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CCR1996192COMMON COUNCIL - CITY OF MUSKEG0 RESOLUTION #192-96 APPROVAL OF OPTION TO PURCHASE Thiesenhusen/Park Acquistion AMENDED BE IT RESOLVED that the Common Council of the City of Muskego, upon the recommendation of the Finance Committee, does hereby approve the attached Option to Purchase with attached Offer and Addendum to Option, as revised by the City Attorney, to be presented to Myrtle Thiesenhusen. BE IT FURTHER RESOLVED that the Mayor and Clerk-Treasurer are authorized to execute the Option on behalf of the City. DATED THIS 21th DAY OF AUGUST , 1996. SPONSORED BY: FINANCE COMMITTEE Ald. Domonic D'Acquisto Ald. David J. Sanders Ald. Mark Suhr This is to certify that this is a true and accurate copy of Resolution #192-96 which was adopted by the Common Council of the City of Muskego. / 0-7 IA lerk-Tryasurer , 8/96 jmb WiscunsIM Legal Blank Go.. Inc. Milwaukee. Wis. I -0 CAUTION: A COMPLETED OFFER MUST BE ATTACHED TO THIS OPTION. SEE THE REVERSE SIDE FOR INSTRUCTIONS. 1 2 The Seller, -JXETJLLTILESENHUSEN , hereby grants to Buyer. 3 -GO , an option to purchase Ihe Property 4 known as (Street Address] Seeattachedleqalconsistinqppro~. 46.19 acregn the City 6 descriptlon at lines 39 to 42 or attach as an addendum per lines 43 to 44. See lines 73 to 82 for further instructions.)mxImtw- 7 ~~~ih%W~on the following terms: 8 m OPTION TERMS: An option fee of $ 500.00 will be paid by Buyer withln 10 days of the granting of this Option. and 9 shall not be refundable if this Optlon is not exercised. If thls Option Is exercised, $500. 00 10 against the purchase price at ClOSlng. This Option may only be exercised by delivering written notice lo Seller no later than midnight of the optlon fee shall be a credit 11 -, a. Buyer may sign and deliver the notice per lines 66 to 68 or may deliver any Other wrinen notice 12 which specifically Indicates an intent to exercise this Option. I 5 ofMkea U 0 , County Of Waukesha ,Wisconsin. (If this Option is to be recorded. insert legal ' 16 Seller)- ' The optlon fee 7 shall be (paid dlrectly to 17 18 This Optlon. or a separate instrument evldenclng this Option, (may) $r0$mcq ISTRIKE ONE \be recorded, CAUTION: FAILURE TO RECORD ) [STRIKE ONE1 1 19 MAY ALLOW SUBSEQUENT LIEN HOLDERS OR PURCHASERS PRlORlW OVER THIS OPTION. 20 This Optlonmis not) -1 assignable. This Propertyws not) homestead property. 21 PROPERTY CONDITION REPRESENTATIONS: Seller represents to Buyer that as of the date Seller grants thls Option. Seller has 22 no notlce or knowledge of condilions affectlng the Property or transaction,.(W- 23 property conditlon report. dated - ) other lhan those Identified in Seller's NfA , which was recelved by Buyer prior to Buyer signing this Option . The effective date of any representation 6 regarding conditions affectlng the Property or transaction in the attached Offer to Purchase shall be the date of Ihe granting of lhis Option. Seller 27 agrees to promptly notify Buyer of any condition affecting the Property or transaction which is materially inconsistent with the above representations and 28 which arises after the granting of this Option. but prlor to the exerclse of thls Option. Buyer and Buyer's inspector(s) shall have reasonable access 29 to the property. upon reasonable notice. from the granting of this Option until the time this Option is exercised. for the purpose of inspecling the Property 30 (See lines 88 to 94). NOTE: IF TESTING OF THE PROPERW IS TO BE PERFORMED, AN AGREEMENTAUTHORIZING THE TESTING SHOULD 31 BE PROVIDED AT LINES 39 TO 42 OR IN AN ADDENDUM REFERENCED ON LINE 43 TO 44. (SEE LINES 95 TO 105 FOR MORE 32 INFORMATION REGARDING TESTING.) 33 TIME IS OF THE ESSENCE as to: payment of option and extension fees, exercise of thls Option and all other dates and deadlines 9 COMPLETE DATE OR STRIKE AS APPLICABLE 1- 34 In this Option except: 35 DELIVERY OF DOCUMENTS AND WRITEN NOTICES: Unless otherwise stated in this Option, delivery of documents and written notices 36 to B Party to this Option is effective Only when accomplished In any of Iha ways set forth in the attached Offer. 37 DEADLINES: All deadllnes In the attached Offer to Purchase which run from the date of acceplance of the attached Offer to Purchase shall run 38 from the date of the exercise of this Option. 39 . ADDITIONAL PROVISIONS: Buyer may perform tests upon the property of the Seller at 40 reasonable times and upon reasonable notice to Seller as lonq as said tests do not 41 interfere with Seller's use of the property or materially damage Seller's property. 42 Option is contingent upon the conditions set forth in rh attached herern snrl 43 m ADDENDA: Ri&~x(ptfec~~~ incorDorated herein RefPrenrP 44 45 IF GRANTED, THIS OPTION CAN CREATE A LEGALLY ENFORCEABLE CONTRACT, BOTH PARTIES SHOULD READ THIS OPTION AND is- made part of this Option. 47 PROHIBITED BY LAW FROM GIVING ADVICE OR OPINIONS CONCERNING YOUR LEGAL RIGHTS UNDER THIS OPTION OR HOW TITLE 46 ALL ATTACHMENTS CAREFULLY. BROKER MAY PROVIDE A GENERAL EXPLANATION OF THE PROVlSiONS OF THIS OPTION BUT IS 48 SHOULD BE TAKEN AT CLOSING IF THIS OPTION IS EXERCISED. AN ATTORNEY SHOULD BE CONSULTED IF LEGAL ADVICE IS 52 (x) By: 53 (Buyefs Signature) A Pdnt Name here: +Jean K . Marend3 , Clerk 1- ID# (Date) 54 SELLER GRANTS THIS OPTION. THE WARRANTIES, REPRESE~ITATIONS AND COVENANTS MADE IN THIS OPTION SURVIVE CLOSING 55 ANDTHECONVEYANCEOFTHEPROPERTY. THEUNDERSlGNEDHEREBYAGREESTOCONVEYTHEABOVE-MENTIONEDPROPERTY 56 ON THE TERMS AND CONDITIONS AS SET FORTH HEREIN AND ACKNOWLEDGES RECEIPT OF A COPY OF THIS OPTION, -. ~~ ~. - - 61 This Option was drafted by (x) 62 (signature) A PnntName ,Donald S. Molter, Jr A Arenz, Molter, Macv 6 Riffle, S.C. 63 This Option was presented 10 Seller by on , 19-. al -a.m./p.m. 65 64 THIS OPTfON IS REJECTED (Seller's Inil,als) THIS OPTION IS COUNTERED [See attached counter] (Dale) (Seller's l"iltal3) loale) 66 m NOTICE OF EXERCISE OF OPTION. By signing below and delivering this notice per lines 35 to 36, Buyer exercises this Option to Purchase. 67 68 (Buyefs Signature) A (Dats) A (Buyel's Signalure) A (Dale) A \ 4 ADDENDUM TO OPTION 1. This Option is contingent upon Buyer obtaining a Wisconsin Department of Natural Resources grant for not less than 50% of the purchase price satisfactory to the Buyer. This closing delivers a written notice to Seller indicating contingency shall be deemed satisfied unless Buyer prior to Buyer has not been able to obtain the grant referred to in this paragraph. 2. This Option is contingent on Buyer, at its expense, causing performed and the results of the same being satisfactory to a Phase I Environmental Audit of the property to be Buyer as stated below. Buyer shall be deemed to have waived this contingency unless prior to closing Buyer notifies Seller in writing of a possible defect referred to in the Phase I Environmental Audit which Buyer is unwilling to waive. 3. This Option is contingent upon the acceptance of Offer To Purchase and closing of the sale of Buyer's property legally described on the attached document marked Exhibit to the Buyer prior to the closing date on this "1" at a price of $180,000 and on other terms satisfactory transaction. This contingency shall be deemed satisfied unless buyer, prior to closing, delivers a written notice to Seller indicating that Buyer is declaring the Option null and void because this contingency has not been met. DALL W. ARCMI DONALD 5. MOLTER, JU. JOHN P MA-. COURT COHMI5SlOMCR August 27. 1595 Mayor David L. De Angelis CITY OF MUSKEG0 Post Office Box 903 Muskego, Wisconsin 53150 Re: Thiesenhusen Park Acouisitim 0 Dear Mayor De Angelis: P. 81 Attzched please find the revised. (??:ion tc Xrcnase with attached Offer Per OUT recent telephone cccferenccs, I, acain, cauticz as to premature submission of zn Offer tc Furckase. I hie?..liSnt the foilowing changes 1 Line 51 of the Offer, m leases affectins rhe prcperty. 2 Lines 52 and 53 of the Cffer, clcsincJ 60 kys after exercise of the Option. 3. Addendum 3, a concingeccy or? ssia of "Kur:?. Park" pzzcerty. 4. Add.endum 4, a continceacy as tc :?:e proper::/ condition report as one is not row 6vailskLs. 5. Addendum 5, the City payiq ti.e lS56 real estate taxes. If you have any questions, please feel free :o ccntacc me Sincerely, a I DSM/pw Attachment cc: Ma. Jean Mzrenda, Clerk (Fa:cee, 1 ;ass) 17 .~ .. ."""__"._""".""""l 1-1 18 Thls Opllon, of a sepnraie Instrument evldenclng thls Opllon. (may)- rS-NEjbe recorded. CAUTION: FAILURE TO RECORD 19 MAY ALLOW SUBSEQUENT LIEN MOLDERS OR PURCHASERS PRIORITY OVER THIS OPTION. 20 Thls Opllon~ls nol) estlgnable. Thls Properlyms nol) [sTRiKEONE) homeslend properly. m PROPERTY CONDlTlON REPRESENTATIONS: Sellor represerm IO Buyer that a$ of lhe dalb Seller grunt8 lhlS Option. Sellor he9 no natlcs or knowlodve of condlrlons nffecting the ~ropenv or ~ransnct~on (as deflned In the (ItIaChBd Olfer) olher than (hose ldentlfled In seller'^ - - ._ . . . _. The elleCtlve dole of any reprosontallon a 23 proparty condlllon repon. dated _. ,SIle?-cbhed._D_ZfSL . .,M- 24 ~PLETEDATEORSTRIKE "" AS APPLICABL~W . -. . - . -, -. . . - . . . " "_ " 25 . .. .. .____ 26 ragording condlllons atfectlng Ihe Properly or lrnnsecllon In the allached Oller to Puichase Shell be the dalo of the grenllng 01 this OpllOn. Seller 27 agrao?, to pmmplly nollty Buyer 01 any condllion affecllng the Pmperly or trensacllon whlch Is mlorlslly Inconsislonl wllh lhe above rdPrd?oni~liOnS Md 28 whlch arlses afler the grontlng of lhls Opllon. but prlor lo the exorelso 01 ihls Opllon. Buyer end Buyer's lnspeclor(s) shall have ressonable (ICCBSS 29 to the propoq~. upon re050nat.10 notbe. from the grent~ng 01 lhls Oplon until the the tnh Optlon Is exerdsed, lor the purpose 01 lnspectlnp the Properly 30 (Sea llner 88 10 941 NOTE: IF TESTING OF THE PROPERn IS r0 BE PERFORMED, AN AQREEMENZAUTHORIIINa THE T.€STJNQ SHOULD 31 BE PROVIDED AT LINES JB TO 42 OR IN AN ADDENDUM REFERENCED ON LINE KJ TO M. (SEE LINES os TO IOLT FOR MORE - - . . . - - - - 33 m TIME IS OF THE ESSENCE os lo! payment of opllon and axtenslon !eo$. sxorclse 01 this Opllon and all olhor dalos and doodlinos 34 in lhls Optlon sxcop~: . ~. .. 35 I OEllVERY OF DOCUMENTS AND WRfrrEN NOTICES: Unless olhanvlse stated In lhls Oprlcn, dellvary o! documents and wrillen noflcos 38 10 e Perly lo lhls Opllon Is offectlve only when eccompllshsd In any 01 the wnys set lorlh In the allached Offar. 37 m DEADLINES: All doodllnss In lne allachsd Offer 10 Purchaso whlch run from the date 01 acceptonce of the allschod Ollar lo Purchase shall run 32 INFORMATION REOARDINO TESTINQ.) " ~ _. 38 from Ihe date 01 the exorclse 01 ihls Optlon. 39 . ADmrmNAL PROVISIONS: uvcr may uerform tests umn the property of the Seller at 40 reasonable times and uwon reasonable notice to Seller as lonu as said ,test$ do not 41 interfere wlth Seller's use of the property or materially damaqe Seller's property. 42 -__-I ____. ~ _.___ 43 m ADDENDA: The .attached Offor to Purchase e 44 1- mnde port 01 Ihb Opllon. 45 IF GRANTED, THIS OPTION CAN CREATE A LEGALLY ENFORCEABLE CONTRACT. BOTH PARTIES SHOULD REA0 THIS OPTION AND 47 PROHIBITED BY LAW FROM OlVlNO AOVICE OR OPINIONS CONCERNINP YOUR LEOAL RIGHTS UNDER THIS OPTION OR HOW TITLE 6 ALL ATrACHMENTS CAREFULLY. BROKER MAY PROVIDE A OENERAL EXPLANATION OF THE PROVISIONS OF THIS OPTION BUT Is 48 SHOULD BE TAKEN AT CLOSING IF THIS OPTION I$ EXERCISED. AN ATTORNEY SHOULD BE CONSULTED, IF LEOAL ADVICE IS 49 NEEDED. CITY OF MUSKEG0 2: (X) B L "_ . - -. .- . . - . - . .. .- . -. . . . _. . . . . . . - - - &UYLY'I~OMIUN) A PrlrllNDmOhOm: .David L. De hgeli~, Mayor " ~w ID# ioaro) _. \ 54 SELLER GRANTS THIS OPTION. THE WARRANTIES, REPRESENTATIONS AND COVENANTS MADE IN THIS OPTION SURVIVE CLOSING 55 AND THE CONVEYANCE OF THE PROPERTY. THE UNDERSIONED HEREBY AGREES TO CONVEY THE ABOVE-MENTIONED PROPERTY - '5: ON THE TERMS AND CONDITIONS AS SET FORTH HEREIN AN0 ACKNOWLEDGES RECEIPT OF A COPY OF THIS OPTION. 63 This OptJon was pressnled to Seller by . __._._on __ .... .._.-... .. ....-.._, 19--, at __ a.m.4.m \ 84 THIS OPTION IS REJECTED __- THIS OPTION IS COUNTERED [See attachod Counter] -__._ 65 (sdrr'o InItm) (Oula) (%nor's Inillolsj (Onto) I .. ALlG-27-'36. TU€ 11 :51 ewenzrqn I +.er-p~ac-rz~ i ~5 1 E. F - 83 9 INSTRUCTIONS FOR COMPLETION OF OPTION AND AnACHED OFFER TO PURCHASE 70 The tollowlng instructions for completion of this Option and the attached Offer to Purchase ure not a part of the Option Controct. 71 Fhese Instructions pan of the approved form and therefore copies should be provlded to ail parties.) 72 The Instructions have been provlded to assist real estate licensees who are compietlng lhls Opllon end ellached Oller to Purchase 73 forms pursuanl to the provlslons 01 Wlsconsln Administrative Code 5 RL 16.04. 74 8 REQUIREMENTS FOR RECORDINO 75 I1 thls Optlon is to be recorded, e complete legal descrlptlon should be insemd at lines 39 to 42 or attached and relerenced as an 78 addendurn at llnes 43 to 44. in many counties a Tax Parcel ldentlflcatlon Number (PIN) 1s requlred to be included wilh the legal 77 description. The slgnatures of Sellers will need to be acknowledged or authentlcaled. Contacl the Register of Deeds for the COUntY 7P In whlch the Property Is located for Information regardlng other recording requlrements, If any. As an alternatlve to recordlng 79 this Option and the attached Ofler to Purchase, a separate recordable Instrument may be recorded 10 evidence 80 that thls Opllon to purchase the Property has been grantsd to Buyer. She Partlss should consult wllh legal COUnSd 81 regarding the content and preparallon of the separate Instrument. Cautlon: The Partlos should agree upon Which 82 Party's attorney wlll prepare the /nstrurnenY end whlch Patiy w!!! h ?es:c.?z!-k!e In? !he .cCsls-.of .prepOra!/'Jn. 84 Because an Offer to Purchase attached as an addendum to an Option wlll not be "accepted" as a separate document by the 85 Seller, all deadllnes in the Offer 10 Purchase running from lhe date of acceptance of the attached Offer to Purchase will be deemed 86 lo run from the dale of the exercise of thls Optlon (See lines 37 to 38). CAUTION: REVlEW ALL DEADLINES IN THIS bPrl0N 87 AND AITACHED OFFER TO PURCHASE TO INSURE THE DEADLINES COMPLY WITH THE INTENT OF THE PARTIES. a3 COMPLETING DEADLINES 8.9 8 EFFECTIVE DATE OF sum REPRESENTATIONS AND INSPECTIONS 89 Unless otherwise agreed, thls Option provides that the representarions regarding conditions affecting the Properly or transaction 90 set fonh In this Option and in the attached Offer are belng made as of the date of granting of this Opllon (See llnes 21 lo 32). TO 91 supplement these representation$. which are based on Seller's notice or knowledge of these conditions on the date of grantlng Of :pthls Optlon. Buyer may conduct inspectlons 01 the Property prior to exerclsa of thls Optlon (See llnes 28 to 32). Cautlon: SoNer 9 should consult wlth legal counsel before agroolng 10 make warranties or representatlons based on Seller's knowledge Of 94 Ihe Property's condltlon at the tlme ol the exerclse ol thk Optlon. 85 TESTINCI 96 Cautlon: This Optlon provldes Buyer with the rlght lo conduct hspectlons of the Propetiy but does not give Buyer the 97 rlghl to conduct testlng of tho Proporty unless rhe Pariles have othenvlse~agreed. Buyer should determine what lest9 wlll be 98 required to be completed prlor to the exerclse of thls Option and include In thls Optlon an agreement glvlng Buyer !he right to 99 Conduct the testing. The testlng agreement may be inserled at lines 39 to 42 or may be attached In an addendum per lines 43 to , 100 44. The agreement should authorize the resting 10 be done, Identify the purpose 01 the testing, identlly whlch Pafly wlll pay for lest(s). 1 101 state any llmltetions on Buyer's testlng. and speclly any other materlal terms of the agreement (e.g. Buyer's obllgatlon 10 return the 102 Property to its origlnal condlllon). Examples 01 tests done In real estate transactions may include. but ere not llmited to: solls tesllng 103 (Or eppreval 01 septlc systems, testing lor lead-based paint. testing well water for bacteriologicel conternination, soil testlng to 104 determine adequacy for planned development. etc. Cenain testlng contingencles may be found in the WB-12 Farm Offer to Purchase. 108 CONTINGENCIES 105 the WE-13 Vacant Lend Offer to Purchase, and (he We-15 Commercial Offer to PUrChese. 107 Contlngencles In an Offer lo Purchase are generally condltlons whlch must be luilllied bofore the Buyer agrees to be bound to the 108 Offer IO Purchase. Because an optlon 1s ordlnarlly dralted wlth the presumptlon that Buyer wlll have fulfilled all conditions 109 PrlOr to exerclse of the optlon, Otfers to Purchase attnched to options do not typlcaily contaln COntlngenCleS. 11 0 CAUTION: IF THE OFFER TO PURCHASE FORM AlTACHED TO THIS OPTION CONTAINS PREPRINTED CONTINGENCIES, 711 THEY SHOULD, UNLESS THE PARTIES OTHERWISE AGREE, BE MARKED AS "NOT APPLICABLE" OR BE 112 STRUCK FROM THE A~SACHED OFFER ro PURCHASE. 11 3 rn ACCEPTANCE PROVISIONS IN THE OFFER ro PURCHASE 1& 11 Because the attached Offer IO Purchase wlll not be "accepted" as a separate document, all "acceptance" provislons in the Offet lo urchase should be deleted. The area for the signatures of Buyer and Seller may be modified to be used as an area for the initials 118 01 Buyer and Seller In order to acknowledge receipt of a copy of the Offer to Purchase. B \ \ \ \ \ A XI [ ADDITIONA~P~VISIONS 1 _" ..... ....... .... .... .... ......... .... .... . - 34 DELIVERY ANO-RELATED PROVISIONS ) 50 nul gorier01 r0al estslo tuxes 101 Il~e precccding yew) (, ... ....._.._.... . - - ..... ......I_. ......... 59 GO lullv rrssessed lor IOX DUIUO~OY (lor exornulo. now subdfvlslon or comDlolodlpondlng ronasorrmenl) or If proruffon on Ihe bosls of no1 ......... . -. .. ). TRIKE AN0 COMPLETE AS AIJI'LIc%i CAUTION: 11 ProPofly has no1 boon )5=WARNING: I1 Buyor conlemplo~os dsveloplng Proporly ora ~JSO ollrorllmi lllu curr'erll use. Ihoro are e verloly ollrsuos whlch rl~ould bu 76 addresrod lo onsure 1110 dOvOlOpfnen1 or now us0 1s possible. Munlclpel nnd rorrlng ordlrluncer. rocordod bulldlrll) ond us0 roslrlcllons. 77 COVBnBnfa ond easenlenla may prohlbll cerlnln lntprovonren10 or USUY end lhoruluro shoufd bo rovlowad. Bulldlrrg pornrllr, zordng 78 V8rlOnco3, Archllecluml COnlrOl Commllree spprovels, osflmutos lor rrtillly hook.up oapomo$, aposlal orsessmenl charoes lor 79 lnslellullonolrosdsorullll!lor. envlronmen!olaudlfs, subroll IosM, elc., nmynoed fo bo oblelned lo dotormlno 1110 I~oslbllllyoldovolopn~onl HO ol,oraperllcularuselor,sproperly. Opllonalconllng~rrcloswhlchollowSuyo~lolnvorfl~ulecerlalno11t~osolsruorcanirulocrndnlllrrur 81 252 Io 305 ol lhls Ollrr and Buyor may add conNngonclo6 os ncodod In addondo whlch may bo addod to Ilrls Ollor(roo 11r)o 306). Buyor 02 Should rovlew any plans for devolopmonl or us0 chonges Io dolormlrle whsl lf9~01 should Ire addrussod In cor~llngOnc10s lo lhlQ Ollor. ~ ~~~~ ~~ ~ 93 04 06 u5 07 89 90 91 92 93 94 95 96 97 , 80 IO3 104 105 10F 107 I on IO9 I IO Ill I12 113 114 1 I5 116 I17 t IO I I9 I :,o 121 122 I23 124 1-25 128 4 I29 I30 131 132 I33 131 'x 135 136 137 138 139 140 141 142 144 143 I15 116 147 140 149 I50 ,272 273 274 ,a 277 278 278 20 1 200 20-2 283 264 ................ 318 . .____.. ,.,".,. . ,.._ Broker (8y) .._... 319 SELLER ACCEPTS THIS OFFER. THE WARRANTIES, REPRESENYAflONS AN0 COVENANTS MADE IN THIS OFFER SURVIVE CLOSING AND 320 THE CONVEYANCE OF THE PROPERTY. THE UNOERSIGNEO HEREBY AGREES TO CONVEY TllE ABOVE.MENTIONED PROPERTY ON IHE 321 TERMS AND CONDITIONS AS SET FORTH HEREIN AN0 ACKNOWLEDGES RECEIPT DF A COPY OF THIS OFFER. _.I_. , t 2173.S9:: !. t I I l e l , I 0 ADDENDUM TO OFFER TO PLJRCEASE 1 Department of Natural Resources grant fcr not less than This Offer is contingent upon Buyer obtbining a Wisconsin contingency shall be deemed satisfied xiless Buyer prior to 50% of the purchase price satisfactory tc the Buyer. This nas not been able to obtain the grant referred to in this closing delivers a written notice to Seller indicating Buyer paragraph 2 This Offer is contingent on Buyer, at it5 expense, causing a Phase X Environmental Audit of the property to be performed and the results of the same being satisfactory to Buyer as stated below. Buyer shall be deemed to have waived this con:ingency unless prior to closing Buyer notifies Seller in writing of a possible defect referred tc in the Phase I Environmental Audit which Euyer is unwilling to waive. 3. This otfer is contingent upon the closizs of the sale of Buyer's property legally described on the attached document marked Exhibit lvllt at a price and on term satisfactory to This contingency shall be deemed satisfied unless Buyer, the Buyer prior to the closing date on this transaction. prior to closing, delivers a written nccice to Seller indicating that Buyer is declaring the cffer to Purchaee null and void because this contingency has not been met. 4 within 10 days after the Buyer exercises the Option, Seller shall provide to Buyer a property conciition report referred to at Lines 19 through 21 of the Offer t3 Purchase. If said report is not satisfactory to the Buyer, prior to closing the Buyer shall notify the Seller in wziting that said report is not satisfactory to the Buyer and this Offer to Purchase shall be null and void. 5. Notwithstanding any contrary Eitatemencs in this Option Or Offer to purchase, the Buyer, if this transaction closes, will reimburse the Seller an amount eqlsal to the real estate taxes attributable to this portion of Seller'Y property for 1996 at the time of closing.