2013 007 Ordinance - Laserfiche WebLink

Home Browse Search

survey prepared in accordance with "Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys", which. shall include such Table A items as specified by Buyer, and shall be certified. to Buyer, Title Company, and any other person Buyer may designate. The legal description set forth ii the Survey shall be attached to the Deed {as defined in Section 7) as an exhibit. Upon Buyer's receipt of such Survey: i. Buyer shall review the Survey in conjunction with the Title Corrunitment and shall notify Seller in writing within thirty (30) days of receipt of the Survey of any objection(s) thereto (the "Survey Objections"). ii Seller shall have the right but not the obligation to cure the Survey Objections within ten (10) days. after Seller's receipt of Buyer's notice. If the Survey Objections are not cured, Buyer shall have the option to (i) accept the Property subject to the Survey Objections, or (ii) ternunate tlus Agreement by giving written notice to Seller of such termination, ii which event all funds and documents previously paid, deposited or advanced by Buyer shall be inrnediately returned to Buyer, both Parties shall thereafter be released from all further obligations under this Agreement and neither Party shall have any further liability to the other Party hereto. iii. The failure of Buyer to notify Seller of objection(s) to the Survey within the time period set forth in subsection (d)i, above, shall constitute an acceptance thereof by Buyer. 4. Inspection of the Property. (a) During the Inspection Period, Buyer and its authorized representatives shall have the right to enter upon the Property following the execution of this Agreement to make test borings, drainage tests, surveys, engineering and architectural studies, inspections of well and septic systems and for other purposes conunensurate with ascertaining the suitability of the Property for Buyer's purposes, including for the purpose of conducting a Phase I and/or Phase II enviromnental audit of the Property {the "Envirommental Audit"}. Buyer agrees to pay the total cost of the Enviroiunental Audit. Seller shall cooperate with Buyer and ,its authorized representatives in providing information and access to the Property necessary to coi~lete the Environmental Audit. Buyer agrees to be responsible for any and all damages to the Property or to others incurred as a result of its inspection and to defend, indemnify and hold Seller harmless from the same.. (b) Seller shall provide Buyer with the following which are in Seller's possession: (i) copies or written summaries in the event of verbal contracts of all environmental audits or studies, reports of soil borings tests, inspection reports prepared by any structural or mechanical engineer, or any other documents related to the environmental condition of the Property; (ii) copies of all licenses, permits, authorizations or approvals; and (iii} copies of the most recent title insurance policies relative to the Property.