Res 2006-014 - Laserfiche WebLink

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I I I ARTICLE 3 Earnest Monev Section 3.1 Initial Deposit & Additional Deposit. Within three (3) business days after the Effective Date, the Purchaser shall deliver its check or other available funds in the amount of Twenty-five Thousand and NollOO Dollars ($25,000.00) (the "Initial Earnest MoneY") to The Hays County Abstract Co., Attention: Gene Majors, at 113 North Guadalupe Street, San Marcos, Texas 78667 (the "Title Comoany"). The Purchaser shall deliver an .additional amount of One Hundred Twenty-five Thousand and No/I00 Dollars ($125,OOO.00)(the "Additional Earnest Monev")(the Initial Earnest Money and Additional Earnest Money collectively referred to as the "Earnest Monev"), by check or other available funds to the Title Company on or before the third (3rd) business day after the Purchaser Termination Deadline. Should Purchaser fail to timely deliver to Title Company either the Initial or Additional Earnest Money required to be deposited hereunder, Seller may at any time thereafter terminate this Contract. On the first business day following the later of (i) the date of receipt by the Title Company of the Additional Earnest Money or (ii) the Purchaser Title Objection Deadline (defined hereinafter in Section 4.2), the Title Company shall deliver the Additional Earnest Money to Seller (to continue to constitute the Additional Earnest Money and included as a portion of the Earnest Money to be disbursed in the manner provided herein), but shall continue to hold the Initial Earnest Money. After such date, the Earnest Money shall be non-refundable to Purchaser, except as provided for herein or in the event of a default by Seller hereunder. In the event this Contract is closed, the Earnest Money (whether held by Title Company or Seller) shall be applied to the Purchase Price at Closing. Section 3.2 Title Comoanv Bound. The Title Company must sign this Contract as evidence that the Title Company agrees to be bound by the obligations contained herein with respect to the Earnest Money. ARTICLE 4 Survey and Title Matters Section 4".1 Survey. Within seven (7) days from the Effective Date, Seller, at Seller's expense, shall deliver or cause to be delivered to Purchaser the existing survey (the "Existin2 Survev") of the Property in Seller's possession. If the Existing Survey is not satisfactory to the Title Company or Purchaser, Purchaser shall order an update and recertification of the Existing Survey (the "New Survey") at Purchaser's expense within five (5) business days following Purchaser's receipt of the last of the Title Commibnent (and exception documents) and Existing Survey. A copy of the New Survey shall be delivered to the Seller. The Existing Surveyor the New Survey, as applicable, shall be the "Survev" herein so called. If the Survey is satisfactory to the Title Company, Purchaser may, at Purchaser's sole option and expense, modify the standard printed exception in the Owner Policy of Title Insurance pertaining to discrepancies in area or boundary lines, encroachments, overlapping of improvements, or similar matters (herein called the "Survev Exception"). Section 4.2 Title Commitment & Survey Review. Within fifteen (15) days from the Effective Date, the Seller, at the Seller's sole cost and expense, shall furnish to the Purchaser, a -3-