06-B UARCO Purchase - Laserfiche WebLink

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MAY-10-2002 16:46 LEGGETT PLATT 417 358 6449 P.05i09 construccion of a new building wiUun the City of Paris, Texas, similar or greater in size in comparison to the Building being purchased by Buyer pursuant to this Agreemem (the "New Facility"). Within nine (9) months of the commencement of the cortstruction of such New Facility, Seller will substantially complete such wnstruction. (b) lf Seller fails to timely commence construction of the New Facility, or if Seller fails to [imely complete construction of the New Facility, Buyer's sole remedy shall be to terminate this Agreement at any time before commencement of such conswction or completion of such constructioq as the case may be, by delivering wcitten notice of such ternilnation to Seller. Tn that event, Buyer shall receive a refund of the Deposit, and neither party shall have any further liability or obligation to the other under this Agreement. 8. CLOSING DATE; PLACF OF CLOSING. The completion of the transactions contemplated hereby (i.e., the transfer of the deed to the Proper¢y to Buyer and Buyer's payment of the balance of the purchase price) (the "Closing") shall take place as soon as practical following substamial completion of the New Facility, and in any event not less than thirty (30) days after Seller notifies Buyer in writing that the New Facility is substantially complete. The Closing shaJl take place at the offices of the Title Company at a mutua]ly agreeable time of day. Notwithstanding anything contained herein to the contrary, Buyer shaJl have no obligation to complete the Closing prior to the date that is five (5) months from the date of'this Agreement. 9. CONDEMNATION. If al) or any part of ihe Property is condemned or if SeUer receives notice that the Property ot any ponion thereofwill be needed for pubGc use, ihen Seller shall promptly notit'y Buyer in writing. Then, at the option of Buyer (exercisable within 30 days), this Agreement may be ttrminated in which everrt 9uyer's Deposit will be refunded and neither party shall have any further claim against the othec If this Agteement is not terminated by Buyer, the purchase price shall not be reduced but Seller shall assign all condemnation proceeds to Buyer at Closing. 10. CASUALTY LOSS. If all or any part of the Property is materially damaged or destroyed by fire, Act Of God, weather or other casualry, Seller shall promptly notify Buyer in writing, Then, at the option of Buyer (exercisable within 30 days), Chis Agreement may be terminated in whicb event Buyer's Aeposit will be refunded and neither part;V shall have any £urther claim against the other. If this Agreement is not terminated by Buyer, the pwchase price shall not be reduced but Seller shall assign all of its right to any insurance proceeds d'uectly relating to the damage or destiuction of the Property (but not any insurance proceeds relatine to any matter otAer than damage or destruction of the Property, including without limitation any proceeds relating to inventory loss or business intertuption) to Buyer at Closing. Nothing contained herein shall be construed as obligating 5eller to obtain or maintain casualty insurance respecting the Properry. U. CLOSING ADNSTMEN'I'S. All real estate taxes and rents shall be pro-rated as of the Closing Date. If propane or other fuel is stored at the Property and used in connection therewith, Buyer shall pay Seller for same, and Seller shall assume any tank lease. Buyer shall pay all mailing and recording fees for the deed delivered by Setler. 12. POSSESSION. On the Closing Date, Seller shall deliver possession of the Property to Buyer.