08-08-2007 Council Agenda - Laserfiche WebLink

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Property, will be allocated between Seller and Buyer as of the Possession Date, so that Seller pays that part of such other operating costs payable before the Closing Date, and Buyer pays that part of such operating costs payable from and after the Closing Date. (f) Attorney's Fees. Each of the parties will pay its own attorneys fees, except that a party defaulting under this Agreement or any closing document will pay the reasonable attorney's fees and court costs incurred by the nondefaulting party to enforce its rights regarding such default. 6. Title Examination. Title Examination will be conducted as follows: (a) Seller's Title Evidence. Seller shall within fifteen (15) days after the date of this Agreement, furnish the following (collectively the "Title Evidence ") to Buyer: (1) Title Evidence. If the Real Property is abstract property, Seller shall deliver to Title or Buyer an Abstract of Title to the Real Property certified to a current date to include all appropriate judgment and bankruptcy searches. If the Real Property is registered property, Seller shall deliver to Title or Buyer a Registered Property Abstract to the Real Property certified to a current date to include all appropriate judgment and bankruptcy searches. In lieu of an Abstract or a Registered Property Abstract Seller may, at its cost, provide a Commitment for an ALTA Owner's Policy of Title Insurance insuring title to the Real Property, deleting standard exceptions and including affirmative insurance regarding zoning, appurtenant easements, and such other matters as may be identified by Buyer, in the amount of the Purchase Price. (b) Buyer's Objections. Within fifteen (15) days after receiving the last of the Title Evidence, Buyer will make written objections ( "Objections ") to the form and /or contents of the Title Evidence, or at Buyer's 8