Closing upon Repurchase Clause Samples

Closing upon Repurchase. Within 60 days after Declarant gives notice of the exercise of the Repurchase Option, Purchaser shall deliver to Declarant Purchaser's special warranty deed for the Property in exchange for payment from Declarant of the Repurchase Option Price in wire transfer or other immediately available funds. Purchaser shall convey title to the Property to Declarant in the same condition as when conveyed by Declarant to Purchaser, except as to matters theretofore approved by Declarant, nondelinquent property taxes and assessments for the year of said closing, which taxes and assessments shall be prorated between Declarant and Purchaser to the date of closing, so that Purchaser bears such taxes and assessments for the period of its ownership of the Property. Purchaser shall pay all costs and expenses of closing, including the premium for an extended coverage ALTA Form 1992 title insurance policy in the amount of the Repurchase Option Price, insuring that title to the Property is vested in Declarant.