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If Allen's attorney finds that title disclosed in the
title insurance commitment is acceptable, or if the title is at
first found not acceptable, but the defects are cured within a
reasonable time, the closing of the option to purchase shall be
completed at such place and time as the parties may agree upon;
however, not later than thirty (30) days from the date of the
receipt of the title insurance commitment by Allen if the title ~
is found acceptable, or not later than ten (10) days from receipt
by Allen of notice that any defects in the title have been cured.
If title is incapable of being cured, or is not cured within a
reasonable time, then the aforementioned Escrow Agent shall re-
turn to Allen the aforesaid deposit held by him, and this trans-
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action shall be null and void and the parties shall be released
from further obliqation to each other.
8. The parties agree that in all respects hereunder,
time is of the essence. If Allen shall not elect to exercise
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its option to purchase or should fail to consunnnate said purchase ~
transaction after having elected to exercise its option within
i i the time prescribed herein, -the riqht to exercise such option ,
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~ shall terminate. In such event, Allen shall have no further right f-
s to claim under this Option Agreement, and Ronigsburg shall retain i
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~ all moneys paid to him and to Herbert D. Katz, Escrow Agent, as
~ liquidated damages, and the parties shall be released from
~ ~ further obligation te each other.
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9. Allen shall pay for all closing expenses, including ~
( but not limited to Florida surtax on deed, Florida documentary !
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~ stamps on deed, recording of instruments and title insurance costs. ~
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~ ' 10. If legal action must be instituted to enforce any
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~ provision of this Agreement, the prevai~ing party in-such ac~ion------
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shall be entitled to recover legal fees from the other party~
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B«~ 218 ~ 9~4 ! ~
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I KOEN10. KATZ AND dOODMAN ~
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