2022-062 Ordinance - Laserfiche WebLink

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4. Due Dilieence. Purchaser shall have a period of L_) days from the effective date of this Agreement to obtain approvals of such governmental and quasi -governmental authorities and to conduct and obtain such lusts, surveys, studies, reports and inspections in order to determine in its reasonable discretion if the Property is suitable for the Purchaser's acquisition (the "Due Diligence Period")_ The cost of obtaining such approvals and of conducting and obtaining such tests, surveys, studies, reports and inspections and in determining the suitability of the Property shall be the sole responsibility of the Purchaser. The Seller shall provide to the Purchaser reasonable access to the Property so that the Purchaser may conduct its due diligence. If any tests, surveys, studies, reports and inspections disclose any condition unacceptable to the Purchaser, then the Purchaser shal I deliver written notice w the Seller, and Seller, at its sole option, may remedy the condition to which the Purchaser has objected. In the event that the Seller is unwilling or unable to cure any objection made by the Purchaser within _ (_ _) days after receipt of the Purchaser's notice, the Purchaser may, by written notice to the Seller, either (i) terminate this Agreement, at which time the parties shall be released from all further obligations under this Agreement, or (ii) waive such condition and proceed to purchase the Property. If the Purchaser has not notified the Seller of any unacceptable condition during the Due Diligence Period, then any such condition shall be deemed to be waived by the Purchaser. The Purchaser must restore the Property to substantially its original condition after the tests, surveys, studies and inspections are conducted. '. Title Company and Escrow Agent. Northstar, a Division ofStewart"title Company, 20445 Emerald Parkway, Suite 200, Cleveland, Ohio 44135, phone (2 16) 623-3655, facsimile (800) 953-4026, nsinfogstewart.com, is hereby designated as the Title Company and escrow agent in connection with this transaction. An executed copy of this Agreement shall be deposited with the 1 itle Company by Seller, and this Agreement shall serve as the escrow instructions. 6. Status of Title to Property. Purchaser shall procure an Owner's policy of title insurance for the Property for not less than Dollars ($ _ ). Within twenty eight (28) days following the date of this Agreement, the Purchaser shall, at its sole cost, procure a title commitment for the Property prepared bythe I fle Company and provide a copy to the Seller along with any recorded documents referenced in the commitment. Purchaser shall also procure and deliver to the Seller a survey and legal description of the Property, certified to Purchaser and the title Company in form and substance sufficient to permit the Title Company to issue the title policy with the so-called 'Survey Exceptions" removed from such policy together with such other certification of the surveyor as may be required by Purchaser- The survey shall satisfy the most recent "Minimum Standard Detail Requirements for ALTA/NSPS Land Title Surveys". The survey shall include a metes and hounds description of the Property which, upon approval by the Title Company, Purchaser and the Cuvahoga County Ohio Fax flap Department shall be deemed to constitute the legal description of the Property. The Purchaser shall notify the Seller of its objection to any matter shown in the commitment and survey not later than the expiration of the Due Diligence Period- If the Seller is unable or unwilling to remove any such objections prior to the Closing, then Purchaser's sole remedy shall be either to (a) terminate this Agreement, at which time the parties shall be released from all further obligations under this Agreement, or (b) waive the objections and accept such title as the Seller is able to convey without abatement of the purchase price. If Purchaser has not notified the Sel ler of any objections during the Due Diligence Period, then any such condition shall be deemed to be waived by Purchaser.