Res 1978-025 - Laserfiche WebLink

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.. 86b B. If the Survey indicates tnat there exists on the boundary lines of the Property any encroachTr.ents or overlapping of improvements, or contains or reveals any other discrepancies which are unacceptable to Buyer and which can not be corrected by Seller, then, in either of such events, Buyer may, at his option, terminate this ,A.greement by written notice delivered to Seller on or before t'n'enty-one days from Buyer's receipt of th e surveyor Buyer may waive any of the above and accept the Prop~rty in its then present condition. In the event the area within the Property is cer- ~ified to be more or less than 41,390.71 net square feet, the purcnase price will be adjusted by an aJTOunt equal to $2,77 multiplied by the number of square feet by 'n'hich the area is rrore or less than 41,390.71 square feet. III. 'I TITLE F0LICY Seller agrees to furnish to Buyer at the time ,of closing, at the Seller's ex- ?ense, an Owner's Policy of Title Insurance issued by Hays County Abstract, guarantee- ing to Buyer geed and indefeasible fee simple title to the Property, in the full illTOunt :>f the F\ircnase Price, Within five (5) days from the Date the survey is received by 3uyer, Seller agrees to obtain and furnish to Buyer an Owner's Title Policy Comminnent ':0 issue said Owner's Title Policy upon the Property insuring title in Buyer {contin- gent upon the acceptability of the survey and upon the execution, delivery and filing of the-Deed hereinafter mentioned) subject only to the following to the extent that the following affects the Property: (a) taxes for the current and subsequent years; (b) the standard exception for restrictions shall be followed by the language "None of Record". Should such ti tle commitment be subj ect to flatters other thin those above listed, or should the attorneys for Buyer discover other objections to the title to the Property within thirty (30) days fran the date the camtitment and approval of the State charter are received by Buyer, the same shall be objections and the Seller will thereafter have thirty (30) days fran the date such objections are rrade known to the Seller in which to =e such objections and to shew good and marketable title in Seller OlS~' ein defined. If the Seller is unable to =e any such objectio. ns, then at the op of the Buyer, Buyer rray terminate this Agreerr.ent, and all parties shall be released f y further liability, or Buyer rray waive any such objections and seek specific ;:erformance hereof. It is specifically agreed that said oommitrrent and title policy shall be at Seller's expense, provided, hcwever, the survey exception shall be deleted at Buyer's expense. rv. CAPABILITY, PLATIING AND ZONING OF LAND A, Subject to the rights of existing parties in possession of the Property, if any , it is hereby agreed that, following Seller's acceptance hereof, Buyer, his agents, beneficiaries and employees shall have the right to go on the Property fer the purposes of making suGh other tests and studies as Buyer may deem necessary; to investigate the accessibinty of the Property; to investigate the availability of utility service to the Property; and to prepare site plans, all for the purpose of permitting Buyer to ascertain to Buyer's satisfaction whether the Property is careble of being developed into conventional retail, office and/or commercial uses. Buyer agrees to indemnity and hold Seller harmless from any claims arising from the acts of Buyer's employees, agents or beneficiaries in conducting said tests and studies 'n'ith respect to damage or injury to the general public or to Buyer's ernployees, agents or beneficiaries. 'lB. Closing of this transaction shall be contingent upon Buyer confirming with th ity of San Marcos that the Property is presently zoned "C" carrnercial classifi- ca. n. C. Closing of this transaction shall be contingent upon Buyer obtaining aE necessary permits, licenses and authorizations from any and all governmental agencies necessary for the development of the Property, D. Closing of this transaction shall be contingent up:ln the granting of a state charter to &leones Savings Association and subsequent approval of insurance of accounts by Federal Savings and Loan Insurance Corp:lration.