2002 026 Ordinance - Laserfiche WebLink

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6. MARKETABLE TITLE. Seller shall convey to Buyer marketable title at the close of escrow, free of all encumbrances, covenants, and restrictions except for such utility easements and rights of way of record. Seller shall release dower in the property. 7. cSCROiiV PROCEDURE. Afl documents and funds and/or financial commitments for funds necessary to complete this transaction shall be placed in escrow as determined by Buyer in sufficient time to permit transfer of title on the date set forth for closing. This Agreement shall be considered by the escrow agent as escrow instructions, but shall be subject to the escrow agent's standard conditions of escrow acceptance where not inconsistent herewith, and which conditions of escrow shall be made a part hereof and incorporated herein by reference. 8. TITLE TRANSFER. Title will transfer to Buyer by the recording of the deed on or about , ?2002, unless the parties otherwise agree to a mutually satisfactory date in writing. 9. TITLE GUARANTY. Said evidence of Title Guaranty shall be in the amount of the purchase price of the property, and is to be furnished within five (5) days prior to closing for examination by Buyer. Seller shall be given written notice within two (2) days after receipt of such report by Buyer of any defect in title requiring correction, and shall undertake to make such corrections immediately. Seller shall not be liable for any damages by reason of any defect in title which cannot be corrected, but if such defect is not remedied prior to closing, either party may terminate this contract on notice and any deposit shall be refunded to Buyer, releasing both parties from further obligations and liability hereunder. 3