Fort Walton Beach Council agenda — 11-12-02 regular Council agenda — reading text

EVIDENCE OF TITLE at Purchaser' s expense a title insurance The City shall cause to be issued by the City' s attorney to issue to Purchaser, upon commitment issued by a Florida licensed title insurer agreeing oftit1e insurance in the amount of the recording of the deed to the Purchaser, an owners policy to liens, s title to the real property, subject only purchase price, insuring Purchaser' Marketable title sba11 forth in Agreement. encumbrances, exceptions, claims or qualifications set be determined according to applicable Title Standards by authority of the Florida Bar adopted Purchaser shall have five ( 5) days from the date of receiving and in accordance with law. Purchaser shall,within three ( 3) days, evidence of title to examine it. If title is found defective, If the defect( s) render title unmarketable, notify the City in writing specifying defect( s). accepting of either the title as it then is or de1J1:mdmg a refund of Purchaser sball have the option be returned to Purchaser less fees and costs incurred; deposit(s) paid which immediately further obligations under the thereupon Purchaser and the City shall release one another of all : Agreement. SECTION SIXTEEN SURVEY to deliver evidence of title and to purchaser, at Purchaser' s expense, within time allowed and certified by a registered Florida examine same, may have the real property surveyed located encroachment on the real property or that improvements surveyor. If the survey shows or violate any on the real encroach on set back lines, easements, lands of others, property shall applicable governmental regulation, the same restrictions, Agreement covenants or constitute a title defect. SECTION SEVENTEEN EXPENSES corrective instruments, abstracting, title Documentary stamps on the deed, recording, recording the Purchaser. insurance and all attorney' s fees shall be paid by  o o SECTION EIGHTEEN BOUND: NOTICE CONTRACT NOT RECORDABLE: PERSONS shall be recorded in any public records. This Neither this Agreement nor any notice of it successors in interest. to the benefit of the parties and their Agreement shall bind and inure include plural and one gender shall include all. Whenever the content permits, singular shall shall be as effective as if given by or to that Notice given by or to the attorney for any party party. SECTION NINETEEN TIME OF ESSENCE the essence. Time periods herein of less than six Time of performance under this contract is of and state or national legal holidays, 6) days shall in the computation exclude Saturdays, Sundays sball end on Saturday, Sunday or legal holiday and any time period provided for herein which shall extend to 5: 00 P.M of the next business day. SECTION TWENTY GOVERNING LAW the parties to the Agreement shall be governed This Agreement and the rights and liabilities of If any provision of this Agreement is invalidated by judicial by the laws of the State of Florida. such provision will not effect the validity of decision or statutory enactment, the invalidity of any any other provision of the Agreement. c SECTION TWENTY- ONE BINDING EFFECT will inure to the benefit of and be The covenants and agreements contained in this Agreement heirs, executors, aClministrators, successors and fmding on the parties and their respective assigns. SECTION TWENTY-TWO SURVIVAL OF COVENANTS will survive the closing of title and The covenants, terms and provisions of this Agreement delivery of the deed. SECTION TWENTY-THREE CAPTIONS taken into for convenience only and are not to be Captions in this Agreement are included or any of its provisions. consideration in any construction or interpretation of this Agreement SECTION TWENTY- FOUR CONSTRUCTION and drafting of this Agreement. In the event The parties have participated jointly in the negotiation or interpretation arises, this Agreement shall be conStrued as if an ambiguity or question of intent or burden or proof shall arise favoring or drafted jointly by the parties and no presumption of of the provisions oftbis Agreement. disfavoring any party by virtue of the authorship any I . . c o FIVE SECTION TWENTY .. ATTORNEY FEES to this Agreement, each party shall pay their own In the event a dispute arises among the parties attorney fees. SIX SECTION TWENTY .. DEFAULT If Purchaser fuils to obtain a building permit for the construction of a parking lot on the Property funds expended by Purchaser to City as within six ( 6) months from the effective date, the the City, and the property shall revert back to provided in Section Two (2) shall be forfeited by the City. Further, if Purchaser fails to acquire a certificate of occupancy within one ( 1) year to City as provided in Section Two ( 2) from the effective date, the funds expended by Purchaser revert back to the City. However, the shall be forfeited by the City, and the property shall be retained by or for the account of the 5, 000. 00 earnest money deposit paid by Purchaser, may consideration for the execution of this Agreement and City as agreed upon liquidated damages, shall be relieved of all obligations under in full settlement of any claims; whereupon, the Parties in equity to enforce city' s rights under Agreement; or the City, at City' s option, may proceed and be continually effective and binding this Agreement. This Section shall survive closing upon the parties. SECTION SEVEN TWENTY.. OTHER AGREEMENTS f"" be binding upon Purchaser or the City No prior or present agreements or representations shall in this Agreement shall be valid unless included in this Agreement. No modifications