200403219 - Laserfiche WebLink

Browse

200403219 (i) Purchase Price. The Purchase Price (the "Purchase Price ") shall be $260,461.00 payable in good funds on the Closing Date (defined below). (ii) Closing Date. The closing date ( "Closing Date ") shall be the sixtieth (601h) day following the date of the Option Notice and shall take place at the offices of the Title Company (defined below) or such other location as the parties may mutually agree upon in writing. Time is of the essence in connection with the closing of the purchase and sale of the Premises in connection with Lessee's exercise of the Purchase Option. (iii) Title and Deed. On the Closing Date, Lessor will sell and convey to Lessee marketable fee simple title to the Premises by special warranty deed in proper form for recording (the `Deed"), subject to (a) general state, county and city taxes and installments of special assessments, if any, not yet due and payable for the tax fiscal year in which the Closing Date occurs and all subsequent years, and (b) such other restrictions and encumbrances existing as of the date of this Amendment, except that in any case Lessor shall sell and convey to Lessee marketable fee simple title to the Premises free and clear of any liens affecting the property and any restrictions affecting the Premises which prohibit the use of the Premises as transportation and trucking terminal or facility. The items listed in (a) and (b) shall hereinafter be referred to as the "Permitted Exceptions ". (iv) Title Insurance. Within fifteen (15) days after the date of the Option Notice Lessor will cause to be delivered to Lessee (i) a title insurance commitment (the `Title Commitment ") issued by Commonwealth Land Title Company ( "Title Company"), together with (ii) a copy of all exception documents listed in Schedule B of the Title Commitment, the cost of each of which shall be apportioned between the parties according to the prevailing practice in the jurisdiction in which the Premises is located. The Title Commitment will constitute the commitment of the Title Company to issue to Lessee an owner's title insurance policy on the then current ALTA standard Form B policy form (except that all "printed or standard" exceptions will be eliminated) (the "Title Policy "), in the amount of the Purchase Price, insuring that at the time of the recording of the Deed there is vested in Lessee good and marketable fee simple title to the Premises, subject only to the Permitted Exceptions, the cost of which shall be apportioned between the parties according to the prevailing practice in the jurisdiction in which the Premises is located. (v) Closing Deposits. The following will be deposited with the Title Company on or before the Closing Date: 1. Lessor will deposit or cause to be deposited: a. The Deed, in form reasonably acceptable to Lessee (together with such other instruments as may be required by local law in connection with the conveyance of real property) duly executed and acknowledged; KCO 1 DOCS669217.3 7