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5.0. Evidence Of Title. <br /> 5.1. Within fifteen(15)days after the execution of this A eement by both parties <br /> or such other time period as may be specified in this Article, Authority shall at the <br /> discretion of the Authority: <br /> (a) Cause to be delivered to the Developer at the cost of Developer, an <br /> Abstract of Title for the Property (or a Registered Property Abstract if title to the <br /> Property is registered) certified to date to include proper searches covering <br /> bankruptcies, tax liens and state and federal court judgments and liens; or <br /> (b) Cause to be issued and delivered to Developer, at the cost of <br /> Developer, an ALTA Form 1970 commitment for an Owner's title insurance <br /> policy (the "Commitment") issued by the Title Insurer pursuant to which the Title <br /> Insurer agrees to issue to the Developer upon the recording of the documents of <br /> conveyance referred to herein an ALTA Form 1970 Owner's title insurance policy <br /> in the full amount of the Purchase Price, with standard exceptions for matters of <br /> survey, parties in possession(other than tenants under current written leases) and <br /> unfiled mechanic's or materialmen's liens deleted. The Commitment shall include <br /> proper searches covering bankruptcies, state and federal judgments and liens and <br /> levied and pending special assessments and shall be accompanied by copies of all <br /> recorded documents presently affecting the Property. <br /> • <br /> 5.2. Developer shall have fifteen(15)business days after receiptof all the title <br /> evidence discussed in Sections 5.1 above to reader objections to titlin writing to <br /> Authority and Authority shall have the greater of(i) the number of days retaining until <br /> the Date of Closing or (ii ) thirty (30) days to have such objections removed or satisfied. <br /> If Authority shall fail to have such objections removed within said time, the Developer <br /> may, at its sole election: (a) terminate this Agreement without any liability on its part; in <br /> which event the Earnest Money paid hereunder shall be promptly refunded in exchange <br /> for a quit claim deed to the Property from Developer; or (b) take title to the Property <br /> subject to such objections. Authority agrees to use its reasonable efforts to satisfy <br /> promptly at its sole cost any such objections..provided, however, that other than to cure <br /> liens, Authority chail not be obligated to spend a total of more than $ .00 to cure all <br /> such objections. <br /> 6.0. Control of Property. Until the Dare of Closing, Authority shall have the full <br /> responsibility and the entire liability for any and all damages or injuries of any kind whatsoever <br /> to the Property, to any and ail persons, whether employees or otherwise, and to any other <br /> property from and connected to the Property, except liability arising from the acts, omissions, <br /> intentional torts or negligence of Developer; its agents or employees. If, prior to the Date of <br /> Closing, all or a material portion of the Property shall be the subject of an action in eminent <br /> domain or a proposed taking by a governmental authority (other than the City), whether <br /> temporary or permanent. Developer, at its sole election, shall have the right to terminate this <br /> Agreement without liability on its part, by so notifying Authority in writing and all sums <br /> heretofore paid to Authority shall then be promptly refunded to Developer in exchange for a quit <br /> claim deed for the Property. At its option, Developer may proceed to closing and in such event, <br /> STA22t1990 <br />