2002 034 Ordinance - Laserfiche WebLink

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do not materially and adversely affect tlie use or value of tlie Properly; (5) sucll objections, if any, as may result from facts which would be disclosed by an inspection and accurate survey of tlie Premises; aud (6) a.uy liens or encumbra.nces created by the acts of Buyer or waived by Buyer as provided in 7C. B. Seller sha11 furnish Buyer, or its nominee, with aii ALTA Owner's Policy of Title Insurance (the "Title Policy") issued hy Midland Title Insurance Company (the "Title Company") insuring title to the Properly to be good in Buyer, or its nomuiee, as of the filing of the deed for record, subject only to the Pernutted Exceptions. Seller shall provide said Title Policy to Buyer for Buyer's examination at least ten (10) days prior to Closing. C. If the title to the Prenuses cannot be guaranteed as provided herein, dien, unless Buyer shall have waived any title defect not excepted herein, Seller shall have thirty (30) days after being advised by the title company or escrow agent of such defect, to provide Buyer with evidence to Buyer's satisfaction that the title defects have been removed or will be removed at Closing, failing which, Buyer may elect to (1) accept title subject to the title defects without reduction in the Purchase Price, or (2) ternunate this Agreement by giving written notice to Seller and the Escrow Agent within ten (10) days after such 30-day period has expired. D. Promptly after the date of tlus Agreement, Buyer, at Buyer's cost, may cause a registered surveyor to malce a boundary or location survey for the Property. If a survey shall disclose any matter which materially and adversely affects the use or value of the Property, then Buyer may so notify Seller and the Escrow Ageut in writing no later than fourteen (14) days prior to the Closing Date in which event such matter sha11 be deemed to be a Tit1e Objection. 8. ESCROW. The Escrow Agent for this transaction sha11 be the Title Company, but Buyer's lender may be substituted at its request. 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 t11ey are not inconsistent with this Agreement. 9. CLOSING AND DELIVERY OF POSSESSION. All documents and funds and/or financial institution commitments for funds necessary to complete this transaction shall be placed in escrow in sufficient time to pemut transfer of title on the Closing Date (as defined below). The Escrow Agent shall file the Deed for record (the "Closing") and complete tlus transaction in accordance with the provisions of this Agreement as soon as practicable, but in any event on or before October 10, 2002, subject to extension for curing Tide Objections, as provided in 7C, or on such other date as Buyer and Seller may mutually agree in writing (the "Closing Date"), provided that the Escrow Agent has received a11 funds and documents required to be deposited with it for the closing and the Title Company is in a position to issue the Title Policy. Seller sha11 deliver possession of the I'roperty to Buyer, free of any tenants' possessory rights at 6:00 p.m. on the Closing Date. 10. PRORATIONS CHARGES AND CREDIT. A. Real estate tales, assessments (general and special), annual mainteuance fees and subdivision charges shall be prorated as of the Closing Date (charging/crediting items applicable to the Closing Date to Seller), using as the basis for the proration of taxes and assessments the rate and valuation shown for the Property on the last available tax duplicate. Seller, however, sha11 be responsible for any delinquent taxes, penalties or interest.