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2008-036
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2008-036
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Last modified
3/22/2016 2:24:30 PM
Creation date
9/30/2015 11:57:30 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
02/05/2008
Control Number
2008-036
Agenda Item Number
7.CC
Entity Name
Walt Disney World Hospitality & Recreation Corporation
Subject
Land Purchase Agreement
Area
9255 93rd. St.
Supplemental fields
SmeadsoftID
6857
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(other than liens created by the voluntary action of Seller and which can be removed by the payment of <br /> money) shall become Permitted Title Exceptions and Purchaser shall proceed to Closing without any <br /> reduction in the Purchase Price ; or (ii) terminate this Agreement, in which event Seller and Purchaser <br /> shall have no further obligations, duties or liabilities, one to the other, with respect to the subject matter of <br /> this Agreement, except for any Surviving Obligations . <br /> 5 . 5 . Title Policy. <br /> At the Closing, Seller shall cause a standard ALTA Form B owner's policy of title insurance (the <br /> "Title Policy") to be furnished to Purchaser. The Title Policy at Closing shall be in the form of an <br /> endorsement to, or "mark-up" of, the Title Commitment, and not later than sixty (60) days after the <br /> Closing Date, Seller shall cause the final Title Policy to be delivered to Purchaser. The Title Policy shall <br /> be in the amount of the Purchase Price, insuring that Purchaser has good and marketable fee simple title <br /> to the Property, subject only to the Permitted Title Exceptions and the standard exceptions and exclusions <br /> in such form of owner' s policy. The basic premium for the Title Policy shall be paid by Seller. Any <br /> additional premiums for the modification of the "survey exception, " and any additional premiums <br /> associated with any available "extended coverage" or endorsements (if Purchaser, at its sole cost and risk , <br /> elects to request any of these items) shall be paid by Purchaser; provided, however, that neither the <br /> commitment of the Title Company to delete the survey exception nor the issuance by the Title Company <br /> of any such extended coverage or endorsements shall be conditions to Purchaser's obligation to close <br /> hereunder. Seller hereby discloses to Purchaser and Purchaser hereby acknowledges and consents <br /> to the fact that Vista Title Insurance Agency, Inc., an affiliate of Seller, shall receive a portion of the <br /> premium for the Title Policy. The provisions of this Section 5 . 5 shall survive the Closing. <br /> 5 . 6. Survev. <br /> Purchaser may, at Purchaser' s sole cost and expense, obtain a current boundary survey of the <br /> Property (the "Survey") within fifteen ( 15) days after the Effective Date and in accordance with the <br /> Survey Requirements (as such term is defined in this Section 5 . 6). In the event the Survey shows any <br /> encroachment or any violation of a building setback line, property line, or any easement, except those <br /> which are expressly provided for in this Agreement or which do not materially and adversely affect <br /> Purchaser' s intended use of the Property, said encroachment or violation shall be treated in the same <br /> manner as an Objection under the procedure set forth in Section 5 . 3 (Review of Title Commitment) <br /> above. Notice of any objectionable Survey matter must be identified and included in the Objections <br /> notice delivered by Purchaser to Seller prior to the end of the Title Review Period . The "Survey <br /> Requirements" are: (i) the Survey must be prepared by a reputable, licensed surveyor who has actively <br /> practiced surveying of commercial real estate and has been in good standing with the appropriate <br /> licensing authority for a period of at least five (5) years ; (ii) the Survey must comply with the <br /> requirements of Florida law and with the "Minimum Standard Detail Requirements for ALTAIACSM <br /> Land Title Surveys" as adopted by the American Land Title Association and the American Congress on <br /> Surveying & Mapping; and (iii) the Survey must be certified to Seller, Purchaser, and the Title Company. <br /> 6. CLOSING. <br /> 6. 1 . Date and Place of Closing. <br /> The consummation of the purchase and sale of the Property under this Agreement (the "Closing") <br /> shall take place in the offices of Seller in Lake Buena Vista, Florida, at approximately 10 :00 a. m. , Eastern <br /> Time, on the date which is ten ( 10) days after the approval of this Agreement as provided in Article 4 <br /> (Approval By Board of Commissions) above, unless another date is mutually agreed upon in writing by <br /> Seller and Purchaser or unless extended pursuant to Section 6 . 5 (Postponement of Closing Date) (the <br /> "Closing Date"). <br /> January 8. 3008 <br /> 3 <br />
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