07/23/2007 Council Packet (2) - Laserfiche WebLink

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• Title Company also indicates its requirements to provide extended coverage over the standard exceptions for survey, parties in possession, and mechanics' liens and a zoning endorsement (Form 3.0), and indicating that use under zoning regulations for purposes contemplated by Purchaser is permitted with associated parking, an access endorsement insuring access from all adjacent roadways, a "gap" endorsement, an ALTA Owner's Comprehensive endorsement, an endorsement insuring against all levied and pending special assessments against the Subject Property, a so -called "Sears" endorsement in the form attached hereto as Exhibit C and made a part hereof, and a subdivision endorsement insuring that the Subject Property is a separate parcel of real estate. Such commitment shall also include copies of all recorded documents referred to in the commitment. Purchaser shall be allowed until the date thirty (30) days after receipt of both the commitment and the survey described below for examination of title and survey and the making of any objections thereto, said objections to be made in writing or deemed waived. For purposes of this Agreement, Permitted Encumbrances shall not be title objections. If any objections are so made, Seller shall be allowed thirty (30) days after the notice of objection to make such title marketable, and Seller shall use commercially reasonable effort to do so. Seller shall pay off and satisfy of record any monetary and mechanic's liens and mortgages against the Subject Property at Closing. If title and survey objections are not cured and title is not made marketable all on or before the end of the thirty (30) day period above described, Purchaser shall by notice to Seller either: (a) Declare this Agreement null and void, and, in such event, Purchaser shall be entitled to a refund of all of the initial Earnest Money Deposit; or