RES 15-24 - Laserfiche WebLink

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environmental/engineering investigation or testing of the Property performed by Buyer or Buyer agent. If any condition set forth in this Section 3 has not been satisfied or waived on or before the Closing Date (the "Inspection Deadline "), then Buyer may, at Buyer's option, terminate this Agreement. Upon such termination, neither Seller nor Buyer shall have any further rights or obligations under this Agreement except for the covenants made in Section 3(a), Section S and Section 9 (the "Surviving Covenants "). If Buyer has not terminated this Agreement on or before the Inspection Deadline, then Buyer shall be deemed to have waived the contingencies set forth herein. 4. TITLE MATTERS. Title examination shall be conducted as follows: (a) Title Evidence. Within fifteen (15) days of the date of this Agreement, Buyer shall be responsible for obtaining a title insurance commitment ( "Title Commitment ") from such title company selected by Buyer (the "Title Company ") for an ALTA Form B 2006 Owner's Policy of Title Insurance committing to insure a marketable title to the Real Property in Buyer; deleting so- called "standard exceptions" related to parties in possession, and liens for labor, materials and services; including affirmative insurance regarding appurtenant easements, separate real estate taxation, and contiguity, in the amount of the Purchase Price, and issued by the Title Company. The cost of the Title Commitment shall be paid by Buyer. The Title Commitment shall include complete and accurate copies of all matters described in Schedule B thereof. (b) Buyer's Objections. Within fifteen (15) days after receiving the last item of the Title Commitment, Buyer shall notify Seller of any objections ( "Objections ") to matters disclosed in the Title Commitment. Buyer shall be deemed to have automatically made Objections to any mortgage, judgment, tax lien, mechanic's lien and any other monetary lien against the Real Property (collectively "Monetary Liens "). With respect to any update to the Title Commitment, Buyer shall have 10 days after Buyer's receipt of the applicable updated Title Commitment to notify Seller of any Objections; provided that Buyer shall not have the right to object to any matters that were shown on a previous Title Commitment and not timely objected to by Buyer. Seller shall have no obligation to correct any Objections; provided, however, Seller shall cause to be satisfied at Closing all voluntary Monetary Liens (mortgages and other liens which Seller has consented to or joined in) out of proceeds from Closing on the Closing Date if they are not satisfied prior thereto. At Closing, Buyer shall have the right to require endorsement(s) to the Title Policy. If the Objections are not cured prior to the Closing Date, Buyer will have the option to do any of the following by notice provided to Seller: (i) Terminate. Terminate this Agreement pursuant to Section 3 herein, on or before the Closing Date. Upon such termination, neither Seller nor Buyer shall have any further rights or obligations under this Agreement, except for the Surviving Covenants; or (ii) Waive. Waive the Objections and close the transaction contemplated by this Agreement as if such Objections had not been made. 2 181569v2