CC PACKET 05281996 - Laserfiche WebLink

Home Browse Search

proper searches covering bankruptcies and State and Federal judgements, liens, and levied and pending special assessments. Buyer shall have ten (10) business days after receipt of • the Registered Property Abstract or Abstract of Title to have either Buyer's attorney examine the title and provide Seller with written objections or, at Buyer's own expense, to make an application for a Commitment for Owner's Title Insurance Policy ("Commitment") and notify Seller of such application. Buyer shall have ten (10) business days after receipt of the Commitment to provide Seller with a copy of the Commitment and Buyer's written objections. Buyer shall be deemed to have waived any title objections not made within the applicable ten (10) day period, except that this shall not operate as-a waiver of Seller's covenant to deliver a statutory Warranty Deed. 8. TITLE CORRECTIONS AND REMEDIES. Seller shall.have 60 days from receipt of Buyer's written title objections to make title marketable. Liens or encumbrances for liquidated amounts which can be released 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 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 in the same time and manner as the original title objections, the closing shall take place within ten (10) business days or on the scheduled closing date, whichever is later. B. Seller proceeds in good faith to make title marketable but-the 60 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 hereunder to the other, and earnest money shall be refunded to Buyers. C. If the 60 day period expires without title being made marketable due to Seller's failure to proceed in food faith, Buyer may: 1. Proceed to closing without waiver or merger in the deed of the objections to title and without waiver of any remedies, and may: (a) seek damages, costs and reasonable attorney's fees from Seller as permitted bylaw; or . (b) undertake proceedings to correct the objections to title. 2. Rescind this Purchase Agreement by notice as provided herein, in which case the Purchase Agreement shall be null and void and all earnest money paid hereunder shall be refunded to Buyers; 3. Seek damages from Seller. -2- •