2006 045 Ordinance - Laserfiche WebLink

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of this Agreement, unless the parties otherwise agree to a mutually satisfactory date in writing. 10. TITLE. A. Title Commitment. On or before ten (10) days after the Execution Date, Seller, at their cost and expense, shall obtain for Buyer a commitment (the "Title Commitment") from the escrow agent for an Owner's Policy of Title Insurance in the face amount of the purchase price, committing to insure good, marketable fee simple title to the Property in Buyer on the Closing Date, subject only to (A) liens of property taxes and assessments which are not delinquent; (B) zoning regulations and restrictive covenants and easements of record which do not materially or adversely affect, impair or interfere with Buyer's intended use of the Property; and (C) such other imperFections of title, easements, covenants, restrictions and rights- of-way affecting the Property which would not reasonably be expected to materially and adversely affect, impair or interfere with Buyer's intended use, or the marketability of the Property. Seller shall be given written notice within two (2) days after receipt of such title commitment, 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. -4-