Laserfiche WebLink
dollars ($585,650.00), together with severance damages equal to 12.5% of the value of <br />the 42.45 acre remainder parcel of TWO HUNDRED TWENTY FIVE THOUSAND FIVE <br />HUNDRED FIFTEEN dollars ($225,515) for a total purchase price of EIGHT HUNDRED <br />ELEVEN THOUSAND ONE HUNDRED SIXTY FIVE dollars ($811,165.00). The <br />Purchase Price shall be paid on the Closing Date. The Purchase Price is inclusive of all <br />compensation for damages incurred by Central as a result of the County's proposed take <br />of the Property and the Parent Parcel. The Effective Date of this Agreement shall be the <br />date upon which the County shall have approved the execution of this Agreement, by the <br />Indian River County Board of County Commissioners at a formal meeting of such Board. <br />3. Title to the Property. Central shall convey marketable title to the Property by <br />warranty deed free of claims, liens, easements and encumbrances of record or known to <br />Central; but subject to property taxes for the year of Closing and subject to 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 County's intended <br />use and development of the Property. <br />4.0 County may order an Ownership and Encumbrance Report with respect to the <br />Propoerty. County shall, within thirty (30) days from receipt of the Ownership and <br />Encumbrance Report, deliver written notice to Central of title defects. Title shall be <br />deemed acceptable to County if (a) County fails to deliver notice of defects within the time <br />specified, or (b) County delivers notice and Central cures the defects within thirty (30) <br />days from receipt of notice from County of title defects ("Curative Period"). Central shall <br />use best efforts to cure the defects within the Curative Period and if the title defects are <br />not cured within the Curative Period, County shall have thirty (30) days from the end of <br />the Curative Period to elect, by written notice to Central, to: (i) terminate this Agreement, <br />whereupon it shall be of no further force and effect, or (ii) extend the Curative Period for <br />up to an additional 90 days; or (iii) accept title subject to existing defects and proceed to <br />closing. <br />5. Representations of Central. <br />5.1 Central is indefeasibly seized of marketable, fee simple title to the Property, <br />and is the sole owner of and has good right, title and authority to convey and <br />transfer the Property, which is the subject matter of this Agreement, free and clear <br />of all liens and encumbrances. <br />5.2 From and after the Effective Date of this Agreement, Central shall take no <br />action which would impair or otherwise affect title to any portion of the Property, <br />and shall record no documents in the Public Records which would affect title to the <br />Property, without the prior written consent of the County. <br />5.3 There are no existing or pending special assessments affecting the <br />Property, which are or may be assessed by any governmental authority, water or <br />sewer authority, school district, drainage district or any other special taxing district. <br />2 <br />