07-28-1982 Council Agenda - Laserfiche WebLink

Home Browse Search

the Exchange Property. This may be accomplished by a simultaneous closing. (d) This paragraph 3 shall survive closing of the Contract for Deed. 4. Title. Within a reasonable time after execution and delivery of this Agreement, Seller shall cause to be deli- vered to Purchaser Abstract(s) of Title or Registered Property Abstract(s) covering all of the Property, certified to date to include proper searches covering bankruptcies, State and Federal judgments and liens, and including a search with respect to levied and pending special assessments. Purchaser will be allowed ten (10) days after receipt thereof for examination of said Abstract(s) of Title or Registered Property Abstract(s) and for making any objections to the marketability of the title to the Property, said objections to be made by written notice or deemed to be waived. If any objections are so made to the marketability of the title to the Property, Seller shall, within ninety (90) days after the making of such objections by Pur- chaser, diligently endeavor to cure such objections and to make the title to the Property good and marketable of record in Seller provided, however, Seller shall have no obligation to spend any money in connection thereof unless Seller elects to do so in its sole discretion. Pending the correction of the title, the closing date and the payments hereunder required shall be postponed, but upon ' correction of the title and within ten (10) days after written notice of such correction given by Seller to Purchaser, Seller and Purchaser shall perform this Agreement according to its terms. If the title to the Property, as evidenced by the Abstract(s) of Title or Registered Property Abstract(s), is not good and marketable of record in Seller and is not made so within ninety (90) days after the date of making written objections thereto, Purchaser may either: