4.7. SR 12-19-2016 - Laserfiche WebLink

Home Browse Search

Title Commitment shows all matters affecting title to the Property and binds the Title Company to issue at Closing an ALTA 2006 form B owner's title insurance policy to Purchaser in the full amount of the Purchase Price ("Title Policy"). The Title Commitment includes copies of all recorded documents affecting the Property with proper searches for bankruptcies,judgments, liens and assessments. Purchaser shall pay the cost of the premium for the Title Policy and any endorsements required by Purchaser. 2.2 Survey/Plat. Purchaser shall, at its option and cost, employ a surveyor, licensed or registered by the state where the Property is located, to prepare an ALTA survey or plat of the Property Survey/"). The Survey/Plat shall include the requirements and items determined by Purchaser, including the proposed square footage of the Property and any proposed lots/outlots. A copy of the Survey/Plat shall be delivered to Seller when obtained by the Purchaser. 2.3 Title Objections, Cure of Title Objections. Purchaser shall have until the later of the expiration of the Due Diligence Period or the date that is 10 days after receipt of both the Title Commitment and Survey to notify Seller in writing of such objections as Purchaser may have to anything contained in the Title Commitment or Survey ("Objections"). Purchaser's failure to make Objections within such time period will constitute a waiver of Objections. However, any matter which is not referenced in the Title Commitment and is first recorded, discovered or disclosed after the effective date of the Title Commitment, whichever is later may be objected to by Purchaser in the manner described herein. Purchaser need not object to mortgages or other liens. If not sooner satisfied, Seller shall cause the Property to be released from any mortgages or other liens against the Property at the closing. Any matter shown on the Title Commitment, other than a mortgage or other lien and not objected to by Purchaser shall be a "Permitted Encumbrance" hereunder. Within seven days after receipt of Purchaser's Objections, Seller shall notify Purchaser in writing if Seller elects not to cure the Objections. If such notice is given within said seven day period, Purchaser may either waive the Objections or terminate this Agreement by giving written notice of termination to Seller within 10 days after Seller's notice is given to Purchaser. If written notice by Seller is not given within the 10 day period, Seller shall use commercially reasonable efforts to correct any Objections within 30 days after the expiration of the 10 day period ("Cure Period"). If the Title Company is willing to issue a title insurance policy to Purchaser that does not except from title insurance coverage an item Purchaser has objected to, the objection relating to such item shall be deemed cured. If the Objections are not cured within the Cure Period, Purchaser shall have the option to do any of the following: a) Terminate this Agreement by giving written notice to Seller within 10 days after the expiration of the Cure Period and neither Seller nor Purchaser shall have further rights or obligations hereunder. In such event Seller shall return all Earnest Money to Purchaser. b) Waive the objections and proceed to close without reduction in the Purchase Price. ARTICLE 3 - INSPECTION AND CONTINGENCIES 3.1 Right of Inspection. As of the Effective Date, Purchaser and its agents shall have the right to access the Property to make physical and visual inspections, investigations, surveys and testing as the Purchaser deems necessary. Purchaser agrees that its on-site activities at the Property shall be conducted at reasonable times and shall not unreasonably interfere with the use of the Property by Seller. Seller agrees to meet with the parties conducting any inspections, investigations, surveys and testing and to Purchase Agreement Page 3 of 13 469680v2 SJS EL185-36