Agenda - Council - 09/08/2026 - Laserfiche WebLink

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studies, plans reports, and specifications, soil boring test results, boundary and topographic surveys (ALTA surveys), site plans, and environmental or hazardous material reports or studies with respect to the Property; ii. Copy of the most recent Phase I and Phase II Environmental Site Assessment reports; iii. A copy of the Lease; iv. Copies of any warranties or guarantees relating to any of the Property; v. Copies of all licenses, permits, maps, certificates of occupancy, certificates of insurance, building inspection approvals and any and all covenants, conditions and restrictions relating to the Property; and vi. Property and liability insurance loss runs with respect to the Property for the prior two (2) years. 5. Title. a. Seller, at Seller's sole cost and expense, shall use commercially reasonable efforts obtain within seven (7) days after the Effective Date a title commitment (the "Title Commitment"), issued through the Title Company, legally describing the Property, listing the Buyer as the prospective named insured, showing as the policy amount the Purchase Price for the Property and including legible copies of all documents referred to in the Title Commitment as creating exceptions to the marketability of title. A copy of said Title Commitment shall be provided to Buyer promptly upon Seller's receipt thereof. The owner's title policy to be issued pursuant to the Title Commitment shall be on the most current form used by the Title Company or an equivalent approved by the Buyer and shall insure good and marketable fee simple title to the Property subject to real estate taxes and special assessments as described in Section 7 below. Buyer shall pay the premium for said owner's title policy. Buyer shall pay any premiums for endorsements to the owner's title policy and for any lender's policy and endorsements thereto to be issued. b. Buyer shall have fifteen (15) days after receipt of both the Title Commitment and Survey (the "Title Review Period"), in which to notify in writing Seller of any objections Buyer have to any matters that are set forth in the Title Commitment and in any Survey described in Section 6 below. Any matters to which the Buyer do not object in writing within the Title Review Period or the Title Update Review Period (defined below) shall be deemed to be Permitted Exceptions to the status of Seller's title (the "Permitted Exceptions"). Notwithstanding anything to the contrary set forth herein, the following matters shall be deemed Permitted Encumbrances, and in no event shall Seller have any obligation to remove such matters from title: (i) applicable zoning and building ordinances and land use regulations, (ii) the lien of taxes and assessments not yet due and payable (it being agreed by Buyer and Seller that if 3