06-14-2021 Council Packet - Laserfiche WebLink

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4 b. Title Evidence. As quickly as possible after this Agreement is fully executed by the Parties, Buyer will obtain a commitment (“Title Commitment”) for an owner’s policy of insurance in the amount of the Purchase Price insuring title to the Property subject only to the Permitted Encumbrances. c. Buyer’s Objections. Within fifteen (15) days of receipt of the Title Commitment, Buyer shall make written objections (“Objections”) to the form and/or contents of the Title Commitment. Buyer’s failure to make Objections prior to the Closing Date will constitute a waiver of Objections. Any matter shown on such Title Commitment and not objected to by Buyer shall be deemed an additional “Permitted Encumbrance” hereunder; provided, however, that Buyer will be automatically deemed to have provided written objection to Seller of all matters listed on Schedule “B-I” of the Commitment. If the Objections are not cured prior to the Closing Date, Buyer will, in addition to any other remedy available at law or under this Agreement, have the option to do either of the following: (1) Terminate this Agreement and receive a full refund of all Earnest Money then held by the Title Company; or (2) Waive the Objections and proceed to close. Notwithstanding anything to the contrary contained herein, in the event that any update to the Commitment or Survey reveals items not previously disclosed, then Buyer shall have the ongoing rights set forth in this Section 6 to provide objections thereto and terminate this Agreement. d. Survey. Within 10 days after the Effective Date, Seller shall deliver to Buyer a copy of the most recent existing survey of the Property in Seller’s possession, if any. Buyer shall pay for the cost of the new or updated survey (the “Survey”). The legal description of the Property shall be updated upon receipt of the Survey, with said legal description becoming the Property to be conveyed under this Agreement for all purposes. Additionally, once the Plat has been recorded in accordance with the terms herein, the Survey shall be updated to provide the legal description of the Property as that contained in the Plat, and said legal description shall become the Property to be conveyed under this Agreement for all purposes. 7. Representations and Warranties by Seller. Seller represents and warrants to Buyer as follows: