R2003-20 AUTHORIZING AGREEMENT - Laserfiche WebLink

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agrees to sell to Buyer and Buyer agrees to purchase from Seller the Property, together with and including all hereditaments,appurtenances,easements and rights of way thereunto belonging or in any way appertaining, subject to and upon the following terms and conditions: SECTION 1 -PURCHASE PRICE. The purchase price of the Property(the"Purchase Price")shall � be One Hundred Dollars ($100.00). The Purchase Price shall be payable at Closing (as defined in Section 12.1 below), subject to further adjustments as provided in this Agreement. SECTION 2 - EARNEST MONEY DEPOSIT. As consideration for the grant of the exclusive right to purchase the Property, within five (5) days after the Effective Date hereof (as defined in Section 29), Buyer shall deliver to: Chicago Title Insurance Company National Accounts Office 222 South 9`h Street Minneapolis, Minnesota 55403 Attn: Paulette Stevenson (the "Title Company") in escrow, the sum of Fifty Thousand Dollars ($50,000.00) (the "Earnest Money" or "Earnest Monies") which shall be retained and disbursed in accordance with the provisions of Section 3 below. SECTION 3- INVESTMENTAND DISBURSEMENT OF THE EARNEST MONIES. Upon receiptof I the Earnest Money,the Title Company is hereby directed to invest the same in an interest-bearing account acceptable to Buyer. Interest earned on said funds shall be considered to be part of the Earnest Money and shall be disbursed accordingly. The Earnest Monies shall be disbursed by the Title Company as follows: A. If Seller terminates this Agreement because of Buyer's default, the Earnest Monies then on deposit shall be disbursed to Seller upon such termination. B. If this Agreement terminates for any reason other than Buyer's default,then the Earnest Monies shall be disbursed to Buyer upon such termination. 2 ::ODMA\PCDOCS\NEWARI(�617546\3 February 12,2003