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9-9-19 Special Meeting
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9-9-19 Special Meeting
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Last modified
10/28/2019 1:14:37 PM
Creation date
10/28/2019 1:11:44 PM
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Admin-Clerk
Document Type
Minutes
Committee
Board of Commissioners
Date
9/19/2019
Book No
31
Page No
1
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(i) The Purchase Price, less the Good Faith Deposit held by Escrow Agent. <br />A closing statement duly executed by Buyer setting forth the prorations and <br />adjustments required by this Agreement or otherwise agreed to by Buyer and <br />Seller. <br />(iii) Evidence of authority to execute the documents required of Buyer hereunder and <br />to enter into this Agreement reasonably satisfactory to Seller's counsel. <br />(d) Post Closing Access. Notwithstanding the foregoing, or anything else to the contrary <br />contained herein, Buyer shall permit Seller access to and occupancy of a twenty point twenty-four (20.24) acre <br />portion of the Property represented on a survey to be provided prior to Closing for a reasonable period post -Closing, <br />not to exceed one hundred twenty (120) days (the "Post Closing Access Period"), for the purpose of (a) winding <br />up Seller's business activities on the Property, and conducting one or more auction sales to liquidate Seller's <br />personal property and/or remove such personal property not to be conveyed herein, and (b) to deconstruct and <br />remove the Shop Building which shall remain the property of Seller following the conveyance of the Property as <br />provided for by this Agreement; provided, however, Seller shall, upon the request of Buyer, execute a commercially <br />reasonable lease, license or other written agreement memorializing such post -Closing occupancy during the Post <br />Closing Access Period. Nothing contained herein shall allow the Seller to materially inhibit or interfere with <br />Buyer's ability to exercise control of and dominion over the land and make improvements thereon <br />5. CLOSING COSTS. Seller shall pay the following: (a) the cost of preparation of the Deed and the <br />other documents to be delivered by Seller (b) all documentary transfer taxes levied by state or local authorities in <br />connection with the transfer of title and (c) its proportionate share of the expenses to be prorated as set forth in this <br />Agreement. Buyer shall pay the following: (a) the cost of preparation of the documents to be delivered by Buyer, <br />(b) the Deed and Deed of Trust recording fee, (c) title insurance premiums and (d) its proportionate share of the <br />expenses to be prorated as set forth in this Agreement. Except as otherwise provided herein, each party hereto <br />agrees to bear its own expenses, including but not limited to, attorneys' and advisors' fees. <br />6. ADJUSTMENTS AND PRORATIONS. Rents, ad valorem taxes, and other expenses relating to <br />the Property shall be prorated as of the Closing Date in the manner customary under the laws of the state in which <br />the Property is located, based upon actual days involved. To the extent that the actual amounts of such charges and <br />expenses referred to in this paragraph are unavailable at the Closing Date, the closing statement shall be based upon <br />estimated amounts, and a readjustment of these items shall be made upon the request by either party to this <br />Agreement within thirty (30) days after the Closing Date. In the event that ad valorem taxes for the year of Closing <br />have not been established as of the Closing Date, Seller and Buyer agree to prorate ad valorem taxes based upon <br />estimated taxes for the preceding year and in the event the actual taxes differ from such estimate, Seller and Buyer <br />agree to adjust the proration upon the request by either party to this Agreement. Any such adjustment payment <br />shall be made within fifteen (15) days after notification by either party that such adjustment is necessary. Seller <br />and Buyer hereby agree that if ad valorem taxes for the Property for the year of Closing may be paid at Closing, the <br />same shall be paid at Closing. In the event that such ad valorem taxes for the year of Closing cannot be paid at <br />Closing, then the parties shall prorate said taxes in accordance with this Paragraph 6, and Buyer shall thereafter pay <br />the ad valorem taxes for the Property for the year of Closing before those taxes become delinquent. Buyer agrees <br />to, and hereby does, indemnify and hold Seller harmless of and from any and all liabilities, claims, demands and <br />expenses, of any kind or nature arising out of or with respect to Buyer's failure to timely pay the ad valorem taxes <br />in accordance with the preceding sentence. Buyer's obligations under this paragraph shall survive Closing. Buyer <br />Seller acknowledges and agrees that any "rollback" or similar taxes imposed because of a change in use or <br />ownership of the Property shall be the sole and exclusive responsibility of Seller, and that Seller shall pay at the <br />estimated rollback taxes, if any, at the time of Closing. <br />999999.009-2231269x3 5 <br />
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