05/16/2017 (3) - Laserfiche WebLink

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CLOSING DATE: This transaction shall be closed and the deed and other closing papers delivered on or before June 16, 2017 unless extended by other provisions of this contract; and possession of the subject real estate shall occur upon delivery of deed. This is a cash transaction with no contingency for financing. Any applicable 2017 Real Estate taxes are to be paid by the BUYER. PROCEEDS OF SALE & CLOSING PROCEDURE: The -deed shall be recorded upon clearance of funds. Proceeds of the sale shall be held in Escrow by Indian River Auctions (IRAA LLC) (Escrow AgenD. If Seller's title is rendered unmarketable, through no fault of Buyer, Buyer shall notify Seller within 5 -days of receiving notice of the title defect in writing, and Seller shall have thirty (30) days from date of receipt of such notification to cure the defect. If Seller fails to timely cure the defect, all deposits and closing funds shall, upon written demand by Buyer and within five (5) days after demand, be returned to Buyer. ESCROW: Escrow agent is authorized and agrees by acceptance of any funds to deposit them promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and conditions of this Contract. Failure of clearance of funds shall not excuse Buyer's performance. If in doubt as to Escrow Agent's duties or liabilities under the provisions of Contract, Escrow agent may, at Escrow Agent's option, continue to hold the subject matter of the escrow until the parties mutually agree to its disbursement or until a judgment of a court of competent jurisdiction shall determine the rights of the parties or Escrow Agent may deposit same with the clerk of the circuit court. Upon notifying all parties concerned of such action, all liability on the part of Escrow Agent shall fully terminate., except to the extent of accounting for any items previously delivered out of escrow. Any suit between Buyer and Seller wherein Escrow Agent is made a party because of acting as Escrow Agent hereunder, or in any suit wherein Escrow Agent interplead the. subject matter of the escrow, Escrow Agent shall recover reasonable attorneys' fees and costs incurred with the fees and costs to be paid from and out of the escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. Parties agree that Escrow Agent shall not be liable to any party or person for misdelivery to Buyer or Seller of items subject to this escrow, unless such misdelivery is due to willful breach of this Contract or gross negligence of Escrow Agent. Both Seller and Buyer further agree that the Escrow Agent will not be held liable to either or both Seller and Buyer for the performance of any terms of this Purchase and Sale Contract or for damages for the non-performance thereof. FAILURE OF PERFORMANCE: If Buyer fails to perform this Contract within the time specified, including payment of all deposits, the deposits paid by Buyer and deposits agreed to be paid, may be retained by or for the account of Seller, as agreed upon liquidated damages, consideration for the execution of this contract and in full settlement of any claims; whereupon, Buyer and Seller shall be relieved of all obligations under this Contract; or Seller, at Seller's option, may proceed in equity to enforce Seller's rights under this Contract. If Seller elects to retain the deposits paid by Buyer, such sums shall be disbursed to Seller and Auctioneer in accordance with their auction agreement. If for any reason other than failure of Seller to make Seller's title marketable after diligent effort, Seller fails, neglects or refuses to perform this Contract, the Buyer may elect to receive the return of Buyer's deposits thereby waiving any action for damages resulting from Seller's breach. However, if the Buyer requires an extension of time in order to close the sale, the Seller reserves the right to request an additional non refundable deposit in the amount of 10% of the proposed purchase price to be tendered by the Buyer as consideration for the extension of time. The prevailing party in any suit shall be entitled to recover their reasonable attorney's fees and costs. CONVEYANCE: Seller shall convey title to the Real Property as appropriate to the status of Seller unless this auction is pursuant to an order of the courts haying jurisdiction in the transfer to the subject real estate, -2- M 41 PA