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Agenda - 08-27-2012 - C1
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Agenda - 08-27-2012 - C1
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1/14/2016 11:22:05 AM
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8/21/2012 4:16:31 PM
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BOCC
Date
8/27/2012
Meeting Type
Public Hearing
Document Type
Agenda
Agenda Item
C1
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Minutes 08-27-2012
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\Board of County Commissioners\Minutes - Approved\2010's\2012
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ARTICLE 3:TITLE AND SURVEY REVIEW <br /> 3.1 Title Review and Objections. Within fifteen(15)days following the Effective Date,Purchaser, at <br /> its sole cost and expense, request Title Company to deliver to Purchaser an ALTA title commitment (the "Title <br /> Commitment") covering the Property, issued by the Title Company and addressed to Purchaser, binding the Title <br /> Company to issue to Purchaser at Closing an owner's policy of title insurance (the"Title Policy") on the standard <br /> form of policy in the full amount of the Purchase Price subject to the Permitted Exceptions (hereinafter defined). <br /> Purchaser shall also request that a copy of any instrument referred in the Title Commitment that affects the title of <br /> Seller to the Property or that constitutes an exception or restriction upon the title of Seller to the Property be <br /> delivered with the Title Commitment (the "Exception Documents"), except copies of any lien(s) to be released at <br /> Closing. Purchaser shall have twenty (20) days from the date Purchaser receives the Title Commitment and <br /> Exception Documents (the "Title Review Period")and to deliver written objections to Seller to anything contained <br /> or set forth in the Title Commitment or Exception Documents which is unacceptable to Purchaser(collectively, the <br /> "Title Objections"). Any items to which Purchaser does not object to within such period shall be deemed to be <br /> permitted exceptions(as defined herein). <br /> 3.2 Survey Review and Objections. Purchaser, at its sole cost and expense, may obtain a current <br /> survey of the Property (the "Survey") to review. Purchaser shall have twenty (20) days from the date Purchaser <br /> receives the Survey, to deliver written objections to Seller to anything contained or set forth on the Survey which is <br /> unacceptable to Purchaser (the "Survey Objections"). The Survey and the legal description of the Property <br /> contained therein are subject to the approval of Seller, such approval not to be unreasonably nor untimely withheld <br /> or conditioned. If Seller does not provide Purchaser with written objections to the Survey within three (3) days of <br /> Seller's receipt of the Survey, Seller shall be deemed to have approved the Survey and the legal description of the <br /> Property contained therein. <br /> 3.3 Cure of Title and Survey Objections. Seller will cooperate with Purchaser, without expense to <br /> Seller, in curing any Title Objections or Survey Objections Purchaser may have to title to the Property, but Seller <br /> shall have no obligation to cure title objections except (a) liens of an ascertainable amount created by, through or <br /> under Seller, which shall be released at the Closing, and (b) any exceptions or encumbrances to title which are <br /> created by, through or under Seller after the date of this Agreement without the written consent of Purchaser, which <br /> shall be removed by the Closing Date. Purchaser may terminate this Agreement and receive a refund of the Earnest <br /> Money if the Title Company revises the Title Commitment after the expiration of the Inspection Period to add or <br /> modify exceptions if such additions or modifications are not acceptable to Purchaser and are not removed by the <br /> Closing Date. The term"Permitted Exceptions"shall mean the specific exceptions in the Title Commitment(i)that <br /> Purchaser did not object to; (ii) that the Title Company has not agreed to insure over or remove from the Title <br /> Commitment as of the expiration of the Inspection Period;and(iii)real estate taxes not yet due and payable. <br /> 14 Title and Survey Costs. Upon Closing, Purchaser shall pay the costs associated with the Title <br /> Policy,the cost of any endorsements Purchaser may require and the cost of the Survey. <br /> ARTICLE 4:CLOSING <br /> 4.1 Closing. The consummation of the transaction contemplated herein ("Closing") shall occur on <br /> the Closing Date at the offices of Closing Agent; provided however,that Purchaser shall have a one-time right to <br /> extend the Closing Date up to ninety(90) days. In the event Purchaser desires to exercise such extension rights, <br /> Purchaser shall: <br /> (a) give written notice to Seller and Title Company on or before 5 calendar days prior to the <br /> Closing Date;and <br /> (b)pay the sum of Fifteen Thousand Dollars($15,000)to Seller as an extension fee. Said amount <br /> will not be credited against the Purchase Price and will be non-refundable under all circumstances other <br /> than Seller's default. <br /> -4- <br />
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