Res 2003-074 - Laserfiche WebLink

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Draft 4-24-03 6. amount of the Sales Price, subject only to the exceptions approved by the Buyer in accordance with paragraph 6; and B. True, correct, and legible copies of all instruments referred to in the Title Commitment as exceptions or restrictions upon the title of the Seller. APPROVAL PERIOD. 7. A. Within 10 days after receiving the Title Commitment and the documents referred to in the Title Commitment, the Buyer will review them and deliver to the Seller in writing any objections the Buyer has to anything contained in them. In addition, in the event the Buyer receives any revised Title Commitments before closing, the Buyer will have 10 days after receipt of each revised Title Commitment and the documents referred to in it, to review them and to deliver in writing to tlfe Seller any objections the Buyer has to any items shown in them. Any matters to which the Buyer does not object will be deemed to be accepted by the Buyer. The Seller will have 10 days to cure any objections by the Buyer. If the Seller delivers Written notice to the Buyer that the Seller is unable or unwilling to cure the objections, the Buyer may either waive the objections and accept the title subject to the objections, but with a reduction in the Sales Price to reflect the diminished value ofthe Easements with the uncured objections, or terminate this Contract by written notice to the Seller, in which event the Earnest Money will be refunded to the Buyer. B. The Seller represents and warrants to the Buyer that at the closing the Seller will have and will convey to the Buyer good and indefeasible title to the EaSements by general warranty deed, subject only to any title exceptions approved or accepted by the Buyer in accordance with this paragraph. Delivery of the title policy under paragraph 7 below will be deemed to fulfill all duties of the Seller as to the sufficiency of title; provided however, the Seller will not be released from the warranties of the Seller's deed. CLOSING. The closing of the sale shall be on or before May 23,2003 (the "Closing Date") at the office of the Title Company, at a time to be agreed upon by the Buyer and the Seller. A. At the closing, the Seller will deliver to the Buyer: (1) General warranty deeds conveying each of the Easements, in the form described in the attached Exhibit B.1and Exhibit B-2, respectively, subject only to exceptions approved or accepted by the Buyer under paragraph 6; (2) An Owner's Policy of Title Insurance (the "Title Policy") issued by the Title Company in the full amount ofthe Sales Price, dated as of the Closing Date, insuring the Buyer's title to the Easements subject to the permitted title exceptions and the standard printed exceptions contained in the usual form of the Title Policy in this state; 2