2006.07.17 EDA Packet - Laserfiche WebLink

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07/05/2006 07:50 FAX 6516381994 LAND TITLE NEW BRIGHTON 005/011 Uni211i2000 TJdU 1tf:U4 FAA IM005/011 5.5 Attorneys' Eces. Each of the parties will pay its own attorneys' lees, except that a parry defaulting under this Agrcctrimt or any Closing Document will pay the reasonable attorneys' fres and court costs incurred by the nondefaulting party to enforce its rights hcreundcr. 6. Title Examination. Title Examination will be conducted as follows: 6.1 Scllcr's Title Evidence. Seller shall, within 10 days after the date of this Agreement, furnish the following (c ollective ly, "Title Evidence') to Buyer: (a) a commitinent("Title Commitment") for an ALTA Form B 1990 Owner's Policy of Title insurance insuring title to the Real Property, in the amount of the Purchase Price, issued by the Title Company; (b) if the Property is abstract property, Seller shall also deliver to the Title Company or to Buyer any Abstract of Title in Seller's possession, to the Real Property certified to a current date to include all appropriate judgment and bankruptcy searches;(c) UCC searches against Seller. 6.2 ftuYer's Objections. Within 15 days alter receiving the last of(lit:Title Evidenut; Buyer will make written objections ("Objections") to the form and/or contents of the Title Evidence. Any matter shown on such Title Evidence And not objected to by Buyer within the foregoing 15-d4y period, shall be a"Permitted Encumbrance" hereunder. Seller will have 60 days after receipt of the Objections to cure the Objections, during which period the Closing will be postponed, if necessary. Seller shall u.se its best efforts to correct any Objections. To the extent an Objection can be satisfied by the payment of money only, Buyer shall have the right to apply a portion of the cash payable to Seller at the Closing to the satisfaction of such Objection, cuid the amount so applied shall reduce the amount of cash payable to Seller at the Closing_ If the Objections are not cured within such 60-day period,Buyer will have the option to do any of the following: 6.2.1 Terminate this Agreement and receive a refund of the Earnest Money and the interest accrued and unpaid on the Earnest Money, if any; or 6.2.2 Withhold from the Purchase Price an amount which, in the rcasonuble judgment of the Titley Company, is sufficient to assure cure of the Objections. Any amount so withheld will be placed in escrow with the Title Company, pending such cure. If Seller does not cure such Objections within 60 days after such escrow is established, Buyer may then cure such Objections and charge the costs against the escrowed amount. The parties agree to executo and deliver such documents as may be reasonably required by the Title Company;or 6.2.3 Waive the Objections and proceed to close. 6.3 Title Policy. Buyer shall receive at Closing the title policy("Title Policy') issued by Title pursuant to the Title Commitment, or a suitably marked Title Commitment initialed by Title obligating Title to issue such a Title Policy in the form required by the Title Commitment as approved by Buyer. A-1