Res 1999-241 - Laserfiche WebLink

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Commercial Unimproved Earnest Money Contract concerning 9.754 Acres o (b) SURVEY REQUIRED: (Check (1) or (2) only) o (1) Within days after: 0 Effective Date of this contract; 0 the date by which Buyer is required to complete inspections, studies or assessments in paragraph 7(b); (check (i) or (in only) D (i) Buyer may obtain a survey of the Property at Buyer's expense. D (ii) Seller, at Seller's expense, shall furnish to Buyer a survey of the Property dated after the Effective Date of this contract. Buyer may, within days after Buyer's receipt of the survey object in writing to any matter which constitutes a defect or encumbrance to title on the surveyor if the survey shows any part of the Property to lie in a 1 OO-year floodplain area. (2) Within one days after the Effective Date of this contract, Seller shall furnish Buyer a true and correct copy of Seller's existing survey of the Property dated A ril 1984 The survey [check ior ii : (i) ~ shall be recertified no earlier than i)e.~M"W"<at the expense of Buyer 0 Seller; (ii) ,Jir"shall not be recertified. Within' days after Buyer receives a copy of the surveyor after Buyer receives a copy of the recertified survey, whichever is later, Buyer may object in writing to any matter shown on the survey which constitutes a defect or encumbrance to title or if the survey shows any part of the Property to lie in a 100-year floodplain area. I&J 1b The survey required by this paragraph 6(b) shall be made by a Registered Professional Land Surveyor acceptable to the title company and any lender. The survey shall: (i) identify the Property by metes and bounds or platted lot description; (ii) show that the survey was made and staked on the ground with corners permanently marked; (iii) set forth the dimensions and total area of the property; (iv) show the location of all improvements, highways, streets, roads, railroads, rivers, creeks, or other waterways, fences, easements, and rights of way on the Property with all easements and rights of way referenced to their recording information; (v) show any discrepancies or conflicts in boundaries, any visible encroachments, and any portion of the Property lying within the 100-year floodplain as shown on the current Federal Emergency Management Agency map; and (vi) contain the surveyor's certificate that the survey is true and correct. Buyer's failure to object under paragraph 6(a) or 6(b) within the time allowed shall constitute a waiver of Buyer's right to object except that the requirements in Schedule C of the Commitment shall not be deemed to have been waived. If objections are made by Buyer, or any third party lender, Seller shall cure the objections within 20 days after the date Seller receives them. The Closing Date shall be extended as necessary to cure objections. If objections are not cured by the extended Closing Date, this contract shall terminate and the Earnest Money shall be refunded to Buyer unless Buyer elects to waive the objections. 7. PROPERTY CONDITION/FEASIBIUTY STUDIES: (Check (a).or (b) only) !Xl (a) PRESENT CONDITION: Buyer accepts the Property in its present" as-is" condition. o (b) INSPECTIONS AND FEASIBILITY STUDIES: Within 0 days after the Effective Date of this contract Buyer, at Buyer's expense, may complete or cause to be completed inspections of the Property (including any improvements) by inspectors of Buyer's choice. Inspections may include but are not limited to: (i) physical property inspections; (ii) economic feasibility studies; and (iii) any type of environmental assessment or engineering study including the performance of tests such as soils tests or air sampling. Seller shall permit Buyer and Buyer's inspectors access to the Property at reasonable times. If Buyer determines, in Buyer's sole judgment, that the Property is not suitable for any reason for Buyer's intended use or is not in satisfactory condition, then Buyer may terminate this contract by providing written notice of termination and copies of all reports of inspections, studies, or assessments completed or caused to be completed by Buyer under this paragraph to Seller within the time required to complete the inspections, studies, or assessments under this paragraph, and the Earnest Money shall be refunded to Buyer less the sum of $ 0 to be retained by Seller as independent consideration for Buyer's right to terminate under this paragraph. If Buyer does not terminate this contract within the time required any objections with respect to the inspections, studies, and assessments u.nder t.his paragraph shall be deemed waived by Buyer. If this contract does not close through no fault of Seller, Buyer shall restore the Property to its original condition if altered due to inspections, studies, or assessments completed by Buyer or Buyer's (TAR031) 1-1-96 Page 4 of 8 ~~~~Xa~;""" 402.05.0001 11.29.1999