Agenda Packets - 1998/10/26 - Laserfiche WebLink

Home Browse Search

diseased trees, snow removal, or other current services provided to the Property by the assessing authority while the Seller is in possession of the Property. 8. MARKETABILITY OF TITLE; COSTS TO CLEAR TITLE. Seller shall, within a reasonable time after signing this Agreement and at the expense of Seller, furnish an abstract of title or registered property abstract certified to date to include proper searches covering bankruptcies, all judgments, taxes, special assessments and liens. Buyer shall be allowed fourteen (14) days after receipt thereof for examination of said title and the making of any objections thereto, said objections to be made in writing or deemed to be waived. If any objections are so made, Seller shall be allowed sixty (60) days to make such title marketable. Seller shall permit no additional encumbrances to be made upon the Property between the date of this Purchase Agreement and the Closing Date. If said title is not marketable and is not made so within sixty (60) days from the date of written objections thereto as above provided, this Agreement shall be null and void, at option of Buyer, and neither party shall be liable for damages hereunder to the other party. All money theretofore paid by Buyer shall be refunded. Alternatively, if Buyer elects to proceed with this transaction, Seller shall bear any and all costs to clear title to the Property, including the cost of satisfying any mortgages or liens of record, if any. In the event Seller fails to clear title to the extent herein required, Buyer may clear title to the extent required and charge the cost of clearing title to the Seller, including attorney's fees, court costs, condemnation awards, amounts paid for releases, waivers or quit claims and all other costs actually incurred by Buyer,unless waived by Buyer. In the event that title to the Property cannot be made marketable by the Seller by the Closing Date, then, at the option of the Buyer, this Purchase Agreement shall be null and void and all money theretofore paid by Buyer shall be refunded to the Buyer. 9. DEFAULT. If the title to the Premises be found marketable or be so made within said time, and Buyer shall default in any of the covenants contained in this Agreement and continue into default for a period of ten(10) days, then and in that case, Seller may terminate this Agreement and on such termination all the payments made under this Agreement shall be retained by Seller as liquidated damages, time being of the essence hereof. This provision shall not deprive either party of the right of enforcing the specific performance of this Agreement provided this Agreement shall not be terminated as aforesaid, and provided action to enforce such specific performance shall be commenced within six months after such right of action shall arise. 10. CLOSING DATE. The closing of the sale of the Property shall take place on or before, December 4, 1998, or at such earlier or later date as may be mutually agreed upon by the Seller and Buyer. In no event shall the Closing Date be after December 18, 1998. 11. POSSESSION. The Seller shall deliver possession of the Property to Buyer at 11:59 a.m. on the date of closing, in substantially the same condition as the Property exists on the date of this Purchase Agreement,reasonable wear and tear excepted. 12. DAMAGES TO REAL PROPERTY. If the Property is substantially damaged prior to SJR-148110 MU205-12