RES 15-24 - Laserfiche WebLink

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(c) Title Policy. If the Closing occurs, Title Company shall issue an owner's title insurance policy ( "Title Policy ") pursuant to the Title Commitment, or a suitable mark up of the Title Commitment initiated by the Title Company undertaking to issue such a Title Policy within a reasonable time in the form required by the Title Commitment as approved by Buyer. The Title Policy shall be paid for by Buyer. 5. CLOSING PROCEDURES. (a) Closing Date. The closing of the purchase and sale contemplated by this Agreement (the "Closing ") shall occur on or before June 5, 2015, or such later date as mutually agreed to by the Buyer and Seller (the "Closing Date ") or as otherwise extended under the terms of this Agreement. The Closing shall take place at 10:00 a.m. local time at the office of Title Company, or such other location as determined by the Buyer and shall be completed through escrow of closing documents and funds with the Title Company. (b) Seller's Closing Documents. On the Closing Date, Seller shall execute and /or deliver to Buyer the following (collectively, the "Seller's Closing Documents "): (i) Deed. A Limited Warranty Deed (the "Deed "), in recordable form, conveying title to the Real Property to Buyer; (ii) Seller's Affidavit. An Affidavit by Seller indicating that on the Closing Date there are no outstanding, unsatisfied judgments, tax liens, or bankruptcies against or involving Seller or the Real Property; that there has been no skill, labor, or material furnished to the Real Property for which payment has not been made or for which mechanics' liens could be filed; and there are no other unrecorded interests in the Real Property, (iii) FIRPTA Affidavit. A nonforeign affidavit, properly executed and in recordable form, containing such information as is required by IRC Section 1445(b)(2) and its regulations; and (iv) Other Documents. All other documents reasonably determined by Buyer or the Title Company to be necessary to transfer the Real Property to Buyer, provided the same are acceptable to Seller, including a Closing Statement, which shall also be joined in by Buyer. (c) Buyer's Closing Documents. On the Closing Date, Buyer will execute and /or deliver to Seller the following (collectively, "Buyer's Closing Documents "): (i) Purchase Price. The Purchase Price to be paid as required by Section 2 hereof, and (ii) Title Documents. Such affidavits of Buyer or other documents as may be reasonably required by the Title Company in order to record Seller's Closing Documents and issue the Title Policy. 3 181569v2