Buyer’s Initials _______ Seller’s Initials _______
consummate the transactions contemplated herein; and (iii) upon execution hereof
will be legally obligated to Buyer in accordance with the terms and provisions of this
Agreement.
b.) Title and Characteristics of Property. Seller, as of the date of execution of this
Agreement, owns the Property in fee simple and has marketable and good title of
public record and, in fact, the Property at Closing shall have the title status as
described in Section VIII of this Agreement.
c.) Conflicts. The execution and entry into this Agreement, the execution and
delivery of the documents and instruments to be executed and delivered by Seller at
the Closing, and the performance by Seller of Seller’s duties and obligations under
this Agreement and of all other acts necessary and appropriate for the full
consummation of the purchase and sale of the Property as contemplated herein, are
consistent with and not in violation of, and will not create any adverse condition
under any contract, agreement or other instrument to which Seller is a party, or any
judicial order or judgment of any nature by which Seller is bound. At Closing, all
necessary and appropriate action will have been taken by Seller authorizing and
approving the execution of and entry into this Agreement, the execution and delivery
by Seller of the documents and instruments to be executed by Seller at Closing, and
the performance by Seller of Seller’s duties and obligations under this Agreement
and of all other acts necessary and appropriate for the consummation of the
purchase and sale of the Property as contemplated herein.
d.) Condemnation. The Seller has received no notice of, nor is Seller aware of, any
pending, threatened or contemplated action by any governmental authority or
agency having the power of eminent domain, which might result in any part of the
Property being taken by condemnation or conveyed in lieu thereof.
e.) Litigation. There is no action, suit or proceeding pending or, to Seller's
knowledge, threatened by or against or affecting Seller or the Property, which does
or will involve or affect the Property or title thereto. Seller will defend, indemnify, and
otherwise hold Buyer harmless from any and all claims of any person due to, arising
out of or relating to the Property, including any and all costs, expenses, and
attorneys' fees which Buyer may incur as a result of Seller's breach of its warranty
hereunder. Seller will, promptly upon receiving any such notice or learning of any
such contemplated or threatened action, give Buyer written notice thereof.
f.) Assessments and Taxes. No assessments have been made against any portion
of the Property which are unpaid (except ad valorem taxes for the current year),
whether or not they have become liens, and Seller shall notify Buyer of any such
assessments which are brought to Seller's attention after the execution of this
Agreement. The Seller will pay or cause to be paid promptly all City, State, and
County ad valorem taxes and similar taxes and assessments, all sewer and water
charges, and all other governmental charges levied or imposed upon or assessed
against the Property which are due on or prior to the Closing.
g.) Boundaries. (i) There is no dispute involving or concerning the location of the
lines and corners of the Property; (ii) to Seller’s knowledge there are no
encroachments on the Property and no portion of the Property is located within any
“Special Flood Hazard Area” designated by the United States Department of
Housing and Urban Development and/or Federal Emergency Management Agency,