1998 009 Ordinance - Laserfiche WebLink

Home Browse Search

the effective date of the Commitment, and the Title Company's requirements to delete the standard printed exceptions from the Title Policy (as hereinafter defined). Seller shall cause the commitment to be delivered to Purchaser no later than March 6, 1998. (b) If the Commitment or the Survey (as hereinafter defined) discloses any matter affecting title to the Premises other than real estate taxes and assessments, both general and special, which are a lien but not yet due and payable ("Taxes"), Purchaser shall notify Seller of the title matters which Purchaser approves and the title matters to which Purchaser objects within fifteen (15) days after the later of (i) Purchaser's receipt of the Commitment and (ii) Purchaser's receipt of the Survey, and Seller agrees to use reasonable efforts to cause any such title matters objected to by Purchaser to be removed. If Purchaser fails to notify Seller of its approval of, or objection to, any such title matters, Purchaser shall be deemed to have approved all title matters set forth in the Commitment. Taxes and all matters approved or deemed approved by Purchaser shall be collectively referred to as the "Permitted Exceptions." (c) If Seller, after reasonable efforts, cannot remove any such title matters objected to by Purchaser within thirty (30) days after receipt by Seller of Purchaser's notice, Purchaser shall have the right to elect either: (i) to waive such title matter(s), proceed to close this transaction and accept title to the Premises subject to such title matter(s) with no reduction in the Purchase Price; or (ii) to terminate this Agreement by giving notice of termination to Seller, in which event the Earnest Money Deposit shall be returned to Purchaser, any other funds or documents deposited in escrow shall be returned to the depositing Party, this Agreement shall be of no further force or effect, and neither Party shall have any further rights or obligations hereunder except as otherwise specifically set forth herein. (d) Notwithstanding any other provision of this Agreement to the contrary, Seller shall, at no cost to Purchaser, remove any mortgage liens, judgment liens and other security interests filed against the Premises, and any title matter which arose after the date of this Agreement other than as a result of Purchaser's acts. Purchaser agrees to accept title to the Premises subject to any title matter which arose after the date of this Agreement solely as a result of the acts of Purchaser. (e) It shall be a condition precedent to Purchaser's obligation to purchase the Premises that the Title Company can and will, on the Closing Date, issue a fee owner's policy of title insurance (1992 Form) with the following endorsements: Access Endorsement, Contiguity Endorsement (if applicable), Tax Parcel Endorsement and Comprehensive Endorsement (collectively, the "Title Policy") to Purchaser in the amount of the Purchase Price, insuring that indefeasible fee simple title to the Premises is vested in Purchaser, free and clear of all liens, encumbrances, easements, covenants, restrictions, defects and other matters, except Permitted Exceptions. On or before the Closing Date, Seller shall execute and deliver to the Title Company affidavits and other documents necessary to delete the standard printed exceptions from the Title Policy. (f) Seller shall pay all fees charged by the Title Company in connection with the issuance of the Title Policy, including the cost of the examination of title, the cost of the issuance of the Commitment, and the premium for the issuance of the Title Policy NfRU\L960439\AGR00002.002 2