Agenda - Council - 04/28/2015 - Laserfiche WebLink

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5. Title Examination. 5.1. Title Commitment and Survey. Within twenty (20) days after the Effective Date, Seller shall, at its expense, provide the Title Company with any and all documents or materials needed for the Title Company to issue the Title Commitment that are in Seller's possession within thirty (30) days after the Effective Date. Buyer, at its sole expense, may obtain an updated Survey at any time during the Inspection Period. 5.2. Title Objections. During the Inspection Period, Buyer shall be allowed to examine the Title Evidence and deliver any objections ("Title Objections") thereto. Title Objections not made in writing by the expiration of the Inspection Period shall be deemed to be waived by Buyer. Seller shall use diligent efforts to correct any valid Title Objections within thirty (30) days after receipt of said Title Objections, or such longer period as the parties mutually may agree, and, pending such correction, the parties agree that the Closing Date shall be postponed, if necessary. If the Closing Date has been postponed as a result of Title Objections, within fifteen (15) days after written notice of correction of such Title Objections given by Seller to Buyer, Seller and Buyer shall perform this Agreement according to its terms. If the Title Objections are not cured within such thirty (30) day period above provided (or such longer period as the parties mutually may agree), Buyer will have the option to do any of the following: 5.2.1. terminate this Agreement and obtain the Earnest Money from the Title Company; 5.2.2. withhold from the Purchase Price an amount which, in the reasonable judgment of the Title Company, is sufficient to ensure correction of the uncured Title Objection(s); or 5.2.3. waive the uncured Title Objections and proceed to Closing. 6. Buyer's Contingencies. The obligations of Buyer under this Agreement are contingent upon each of the following: 6.1. Representations, Warranties, and Covenants. The representations, warranties, and covenants of Seller contained in this Agreement must be true as of the Effective Date and on the Closing Date as if made on the Closing Date. 6.2. Title. Title to the Property shall have been found acceptable, or been made acceptable, in accordance with the requirements and terms of Section 5 of this Agreement. 6.3. Access and Inspection. Seller shall have allowed Buyer, and Buyer's agents, immediate access to the Property during the Inspection Period without charge and at all reasonable times for the purpose of Buyer's investigation and testing the same in accordance with Section 4 of this Agreement, and Buyer shall have been 2