Res 2018-201/approving a Real Estate sales contract with Life Style Development, L.L.C. for the sale of approximately 29 acres of city land commonly known as the “Leah” Tract near IH-35 and Cottonwood Parkway for a price of $3,114,317.15

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a, Closing Docunients; Tide ConipanY Doctonews. The parties will execute and deliver the Closing Documents and any documents required by Title Company. b. Pcrvnient qf'Purchase Price. Buyer will deliver the Purchase Price and other amounts that Buyer is obligated to pay under this contract to Title Company in funds acceptable to Title Company. The Earliest Money will be applied to the Purchase Price for Tract 2. C. Disbursement of Funds; Recording,- Copies. Title Company will be instructed to disburse the Purchase Price and other funds in accordance with this contract, record the deed and the other Closing Documents directed to be recorded, and distribute documents and copies in accordance with the parties' written instructions. d. Delivei-y ql'Originals. Seller will deliver to Buyer the originals of Seller's Records. C. Possession. Seller will deliver possession of the Property to Buyer, subject to the Permitted Exceptions existing at closing and any liens and security interests created at closing to secure financing for the Purchase Price. 2. Transaction Costs a. Sellers Costs. Seller will pay the basic charge for the Title Policy; one- half of the escrow fee charged by Title Company; the costs to prepare the deed; the costs to obtain, deliver, and record releases of any liens required to be released in connection with the sale; the costs to record documents to cure Title Objcctions agreed or required to be cured by Seller and to resolve matters shown in Schedule C of the Title Commitment; the costs to obtain the Survey, UCC Search, and certificates or reports of ad valorem taxes; the costs to deliver copies of the instruments described in paragraph A,5, and Seller's records; any other costs expressly required to be paid by Seller in this contract; and Seller's attorney's fees and expenses. 1), BuYer 'S Costs. Buyer will pay one-half of the escrow fee charged by Title Company- the costs to obtain, deliver, and record all doCUrnents other than those to be obtained or recorded at Sellers expense; the additional premium for the "survey/al-Ca and boundary deletion" in the Title Policy, if the deletion is requested by Buyer, as well as the cost of any other endorsements or modifications of the Title Policy requested by Buyer; the costs of work required by Buyer to have the Survey reflect matters other than those required under this contract except changes required for curative purposes; the costs to obtain financing of the Purchase Price, including; the I . IICI'CHICI]tal 111-C11111,1111 Costs Of the loan title policies and endorsements and. deletions required by Buyer's leiider; any other costs expressly required to