O-2000-2384 - Laserfiche WebLink

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I . e e "Down Pavment" shall mean the $340,000.00 down payment, which is equivalent to forty pereent (40') of the PurehaSl. priee, for Seller's interest, to be paid by Purchaser to Seller on or before 2:00 p.m. on Tuesday, February 29, 2000. "Purchase Price" shall mean the amount of $850,000.00. "Seller's Interest" shall mean La Porte Area Water Authority's excess rebate water capacity in the amount shown on Exhibit "A" attached hereto. "Transfer Date" shall mean Friday, June 30, 2000, at 2: 00 p.m., at which time the final balance of the Purchase Price sh~ll be due and payable, unless deferred to no later than October 31, 2000, at 2:00 p.m., in which cas. the balance of the Purchase Price shall bear interest ~t the rate of five and one-half percent (5.5%) per annum, from and after June 30, 2000. II (a) Purchaser agrees to pay to Seller .the Down Payment not later ~han 2:00 p.m. on Wednes:d,ay, March'l',' 2000. Purchaser aqrees to pay the balance of the Purchase Price on or before June 30, 2000. If the balanee of the Purchase Price is not paid on June 30, 2000, said balance shall accrue interest at the rate of five and one-half percent.(5.5%) per annum from and after June 30, 2000, provided, in any event, the entire balance of the Purchase Price., together with accrued interest thereon, shall be due and payable no later than Tuesday, October 31, 2000. (b) Seller and Purchaser each hereby represent and warrant that it has full right, power, and authority to enter into this Agr..men~ and i~ is ~he legal, valid, and binding ob1iga~ion o~ such party. (c) On or before the Transfer Date, upon or after payment by Purchaser of the full amount of the Purchase Price to Seller, Se'ller shall deliver to Purchaser, with a copy to the City of Houston, the executed Conveyance of Interest substantially in the form attached hereto as Exhibit "A". The dated date of' such Conveyance of Interest snaIl be the Transfer Date. III. The following shall be considered a default under this Agreement: (a) the failure of Purchaser to pay the Down Payment to Seller on or before the first payment date; (b) the failure of Purchaser to pay the balance of the Purchase Price to Seller as set forth in II(a) hereof; (0) the failure pf Purchaser to perform and observe in a timely manner any of the covenants contained in this Agreement; or . ~Ia- 2