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2006.04.17 EDA Packet
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2006.04.17 EDA Packet
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8/24/2017 1:21:06 PM
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Commissions
Meeting Date
4/17/2006
Document Type
Agenda/Packets
Commission Name
EDA
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6. Title Examination. Title Examination will be conducted as follows: <br /> 6.1 Seller's Title Evidence. Seller shall, within 10 days after the date of this <br /> Agreement, furnish the following (collectively, "Title Evidence") to Buyer: (a) a <br /> commitment("Title Commitment") for an ALTA Form B 1990 Owner's Policy of <br /> Title Insurance insuring title to the Real Property, in the amount of the Purchase <br /> Price, issued by the Title Company; (b)if the Property is abstract property, Seller <br /> shall also deliver to the Title Company or to Buyer any Abstract of Title in <br /> Seller's possession, to the Real Property certified to a current date to include all <br /> appropriate judgment and bankruptcy searches; (c)UCC searches against Seller. <br /> 6.2 Buyer's Objections. Within 15 days after receiving the last of the Title Evidence, <br /> Buyer will make written objections ("Objections") to the form and/or contents of <br /> the Title Evidence. Any matter shown on such Title Evidence and not objected to <br /> by Buyer within the foregoing 15-day period, shall be a"Permitted Encumbrance" <br /> hereunder. Seller will have 60 days after receipt of the Objections to cure the <br /> Objections, during which period the Closing will be postponed, if necessary. <br /> Seller shall use its best efforts to correct any Objections. To the extent an <br /> Objection can be satisfied by the payment of money only, Buyer shall have the <br /> right to apply a portion of the cash payable to Seller at the Closing to the <br /> satisfaction of such Objection, and the amount so applied shall reduce the amount <br /> of cash payable to Seller at the Closing. If the Objections are not cured within <br /> such 60-day period, Buyer will have the option to do any of the following: <br /> 6.2.1 Terminate this Agreement and receive a refund of the Earnest Money and <br /> the interest accrued and unpaid on the Earnest Money, if any; or <br /> 6.2.2 Withhold from the Purchase Price an amount which, in the reasonable <br /> judgment of the Title Company, is sufficient to assure cure of the <br /> Objections. Any amount so withheld will be placed in escrow with the <br /> Title Company, pending such cure. If Seller does not cure such <br /> Objections within 60 days after such escrow is established, Buyer may <br /> then cure such Objections and charge the costs against the escrowed <br /> amount. The parties agree to execute and deliver such documents as may <br /> be reasonably required by the Title Company; or <br /> 6.2.3 Waive the Objections and proceed to close. <br /> I <br /> 6.3 Title Policy. Buyer shall receive at Closing the title policy ("Title Policy") issued <br /> by Title pursuant to the Title Commitment, or a suitably marked Title <br /> Commitment initialed by Title obligating Title to issue such a Title Policy in the <br /> form required by the Title Commitment as approved by Buyer. <br /> 7. Operation Prior to Closing. During the period from the date of Seller's �I <br /> acceptance of this Agreement to the Closing Date (the "Executory Period"), Seller shall operate <br /> and maintain the Property in the ordinary course of business in accordance with prudent, <br /> reasonable business standards, including the maintenance of adequate liability insurance and <br /> -4- <br /> I <br />
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