2003 025 Ordinance - Laserfiche WebLink

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good Title in the present owner, free and clear of all encumbrances except as herein stated, and subject to all restrictions now in said Premises. Seller shall release dower in the property. 9. ESCROW PROCEDURE. All documents and funds and/or financial commitments for funds necessary to complete this transaction shall be placed in escrow with U.S. Title Agency, Inc., 1111 Chester Avenue, Suite 400, Cleveland, Ohio 44114 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. 10. TITLE TRANSFER. Title will transfer to Buyer by the recording of the deed on or about 60 days after Village Council's approval, unless the parties otherwise agree to a mutually satisfactory date in writing. 11. 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 shall 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 Seller 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