02-23-2005 Council Agenda - Laserfiche WebLink

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12. Survey. Within fifteen (b) days after the date hereof, Purchaser shall be allowed forthwith to obtain, at Purchaser's expense, an accurate survey of the Property certified to Purchaser and any lender and /or title company designated by Purchaser as of a current date prepared by a Registered Land Surveyor acceptable to Purchaser showing access, the location of all easements, buildings, improvements and encroachments, utilities and applicable setbacks, together with the legal description. A copy shall immediately be provided to Seller. Purchaser shall have the right to make written objections to title based upon said survey within ten (W) days after delivery thereof. Any objection to title based upon survey shall be treated in the same manner as objections to title based upon the Abstract of Title or Registered Property Abstract to be delivered pursuant to this Purchase Agreement. 13. Examination of Title. Seller will, 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. 14. Title Corrections and Remedies. Seller shall have forty -five (45) days from receipt of Buyer's written title objections to make title marketable, Cure of the defects by Seller shall be reasonable, diligent, and prompt. Pending correction of title, the closing shall be postponed. If notice is given and Seller proceeds in good faith to make title marketable, but the forty - five (45) day period expires without title being made marketable, Purchaser may declare this Agreement void by notice to Seller, neither party shall be liable for damages hereunder to the other, and earnest money shall be refunded to Purchaser. 15. Contingencies and Conditions Precedent. This Agreement shall be subject to the following contingencies or conditions precedent: a. Environmental Investigation. Purchaser shall have the right to obtain a Phase I Environmental Evaluation and soils investigation by parties acceptable to Purchaser. This must be done prior to the closing date. The cost of such investigation shall be paid by Purchaser in the event that Purchaser desires to obtain environmental and /or soils investigation. Purchaser shall obtain such report(s), and within fourteen (14) days after receipt of such report(s) terminate this Agreement if the report(s) reveals a material condition affecting the property which is unacceptable to the Purchaser in Purchaser's sole discretion. Purchaser shall make arrangements for such investigation. Should the Purchaser desire in its sole discretion that a Phase II Environmental Evaluation and Soil Investigation is required, Purchaser shall order such Phase II and the cost of such Phase II Environmental Evaluation shall be borne by Purchaser. This must be done prior to the closing date. Page 5 of 10 FRI.Relt- IVCotrespondenceIJocl 20041Cou ntv Road B Purchase ,Agreement- Gordie Plotve - I I.19.04.doc -6