Res 2000-167 - Laserfiche WebLink

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MBT Draft 8-31-00 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 30 days to cure any objections by the Buyer. If the Seller delivers written notice to the Buyer, within 10 days of receiving a notice of objections, 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 paragraph 6. 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 closing of the sale will be on or before November 30, 2000 (the "Closing Date") 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 Deed conveying the Property, in the form described in the attached Exhibit B, subject only to exceptions approved or accepted by the Buyer under paragraph 6; 2. 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 the 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, except that the exceptions for restrictive covenants, survey, and rights of parties in possession will be deleted; 3. possession of the Property and any keys to it; and -4-