Res 2002-155 - Laserfiche WebLink

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5. Title Commitment. Within 30 days after the effective date ofthis Contract, the Seller will cause the Title Company to deliver the following to the Buyer at the Buyer's expense: A. A title commitment (the "Title Commitment") covering the Property binding the Title Company to issue a Texas Owner's Policy of Title Insurance on the standard form prescribed by the Texas State Board ofInsurance at the closing in the full 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. 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 uncured 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 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. 7. Closing. The date for closing of the sale (the "Closing Date") shall be on or before August 31, 2002 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 at the Buyer's expense: (1) A general warranty deed conveying the Property, in the form described in the attached Exhibit B, subject only to exceptions approved or accepted by the