09-27-2000 Council Agenda - Laserfiche WebLink

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violation of any law, ordinance or regulation affecting the property. If the property is subject to restrictive covenants, Seller has not received any notice from any person as to a breach of the covenants. 11. Possession. Except by addendum, possession of the property shall be granted by Seller to Buyer on the date of closing. 12. Examination of Title. Within a reasonable time after the acceptance of this Agreement, Seller shall famish 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 thirty (30) business days after receipt of the Abstract of Title or Registered Property Abstract either to examine the title and provide Seller with written objections or, at Buyer's own expense, to make an application for a Title Insurance Policy and notify Seller of the application. Buyer shall have ten (10) business days after receipt of the Commitment for Title Insurance to provide Seller with a copy of the Commitment and written objections. 13. Title Corrections and Remedies. Seller shall have 45 days from receipt of Buyer's written title objections to make title marketable. Upon receipt of Buyer's title objections, Seller shall, within ten (10) business days, give written notice to Buyer of Seller's intention 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 Seller 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 Seller makes 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 Seller does 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 Seller as permitted by law; and/or (b) Demand a portion of the purchase price, which is sufficient to cure the title objections, be deposited into an escrow account and held until the title objections are cured; and/or (c) Undertake proceedings to correct the objections to title; (2) Rescission of this Purchase Agreement by notice as provided herein, in which case the Purchase Agreement shall be void and all earnest money paid hereunder shall be refunded to Buyer; (3) Damages from Seller together with costs and reasonable attorneys' fees, as permitted by law; Page 80