2024-313 - Laserfiche WebLink

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($100,000.00) shall be deposited with Escrow Agent within five (5) business days following the expiration of the Inspection Period. The first deposit of TWENTY-FIVE THOUSAND AND 00/100 DOLLARS ($25,000.00) is referred to as the "Inspection Period Deposit", and the second deposit of ONE HUNDRED THOUSAND AND 00/100 DOLLARS ($100,000.00), is referred to as the "Contract Period Deposit". Both deposits together shall cumulatively be referred to as the "Contract Deposit". If Buyer has not terminated the Contract on or before end of the Inspection Period, and then fails to close for any reason, Seller shall retain the full Contract Deposit as liquidated damages for Buyer's default. Buyer and Seller hereby appoint The Law office of Barry G. Segal, P.A, to act as the Escrow Agent for the transaction contemplated by this Agreement and to hold the Earnest Money in escrow subject to the terms of this Agreement. 3. Title. Seller shall convey marketable title to the Properties by warranty deed free of claims, liens, easements and encumbrances of record or known to Seller; but subject to property taxes for the year of Closing and covenants, restrictions and public utility easements of record provided (a) there exists at Closing no violation of any of the foregoing; and (b) none of the foregoing prevents Buyer's intended use and development of the Properties ("Permitted Exceptions"). The current year property taxes will be prorated at the time of closing. 3.1 Buyer may order an Ownership and Encumbrance Report or Title Insurance Commitment with respect to the Properties. Buyer shall within thirty (30) days following the Effective Date of this Agreement deliver written notice to Seller of title defects. Title shall be deemed acceptable to Buyer if (a) Buyer fails to deliver notice of defects within the time specified, or (b) Buyer delivers notice and Seller cures the defects within thirty (30) days from receipt of notice from Buyer of title defects ("Curative Period"). Seller shall use best efforts to cure the defects within the Curative Period and 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 shall be of no further force and effect, or (ii) extend the Curative Period for up to an additional 90 days; or (iii) accept title subject to existing defects and proceed to closing. 4. INSPECTIONS. Inspections. Buyer, its agents, employees, and representatives shall have ninety (90) days after the Effective Date to perform any and all inspections of the Property as the Buyer deems necessary (the "Inspection Period"). During the Inspection Period, Buyer shall, at its sole cost and expense, determine that utility services including, water, wastewater, electric, telephone and all other utilities are available in the proper size and capacity to serve the existing facilities and installed to the property lines. At all times during the Inspection Period, Buyer and its agents shall be provided with reasonable access during normal business hours to the Property for purposes of on-site inspection, 2