Agenda - 12-12-2006-5i - Laserfiche WebLink

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Closing, and diligent efforts on Trinity's part to cure said objections, a Closing shall beheld within a reasonable time following the removal of said objections. 7. EVIDENCE OF TITLE. Upon exercise of this Option, the Optionee will have title to the Option Property examined; and if applicable, obtain a preliminary title insurance commitment on the Option Property. The title examination and/or commitment must evidence Trinity's ability to deliver title at Closing as set forth below. All costs necessary to procure the title examination and, if applicable, the title commitment and final title insurance policy to be issued at Closing, shall be the responsibility of the Optionee. 8. ACCEPTABLE TITLE. Trinity represents and warrants to Optionee that Trinity has the right; power and authority to enter into this Option and to sell the Option Property in accordance with the terms hereof, and Trinity has granted no option to any other person to purchase the Option Property. At Closing, Trinity shall convey good, insurable and marketable title to the Option Property together with all rights belonging to the Option Property, including insurable legal access, all mineral rights . and all water rights, to the Optionee in fee simple, free and clear of all liens, encumbrances, restrictions, rights, or exceptions except those of record that are acceptable to the Optionee. 9. TITLE DEFECTS. If for any reason Trinity cannot deliver title at Closing as required by Paragraph 5 of this Option, the Optionee may elect to a) accept the Option Property with title.as is; b) refuse to accept the Option Property; or c) allow Trinity additional time to pursue reasonable efforts to correct the problem, including bringing any necessary quiet title actions or other lawsuits. 10. FIXTURES. Unless otherwise agreed to in writing, all trees, shrubbery and plants and all fixtures attached to .the land or improvements, including, but not limited to, plumbing, heating, lighting fixtures, and all existing appurtenances, are included in this sale, and shall, upon Closing be considered the Option Property of the Optionee, and its successors and assigns. Trinity hereby warrants and represents that Trinity is the lawful owner of said fixtures and appurtenances, and that said fixtures are free and clear of all liens and encumbrances. 11. DOCUMENTS FOR CLOSING. Trinity shall execute and deliver at Closing a General Warranty Deed, any owner's ,affidavits or documents required by a title insurance company to remove the standard title policy exceptions, and any other documents necessary to close in accordance with the terms of this Option. These documents will be prepared at the expense of the Optionee. 12. OPTION PROPERTY TAXES. Any delinquent real estate taxes and all levied assessments are Trinity's responsibility and should be satisfied of record by Trinity at or before Closing. Any deferred taxes on the Option Property, which become due as a result of this conveyance, shall be the responsibility of Trinity. Any real estate taxes for the year in which the transaction is closed shall be prorated between Trinity and Optionee as of the date of Closing.