Res 2012-008 - Laserfiche WebLink

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such other title objections and exceptions as may be waived by Buyer; (iv) the standard printed exceptions on the form of title insurance issued pursuant to Section 6; and (v) any use restrictions required by Buyer's funding source, including with limitation the conservation easement to be granted by Buyer to Edwards Aquifer Authority. The foregoing shall be referred to collectively as "Permitted Exceptions ". Seller has delivered to Buyer a copy of a commitment for title insurance covering the Property, as well as "Barker Tract B" owned by Current Owner, issued by Escrow Holder committing the title company to issue a TLTA Owner's Policy insuring title to the Property in Seller (the "Seller's Title Commitment "). Buyer shall at its sole cost and expense obtain a title commitment for title insurance from Escrow Holder committing the title company to issue a TLTA Owner's Policy insuring title to the Property in Buyer. Prior to the expiration of the Inspection Period, Buyer shall advise Seller in writing of any exceptions in the Seller's Title Commitment and the Survey under subsection (b) below, other than the Permitted Exceptions, which Buyer will require to be removed on or before Closing (such exceptions which are not Permitted Exceptions being hereafter referred to as "Impermissible Exceptions "). In the event Current Owner is unable to remove any such Impermissible Exceptions by Closing, Buyer may elect to: (i) terminate this Agreement in which case Buyer shall have no obligation to purchase the Property and the parties' obligations hereunder shall terminate, or (ii) proceed to Closing and accept title to the Property with the Impermissible Exceptions without diminution of the Purchase Price. If Buyer fails to notify Seller of any objection to exceptions in the time period provided herein, Buyer shall be deemed to have accepted all matters set forth in Seller's Title Commitment and the Survey and the same shall be deemed Permitted Exceptions. b. Surve . Seller will cause a boundary survey of the Property, exclusive of the Access Rights other than the Tract B Easement, to be prepared by a surveyor licensed in Texas to be prepared (the "Survey "). The legal description shall be changed and the Seller's Title Commitment updated as necessary to reflect matters revealed by the Survey and to conform to the requirements of Escrow Holder. A copy of the survey shall be provided to Buyer. 6. Title Insurance. Buyer shall at its option and its sole cost and expense procure a TLTA owner's policy of title insurance from the title company that issued the commitment for title insurance described in Section 5 insuring that title to the Property is vested in Buyer upon Closing and Buyer's rights under the Access Rights described in Recital B, subject only to the Permitted Exceptions pursuant to Section 5. 7. Seller's Promise not to Further Encumber. Seller shall not, without the prior written consent of Buyer, make any leases, contracts, options or agreements whatsoever affecting Agrmt of Sale City of San Marcos—Barker Tract (1- 3- 12).doc