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Res 2022-202R Approving a contract with 111 MLK Developement , LLC for the approximately 1.03 acres of Land at 111 East Martin Luther King Drive and its intersection with LBJ
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Res 2022-202R Approving a contract with 111 MLK Developement , LLC for the approximately 1.03 acres of Land at 111 East Martin Luther King Drive and its intersection with LBJ
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10/12/2022 10:28:59 AM
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DocuS(gn Envelope ID:368C77B5-B48E-48A2-ABF6-2F3D8743222B 1 <br /> E <br /> have further duties or obligations to the other under this contract,except for those obligations that <br /> cannot be or were not performed before termination of this contract and those obligations that <br /> survive termination under the express terms of this contract. <br /> K. Closing <br /> 1. Closing. This transaction will close at Title Company's offices at the Closing Date <br /> and Closing Time. At closing, the following will occur: <br /> a. Closing Documents. The parties will execute and deliver the Closing 1 <br /> Documents. <br /> b. Payment of Purchase Price. Buyer will deliver the Purchase Price and other <br /> amounts that Buyer is obligated to pay under this contract to Title Company <br /> in funds acceptable to Title Company, The Earnest Money will be applied <br /> to the Purchase Price. j <br /> C. Disbursement of Funds; Recording; Copies. Title Company will be 1 <br /> instructed to disburse the Purchase Price and other funds in accordance with <br /> this contract, record the deed and the other Closing Documents directed to i <br /> be recorded, and distribute documents and copies in accordance with the <br /> parties' written instructions. <br /> i <br /> d. Delivery of Originals. Seller will deliver to Buyer the originals of Seller's i <br /> Records. <br /> C. Possession. Seller will deliver possession of the Property to Buyer, subject <br /> to the Permitted Exceptions existing at closing. <br /> 2. Transaction Costs <br /> a. Seller's Costs. Seller will pay the basic charge for the Title Policy; one-half <br /> of the escrow fee charged by the Title Company;the costs to obtain,deliver, <br /> and record releases of all liens to be released at closing; the costs to record <br /> all documents to cure Title Objections agreed to be cured by Seller; <br /> certificates or reports of ad valorem taxes and Seller's expenses and <br /> attorney's fees. <br /> b. Buyer's Costs. Buyer will pay one-half of the escrow fee charged by Title <br /> Company; the costs to obtain, deliver, and record all documents other than <br /> those to be recorded at Seller's expense; Title Company's inspection fee to <br /> delete from the Title Policy the customary exception for parties in <br /> possession; the costs of the Survey; the costs to deliver copies of the <br /> instruments described in section A; the additional premium for the <br /> "survey/area and boundary deletion" in the Title Policy, if the deletion is <br /> requested by Buyer;the costs of work required by Buyer to have the Survey <br />
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