2008-152 A - Laserfiche WebLink

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71 DEFECTS IN TITLE, If the title insurance commitment or survey furnished to Purchaser pursuant to this Agreement discloses any defects in title which are not acceptable to Purchaser, Seller shall, within 90 days after notice from Purchaser, remove said defects in title. defects in title within the time provided therefor, includinelthe brinler ging of neuse icessary suits nt effort to correct the unsuccessful in removing the title defects er is within said time or if Seller fads o make a diligent effort to correct thethe title defects, Purchaser shall have the option to either: (a) accept the title as it then is with a reduction in the Total Purchase Price by an amount determined by Acquiring Agency, (b) accept the title as it then is with no reduction in the Total Purchase Price, (c) extend the amount of time that Seller has to cure the defects in title, or (d) terminate this Agreement, thereupon releasing Purchaser and Seller from all further obligations under this Agreement. 8. INTEREST CONVEYED, At closing, Seller shall execute and deliver to Local Government a statutory warranty deed in accordance with Section 689.02, Florida Statutes, conveying marketable title to the Property in fee simple free and clear of all liens, reservations, restrictions; easements, leases, tenancies and other encumbrances, except for those that are acceptable encumbrances in the opinion of Purchaser and do not impair the marketability of the title to the Property. The grantee in Seller's Warranty Deed shall be the CITY OF FELLSMERE, 9. PREPARATION OF CL QTwr3 DOT rx ?ENTS, Upon execution of this Agreement, Seller shall submit to Purchaser a properly completed and executed beneficial interest affidavit and disclosure statement as required by Sections 286.23, and 380.08(2), Florida Statutes, Seller shall prepare the deed described in paragraph 8 . of this Agreement, Seller's closing statement, the title, possession and lien affidavit certified to Purchaser and title insurer in accordance with Section 627 . 7842, Florida Statutes, and an environmental affidavit. The deed, 'title, possession and lien affidavit and environmental affidavit shall be prepared on Acquiring Agency forms which will be provided by Acquiring Agency. Acquiring Agency .shall prepare Purchaser's closing statement. All prepared documents shall be submitted to Local Government and Acquiring Agency for review and approval at least 30 days prior to the Option Expiration Date, 10, PURCHASER RB F FOR CLOSING. Purchaser will approve or reject each item required to be provided by Seller under this Agreement within 30 days eller receipt by Purchaser of all of the required items. Seller will have 30 days thereafter to cure and resubmit any rejecteditom to Purchaser. In the event Seller fails to timely deliver any item, or Purchaser rejects any item after delivery, Purchaser may in its discretion extend the Option Expiration Date. 11 . EXPENSES . Seller will pay the documentary revenue stamp tax and all other taxes or costs associated with the conveyance, including the cost of recording the deed described in paragraph 8 . ofthis Agreement and any other recordable instruments which Purchaser deems necessary to assure good and marketable title to the Property. 12, TAXES AND ASSESSMENTS, All real estate taxes and assessments which are or which may become a lien against the Property shall be satisfied% of record by Seller at closing. In the event the Local Government acquires fee title to the Property between January 1 and November 1 , Seller shall, in accordance with Section 196. 295, Florida Statutes, place in escrow with the county tax collector an amount equal to the current taxes prorated to the date of transfer, based upon the current assessment and millage rates on the Property. In the event the Local Government acquires fee title to the Property on or after November 1 , Seller shall pay to the county tax collector an amount equal to the taxes that are determined to be legally due and payable by the county tax collector. January 16 , 2008 Page 4 07-030 - 1?1?7