02-24-10 Council Agenda - Laserfiche WebLink

Home Browse Search

objections Seller does not intend to cure. Seller may not elect not to cuz•e objections to the standard exceptions in the Comznitnaeut, Seller hereby agreeing to provide such affidavits and indemnities as Title Company may require in order to delete them at closing. If Seller notifies Buyer Chat Seller does not intend to cure one or more objections, Buyer, at its option, may tcrzninate this Agreement by giving written notice to Seller within ten (10) days after delivez•y of Scllez•'s notice. If Buyer so terminates this Agreement the Earnest Money shall be rcturneci immediately to Buyer and neither party shall have any further rights oz• obligations hereunder. If Buyez• does not terminate this Agreement during such ten (10) clay period it shall be deemed to have waived any objections identified in Sel]er's notice. If Buyer does not terminate this Agreement, Seiler shall immediately commence and diligently endeavoz• Co complete all actions necessary to cure all objections which have not been waived by Buyer, and shall be allowed forty-five (45) days after the rnalcing of such objections by Buyer or until the Closing bate, whichever is earlier, to cure such objections and make the title to the heal estate good and marketable of record in Seller and Co obtain and deliver to Buyer appropriate endorsements to tlie Conunitmezzt and an updated survey indicating that such objections have been cured. if Seller does not cure such objections within such period or additional title defects exist as of the Closizig Date, Buyez• may either; a. 'T'erminate this Agreement by giving written notice to Seller in which event neither party shall have any furChez• rights or obligations hereunder; or b. L1ecC to accept the title in its unmarketable condition by giving written notice to Seller, in which event Buyer shall hold back adequate funds from tike portion of the Purchase Price payable at the Closing to cure the defects and apply said holdback funds for the cost of curing such defects, including attorney's fees, and pay the unexpended balance Ca Seiler. (If the amount of said holdback earurot be mutually agreed to by Seller and Buyer, the Title Company shall determine the amount ol'said hoidbacl<.) 7. (:LOSITVC. The Closing on the purchase and sale contemplated by this Agreement ("Closing") shall oceuz• within thirty (30) clays of Buyer removing all of Clre contingencies set forth in Paragraph 4. 'the Closing shall take place at the office of Land Title or at such other place as the parties nzay agree. Seller agrees to deliver possession of the T:cal Istate to Buyez• on the Closing Date: a. Seller's Closing 1)octnnenis. Ou the Closing Date, Seller shall execute and/or deliver to Buyer the following (collectively "Seller's Closing Documents"): 1. i)eecls. A Warranty Deed joined by any and all persons who Itavc an interest in the Real Estate conveying the Deal l~state to Btrycr free and clear of all encumbrances. 2. "title Policy. A suitably marked up ComnzitmenC Cor Title Insurance initiated by Title Company, iri the form required by the Conunitment as approved by Buyer. -4- 5