Agenda - Council - 07/08/2003 - Laserfiche WebLink

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If such title evidence discloses exceptions which are not permitted as stated in this Section 5, BUYER shall so inform SELLER on or before ten (10) business days after receipt of the Title Insurance Commitment which notice shall be given in writing or deemed waived. SELLER shall be allowed 60 days after receipt of said notice to attempt to correct the title of the Property. Pending correction of title, all payments and other obligations hereunder shall be postponed but, upon correction of title within such period of time, the parties shall perform this Agreement according to its terms. If said title is not corrected within the 60-day period, BUYER may, at is option, (a) declare this Agreement void by sending written notice thereof to SELLER whereupon the parties hereto shall no further obligation to one another or (b) waive the objection and proceed to Closing. 6. PRORATIONS. SELLER and BUYER agree to the following prorations and allocations of costs regarding this Agreement: (a) Utilities. SELLER shall pay all charges for utility services to the Property, including gas, electricity, sewer, water and telephone, for services prior to Closing Date. (b) Attorney's Fees. Each of the parties will pay their own attorney's fee, except that the party defaulting under this Agreement or any closing document will pay the reasonable attorney's fees and court costs incurred by the non defaulting party to enforce their rights regarding such default. 7. TAXES AND ASSESSMENTS. The real estate taxes due and payable in the year in which the Closing occurs and all penalties and interest shall be prorated as of the date of closing based upon the number of days elapsed in the calendar year. All special assessments, levied, deferred or pending as of the Date of the Closing against the Property shall be assumed by BUYER, All real estate taxes and installments of special assessments payable in the year 2002 and prior years shall be paid by the SELLER. 8. ADDITIONAL INFORMATION. Intentionally omitted. 9. SELLER'S CLOSING DOCUMENTS. execute and/or deliver to BUYER the following Documents"): On the Closing Date, SELLER shall (collectively, "SELLER'S Closing (a) Deed. A Warranty Deed, in form reasonable and satisfactory to BUYER, conveying the Property to BUYER, free and clear of all encumbrances hereafter defined, and including a covenant of further assurances. (b) SELLER'S AFFIDAVIT. An Affidavit of Title by SELLER indicating that on the Closing Date there are no outstanding, unsatisfied judgments, tax liens, or bankruptcies against or involving SELLER or the Property; that there has been no skill, labor or material furnished to the Property for which payment has not been made or for which mechanic's liens could be filed; and that there are no other unrecorded interests in the Property, together with whatever standard 5