Res 2005-092 - Laserfiche WebLink

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Bk Vol P9 05020199 OPR 2726 506 County, Texas, containing both Grantor's and Grantee's names and the legal description of the Property. If such written notice is not (i) received by Grantee and sent to the required lien holders; and (ii) recorded in said Real Property Records, by February 1, 2008, the Repurchase Option shall terminate and Grantor shall have no further right to repurchase the Property pursuant to the terms hereof. (ii) In the event the Grantor timely delivers and files the notices required above, Grantor must consummate its repurchase of the Property on or before April 1, 2008 (the "Repurchase Date"). Grantor shall consummate its repurchase of the Property by tendering to the Entitled Parties (as defined herein) the Repurchase Price in good and immediately available funds on or before the Repurchase Date. Such tender must be made by Grantor to the Entitled Parties in compliance with the order of priority set forth in the definition of "Entitled Parties" below. Grantor will be deemed to have properly tendered the Repurchase Price if it deposits same in good and immediately available funds in escrow with Hays County Abstract Company ("HCAC"), together with any required escrow fees to be charged by HCAC, designating to whom the Repurchase Price must be paid, under written irrevocable instructions to HCAC that the Repurchase Price must be delivered to the Entitled Parties in the priority and order set forth herein at such time as HCAC is unconditionally prepared to deliver the Special Warranty Deed which Grantee is required to deliver to Grantor. Within three (3) business days of the date on which Grantee receives written notice that the Grantor has tendered the Repurchase Price to the Entitled Parties in accordance with the terms hereof, Grantee must deliver to HCAC, in escrow pending disbursement of the Repurchase Price to the Entitled Parties, a Special Warranty Deed in favor of Grantor in substantially similar form and content as this Deed, with such reconveyance by Grantee and the warranty of title in said Special Warranty Deed being made subject only to the Reconveyance Exceptions (as defined herein). In the event Grantor is entitled to exercise the Repurchase Option and fully and timely complies with all its obligations hereunder but Grantee fails to deliver the required Special Warranty Deed, Grantor must file a Default Notice (as defined herein) in the Real Property Records of Hays County, Texas on or before the Repurchase Date. If Grantor does not, on or before the Repurchase Date, either (i) consummate the repurchase of the Property in accordance with the foregoing procedure and record the Special Warranty Deed, or (ii) file a Default Notice in the Real Property Records of Hays County, Texas, the Repurchase Option shall be deemed to have terminated and expired and Grantor shall have no further right to repurchase the Property pursuant to the terms hereof. It is expressly agreed that this Repurchase Option is personal to Grantor and does not run with title to any property of Grantor. The Repurchase Option may be assigned without consent of any party by Grantor to entities owned, controlled or under common control of Grantor. Further, Grantor acknowledges that time is of the essence with respect to all deadlines set forth above. Any subsequent holder of an interest in the Property shall be entitled to conclusively rely on the Real Property Records of Hays County, Texas in ascertaining whether Grantor has complied with its obligations relating to the Repurchase Option. For purposes hereof, the following terms shall have the meaning given to them below: 2