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2007-07-11 Set Agenda & Handouts
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2007-07-11 Set Agenda & Handouts
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<br />. . <br /> <br />subdivision ( c) of this section in an amount up to $10,000. The funds shall be <br />used for expenses relating to improvements to the Property and may be released <br />to Seller after providing Buyer with satisfactory documentation and upon Buyer <br />providing written autIiorization to Title Company to release funds. <br /> <br />(c) $288,000.00 in cash to be paid into an escrow account upon the execution and <br />filing of this Agreement. The funds will be held at Centerstone Title, pursuant to <br />an Escrow Agreement in the form attached as Exhibit C. Seller shall be allowed <br />to draw upon the funds from the escrow account for expenses relating to the <br />Property, after providing written notice to the Buyer of his intent to draw upon the <br />funds. Buyer may, at its discretion, refuse to allow the Seller to draw funds from <br />the escrow account until it is provided documentation satisfactory to Buyer <br />indicating the proposed use of the funds to be drawn from the account. Funds <br />shall not be released from the escrow account by Centerstone Title until it <br />receives written authorization from the Buyer and Seller complies with the terms <br />and conditions of the Escrow Agreement. Concurrent with the execution of this <br />Agreement, Seller shall execute a mortgage in favor of. Buyer securing this <br />payment, in the form set forth as attached in Exhibit D. The mortgage will be <br />satisfied at the time of closing upon the compliance by Seller with the terms of <br />this Agreement; <br /> <br />(d) $1,100,000.00 by wire transfer in immediately available funds payable to Seller at <br />the time of closing. <br /> <br />3. Contingencies. Buyer's obligations pursuant to this Agreement are contingent <br /> <br />upon each of the following: <br /> <br />(a) Buyer receiving, on the Date of Closing, title insurance coverage effective as of <br />the Date of Closing in the form and content required by Paragraph 6 hereof. <br /> <br />(b) All warranties and representations of Seller hereunder being true and correct as of <br />the date hereof, and on the Date of Closing. <br /> <br />(c) Buyer obtaining satisfactory results of any tests or inspections described in <br />Paragraph 9 hereof, including the Environmental Report. <br /> <br />If any of the foregoing contingencies has not been satisfied or waived on or before the <br /> <br />Date of Closing, except as expressly provided otherwise herein, then this Agreement may be <br /> <br />terminated, at Buyer's option, by written notice to Seller given on the Date of Closing. Upon <br /> <br />written notice of termination, neither party shall have any further rights or obligations with <br />
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