2024-249 - Laserfiche WebLink

Home Browse Search

Title (the "Escrow Agent") the amount of Twenty -Five Thousand and 00/100 Dollars ($25,000.00) to be paid in the manner described below (the "Inspection Period Deposit"). Buyer's obligation to close the transaction in accordance with provisions of this Agreement is contingent upon the Seller's ability to deliver good and marketable title for the Property and to satisfy any other conditions set forth herein. Should Seller default hereunder, Buyer shall be entitled to an immediate refund of the entire sum of the Inspection Period Deposit held by the Escrow Agent. 3.2 An additional Fifty Thousand and 00/100 Dollars ($50,000.00) shall be deposited with Escrow Agent within five (5) business days following the expiration of the Inspection Period. The second deposit of Fifty Thousand and 00/100 Dollars ($50,000.00), together with the Inspection Period Deposit, shall be referred to as the "Contract Deposit". Buyer and Seller hereby appoint Atlantic Coastal Title to act as the Escrow Agent for the transaction contemplated by this Agreement and to hold the Contract Deposit in escrow subject to the terms of this Agreement. 4. Title. Seller shall convey marketable title to the Property by special warranty deed free of claims, liens, easements and encumbrances of record or known to Seller, except for Permitted Exceptions defined in Section 4.1 below; but subject to property taxes for the year of Closing and covenants, restrictions and public utility easements of record. 4.1 Survey. Buyer shall, at its sole expense, cause to be prepared and delivered to Seller within forty-five (45) days after the Effective Date, or earlier if sooner available, a survey of the Property (the "Survey"). Such Survey shall provide a legal description and acreage computation for the Property, and shall be prepared by a land surveyor or engineer registered and licensed in the State of Florida and approved by Seller (such approval not to be unreasonably withheld or delayed). The Survey shall contain a certificate addressed to Seller wherein the surveyor certifies as of a date subsequent to the Effective Date the accurate description of the Property and that the survey shows visible boundary lines, easements, rights-of-way, affecting the Property. The Survey shall be subject to review and approval by Seller, which shall not be unreasonably delayed or withheld. Once approved by Seller, the legal description of the Property contained on the Survey shall be substituted for the legal description shown on Exhibit "A". At Closing (as hereinafter defined), Seller will provide Buyer a credit for one half of the cost of the Survey, not to exceed three thousand ($3,000.00) Dollars. 4.2 Buyer may order an Ownership and Encumbrance Report or Title Insurance Commitment with respect to the Property. Buyer shall within thirty (30) days following the Effective Date deliver written notice to Seller of title defects. Title shall be deemed acceptable to Buyer if (a) Buyer fails to deliver notice of title defects within the time specified, or (b) Buyer delivers notice and Seller cures the title defects within thirty (30) days from receipt of notice from Buyer of title defects ("Curative Period"). Seller shall have no obligation to cure the title defects. If the title defects are not cured within the Curative Period, Buyer shall have thirty (30) days from the end of the Curative Period to elect, by written notice to Seller, to: (i) to terminate this Agreement, whereupon the Agreement shall be of no further force and effect, except for the provisions of Section 5.4, which shall 2