Res 2003-086 - Laserfiche WebLink

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Survey to be amended with respect to the matters that are cured within 10 days, the objecting party will either 1) terminate this Agreement, as that party's sole remedy, by giving notice to the other party and the Title Company within five days, at which time neither the City nor Owner will have further rights or obligations under this Agreement, or 2) waive the objection and consummate this transaction. A party will be deemed to have waived an objection if the party fails to give written notice of termination of this Agreement within five days after receiving notice that the other party has elected not to cure the objection. 4.07. Permitted Exceptions. The following will constitute permitted exceptions: 1. All instruments, reservations or other conditions referred to in this Agreement; 2. All matters reflected in a commitment or survey to which the acquiring party fails to timely object under Section 4.06, pursuant to a right to so object; 3. All matters reflected in a commitment or survey objected to by a party under Section 4.06, but to which objection is thereafter waived; and 4; Any other matters set forth in the Commitment which are standard exceptions to title insurance as promulgated by the State Board of Insurance of Texas. 5. Contingencies 5.01. Agreement Approval. The obligations ofthe parties under this Agreement are contingent and specifically conditioned on approval of this Agreement by the San Marcos City Council and by the Board of Regents of the Texas State University System. If this Agreement has not been approved by the City Council and by the Board by June 30, 2003, this Agreement will automatically terminate. 6. Closing 6.01. City Tract. The closing of the conveyance of the City Tract ITom the City to Owner will occur on that date (the "City Tract Closing Date"), which is 15 days after satisfaction of the contingencies in Section 5.01, or such earlier date as is determined by agreement of the parties. The closing will occur at the offices of the Title Company, or at another mutually acceptable place. 6.02. Owner Tracts. The closing of the conveyance of the Owner Tracts ITom Owner to the City will occur within 30 days after the date of the Scheduled Completion Notice, but in no event later than June 11, 2006. If the closing occurs prior to Owner's delivery to the City of a Notice of Completion, the conveyance documents ITom the Owner to the City will provide that Owner reserves for itself a temporary construction easement over the Owner Tracts until such time as the City commences construction of the Comanche Street Improvements. The closing will occur in the offices of the Title Company, or at another mutually acceptable place. 6.03. Time is of the essence. 4