01-10-2024 Council Packet - Laserfiche WebLink

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5 responsibility regarding payment of real estate taxes, pending assessments and levied assessments. (c) Recording Costs. Buyer shall pay the documentary fee necessary to record the warranty deed. Sellers shall pay the cost of recording all other documents required to convey marketable title subject to permitted exceptions. 10. Title Examination. Title Examination shall be conducted as follows: (a) Title Commitment. Buyer shall at Seller’s expense order within three (3) days of the Effective Date, a commitment ("Title Commitment") from Title for an ALTA Owner's Policy of Title Insurance insuring title to the Property, deleting standard exceptions and including affirmative insurance regarding zoning, contiguity, and appurtenant easements, in the amount of the Purchase Price and subject only to matters waived by Buyer and permitted encumbrances. Title shall also deliver to the Buyer copies of all documents listed on Schedule B-2 of the Title Commitment. Title evidence shall consist of the Title Commitment and any survey ordered by the Buyer of the Property at Buyer’s sole expense. (b) Survey. Buyer may obtain at its expense a current ALTA and/or a boundary survey of the Property (“Survey”). Made and certified to Buyer and the title company by a duly licensed surveyor in a form acceptable to Buyer and title by a duly licensed surveyor in a form acceptable to title in order to allow title to delete the Survey expect for the title policy. The Survey shall indicate the recording of information as to any recording encumbrances, and shall set forth a certified total number of net acres comprising the Property, shall provide a certified legal description of the Property, and shall contain such other certifications as title may require. (c) Buyer's Objections. Within ten (10) days after receiving the last of the Title Evidence, Buyer shall make written objections ("Objections") to the form and/or contents of the Title Evidence. Buyer's failure to make Objections within such time period shall constitute waiver of Objections. Any matter shown on such Title Evidence and not objected to or waived by Buyer shall be a “Permitted Encumbrance” hereunder. Sellers shall have ten (10) days after receipt of the Objections to agree to cure any or all of the Objections, during which period the Closing shall be postponed as necessary. Any Objection which can be cured by payment at Closing shall be deemed cured by Sellers agreement to satisfy same at time of Closing. Sellers shall use its best efforts to correct any Objections. Notwithstanding the foregoing, if Sellers reasonably believes that an Objection cannot be cured prior to Closing Date, Sellers shall have the right to notify Buyer that the Sellers do not intend to cure the Objection. In that event, Buyer shall have the option to do one of the following: i. Terminate this Agreement and receive a refund of the Earnest Money and the interest accrued and unpaid on the Earnest Money, if any; or