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R90-114 AUTHORIZING FINAL CONVEYANCE OF TWO HOMESTEAD PROPERTIES
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R90-114 AUTHORIZING FINAL CONVEYANCE OF TWO HOMESTEAD PROPERTIES
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7/26/2016 4:55:54 PM
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Resolution/Ordinance
Res Ord Num
R90-114
Res Ord Title
AUTHORIZING FINAL CONVEYANCE OF TWO HOMESTEAD PROPERTIES
Approved Date
8/20/1990
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6 . Buyer shall be obligated for all general taxes and <br /> snecial assessnents nayable hereafter. <br /> 7 . Buyer shall pay taxes and insurance when due and promptly <br /> submit to Seller evidence of_ �ay�ent. <br /> 8 . For the duration of this Agreement, Bu�er shall keep all <br /> improvements in reasonably good repair and insured to at least <br /> 80�a of reasonable replace�ent value. Said insurance shall <br /> indicate Seller and mortgag_ee, if any, as additional insureds . - <br /> The nolicy of insurance shall be held b� the Seller or any <br /> mortgagee until this Agreement ends by its terms . If Premises <br /> a�e damaged by casualty, Buyer shall promptly cause all improve- <br /> ments to be repaired or rebuilt. If Buyer shall fail to cause <br /> such repairs or rebuilding to be effected �aithin a reasonable <br /> time, then a11 insur.ance proceeds shall instead be paid to the <br /> Seller to be applied first on the �rincinal balance of. any <br /> mortgage on Premises , then to the principal balance due from <br /> Buyer, and the balance, if any, shall then be paid to Buyer. <br /> 9 . Abstract of Title or Title Policy to Pre�ises is accepted <br /> by Buver as showing as of its effective date merchantable title to <br /> Premises in Seller. At the time Buyer is entitled to receive the <br /> Dee�, Seller shall have the Abstract of Title continued or the ' <br /> Title Polzc�� in the amount of the nurchase nr�ce undated to show <br /> that there are no intervening liens or encu�brances caused by ', <br /> Seller. An�� such liens or encumbrances shall be reMoved by �! <br /> Se11er and Seller shall pay for said Abstract of Title continuation � <br /> or u�dated Title Policy except for charges for judgment search on <br /> Buver. If there �s no such l�en or encumbrance , Buyer shall pay <br /> for said Abstract of Title continuation or updated Title Policyo <br /> 10. Seller may pa�� taxes , snecial assessments , insurance <br /> premiums or repair bills cahen due if Bu�ex fails to do so, and <br /> any su�s so paid by Seller shall be added to the principal amount <br /> due under this Agreemento <br /> 11. The Buyer shall not assign or otherwise convey any of <br /> Buyer` s interests un�er this Agreement , and any such attempted <br /> assignment or conveyance shall be null and void and of no effect <br /> and sha11 constitute a breach of_ this A�reement . <br /> 12 . Buyer shall not alter or remodel Premises or do any act <br /> which results in a nechanic ' s lien against PreMises unless written <br /> nermission is obtained f_rorn Seller. All renairs or improvements <br /> made unon Premises by Buver shall be coM�leted �aithout delay and <br /> shall be Paid for immediatelv , and Buyer �hall exhibit paid receipts <br /> to Seller. J <br /> 13 . Buyer sha71 allo-,a periodic insnections by agents of the <br /> Seller durin� re�gular business hours to determine cor:lpliance with <br /> the terms hereof_ . <br />
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