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2005-10-05 P&R Packet
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2005-10-05 P&R Packet
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<br />6.2 Authority. The Buyer has full power and authority to execute, deliver and <br />perform its obligations under this Agreement and all documents to be executed by the Buyer in <br />connection with the transaction contemplated thereby and delivery and performance has been <br />obtained. <br /> <br />6.3 Enforceability. This Agreement and all documents to be executed by Buyer in <br />connection with the transactions contemplated hereby are, and upon the due execution and <br />delivery by the parties thereto vvill be, legal, valid and binding obligations of the Buyer <br />enforceable against Buyer in accordance with their respective terms. <br /> <br />ARTICLE vn <br />CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER <br /> <br />The obligations of Buyer to consummate the transactions contemplated by this <br />Agreement shall be subject, at Buyer's option to waive, to the fulfillment of each ofthe following <br />conditions on or before the dates listed below: <br /> <br />7.1 Condition of Title. Buyer's approval of title to the Real Property, on or before the <br />Date of Closing. <br /> <br />7.2 Closing Documents; All of the closing documents shall have been executed and <br />delivered by the Seller. <br /> <br />7.3 No Breach of Representations, Warranties and Covenants. No material breach of <br />any representation, warranty or covenant of the Seller under this Agreement shall have occurred, <br />ort or before the Date of Closing. <br /> <br />7.4 Performance of Seller's Obligations. Seller shall have performed all of the <br />obligations required to be performed by Seller under this Agreement, as and when required by <br />this Agreement. <br /> <br />7.5 Approval. Subject to formal approval of this Purchase Agreement by the City <br />Council for the City of Centerville within thirty (30) days of the date of this Purchase <br />Agreement. <br /> <br />If any such contingency has not been satisfied on or before the Closing Date, then this <br />Agreement may be terminated, at Buyer's option, by written notice from Buyer to Seller. Such <br />notice of termination may be given at any time on or before the Closing Date. Upon such <br />termination, neither party will have any further rights or obligations regarding this Agreement or <br />the Property, all Earnest Money will be returned to Buyer, and the parties shall execute a 'written <br />cancellation of this Agreement. All of the contingencies set forth in this Agreement are <br />specifically stated and agreed to be for the sole and exclusive benefit of the Buyer and the Buyer <br />shall have the right to unilaterally waive any contingency by written notice to Seller. <br /> <br />-7- <br />
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