8570-12 Authorize purchase of 1446 Mars & 1436 Grace

Home Browse Search

^ Joint and Survivorship ^ Tenants in Common C. Seller shall furnish Buyer, or its nominee, with an ALTA Owner's Policy of Title Insurance in the amount of the Purchase Price (the "Title Policy") issued by PROVIDENCE TITLE COMPANY, Westlake, Ohio (the "Title Company") insuring title to the Properly to be good in Buyer, or its nominee, as of the filing of the Deed for record, subject only to the Permitted Exceptions. D. Seller shall furnish a copy of the commitment for the Title Policy, which shall include the results of a special tax search (the "Title Commitment") to Buyer and Buyer's lender, if any, and their respective attorneys, if any, not less than 15 days prior to the Closing Date. The Title Commit- ment shall be deemed accepted unless a written objection is given by Buyer to Seller within 7 days after receipt ("Title Objections"). E. If Buyer objects as provided in 7(D), Seller shall have 30 days after receipt of the Title Objections to provide Buyer with evidence to Buyer's satisfaction that the Title Objections have been re- moved or will be removed at Closing, failing which, Buyer may elect to: (1) accept title subject to the Title Objections without reduction in the Purchase Price, or (2) terminate this Agreement by giving written notice to Seller and the Escrow Agent within 10 days after such 30-day period has expired. If Buyer shall fail to timely elect to terminate then Buyer shall be deemed to have waived the Title Objections. F. Brryer, at Buyer's cost, may cause a registered surveyor to make a boundary or location survey for the Property. If such survey shall disclose any matter that materially and adversely affects the use or value of the Property, then Buyer may so notify Seller and the Escrow Agent, in writing, prior to the Closing Date, in which event such matter shall be deemed to be a Title Objection. 8. ESCROW. The Escrow Agent for this transaction shall be the Title Company, but Buyer's lender may be substihrted at its request. If the title company serves as the Escrow Agent, it shall cause its Title In- surance Underwriter to issue a Closing Protection Letter to Seller, Buyer, and Buyer's lender, if any, prior to the Closing Date. Buyer shall deliver to the Escrow Agent a copy of this Agreement, which shall serve as its escrow instructions for this transaction. The Escrow Agent may accept this escrow subject to its standard conditions of acceptance of escrow, to the extent they are not inconsistent with this Agreement. 9. CLOSING AND DELIVERY OF POSSESSION. All documents and funds and/or financial instihr- tion commitments for funds necessary to complete this transaction shall be placed in escrow in suffi- cient time to permit transfer of title on the Closing Date. The Escrow Agent shall file the Deed for re- cord (the "Closing") and complete this transaction in accordance with the provisions of this Agree- ment on MAY 31, 2012, subject to extension for curing Title Objections, as provided in 7(D), or on such other date as Buyer and Seller may agree in writing (the "Closing Date"), provided that the Es- crow Agent has received all fiords and documents required to be deposited with it for the Closing and the Title Company agrees to issue the Title Policy. Seller shall deliver possession of the Property to Buyer, free of any tenants' possessory rights, broom clean, at 6:00 p.m. on the Closing Date, unless the parties otherwise agree in writing. 10. PROBATIONS, CHARGES AND CREDITS. A. Real estate taxes, assessments (general and special), and other items shown on the tax duplicate shall be prorated as of the Closing Date (charginglcrediting items applicable to the Closing Date