03-27-2002 Council Agenda - Laserfiche WebLink

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follows: b. Sellers' warranties and representations contained herein shall survive the closing and the delivery of the Deed or Contract for Deed. c. Buyer shall have the right to have inspections of the property conducted prior to closing. Unless required by local ordinance or lending regulations. 11. Disclosure of Notices. Sellers have not received any notice from any governmental authority as to violation of any law, ordinance or regulation affecting the property. If the property is subject to restrictive covenants, Sellers have not received any notice from any person as to a breach of the covenants. 12. Possession. Except by addendum, possession of the property shall be granted by Sellers to Buyer on the date of closing. 13. Examination of Title. Within a reasonable time after the acceptance of this Agreement, Sellers shall furnish Buyer with an Abstract of Title or a Registered Property Abstract certified to date including proper searches covering bankruptcies and State and Federal judgments, liens, and levied and pending special assessments. Buyer shall have twenty (20) business days after receipt of the Abstract of Title or Registered Property Abstract either to examine the title and provide Sellers with written objections or, at Buyer's own expense, to make an application for a Title Insurance Policy and notify Sellers of the application. Buyer shall have five (5) business days after receipt of the Commitment for Title Insurance to provide Sellers with a copy of the Commitment and written objections. 14. Title Corrections and Remedies. Sellers shall have 45 days from receipt of Buyer's written title objections to make title marketable. Upon receipt of Buyer's title objections, Sellers shall, within ten (10) business days, give written notice to Buyer of Sellers' intentions to make title marketable within the 45 day period. Liens or encumbrances for liquidated amounts which can be released by payment or escrow from proceeds of closing shall not delay the closing. Cure of the defects by Sellers shall be reasonable, diligent, and prompt. Pending correction of title, all payments required herein and the closing shall be postponed. a. If notice is given and Sellers make title marketable, then upon presentation to Buyer and proposed lender of documentation establishing that title has been made marketable, and if not objected to in the same time and manner as the original title objections, the closing shall take place within ten (10) business days or on the scheduled closing date, whichever is later. b. If Sellers do not give notice of intention to make title marketable, or if notice is given, but the 45 -day period expires without title being made marketable, Buyer may seek, as permitted by law, one or more of the following: (1) Proceed to closing without waiver or merger in the deed of the objections to title and without waiver of any remedies, and may: (a) Seek damages, costs, and reasonable attorneys' fees from Sellers as permitted by law; and /or -3- -4