Reso 2006-1010 - Laserfiche WebLink

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1.10 OPtion Expiration Date. Sixty (60) days after Effective Date, or sooner as described hereinafter. 1.11 Property. That certain real property commonly known as 500 Sunny Isles Boulevard, located in the Sunny Isles Beach, Miami-Dade County, Florida, and more particularly described in Exhibit "A" attached hereto and made a part hereof, together with all improvements, property rights, easements, privileges and appurtenances thereto, 1.12 Permitted Exceptions. The permitted exceptions to title to the property conveyed by Seller as listed in Exhibit "B" attached hereto. Any exception to title that does not substantially interfere with the use of the property as open land or a park shall be a permitted exception provided title is marketable and insurable at regular rates. 1.13 Purchase Price. The price the Buyer shall pay Seller for the Property as set forth in Paragraph 3 below. 1.14 Seller. The Joseph Mazacco Irrevocable Florida Trust. Jolie Ruffalo, Trustee and Mara Phillips, Trustee, c/o Seller's attorney: Steven J. Schaffer, Esq., Burns & Schaffer: 17 Hanover Road, Suite 230, Florham Park, New Jersey 07932. 1.15 Title Commitment. A title insurance commitment issued by or written on a title insurance company licensed to conduct business in the State of Florida (a "Title Company") agreeing to issue the Title Policy to Buyer upon payment of the Purchase Price and recording of the Deed and execution and/or recording of other closing documents. 1.16 Title Policy. An ALTA Form B Owner's Title Insurance Policy in the amount of the Purchase Price, insuring the Buyer's title to the Property, subject only to the Permitted Exceptions. 2. Grant of OPtion for Purchase. 2.1 Grant of Option. For good and valuable consideration, Seller hereby grants to Buyer and Buyer hereby accepts from Seller an option to purchase and acquire the Property from Seller on the terms and conditions hereinafter set f0l1h (the "Option") such that the payment of the Purchase Price shall be as set forth in Section 3. 2.2 Option Fee. As consideration for the Option, simultaneously with the delivery by Buyer to Seller of this Agreement executed by Buyer, Buyer shall pay by wire transfer or check the sum of Four Hundred and Fifty Thousand Dollars ($450,000.00) (the "Option Fee") to Chicago Title Insurance Company, 2701 Gateway Drive, Pompano Beach, Florida 33069 Attention: Artie Montaner, as escrow agent ("the Escrow Agent"). The Option Fee shall be held and released as set forth in Section 3.3 below. Upon Closing, the Option Fee shall be applied to the Purchase Price as set forth in Section 3. The Option Fee is non-refundable and Seller shall be entitled to receive and retain the full amount of the Option Fee, except that Buyer shall be entitled to receive a refund of the Option Fee if and only if (a) Buyer timely notices Seller it will not exercise its Option prior to the expiration of the Option Period (i.e., 60 days from the Effective Date of this Contract), and (b) an Option Fee Refund Event (as defined below) occurs. As used herein, an "Option Fee Refund Event" shall mean one or more of the Mazacco - Option Agreement 2 SIB