2003 012 Ordinance - Laserfiche WebLink

Home Browse Search

If the premises are not substantially damaged, repairs shall be made only if Buyer so elects. The Buyer shall have the option of accepting insurance proceeds or having the repairs completed at Seller's cost. 7. 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. 8. ESCROW PROCEDURE. All 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. 9. TITLE TRANSFER. Title will transfer to Buyer by the recording of the deed on or about May 1, 2004; unless the parties otherwise agree to a mutually satisfactory date in writing. 10. TITLE GUARANTY. Said evidence of Title Guaranty shall be in the amount of the purchase price of the property or the tax value of the property, whichever is greater, and is to be furnished within thirty (30) days prior to closing for examination by Buyer. Seller shall be given written notice within five (5) 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. 11. PRORATIONS, CHARGES, AND CREDITS. A. Buyer. Buyer shall be charged with the following costs, to be deducted by the escrow agent prior to transfer of title: (i) The cost for a title guaranty in the amount of the purchase price; (ii) The cost of any conveyance fees and/or real estate transfer taxes applicable to the property; (ii) Preparation of the deed; (iii) The amount of any prorations due Buyer under this Agreement; 3