Agenda - Council - 04/11/2017 - Laserfiche WebLink

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5. SURVEY. Seller shall, at Seller's expense, obtain an ALTA survey(Table A, items 1-4 and 6, 8, 1 la and 21) (the "Survey") from a duly licensed surveyor and deliver it to Buyer within thirty(30) days after the Effective Date. Buyer may arrange with the surveyor to include additional information on the Survey at Buyer's expense. 6. TITLE COMMITMENT. a. Within ten business days after the Effective Date, Buyer shall, at Seller's expense, obtain a commitment from Escrow Agent to issue an owner's policy of title insurance insuring Buyer's title to the Property(the"Title Commitment") and deliver the Title Commitment and copies of, or internet access to, copies of all recorded documents referenced in the Title Commitment to Buyer. b. Buyer shall have until the date ten business days after the receipt of the Title Commitment and the Survey(collectively, "Title/Survey")to review Title/Survey and to give Seller written notice of(i) any defects in the marketability of Seller title to the Property or any encumbrances on Seller's title to the Property that are objectionable to Buyer, and(ii) the specific actions Buyer requests that Seller take with respect to each such defect or encumbrance (a"Title Objection Notice"). Any defects in or encumbrances on Seller's title that Buyer does not identify in a timely Title Objection Notice are each a"Permitted Exception." Within three(3)business days after Seller's receipt of a Title Objection Notice from Buyer, Seller will notify Buyer, in writing, of the actions, if any,that Seller is willing to take with respect to each of the matters identified in the Title Objection Notice and the time frame in which Seller will take those actions ("Seller's Title Notice"). If Seller's Title Notice indicates that Seller unconditionally agrees to make Seller's title to the Property marketable on or before the closing date established pursuant to Section 12,the parties shall proceed to closing pursuant to the terms of this Agreement. If Seller's Title Notice indicates that Seller does not unconditionally agree to make Seller's Title to the Property marketable on or before the closing date, Buyer may, at any time with three(3)business days after Buyer's receipt of Seller's Title Notice, terminate this Agreement by written notice to Seller("Buyer's Title Termination Notice")in which case this Agreement is terminated and Escrow Agent must disburse the Earnest Money to Buyer If Buyer does not deliver a Buyer's Title Termination Notice to Seller within the three (3) business days after Buyer's receipt of Seller's Title Notice, than Seller must perform in accordance with Seller's Title Notice, Buyer shall be deemed to have waived Buyer's objections to the extent Seller has not agreed to address them in Seller's Title Notice,the matters to which Buyer objected and Seller did not agree to resolve are deemed Permitted Exceptions, and the parties shall proceed to Closing in accordance with the terms of this Agreement and the terms of Seller's Title Notice. Page 2of11