97-48 APPROVING AGREEMENT FOR DEED

Home Browse Search

,t . � • '• -L- Six Hundred Thousand Dollars ($1,600,000) is made on September 30, 1998, to receive the deed and all other papers held, except Escrow Agent's copy of this Agreement, upon Buyer giving Seller its promissory note in the amount of Four Hundred Thousand Dollars ($400,000) to be paid, without interest, in three installments as stated in paragraph 2, and Buyer to also give Seller a mortgage to secure the promissory note. 4. Buyer shall receive possession of Premises on September 30, 1998, if Buyer has made all payments due by that date. 5. The Premises are subject to leases between Seller as landlord and Sears, Roebuck and Co. (Sears) as tenant. The lease expiration date is September 30, 1998. Sears has the right to extend the lease for three consecutive terms of ten years each. Seller shall deliver to Buyer Sears' written waiver of the right to extend the lease term beyond September 30, 1998. If the waiver is not delivered, this Agreement is null and void. If Sears vacates the Premises prior to September 30, 1998, Seller shall be entitled to any payment due from Sears but Buyer shall be entitled, if Buyer chooses, to take possession of the Premises. Payments due from Sears for any period after September 30, 1998, and providing Buyer has made all payments due, shall belong to Buyer. 6. Seller shall pay real estate taxes for 1997 and all prior years and give Buyer credit for Seller's prorata share of such taxes for 1998. Seller shall further pay or give Buyer credit for all special assessments which are a lien against the Premises on September 30, 1998, and all water and sewer bills incurred and unpaid on September 30, 1998. Credit for real estate taxes not yet payable shall be computed on the basis of the most current tax information available on September 30, 1998. 7. From and after September 30, 1998, Buyer shall keep the Premises insured for not less than the principal balance due under this Agreement, against loss by fire, extended coverage and vandalism. Said insurance shall indicate Seller as an additional insured. The policy of insurance shall be held by Escrow Agent. 8. Seller warrants that the plumbing, electrical, heating and air conditioning systems (except for one chiller unit of the air conditioning system) are at the time of the signing of this Agreement in good working order. Buyer accepts the building and the aforementioned systems as warranted by Seller in their condition on the date of this Agreement, and Seller warrants that condition will not be changed on September 30, 1998, reasonable wear and tear excepted. Buyer has the right to inspect the property at any time prior to closing to ensure compliance with the provisions of this paragraph.