e. Jail land-purchase agreement - Laserfiche WebLink

3.2 Cash at Closing. On the Closing Date, the BUYER will pay to the SELLER the sum of Eight Hundred Seventeen Thousand Dollars ($817,000.00), equal to Ninety Five percent (95%) of the Purchase Price, subject to applicable prorations as may be herein provided, in the form of a check together with the Earnest Money Deposit,. 4. AbstractlTitle. Prior to closing SELLER, at SELLER's expense, shall furnish BUYER with an abstract of title prepared by a reliable abstract company showing marketable title of the SELLER to the property described in this Agreement, continued as of the date of this Agreement or subsequent. If SELLER's title is not insurable or free of defects and cannot be made so within sixty (60) days after notice containing a written statement of defects delivered to SELLER or within any mutually agreeable written extension, then the Earnest Money Deposit shall be refunded, without interest, and all rights of the BUYER are terminated, except that BUYER may waive defects and elect to purchase. However, if the sale is approved by the SELLER and the SELLER's title is insurable or marketable and the BUYER for any reason fails, neglects, or refuses to complete the purchase and to make payments promptly, as set forth above, then the SELLER shall be paid the Earnest Money as liquidated damages for the failure to consummate the sale and purchase, which payment shall constitute an election of remedies and SELLER's sole remedy under this Agreement. 5. Property Condition. The BUYER acknowledges it has had an adequate opportunity to inspect the Property. 6. Closing. The BUYER and the SELLER agree that the purchase of the Property will be consummated and deliveries shall be made as follows: 6.1 Closing Date. The sale of the Property will close on a date to be mutually agreed upon date by BUYER and SELLER, not to exceed sixty (60) days from the Effective Date (the "Closing Date"), unless the Closing Date is extended by mutual written agreement. 6.2 Seller's Instruments. On the Closing Date, the SELLER will deliver or cause to be delivered to the BUYER the following items (all documents will be duly executed and acknowledged where required): 6.2.1 Warranty Deed. SELLER shall execute a Warranty Deed conveying all of the SELLER's right, title and interest to the Property to the BUYER, subject to the provisions of this Agreement. Said Warranty Deed shall contain a provision stating that special assessments on the subject property (as well as other property) shall be assumed by BUYER (all as discussed in paragraph 3 hereinbefore). 6.2.2 Title Affidavits. Such affidavits and other documents as might be reasonably requested by the BUYER to secure a Title Policy; 6.3 Buyer's Instruments. On the Closing Date, the BUYER will pay to the SELLER the balance of the Purchase Price, subject to any applicable prorations, in the form of a check which, along with the amount of the Earnest Money Deposit, shall comprise the Purchase Price. 3