Purchase Agreement Form - Air Rights Form Page 3
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43. The parties warrant and represent to each other that they have dealt with no broker or finder in
connection with this transaction and each party agrees to indemnify and hold the other harmless
from and against any claims and actions made by any broker or finder with respect to this
transaction.
4. If for any reason Seller is unable to transfer to developer Seller’s Excess Zoning Rights in
accordance with the terms of this Agreement or otherwise comply with the terms of this
Agreement, the sole obligation of Seller shall be to reimburse Developer for the expense actually
incurred by Developer for title examination of the Seller’s Premises, in no event to exceed the
net amount that would be charged by a title company in the City of New York for title
examination of the Seller’s Premises without issuance of policy, and upon the making of such
reimbursement, this Agreement shall be null and void and neither party shall have any further
rights against the other.
5. A. The closing of the transactions contemplated in this Agreement (the “Closing”) shall be
held at ________________________ at the offices of ________ ____________________ on
___________________, 20___.
B. At the Closing Seller shall transfer Seller’s Excess Zoning Rights to Developer, in accordance
with the provisions of this Agreement, free of any lien, claim or encumbrance.
6. This Agreement may not be assigned by Developer unless a copy of the assignment, together
with an agreement of the assignee assuming all of the terms and conditions of this Agreement to
be performed by Developer, is deposited with the attorneys for Seller not less than five (5) days
before the Closing, and in any event, no such assignment shall relieve Developer from
Developer’s obligations under this Agreement unless and until the assignee has performed all the
terms and conditions hereof. Developer shall be solely liable for and shall pay all Transfer Taxes
resulting from any such assignment of this Agreement by Developer. No such assignment of this
Agreement by Developer shall delay the Closing.
7. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and assigns.
8. All notices of any kind hereunder shall be sent registered or certified mail, return receipt
requested, to the parties at the respective addresses as first above set forth.
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