Res 2017-153/approving a real estate contract to purchase 20.61 acres of land at 2240 Clovis Barker at a purchase price of $2.75 per square foot totaling $2,468,872 plus closing costs and rollback taxes totaling approximately an additional $132,000 for th

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F. Title and Survey 1. Title Commitment; Title Policy. "Title Commitment" means a Commitment for Issuance of an Owner Policy of Title Insurance by Title Company, as agent. for Underwriter, stating the condition of title to the Property, The "effective date" stated in the Title Commitment' must be after the Effective Date of this contract. "Title Policy"' means an Owner Policy of Title Insurance issued by Title Company, as agent for Underwriter, in conformity with the last Title Commitment delivered to and, approved by Buyer. 2, Survey. "Survey" means an oh. -the -ground, staked plat of survey and metes -and - bounds description of the Land, prepared by Surveyor or another surveyor satisfactory to Title Company,'dated after the Effective Date, and certified to Buyer, and any other person specified by Buyer to comply with the current standards and specifications as published by the Texas Society of Professional Surveyors for the Survey Category. 3. Delivery of Title Commitrhent, Survey, and Legible Copies. Seller must deliver the Title Commitment to Buyer by the deadline stated in paragraph A.2,; the Survey by the deadline stated in paragraph A.3,; and legible copies of the inst=ents referenced in the Title Commitment and Survey by the deadline stated in paragraph A.5. 4. Title Objections. Buyer has 'until the deadline stated in section A.S. ("Title Objection Deadline"), to review the Survey, Title. Commitment and legible copies of the title instruments referenced in them and notify Seller of Buyer's objections to any of them C'Title Objections"). Buyer will be deemed to have approved all matters reflected by the Survey and Title Commitment to which Buyer has made no Title Objection by the Title Objection Deadline. The matters that Buyer either approves or is deemed to have approved are "Permitted Exceptions." If Buyer notifies Seller of any Title Objections, Seller has five days from receipt of Buyer's notice to notify Buyer whether Seller agrees to cure the Title Objections before closing C'Cure Notice"). If Seller does not timely give its Cure Notice or timely gives its Cure Notice but does not agree to cure all the Title Objections before closing, Buyer may, within five days after the deadline for the giving of Seller's Cure Notice, notify Seller that either this contract is terminated or Buyer will proceed to close, subject, to Seller's obligations to resolve the items listed in Schedule C of the Title Commitment, remove the liquidated liens, remove all exceptions that arise by, through, or under Seller after the Effective Date, and cure only the Title Objections that Seller has agreed to cure in the Cure Notice. At or before closing, Seller must resolve the items that are listed on Schedule C of the Title Commitment, remove all liquidated- liens, remove all exceptions that arise by, through, or under Seller after the Effective Date of this contract, and cure the Title Objections that Seller has agreed to cure.. G. Inspection Period I. Review of Seller's Records, Seller will deliver to Buyer copies of Seller's Records specified in Exhibit C, or otherwise make those records available for Buyer's review, by the deadline stated in section A.7.