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HomeMy WebLinkAbout2720 7 Florida, providing the Buyer complies with the following three conditions: (a) Buyer shall tender to Seller ONE HUNDRED FIFTY- SEVEN THOUSAND FIVE HUNL~RED DOLLARS ($157,500.00) as a down payment for Parcel ~„~o as described below. (b) Buyer has obtained the necessary permits to construct a golf course on Parcel One. (c) Buyer is financially able to construct said ~ golf course, financially able being def ined as having either a ONE MILLION DOLLAR ($1,000,000.00) credit line, cash in hand, or a combination of the two, equalling ONE MILLION DOLLARS ($1,000,000.00), and appropriately pledged to cover construction ! costs in a form satisfactory to Seller. ;: ~i ;i In the event Buyer is unable to comply with para- ~i ti graphs (a), (b), and (c) above, and in the further event th~t ~ the Buyer and the Seller mutually agree, then the parties i~ ~~ may either extend or amend this agreement accordingly, and ~~ shall so instruct the Escrow Agent in writing. i' I; ' . In the event Buyer is unable to comply with para- :: - ;; graph (b) above and if Buyer has £iled with all governmental ~; agencies the necessary papers to obtain said permits, and ~; want of permit approval is due to the government's delay or ;~ inaction, then Buyer shall have an addition sixty (60) days ;' within which to comply with said paragraph. ,; ~. ~~ If the Buyer is unable to comply with the above ;; `; three conditions and if the parties do not mutually agree ; ;I to either extend or amend this agreement, as provided for fi ;; in the paragr~ahs above, then the Escrow Agent shall return IE , to Seller the executed Deed for Parcel One and this entire ;i agreement shall be void. Buyer shall execute a release f rom contract and deliver same to Norman A. Green, Attorney at Law, as Escrow Agent. In the event Escrow Agent must return the executed ~: deed to Parcel One to Seller, Escrow Agent shall also deZiver ~ ~ said release from contract to Seller. Otherwise, upon the ~ closing of Parcel Two, Escrow Agent shall destroy said release ~ i~ t ^ ~~ a~345 p~27~~!