Agenda - 08-27-2012 - C2 - Laserfiche WebLink

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f1RTICLE 3:TITLE AI�ID SURV�Y REVIBW 3.i TitIe Review and Obiectioi�s. Within fif}een(15)days following thw Effective Date,Purchaser, at iis sale cost and expense, request Title Com�any to deliver to Purchas�r an ALTA title commitment (the °°'i'ttle �ommitment") covering the g'roperty, issusd by the Titis Coinpar�y and addressed to Purchaser, binding ihe Title Company to issue to Pvrchaser at Closing an owner's pc�iicy of titie insura�ce (the"Title Policy"} on the standard fc�rm of polic}� in the fu1l an�ount of the Pw•chase Price subject to th� Permitted Exeeptions (hereina#ter defined). Purchaser shati also req�iest that a co�y af any instr��ent referr�d in the Title Commitmei�t�hae affects tha t�tle of Seller to the Property or Yhat constitutes a�� eYCeption or restriction upan the title of Seiler to the Peopert}r be delivered with the Title Cammitment (#he "�x�eption Daeume�ts"), except capies af any ]ien(s) to be re(eased at Ctosing. Purchaser shall have nventy (2p) days fr�m Chs dafe purcl�asar receives the 'I'itle �airuz�i�rnent and Exeeptioiz Dacaments (the`°Titie Review Period"}and tn c�eiiver writtei�objections ta Seller to anything eantained ar set forth 3n the Titie Commii�nent ar Exceptian Dacurrien4s which is ernaccepEable to Purchaser(collectively, the "Title Objections"). Any i�ems ta which P�u-chaser daes not object to wtthin such period sball be deemed to be permitted exceptiQns{as de��ed herein}. 3.2 �tuve�Review and Obiectians. Purchaser, at its soIe cost and expense, may Qbtain a curren# survey Qf the Praperry (the "St�rve ') to review. Pc�rchaser shall have iwenty {2t7} days ftom the date Purchaser receives the 5urvey, �a deliver writ�en objections to �eller to anything cantained or set forth on the Survey which is unacceptable to Purchaser (the "Survay Ob�ections"). The Survey and the isgai descriptian of ehe Property cflntained therein are subject ecs the apprtsval of Selter, such approval not t�be unreasanabty nor untimely withheld or condi#ioned. If Seller does not provide Furchaser with written objections to fhe Survey within three {3) days of Seller's receipt of the S�rvey, Seilar shait b�deemed to have�pproved the Survey and the lega! description of the Property contained therein. 3.3 Cure crf Ti�ie and Survev (}bject9ons, Selier witi cooperate with Furchaser, withaut expense ta Seller, in curing any Title t3bjections or Survey Objections Purchaser mxy have to �tte to the Property, ba# Seiler shaii have no obligakion to cure titl� objections except (a} liens af an ascertainable amo�uit ereated by, thraugh or under Selier, which shall be released at thP Clasing, and (6} any exceptions or encu�brances to title which are created by, thr°ough or under Seller a�er the date of this t�greement without the written consent of Purchaser,which shall be removed by the Ciosing Date. Purchaser may terminate this Agreement a�id receive a refund of the Earnest Maney if the 7'itte Cc�mpar�y revises the T'it3e Cammitm�nt after the expiration of the Inspection �eriad ta add flr modi#y exeeptions if si�ch alditions or madifications are not acceptabie to purchaser and are not removed by the Closing Date. The term"Permitted Exca�tiaris"shali meau#il�specif�c exceptians in the Title�ommitment(i)that Purchaser did not objec# to; (ii) that the Titie Company has nnt agreed ta ansure over or remove from the Title �otnntitme��as of the expiration of th�Inspaction Period;and(iii}real estate taxes not yet due and paya6le. 3_4 Title and Survey Cosfis, Upon Closing, Purchaser shalt pay the cgsts associated with the Title ' Policy,the cost of any endorseznents Purchas�r may requiri and the cost of the Survey, �R'I'iCLE�d:CLOSING 4.1 C(asint�. The consummation of the transaction cantemplated herein ("Closin�") shall accur on khe Ciosirtg Date at the a�ces of Cl�sing Agent;provided however,that Peu�chaser shall liave a one-time right to u:�cterid the Closing Ilata up to ninety(90) days. In the svent Pw-chaser desires to exercise such extensifln rights, Purchaser shall: (a) give written notice to Setler and Title Company tin or before 5 calendar days prior to #he Closing Date;and (b)pay Eh�sur�of Fi�teen Thousand DalIars($15,OQ0)to Seller as an extensiozt fee. Said att�ount will not be credited against the Purchase Fric� and witl be non-refandable under a]l circumstances otlier than Seller's defautt. _�_