Laserfiche WebLink
<br />1. Grant of Option. The Slaters hereby grant to Optionee the exclusive <br />right and option (the "Option") to purchase an easement for open space over the <br />northerly fifteen (15) feet of the Slater Property at the price and upon the terms set <br />forth below. <br /> <br />a. The term of the Option shall commence on the date <br />hereof and shall extend for two (2) years. <br /> <br />b. The Option maybe exercised by written notice from <br />Optionee to the Slaters within the above-mentioned term of the <br />Option. Such notice shall be considered effective upon its being placed <br />in the U. S. mails, postage prepaid, addressed to the Slaters. If the <br />Option is not thus exercised, this agreement shall terminate without <br />the need for any further action by any party; <br /> <br />c. The purchase price shall be $2,000, which shall be payable <br />in cash or guaranteed funds at closing. <br /> <br />d. The easement to be granted pursuant hereto shall be in <br />the form attached hereto as Exhibit A and made a part hereof by this <br />reference. <br /> <br />2. Closing. Closing shall take place within thirty (30) days following the <br />exercise of the Option. At closing, the Optionee shall pay the purchase price to the <br />Slaters and the Slaters and the Optionee shall execute a Grant of Easement in the <br />form attached hereto as Exhibit A. <br /> <br />3. Assignment. This Agreement may not be assigned by Optionee to any <br />party other than a successor to Optionee's interest in the Optionee Parcel. Any <br />attempted assignment in violation of this paragraph is void and of no effect. <br /> <br />4. Successors Bound. This Agreement is binding upon, and shall inure to <br />the benefit of, the parties' respective heirs, successors and assigns. <br /> <br />5. City Agreement. The City agrees that upon the exercise of the Option <br />it will, at the request of the parties, execute the grant of option to evidence its <br />agreement that the portion of the Slater Property which is subject to the easement <br />created thereby shall be considered part of the buffer space required in the context of <br />the City's consideration of any future proposal to develop a multifamily use on the <br />Slater Property, and that the developer of such multifamily use shall receive credit <br />for the easement parcel as open space. <br /> <br />6. Fence. The Optionors further agree to erect a board-on-board fence of <br />the type indicated on the P.U.D. plans approved by the City on or before June 1, 1992. <br /> <br />7. Termination. Notwithstanding any provision hereof apparently to <br />