Agreement , Sellers shall take no action <br /> which would impair or otherwise affect title to any portion of the Property , and shall <br /> record no documents in the Public Records which would affect title to the Property , <br /> without the prior written consent of the County . <br /> Page 2 of 7 <br />
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