Common use of Purchase and Sale of Property Clause in Contracts

Purchase and Sale of Property. 1. After the Conveyance Properties are determined, Seller will exercise commercially reasonable efforts to obtain quitclaim deeds from the Ultimate Sellers conveying to Seller all of the Ultimate Seller’s interest in each of the Conveyance Properties (each such deed hereinafter referred to as an “Ultimate Deed”). Buyer shall be responsible for recording fees for recording each of the Ultimate Deeds, for any and all taxes (including but not limited to current and past due property taxes, and transfer taxes on the deed), municipal, owner’s association or private liens or encumbrances, and other costs associated with each of the Conveyance Properties or the recording of each of the Ultimate Deeds. 2. Upon receipt by Seller of each Ultimate Deed, Seller shall execute and deliver to Buyer a Quitclaim deed, in recordable form, by which Seller will convey to Buyer all of Seller’s interest in that Conveyance Property. Buyer shall record each such quitclaim deed in the appropriate public records promptly upon Xxxxx’s receipt of said quitclaim deed, and Xxxxx shall record the Ultimate Deed for that Conveyance Property if it has not been recorded by then. Buyer shall be responsible for any and all recording fees, taxes (including but not limited to current and past due property taxes, and transfer taxes on the deed), municipal, owner’s association or private liens or encumbrances, and other costs associated with each of the Conveyance Properties or the recording of each of the quitclaim deeds from Seller to Buyer. Buyer shall take title to the Conveyance Property subject to all matters of record, including, without limitation, delinquent taxes and monetary liens. 3. Seller has not and will not make any representation or warranty with respect to title to any of the Conveyance Property. If Buyer desires to obtain title insurance with respect to any Conveyance Property, Buyer shall be solely responsible for obtaining title insurance, and for the cost of such title insurance. Buyer’s obligations under this Contract are not contingent upon any particular condition of title to the Conveyance Property, or upon Xxxxx’s ability to obtain title insurance on any of the Conveyance Property. 4. If for any reason Seller has not received the Ultimate Deed for any Conveyance Property within eight (8) months after the date on which Seller notifies Buyer that Xxxxx has submitted the Winning Bid for that Property, either Buyer or Seller may, by written notice to the other, terminate this Contract with respect to only that particular Property, and upon such termination, Seller shall reimburse to Buyer the amount paid relating to that particular property.

Purchase and Sale of Property. 1. After the Conveyance Properties are determined, Seller will exercise commercially reasonable efforts to obtain quitclaim deeds from the Ultimate Sellers conveying to Seller all of the Ultimate Seller’s interest in each of the Conveyance Properties (each such deed hereinafter referred to as an “Ultimate Deed”). Buyer shall be responsible for recording fees for recording each of the Ultimate Deeds, for any and all taxes (including but not limited to current and past due property taxes, and transfer taxes on the deed), municipal, owner’s association or private liens or encumbrances, and other costs associated with each of the Conveyance Properties or the recording of each of the Ultimate Deeds. 2. Upon receipt by Seller of each Ultimate Deed, Seller shall execute and deliver to Buyer a Quitclaim deed, in recordable form, by which Seller will convey to Buyer all of Seller’s interest in that Conveyance Property. Buyer shall record each such quitclaim deed in the appropriate public records promptly upon XxxxxBuyer’s receipt of said quitclaim deed, and Xxxxx Buyer shall record the Ultimate Deed for that Conveyance Property if it has not been recorded by then. Buyer shall be responsible for any and all recording fees, taxes (including but not limited to current and past due property taxes, and transfer taxes on the deed), municipal, owner’s association or private liens or encumbrances, and other costs associated with each of the Conveyance Properties or the recording of each of the quitclaim deeds from Seller to Buyer. Buyer shall take title to the Conveyance Property subject to all matters of record, including, without limitation, delinquent taxes and monetary liens. 3. Seller has not and will not make any representation or warranty with respect to title to any of the Conveyance Property. If Buyer desires to obtain title insurance with respect to any Conveyance Property, Buyer shall be solely responsible for obtaining title insurance, and for the cost of such title insurance. Buyer’s obligations under this Contract are not contingent upon any particular condition of title to the Conveyance Property, or upon XxxxxBuyer’s ability to obtain title insurance on any of the Conveyance Property. 4. If for any reason Seller has not received the Ultimate Deed for any Conveyance Property within eight (8) months after the date on which Seller notifies Buyer that Xxxxx Buyer has submitted the Winning Bid for that Property, either Buyer or Seller may, by written notice to the other, terminate this Contract with respect to only that particular Property, and upon such termination, Seller shall reimburse to Buyer the amount paid relating to that particular property.