Res 2000-236 - Laserfiche WebLink

Home Browse Search

4.06. Obiections to Commitment or Survey. A. If a title commitment provided by a party fails to show good and indefeasible fee simple title to be in the party, or if a survey obtained by a party shows any matter which is unacceptable to the party acquiring the tract or tracts, then the acquiring party may give the other party written notice within ten days after receipt of both the Commitment and the Survey, specifYing the objections of the acquiring party. It is expressly understood and agreed that neither party will have any obligation to cure any such objections. B. If a party receiving notice of an objection does not cure the objection and cause the Commitment and Survey to be amended with respect to the matters that are cured within 10 days, the objecting party will either 1) terminate this Agreement, as that party's sole remedy, by giving notice to the other party and the Title Company within five days, at which time neither the City nor SWT will have further rights or obligations under this Agreement, or 2) waive the objection and consummate this transaction. A party will be deemed to have waived an objection if the party fails to give written notice of termination of this Agreement within five days after receiving notice that the other party has elected not to cure the objection. 4.07. Permitted Exceptions. The following will constitute permitted exceptions: 1. All instruments, reservations or other conditions referred to in this Agreement; 2. All matters reflected in a commitment or survey to which the acquiring party fails to timely object under section 4.06, pursuant to a right to so object; 3. All matters reflected in a commitment or survey objected to by a party under section 4.06, but to which objection is thereafter waived; and 4. Any other matters set forth in the Commitment which are standard exceptions to title insurance as promulgated by the State Board of Insurance of Texas. 5. Contingencies 5.01. Agreement Approval. The obligations of the parties under this Agreement are contingent and specifically conditioned on approval of this Agreement by the San Marcos City Council and by the Board of Regents, Texas State University System, and the Texas Higher Education Coordinating Board, and the adoption by the San Marcos City Council of an ordinance authorizing the conveyance of the City Tract. If this Agreement has not been approved by the City Council and by both Boards, and the City ordinance adopted, by April 30, 2001, this Agreement will automatically terminate. 6. Closing 6.01. City Tract. The closing of the conveyance of the City Tract from the City to SWT will occur at a date determined by agreement of the parties (the "City Tract Closing Date"), which will be within 15 days after satisfaction of the contingencies in Section 5.01. The closing will occur at the offices of the Title Company, or at another mutually acceptable place. C:\TEMP\SWT A TP Propcrty Exchange.doc 4