Agenda Packets - 1997/12/08 - Laserfiche WebLink

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DRAFT #1 • 3.2. The amount of$27,000 shall be payable in cash or certified check on the Date of Closing. 4.0. Title To Be Delivered. Authority agrees to convey to Developer marketable fee simple title to the Property subject only to the encumbrances approved by Developer in accordance with Section 5.2. Should Developer determine Authority's title to the Property to be unmarketable, Developer may make objections to Authority's title in accordance with Section 5.2. Nothing contained in this Agreement shall be construed as a covenant requiring Authority to obtain marketable title to the Property if it is determined that Authority does not have marketable title. 5.0. Evidence Of Title. 5.1. Within fifteen(15) days after the execution of this Agreement by both parties or such other time period as may be specified in this Article, Authority shall at the discretion of the Authority: (a) Cause to be delivered to the Developer at the cost of Developer, an Abstract of Title for the Property (or a Registered Property Abstract if title to the Property is registered) certified to date to include proper searches covering bankruptcies, tax liens and state and federal court judgments and liens; or • (b) Cause to be issued and delivered to Developer, at the cost of Developer, an ALTA Form 1970 commitment for an Owner's title insurance policy (the "Commitment") issued by the Title Insurer pursuant to which the Title Insurer agrees to issue to the Developer upon the recording of the documents of conveyance referred to herein an ALTA Form 1970 Owner's title insurance policy in the full amount of the Purchase Price, with standard exceptions for matters of survey, parties in possession (other than tenants under current written leases) and unfiled mechanic's or materialmen's liens deleted. The Commitment shall include proper searches covering bankruptcies, state and federal judgments and liens and levied and pending special assessments and shall be accompanied by copies of all recorded documents presently affecting the Property. 5.2. Developer shall have fifteen (15) business days after receipt of all the title evidence discussed in Sections 5.1 above to render objections to title in writing to Authority and Authority shall have the greater of(i) the number of days remaining until the Date of Closing or (ii) thirty (30) days to have such objections removed or satisfied. If Authority shall fail to have such objections removed within said time, the Developer may, at its sole election: (a) terminate this Agreement without any liability on its part; in which event the Earnest Money paid hereunder shall be promptly refunded in exchange for a quit claim deed to the Property from Developer; or (b) take title to the Property subject to such objections. Authority agrees to use its reasonable efforts to satisfy • promptly at its sole cost any such objections, provided, however, that other than to cure liens, Authority shall not be obligated to spend a total of more than $0.00 to cure all such objections. SJ 133725 MU205-9