1999-183 - Laserfiche WebLink

Home Browse Search

•o paragraph 3.A. because of a reduction in the final County approved appraised value in the Property, Seller shall, in his sole discretion, have the right to terminate this Agreement and neither party shall have any further obligations under this Agreement. If Seller elects to terminate this Agreement, Seller shall provide written notice to Purchaser of Sellers election to terminate this Agreement within 10 days after Seller's receipt of written notice from Purchaser of the final County approval appraised value. In the event Seller fails to give Purchaser a written notice of termination within the aforesaid time period from receipt of Purchaser's written notice, then Seller shall be deemed to have waived any right to terminate this Agreement based upon a reduction in the Total Purchase Price stated in paragraph 3.A. 4.A. ENVIRONMENTAL SITE ASSESSMENT. The County shall, at its expense and prior to the Option Expiration Date, conduct an environmental site assessment of the Property which meets the standard of practice of the American Society of Testing Materials ("ASTM"), to determine the existence and extent, if any, of Hazardous Materials on the Property. The examination of hazardous materials contamination shall be performed to the standard of practice of the ASTM, Practice E 1527. For purposes of this Agreement "Hazardous Materials" shall mean any hazardous or toxic substance, material or waste of any kind or any other substance which is regulated by any Environmental Law (as hereinafter defined in paragraph 4.13.) 4.13. HAZARDOUS MATERIAL. In the event that the environmental site assessment provided for in paragraph 4.A. confirms the presence (or significant risk of the presence, as determined in Purchase's sole discretion) of Hazardous Materials on the Property, Purchaser, at its sole option, may elect to terminate this Agreement and neither party shall have any further obligations under this Agreement. Should Purchaser elect not to terminate this Agreement, Seller shall, at his sole cost and expense and prior to the exercise of the option and closing promptly commence and diligently pursue any assessment, clean up and monitoring of the Property necessary to bring the Property into full compliance with any and all applicable federal, sate or local laws statutes ordinances rules regulations or other governmental restrictions regulating, relating to, or imposing liability or standards of conduct concerning Hazardous Materials ("Environmental Law"). However, should the estimated cost of clean up of Hazardous Materials exceed a sum which is equal to 5% of the Total Purchase Price as stated in paragraph 3.A., Seller may elect to terminate this Agreement and no party shall have any further obligations under this Agreement. In the event that Hazardous Materials placed Cr^. the Proper-- pr- - closing $ic u:3Cvvcrcu aftcT CivSuig, °'xliei shaii itui remain obligated hereunder and shall have no obligation or liability after the closing and delivery and recording of the deed described in paragraph 8 of this Agreement and Purchaser's possession of the property. Upon closing the Purchaser has accepted the property in its as -is condition as of the date of closing. 5. SURVEY. The Seller shall have the Property surveyed (or existing survey updated), at the Seller's expense, prior to exercise of the Option ("Survey"). If the Survey shows any encroachment of the Property or that improvements intended to be located on the Property encroach on the land of others, the same shall be treated as a title defect. 6. TITLE INSURANCE. Seller shall, at its sole cost and expense and at least 35 days prior to the Option Expiration Date, furnish to Purchaser a marketable title insurance