|
I. Rei4ci, ol'Title. The following statutory notice is provided to Buyer oil behalf of
<br />the real estate licensees, if any, involved in this transaction: Buyer is advised that it should either
<br />have the abstract covering the Property examined by an attorney of Buyer's own selection or be
<br />furnished with or obtain a policy of title insurance.
<br />2. Mle Commitment; Title Policy. "Title Commitment" incans a Corm-nitmcnt for
<br />Issuance of an Owner Policy of Title Insurance by Title Company, as agent for Underwriter, or
<br />directly by Underwriter, stating the condition of title to the Land. The "effective (late" stated in the
<br />Title Commitment must be after the Effective Date of this contract. "Title Policy" means an Owner
<br />Policy of Title Insurance issued by Title Company, as agent for Underwriter, or directly by
<br />Underwriter, in conformity with the last Title Commitment delivered to and approved by Buyer.
<br />3. Sir-veY. "Survey" means an on -the -ground, staked plat of survey and metes -and -
<br />bounds description of the Land, prepared by Surveyor, dated after the Effective Date, that complies
<br />with the current standards and specifications as published by the Texas Society of Professional
<br />Surveyors for the Survey Category and shows all easements and flood plains on the Property,
<br />4. UCC Search. "UCC Search" means written reports stating the instruments that
<br />are on file in the Texas secretary of state's UCC records, the UCC records of any other appropriate
<br />state, and the UCC records in the jurisdiction in which Seller is organized, showing as debtor Seller
<br />and all other owners of the Personal Property during the five years before the Effective Date of
<br />this contract,
<br />5. Delivery QfTitle Commitment, Sut-vey, UCC Search, and Legible Copies, Seller
<br />must deliver the Title Commitment to Buyer and Buyer's attorney by the deadline stated in
<br />paragraph A.2.; the Survey by the deadline stated in paragraph A.3.; the UCC Search by the
<br />deadline stated in paragraph AA; and legible copies of the instruments referenced in the Title
<br />Commitment, Survey, and UCC Search by the deadline stated in paragraph A.5.
<br />C. Title Objections. Buyer has until the deadline stated in paragraph A.C. ("Title
<br />Objection Deadline") to review the Survey, Title Commitment, UCC Search, and legible copies of
<br />the title instrunicrits referenced in there and notify Seller of Buyer's objections to any of them
<br />("Title Objections"). Buyer will be deemed to have approved all matters reflected by the Survey,
<br />Title Corninitment (other than Schedule C requirements, to which Buyer need not object), and
<br />UCC Search to 'which Buyer has made no Title Objection by the Title Objection Deadline. The
<br />matters that Buyer either approves or is deemed to have approved are "Permitted Exceptions." If
<br />Buyer notifies Seller of any Title Objections, Seller has five days from receipt of Buyer's notice
<br />to notify Buyer whether Seller agrees to cure the Title Objections before closing ("Cure Notice").
<br />If Seller does not timely give its Cure Notice or timely gives its Cure Notice but does not agree to
<br />cure all the Title Objections before closing, Buyer may, within five days after the deadline for the
<br />giving of Seller's Cure Notice, notify Scller that either this contract is terminated or Buyer will
<br />proceed to close, subject to Sellers obligations to remove all liquidated liens, remove all
<br />exceptions that arise by, through, or under Seller after the Effective Date, and cure only the Title
<br />Objections jectioris that Seller has agreed to cure in the Cure Notice, At or before closing, Seller most cure
<br />all Schedule C reqUil-MICIAtS art no cost to Buyer, remove all liquidated liens, remove all, exceptions
<br />that arise by, through, or under Seller after the Effective Date of this contract, and cure the Title
<br />Objections that Seller has agreed to cure.
<br />
|