Reso 98- 78 - Laserfiche WebLink

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ADDENDUM TO CONTRACT The parties to the contract, SIMCHA DUBITZKY and ISMAT CORP., a Florida corporation (collectively referred to as "Sellers") and the CITY OF SUNNY ISLES BEACH (referred to as "Buyer" hereby understand and agree that the terms of the printed Contract are amended hereby. Where in conflict with the terms of the printed Contract, the terms and conditions of the Addendum shall be applicable and shall prevail. The parties agree as follows: (1) INSPECTION. (a) Buyer shall have the right at its sole cost and expense, for thirty (30) days after the effective date of this Contract, to inspect the property. Buyer shall have access to the property for purposes of conducting any tests upon the property, including but not limited to environmental assessments or audits, soil and groundwater samplings,, soil borings, percolation tests, engineering and topographical studies, as buyer in its discretion deems necessary or convenient. Buyer shall at its expense obtain an environmental audit report of the property prepared by a duly licensed environmental engineer or geologist. In the event the environmental audit reflects any hazardous materials (as defined below) on or effecting the property or hazardous materials disposal activities have been conducted on the property, and Sellers refuse to pay the expenses relating to any required correction or remediation, then Buyer shall have the option to purchase the property in its existing condition or to terminate this Contract in which event the deposit given hereunder shall be refunded. Hazardous materials mean and include without limitations any flammable or explosive materials, natural or synthetic gas, hazardous waste or toxic substances or related materials as defined by Federal, State or local law. (b) Sellers represent to the Buyer that they have not reviewed or obtained environmental reports as to the subject real property; that they know of no environmental deficiencies. (2) CLOSING PROCEEDS. Sellers will notify Buyer as to their respective percentage ownership prior to closing. Unless there is written notification of the percentage of ownership agreed upon by both Sellers provided prior to closing, then closing proceeds will be payable jointly to Sellers. (3) COVENANTS REPRESENTATIONS AND WARRANTIES OF SELLERS. Each Seller hereby covenants, represents and warrants the following to the Buyer: (a) Each party executing this Contract has the full, unrestricted authority to make, deliver, enter into the terms and condition of this Contract and shall enter into all documentation as required by Buyer's title insurance company, as required by the title insurance commitment that will be obtained by Buyer.