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08/04/16
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08/04/16
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in connection with its title and survey review. If all of conditions are not satisfied <br /> on or before the Outside Closing Date, Buyer may terminate this Agreement and <br /> receive a refund of any Earnest Money(including Extension Fee)without <br /> limitation of any other remedy if the failure of condition was due to a default by <br /> Seller under this Agreement. <br /> b. Seller's Obligations at Closing. At Closing, Seller must deliver to Escrow <br /> Agent, for delivery to Buyer: <br /> i. A limited warranty deed, duly executed and acknowledged on behalf of <br /> the City and with the City's seal affixed, conveying title to the Property, <br /> subject to (A)the lien of real estate taxes, if any, not yet due and payable <br /> and any installments of special assessments certified for payment <br /> therewith; (B) Building, Subdivision and Zoning Ordinances; (C) Matters <br /> shown on the Survey obtain by Seller as required by this Agreement; and <br /> (D)matters that constitute Permitted Exceptions pursuant to Section 6; <br /> ii. A certified copy of a duly adopted City Ordinance and Resolution <br /> authorizing Seller's sale of the Property to Buyer; and <br /> iii. Seller's affidavits (including such affidavits as required to induce the Title <br /> Company to remove the standard exceptions from the Title Policy, well <br /> disclosure certificate (if required), settlement statement approved by Seller <br /> and Buyer, and any other documents required by the Escrow Agent. <br /> C. Buyer's Obligations at Closing. At Closing, Buyer must: <br /> i. Wire Transfer(or deliver a certified check in) an amount equal to the <br /> amount of the Purchase Price adjusted for to reflect Buyer's prior payment <br /> of the Earnest Money and to reflect amounts Buyer must pay or will <br /> receive pursuant to Section 14(c), to Escrow Agent for disbursement to <br /> Seller and others pursuant to this Agreement and the Settlement <br /> Statement; and <br /> ii. File or cause Escrow Agent to file an Electronic Certificate of Real Estate <br /> Value. <br /> d. Closing Costs. <br /> i. At Closing, the following Seller closing costs and expenses must be paid <br /> from the Purchaser Price or, if the Purchase Price is not sufficient, paid by <br /> Seller: <br /> 1. Seller's portion of the prorated property taxes. <br /> 2. Seller's own attorney's fees. <br /> 3. One-half the cost of any closing escrow fees. <br />
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