09-22-1999 Council Agenda - Laserfiche WebLink

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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. Within a reasonable time after the acceptance of this Agreement, and in no event later than five (5) days after executi n f this Agreement, Seller shall furnish Purchaser 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. Purchaser shall have fifteen (15) business days after receipt of the Abstract of Title or Registered Property Abstract either to have Purchaser's attorney examine the title and provide Seller with written objections or, at Purchaser's own expense other than as set forth in paragraph 9, to make an application for a Title Insurance Policy and notify Seller of the application. Purchaser shall have five (5) business days after receipt of the Commitment for Title Insurance to provide Seller with a copy of the Commitment and written objections. 14. Title Corrections and Remedies. Seller shall have 45 days from receipt of Buyer's written title objections to make title marketable. Upon receipt of Purchaser's title objections, Seller shall, within ten (10) business days, notify Purchaser 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. If notice is given and Seller makes title marketable, then upon presentation to Purchaser 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. If notice is given and Seller proceeds in good faith to make title marketable, but the 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. 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 due to Seller's failure to proceed in good faith, Purchaser may seek, as permitted by law, one or more of the following: a. Proceed to closing without waiver or merger in the deed of the objections to title and without waiver of any remedies, and may: (1) Seek damages, costs, and r asonable attorneys' fees from Seller as permitted by law (damages under this subparagraph (1) shall bo limited to the costs f curing objections to title, and consequential damages are excluded); or Page 108