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Res. #18-005 - Authorizing Conveyance of Real Property to Jon & Sophie Pederson
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Res. #18-005 - Authorizing Conveyance of Real Property to Jon & Sophie Pederson
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5/24/2018 11:25:58 AM
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b. Ile Seller gamin acknowledges that it is the Intention of the Buyer to complete an <br /> IRC Section 1031 Tax-Defined Exchange and that the Buyers rights under this Purchase <br /> Agumemat shall be amigned to Commorcial partners Exchange Company, LLC, for the <br /> purpoer of completing such oxchaniss.However,any essmairtim that my be samearard in this <br /> contract&W minuin and be enforceable between the parties assmuting this fie <br /> 0. Seller agrees to coopersta with the Buyer and/or Its cadges In any mannor necessary <br /> to complain stud sassbangs at no additional cost or liability to Seller. This Purchase <br /> Agmement Is pad of an integraWd, lea t, mutual and rwipmeal plan hassided to <br /> effectuate an exchange by Buyer of like-kind red properties p to and in accordance <br /> with the provisions of Section 1031 of to Banned Revenue Code, 'rho Seller shall execute <br /> met provide to Buyer prior to cloft an acknowledgement that Seller has received written <br /> notice of the assignourat Miss Buyer's rights under this Purchase Agaroment to Cossinermal <br /> Fortune Exchange CoWny,LLC. <br /> d. In the of the closing of the ado of the Exchange Property SO In occur by <br /> reason of(1) deficit by either the Buyer or the dollar of the Braduarys Praparyn, (2)the <br /> condemnation of one or both of the jamperfles conabhuft the Exchange Property or(3) <br /> the touninadon of one or both of the purchom agreements providing for each sale for any <br /> reason,the Bryan sW be entitled to terminate Site Purdism Agreement in which one aff. <br /> Eamost Money paid by Buyer to War (including all acomed.Interest thereon) " be <br /> promptly rafanded to Buyer and nagger party shall themalfix have any fiether fiefiftp <br /> right or ofiWort lxx%mdsx. <br /> 7, go <br /> AfffingbAo Cip', Thin Porch=Agreement and Ingrees obligations harronder are <br /> murditioned,for the sols benefit of Buyer,upon the filly whup <br /> fidLerlsPoX&EMea, All mionsentations and warranties of Seller hem-under shell <br /> be mic and correct as of the Closing Deft and Seller skall have insfiromed all of its <br /> covansuds,dudes and obligations urefir We Puralows Agerament, <br /> b. MI& The Title Evidence shall how been found acceptable, or berm made <br /> noWnble, in accordance with the requirements of PmWaph 3 above. At Cloft the <br /> Title Company shall have issued to Buyer an ALTA Oww"s Title firsurance Policy in the <br /> full amount of San Purchase Price, showing good and marketable fee simple title to the <br /> Real Property vested in Buyer in ft condition required hhi. adds, notanded soverno <br /> ova an isconat arrepthans to the policy and with such other coverages and sardomemords <br /> (jualsoling without HmWon the endorsements specified in Pa%Mh 3.a. linswo as <br /> chkor Buyer or its lamder(a) may require, providv <br /> ed, rear, Ti <br /> that said Oman's tle <br /> policy " not 'in my way vidure the amumals 'in the desel to be given by Seller to <br /> Bayer fiessmader, <br /> 0. Condfifier o No <br /> LVft. Them aW be,as of the Closing Date,no material adverse <br /> claugo in the pWsart condition of the Property. <br /> 4 <br />
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