Resolution No. 15-04 EDA - Laserfiche WebLink

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(2) true, correct, and legible copies of any and all instruments referred to in the Title Commitment as constituting exceptions or restrictions upon the title of Seller. d. Title Policy. At Closing, as a condition to Purchaser's obligation to close, there shall be available to Purchaser a Title Policy for the Property in the full actual amount of the Purchase Price, insuring fee simple title to the Property as being vested in Purchaser, subject only to the Permitted Exceptions (hereinafter defined), and meeting the following additional conditions: (1) the exception as to restrictive covenants shall be endorsed "None of Record"; (2) the exception as to the lien for taxes shall be limited to the tax period in which Closing occurs, and shall be endorsed "Not Yet Due and Payable"; (3) the exception as to parties in possession shall be deleted; (4) the survey exception shall be deleted; and (5) and there shall be no general exception for visible and apparent easements or for roads and highways. 5. TITLE APPROVAL PERIOD. a. Objections. By the later of (i) the date Purchaser delivers the Notice of Suitability to Seller, or (ii) ten (10) Business Days after Purchaser receives both the Survey and Title Commitment, Purchaser shall deliver to Seller such written objections as Purchaser may have to anything contained therein ("Objections"). b. Additional Exceptions. If Purchaser receives notice or otherwise discovers that title to the Property is subject to any additional exceptions not disclosed by the Survey or Title Commitment ("Additional Exceptions") to which Purchaser objects, Purchaser shall notify Seller of Purchaser's objection in writing within ten (10) days after Purchaser receives notice of any such Additional Exception, which upon such notice shall be an Objection subject to Sections 5.c. and 5.d. c. Seller's Obligations. Seller shall, within three (3) Business Days after receipt of Purchaser's Objections, notify Purchaser of the actions, if any, that Seller is willing to take with respect to each of the matters identified in the Objections and the time frame in which Seller will take those actions. (1) Seller shall not encumber the Property other than with encumbrances which provide for release thereof at Closing in accordance with this Contract and Seller will not allow a formal notice of default to remain uncured with regard to such encumbrances. (2) Notwithstanding Purchaser's failure to object to any encumbrances or liens which may be released by the payment of money, Seller shall be required to remove from title any such encumbrances or liens (the "Monetary Liens"). 3 DRAFT 109378462-v5-drh lino lakes Purchase and Sale Agreement.docx