Res 2005-041 - Laserfiche WebLink

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-2- 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 Sener 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, 1M witfi it re4ue1i9B ill tIHt ~ /' _,11 Sales PAss te l'efieet the diminished valt1~ of t~ Property 1'vith the ULlGu1cd P' JJftJ objtctiQmI, or terminate this Contract by written notice to the Seller, in which event the Eamest 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. It is understood and agreed that this contract is subject to the approval of the tenns of the contract by the City Council of the City of San Marcos within 30 days of the effective date hereof In the event the City Council does not approve of the terms as stipulated herein, this agreement shall be null and void as to all its terms and conditions. C. 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 under paragraph 7 below will be deemed to ful1ill 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. 7_ CLOSING. The closing of the sale shall be on a date (the "Closing Date") on or before May 1, 200S, 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 deed conveying the Property, subject only to exceptions approved or accepted by the Buyer under 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