e. Jail land-purchase agreement - Laserfiche WebLink

2.6 Cash at Closing. On the Closing Date for the Additional Property, BUYER will deliver to SELLER ninety-five percent (95%) of the Purchase Price for the Additional Property, subject to applicable prorations as may be herein provided, in the form of a check, together with the Earnest Money Deposit. 2.7 Title. If BUYER exercises the option, Seller shall within 30 days after delivery to it of the notice of exercise, secure and submit to BUYER for examination an abstract of title prepared by a reliable abstract company showing merchantable title, free and clear of all liens, encumbrances, restrictions and easements, in the Additional Property. If SELLER's title is not insurable or free of defects and cannot be made so within sixty (60) days after BUYER provides SELLER written statement of defects, or within any mutually agreeable written extension, BUYER may clear the title to the extent so required and charge the costs of clearing to SELLER or, in BUYER's discretion, may terminate the contract by giving SELLER ten (10) days notice and SELLER shall return to BUYER the price BUYER has paid for such option. 2.8 Possession and Risk of Loss. The SELLER shall continue in possession of the Additional Property until closing on the Additional Property and shall maintain the same in its present condition. Possession, and any related risk shall be transferred to BUYER upon completion of the closing on the Additional Property. 2.9 Notices. All notices required hereunder will be in writing and served personally or by certified mail, return receipt requested, postage prepaid or by nationally recognized overnight courier service, which provides receipt for delivery, at the addresses shown above, until notification of a change of such addresses. All notices shall be deemed delivered one (1) business day after delivery to an independent same day or overnight courier. Either party's designated counsel may execute notices. 2.10 Assignment and Succession. This option and the agreement resulting from the exercise thereof shall bind and inure to the benefit of the heirs, administrators, executors, successors and assigns of the respective parties. 3. Purchase Price. BUYER agrees to pay to SELLER for the purchase of SELLER's interest in the Property and the Option in 92, the sum of Eight Hundred Sixty Thousand Dollars ($860,000.00), plus the assumption of the special assessments, which are estimated at approximately One Hundred Twenty Thousand Dollars ($120,000.00). It is specifically understood and agreed that that assumption of special assessments relates not only to the property described in 1.1 above but also to the additional property described in 2.1 above as well SELLER'S remaining property located adjacent thereto. It is the intent of this provision that the assumption of special assessments relates to all of SELLER'S land described currently as tax parcel # 01- 3500-05053-000 and is not limited to the property to be purchased (paragraph 1.1 property) and the optioned property. The BUYER shall pay the Purchase Price to the SELLER for the purchase of the Property in the following manner: 3.1 Earnest Money Deposit. Coincident with the execution of this Agreement, BUYER will deliver to SELLER Forty-Three Thousand Dollars ($43,000.00), equal to Five percent (5%) of the Purchase Price, as an Earnest Money Deposit. The Earnest Money Deposit shall be in the form of a check and shall be applied toward the Purchase Price to be paid at Closing. The Earnest Money Deposit shall be held in an escrow account pending closing. 2