Res 2003-107 - Laserfiche WebLink

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10. (2) An Owner's Policy of Title Insurance (the "Title Policy") issued by the Title Company in the full mount of the Sales Price, dated as of the Closing Date, insuring Buyer's fee simple title to the Property subject to the permitted title exceptions and the standard pr'mted exceptions conta'med in the usual form of the Title Policy in this state; (3) Possession of the Property and any keys to it; and (4) All other documents reasonably required by the Title Company or the Buyer to carry out the terms of this Contract. B. At the closing, the Buyer will deliver to the Seller: (1) The Sales Price (less the Earnest Money) in the form of a check, and (2) Any document reasonably required by the Title Company or the Seller to carry out the terms of this Contract. The costs for curing title matters, the title insurance premium, and all other costs and expenses to be paid by the Seller under this Contract will be the Seller's obligations. The Seller and the Buyer will each pay one-half of the escrow fee charged by the Title Company. The Buyer will pay all costs identified in this Contract to be the Buyer's obligations. Rents, utility charges, ad valorem taxes and any other items of income or operational expenses owing in connection with the Property for the current year shall be prorated at the closing effective as of the Closing Date. CASUALTY LOSS. If any part of the Property is damaged or destroyed by flooding, earthquake or other casualty loss prior to closing, the Buyer may terminate this Contract and have the Earnest Money promptly refunded, or the Buyer may accept the Property in its then existing condition. DEFAULT. If the Buyer fails to comply with its obligation to purchase the Property, the Seller may either enforce specific performance ofttfis Contract, to the exclusion of its other remedies, or the Seller may terminate this Contract and receive the Earnest Money as liquidated damages. If the Seller tails to comply with its obligation to sell the Property, the Buyer may terminate this Contract and receive the Earnest Money, thereby releasing the Seller from this Contract, or the Buyer may enforce specific performance of this Contract, to the exclusion of its other remedies. CONDEMNATION. If eminent doma'm proceedings are initiated by a third party as to all or any part of the Property before the Closing Date, the Seller will promptly give the Buyer written notice, and the Buyer will have the option of either applying the proceeds of any condemnation award to reduce the Sales Price, or the Buyer may terminate this Contract by 4