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or Order of Taking through condemnation, two (2) certain parcels <br />located adjacent to and immediately south of Subject Property, <br />referred to at this time as the Wright parcel and the Hammond <br />parcel. <br />Seller acknowledges that the sale and purchase of <br />Subject Property is for the use and benefit of the public as a <br />right-of-way for County road purposes (extension of 8th Street); <br />and, in the evenjr this contract has been closed and the Buyer has <br />not undertaken cpnstruction of 8th Street as intended within <br />twenty-four (24) months following closing, or has determined by <br />affirmative Board action not to proceed with the project, which- <br />ever may occur first, either Buyer or Seller may terminate this <br />conveyance by notice to the other, title shall revert to Seller, <br />and Seller agrees to repay to Buyer the full purchase price of <br />EIGHTY-FIVE THOUSAND AND 00/100 ($85,000.00) DOLLARS, including <br />attorney's fees incurred by Buyer in conjunction with said <br />reversion, plus interest on the purchase price in the amount of <br />twelve (12%) percent per annum. <br />4. WARRANTY DEED, EXISTING MORTGAGE <br />Seller shall convey title to Subject Property in fee <br />simple, by warranty deed, free and clear of any and all encum- <br />brances, and shall deliver no later than closing absolute releases <br />from all existing mortgagees, if any, and if none, Seller shall <br />execute an affidavit indicating same. <br />5. EVIDENCE OF TITLE <br />Not less than five (5) days prior to closing, Seller <br />shall at his expense deliver to Buyer's attorney in accordance <br />with Standard A (attached) a title guarantee commitment for <br />issuance of an owner's title policy. Seller and Buyer shall each <br />pay half of the premium associated with the issuance of said <br />policy. <br />b. STANDARDS FOR REAL ESTATE TRANSACTIONS <br />The Standards for Real Estate Transactions, attached <br />hereto as EXHIBIT B, shall apply to this agreement where not <br />inconsistent herewith and provided that only the following <br />lettered paragraphs therein shall apply: A(2), D, G, H, L, M, Q, <br />-2- BooK 50 !043. <br />JUL 7 1992 <br />• <br />