12-19-2012 Council Agenda - Laserfiche WebLink

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c. There is a right of access to the real property from a public right -of -way. d. There has been no labor or material furnished to the property for which payment has not been made. e. There are no present violations of any restrictions relating to the use or improvement of the property. f. To the best of Seller's knowledge no suit, action, arbitration or other proceeding or investigation is pending or, to Seller's knowledge, threatened against or affecting the Property. g. All debris shall be removed from the Property at Seller's expense prior to closing. Seller's covenants shall survive the closing of the transaction and execution and delivery of instruments by the parties and continue for a period of two (2) years from the date of closing. 12. Survey. Upon execution of this agreement by Seller, 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 Iegal 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 five (5) 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 in the amount of the Purchase Price. Purchaser will pay al premiums required for the issuance of an ALTA Owner's Title Policy unless Seller fails to provide an abstract or Registered Property Abstract. 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 he 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. Page 5 of 9 \Jocl1 I \Correspondenec\ioc1 2012 \Donovan Construction Purchase Agrcentont - Attorney Reviewed - 12.12.12Ace 6