202404622 - Laserfiche WebLink

Browse

202404622 5. DELIVERY OF DEED Upon full payment of this Contract, Seller shall issue a General Warranty Deed conveying to Buyer good and marketable title to the Property as evidenced by a title guarantee in the full amount of the purchase price procured and paid for by Seller. 6. EVIDENCE OF TITLE Seller shall be required to provide an abstract or guarantee of title, statement of title, title insurance, or any such other evidence of title at Seller's expense upon request from Buyer. Such evidence of title shall show marketable title of the Property conveyed free and clear of all encumbrances except those mortgages or liens, if any, mentioned herein, easements, restrictions, limitations, reservations, covenants and conditions of record not coupled with a possibility of reverter, right of reentry, or other reverter right that amounts to a qualification of the fee, and subject also to applicable zoning ordinances and real estate taxes for the year in which the deed is delivered and thereafter. 7. TAXES AND ASSESSMENTS Buyer shall pay all general and special taxes, liens and charges including any and all assessments of every nature, levied, assessed, or accruing on the Property after the Effective Date. Real estate taxes shall be prorated to the date of closing using the short-term method of tax proration. The Real Estate Taxes shall be paid monthly in the amount of $265.39 per month along with the mortgage payment to J&B Rentals. The amount be reviewed at the end of each year and the amount will be changed accordingly. 8. RISK OF LOSS AND INSURANCE Buyer shall be liable for risk of loss by negligence. fire, or other casualty. Buyer agrees to keep the Property insured, with at least content, liability, fire, casualty, hazard, and windstorm insurance with an insurance company and to an amount satisfactory to Seller and a comprehensive liability insurance coverage for the benefit of both Parties, as their interest may appear, and provide a copy of said policy to Seller or to any mortgagee. The Buyer is responsible for insuring the Seller's contents and furnishings in or about the Premises against both damage and loss and Buyer assumes liability for any such damage or loss on the property. Must list Five Points Bank as 1St Mortgagee and J&B Rentals as 2nd Mortgagee. 9. UTILITIES Buyer shall pay the cost of all utilities in connection with the Property, including, but not limited to, telephone, gas, electric, water, sewage, garbage, and cable, that may become due or payable on or after the Effective Date, Buyer shall at no time have any utility service disconnected without written authorization from Seller. 10. POSSESSION OF PROPERTY Upon execution of this Contract, Buyer shall take possession of the Property and shall enjoy peaceful possession of the Property for as long as all payments due under this Contract are made in a timely manner and all other terms and covenants are in compliance. 11. TIME OF THE ESSENCE Time is of the essence with respect to the terns and provisions of this Contract. The time of each payment shall also be an essential part of this Contract. 12. DEFAULT BY SELLER In the event of the failure of Seller to comply with the terms of this Contract or perform any of the covenants hereby made and entered into, Buyer shall have the option to collect damages at law or demand specific performance costs, and reasonable attorney's fees from Seller. 2