07-09-2014 Council Agenda - Laserfiche WebLink

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to be recorded as a condition of recording the Plat. Seller shall also pay the state deed tax due in order to record the Warranty Deed. Buyer will pay the cost of' recording all other documents. e. Other Costs. Except as otherwise provided in this Agreement, Seller and Buyer shall each pay its own fees and costs incurred in this transaction. 6. Title Examination. Title Examination will be conducted as follows: a. Title Evidence. Within 20 days after Effective Date, Seller shall deliver to Buyer a Commitment ("Title Commitment") for an ALTA Owner's Policy of Title Insurance to insure title to the Real Property, in the amount of the Purchase Price, issued by the Title Company. The Title Commitment shall initially cover Seller's Existing Land, but will be amended or supplemented prior to the Closing, based upon the Plat, to apply to and cover the Real Property. The Title Commitment will commit the Title Company to insure title to the Real Property subject only to the Permitted Encumbrances (defined in Section 6, c. of this Agreement) and shall include a Special Assessment Search and be accompanied by copies of each document evidencing liens and encumbrances affecting the Real Property. b. Survey,. Within 20 days after delivery of the Title Commitment, Buyer shall obtain any surveying of the Property ("Survey"), needed for Buyer's purposes, including financing.. c. Buyer's Objections. Within twenty (20) days after receiving the Title Commitment and the Survey, Buyer will make in writing, any objections ("Objections") to any 'natters disclosed in the Title Commitment or the Survey that are not acceptable to Buyer. Buyer's failure to make Objections within such time period will constitute a waiver of Objections. Any matter shown on such Title Commitment or the Survey and not objected to by Buyer shall be a "Permitted Encumbrance" hereunder. Seller will have sixty (60) days after receipt of the Objections to cure the Objections, during which period the Closing will be postponed as necessary. Seller shall use its best efforts to correct any Objections, provided Seller shall he obligated to correct or remove, on or before the Closing Date, any Objections based upon monetary liens that may be satisfied by the payment of money ("Monetary Liens"). If the Objections that are not Monetary Liens are not cured within such sixty (60) day period, Buyer will have the option to do any of the following: i) Terminate this Agreement and receive a refund of the Earnest Money. ii) Waive the Objections and proceed to close. If Buyer fails to terminate this Agreement by written notice to Seller within fifteen (15) days of Seller's failure to cure any Objections during such sixty (60) day period, Buyer shall be conclusively deemed to have waived such Objections and shall proceed to close. Davis Real Estate/City of Little Canada 7 6