Res 2006-110 - Laserfiche WebLink

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description for the Property shall replace the property description set forth in this Agreement and shall be used in the Deed. 4. TITLE COMMITMENT. On or before the ninetieth (90th) day prior to closing, Buyer at its expense will obtain a commitment for title insurance. Buyer shall have twenty (20) days after receipt of the latter of the commitment and the existing survey within which to notify Seller in writing of Buyer's objections to any exceptions shown in said title commitment or in the existing survey. In the event Buyer timely objects to any exceptions as set forth in the commitment or existing survey, Seller may elect to remedy any such objections within twenty (20) days after receipt of such notice from Buyer. However, nothing contained herein shall require Seller to cure any of Buyer's objections. In the event the objections are not cured within said twenty-day period, Buyer may: 1) terminate this Agreement and this Agreement shall be null and void and Buyer's Earnest Money shall be returned; or 2) waive the objections to title and close the sale, thereby deeming same to be Permitted Exceptions. Buyer's failure to give Seller such written notice within the prescribed time shall be deemed to be Buyer's acceptance ofthe title commitment. Notwithstanding the foregoing, Buyer shall not object to, and hereby accepts, the following matters as "Permitted Exceptions": (i) the standard printed Schedule B exceptions in the title commitment; (ii) all exceptions and reservations set forth in the title policy issued to Seller in connection with its acquisition of the Property ("Seller's Policy")(a copy of the Seller's Policy having been provided to Buyer prior to the Effective Date), to the extent such exceptions and reservations are applicable and still in effect; and (iii) any exceptions or matters not objected to within the period provided above, and objections which are waived or deemed accepted in the manner herein provided. 5. WARRANTY OF TITLE; PARK WARRANTY. Buyer agrees to accept the Property by a special warranty deed. Buyer represents and warrants that after closing the Property shall be preserved and managed as a greenspace to be used as a passive recreational use public park area - this representation and warranty shall expressly survive closing. 6. ENVIRONMENTAL STATUS OF PROPERTY. Buyer shall conduct its own inspection, assessment, and investigation of the Property with respect to its condition, inventory, and environmental status and history. Buyer acknowledges and agrees that Seller makes, and has made, no representations or warranties to Buyer with respect to the condition, inventory, or environmental status and history of the Property, and Buyer shall rely entirely on its own inspection, assessment, and investigation ofthe Property. 7. CLOSING. Closing will be on or before May 16, 2008; provided, however, closing shall occur as soon as reasonably possible after Buyer has obtained funding for its purchase. Closing will take place at the offices of Hays County Abstract Co., Inc., 113 N. Guadalupe St., San Marcos, 2