Purchase Option Exercise Closing Clause Samples

Purchase Option Exercise Closing i. The closing of the purchase and sale of the Property pursuant to this Section 1 (“Purchase Option Closing”) shall occur on the last day of the month immediately following the month in which the Exercise Notice is given by Grantee, subject to extension as necessary in connection with the purchase of a Title Policy, if Grantee chooses to purchase one. If pursuant to the preceding sentence, the Purchase Option Closing would occur on a Saturday, Sunday or legal holiday, the Purchase Option Closing shall take place on the immediately preceding working day. The Purchase Option Closing shall be coordinated by the Title Company issuing the Title Policy, and need not be attended in person, so long as the Title Company is reasonably satisfied with all necessary transfer and authority documentation delivered to it in connection with the Purchase Option Closing. All real estate taxes relating to the Property shall be prorated between Grantor and Grantee as of the date of Purchase Option Closing. With regard to any special or general assessments on the Property which are payable in installments, Grantee shall be responsible for all installments which fall due after the date of Purchase Option Closing. At the Purchase Option Closing, Grantee shall pay one hundred percent of any sales tax applicable to the sale of the Property, costs related to any survey ordered by Grantee, and one half of all recording costs and escrow fees. At the Closing, Grantor shall pay for one half of all recording costs and escrow fees. Except as otherwise provided in this section, all expenses hereunder shall be paid by the party incurring such expenses. ii. At the Purchase Option Closing, Grantee shall deliver to Grantor: (A) the Option Price, and (B) such evidence of the authority and capacity of Grantee and its representatives as Grantor or the Title Company may reasonably require. At the Purchase Option Closing, Grantor shall deliver to Grantee the following: (V) a special warranty deed conveying the Real Property subject only to the Permitted Exceptions; (W) a ▇▇▇▇ of sale conveying the personal property portion of the Property in the state of title described herein; (X) such evidence of the authority and capacity Master Agreement EXHIBIT C - Page 3 Valero/Corner Store of Grantor and its representatives as Grantee or the Title Company may reasonably require; (Y) an certificate of non-foreign status in compliance with the federal Foreign Investment in Real Property Tax Act of 1980 and th...