03/12/2007 Council Packet - Laserfiche WebLink

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• • • 6. DEED /MARKETABLE TITLE. Upon performance by Buyer, Seller shall execute and deliver a Limited Warranty Deed in the form attached as Exhibit A. 7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. Real estate taxes due and payable in the year of closing shall be paid by Seller. Buyer shall pay real estate taxes due and payable in the year following closing and thereafter. Seller shall pay all special assessments (and charges in the nature of or in lieu of such assessments) levied, pending or constituting a lien with respect to any of the Property as of the Date of Closing. Notwithstanding the foregoing, Buyer shall be responsible for all assessments that are levied or pending as a result of its development or proposed development of the Property. 8. POSSESSION. Seller shall deliver possession of the Property not later than Date of Closing. 9. EXAMINATION OF TITLE. Seller is not under any obligation to furnish abstracts of title, title reports, or title insurance policies with respect to the Property. Buyer shall have until the Date of Closing to raise objections to the marketability of Seller's title. Buyer shall not object to any of the Permitted Encumbrances. If Buyer objects to Seller's title, it must give Seller written notice on or before the Date of Closing, specifying the precise nature of the alleged title defects. Buyer shall be deemed to have waived any title objections not made within the period provided for above, except that this shall not operate as a waiver of Seller's covenant to deliver a Limited Warranty Deed. 10. TITLE CORRECTIONS AND REMEDIES. Seller shall have 120 days from receipt of Buyer's written title objections to make title marketable. Upon receipt of Buyer's title objections, Seller shall, within ten (10) business days, notify Buyer of Seller's intention of making title marketable within the 120 day period. 1- i_ensot encumbrances_f_or Liquidated amounts which can be releases) by payment or escrow from proceeds of closing shall not delay the closing. Cure of the defects by Seller shall be reasonable, diligent, and prompt. Pending correction of title, all payments required herein and the Date of Closing shall be postponed. A. If notice is given and Seller makes title marketable, then upon presentation to Buyer of documentation establishing that title has been made marketable, and if not objected to within ten (10) business days in the same manner as the original title objections, the closing shall take place within ten (10) business days or on the scheduled Date of Closing, whichever is later. B. If notice is given and Seller proceeds in good faith to make title marketable but the 120 day period expires without title being made marketable, Buyer may declare this Agreement null and void by notice to Seller, neither party shall be liable for damages 2