06-10-2015 Council Packet - Laserfiche WebLink

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may, at its cost, provide a Commitment for an ALTA Owner's Policy of Title Insurance insuring title to the Real Property, deleting standard exceptions and including affirmative insurance regarding zoning, appurtenant easements, and such other matters as may be identified by Buyer, in the amount of the Purchase Price, The Seller shall provide the Buyer with copies of all documents referenced in the Title Commitment, Abstract of Title, or RPA. Title evidence shall also include all surveys of the property prepared either on behalf of the Seller or Buyer. (b) Buyer's Objections. Within five (5) days after receipt of the last title evidence, Buyer will examine the title to the property and make written objections ("Objections") to the form and/or contents of the Title Evidence. Buyer's failure to make Objections within such time period will constitute a waiver of Objections. Any matter shown on such Title Evidence and not objected to by Buyer shall be a "Permitted Encumbrance" hereunder. Seller will have thirty (30) days after receipt of the Objections to cure the Objections, during which period the Closing Date will be postponed as necessary. Seller shall use its best efforts to correct any Objections. To the extent an Objection can be satisfied by the payment of money, Buyer shall have the right to apply a portion of the cash payable to Seller at the Closing to satisfaction of such Objection and the amount so applied shall reduce the amount of cash payable to Seller at the Closing. If the Objections are not cured within such 30 -day period, Buyer will have the option to do any of the following: (1) Terminate this Agreement. (2) Withhold from the Purchase Price an amount which, in the reasonable judgment of Title, is sufficient to assure cure of the Objections. Any amount so withheld will be placed in escrow with Title, pending such cure. If Seller does not cure such Objections within ninety (90) days after such escrow is established, Buyer may then cure such Objections and charge the costs of such cure (including reasonable attorney's fees) against the escrowed amount. If such escrow is established, the parties agree to execute and deliver such documents as may be reasonably required by Title, and Seller agrees to pay the charges of Title to create and administer the escrow. (3) Waive the Objections and proceed to close. 7. Operation Prior to Possession, During the period from the date of Seller's acceptance of this Agreement to the Possession Date (the "Executory Period"), Seller shall operate and maintain the Property in the ordinary course of business in accordance with prudent, reasonable business standards, including the maintenance of adequate liability insurance and insurance against loss by fire, windstorm and other hazards, casualties and contingencies, including vandalism and malicious mischief. Seller shall execute no contracts, leases or other agreements