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and oUtain the necessary approval from governmental orQanizations .
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for such development.
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9. ALLEN acknowledges that it does not presen~ly
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h~ld t~tle to all of sa3d property but covenants and agrees to ~
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acquire and have a marke~able title to said property within the '
tir~e pr~vided in ~his Agreement for the closing o~' the sale of
lands fro;~ ti~r.e to ~ime as this 4ption is exercised by TRUSTEE.
ALLEY a~rees within 30 days of the execution of this Option
Agreement to obtain and deliver to TRUSTEE satisfactory binding
contracts entitling ALLEN to complete the gurchase and acquis-
ition of at~y lands not now owned by it within tY~e times required
for ALLEN to perform all of its obligations under this Option
A~reement, and ALLE~v agrees to assign such contract rights to
TRUSTEE to secure the performance of ~LLEN'S agreements and
obli~ations contained in this Agreement.
10. The TRUSTE~ agrees to be responsible for any
broicers co..ission cahich may be claimed by THE JERti'IGAN AGENCY
and hereby indemnifies ALLEN for payment of at~y brokers commission i
claimed by said broker on this tra nsaction.
11. This Agreement shall be bindir.g upon the heirs, ~
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acministra~ors, executors and personal representatives of the ~
parties here~o. ~
IN WITh~.SS WHEREQF the parties hereto have hereunto ~
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seL their hands and seals the day and year first above written. i
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C.. E. & C ~
y~~,r.eci, ~ealed and delivered ;
i r. t' e presence of : By •
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Attest: ~
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~J~`~Y j~~ ~ Go aon . Nu , »s te~
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a~193 2~8
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