Res 2004-077 - Laserfiche WebLink

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Commitment as exceptions or restrictions upon the title of the Seller. 6. APPROVAL PERIOD. 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 the 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 15 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 of the Property with the tmcured objections, or terminate this Contract by written notice to the Seller, in which event the Earnest Money will be refunded to the Buyer. A lien for current ad valorem taxes not yet due and payable will not be a valid objection to title. 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 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 tmder paragraph 7 below will be deemed to fulfill all duties of the Seller as to the sufficiency of titlè; provided however, the Seller will not be released ftom the warranties of the Seller's deed. 7. CLOSING. The closing of the sale shall be on a date (the "Closing Date") on or before thirty (30) days of the date the City grants a variance as described in Paragraph 19.1, said date being no more than ninety (90) days from the effective date hereof 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) A general warranty deèd conveying the Property, in the form described in the attached Exhibit B, . subject only to exceptions approved or accepted by the Buyer tmder paragraph 6; (2) At Buyer's expense, an Owner's Policy of Title Insurance (the "Title Policy") issued by the Title Company in the full amount of the Sales Price, dated as of the Closing Date, insuring Buyer's fee simple title to the Property subject to the permitted title exceptions and the standard printed exceptions contained in the usual form of the Title Policy in this state will be provided to Buyer; (3) Possession of the Property and any keys to it; and