1977-05-02 Regular Meeting - Laserfiche WebLink

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• • -3- • letter to GRANTOR, setting out that the option is exercised, then, in that event, this purchase shall be concluded on or before December 28, 1977. IV. Upon closing of this transaction, GRANTOR agrees to furnish to GRANTEE, at the time of execution of GRANTOR'S Deed, an Owner's Title Policy issued by Southern Title Company of Houston, at its offices at Houston, Texas, covering such properties for the amount of the purchase price in the usual and customary form for title policies in Harris County, Texas, with the usual standard printed exceptions, and subject to the matters noted in Paragraph I, (1) through (8), both inclusive, hereof; provided, however, it is understood and agreed that the title • insurance will not include the 0.511 acre tract. V. All. taxes for the calendar year immediately prior to the calendar year of closing shall be paid by GRANTOR, and all taxes for the current year of closing shall be prorated as of date of closing. VI. In the event GRANTEE does not exercise the right, privilege and option herein granted to it, on or before 12:00 o'clock Noon, October 31, 1977, then all rights and privileges granted to it here- under shall automatically terminate and shall be of no force and effect, and the option money paid under this option agreement to • GRANTOR shall be forfeited to GRANTOR, and the GRANTEE shall have no further right to such sum, and in such event both Parties hereto shall be released from any and all further obligations hereunder. Time shall be of the essence, including the time of closing the transaction on or before December 28, 1977, after the exercise of such option. Should GRANTOR fail to deliver its Special Warranty Deed and to furnish GRANTEE an Owner's Title