Houlton Farm Planning Committee Meeting 2015-03-20

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all reasonable use, wear and tear, and deterioration of any kind in, of, or to the Subject Property. S. CT sin . Final settlement of the obligations of the parties hereto shall occur on or before November 15, 2014 (the "Closing"). In addition, the Closing shall be delayed for any extension of the Inspection Period or, any period of time that Seller is attempting to cause the cure of any objections raised by Buyer pursuant to Sections 4 or 6. This transaction shall be closed in escrow with Land Title, inc., Attn: Larry Mountain ("Escrow Holder") in accordance with the general procedures then in use by Escrow Holder, with such additional special procedures as may be required to conform with the terms and conditions of this Agreement. The cost of the escrow and closing fee shall be paid by Seller. 6. 'hde. Seller shall by limited warranty deed convey to Buyer its interest in the Subject Property, subject only to the following: CI) any federal, state or local laws, ordinances, regulations and/or orders whatsoever; (ii) the lien of real property taxes and the lien of special assessments and interest due thereon, if any, payable in the year,of closing which by the terns of this Purchase Agreement are to be paid or assumed by the Purchaser, (iii) such other title objections and exceptions as may be waived by Buyer; (iv) any restrictions or conditions required by any entity providing grants or funding for the acquisition of the Property, and (v) the standard printed exceptions on the form of title insurance issued pursuant to Section 7. ' The -foregoing shall be referred to collectively as "Permitted Exceptions." Seller has delivered to Buyer a copy of the commitment for title insurance issued by Escrow Holder committing the company to issue an Owner's Policy insuring title to the Subject Property in Seller. Buyer may obtain a title commitment from Escrow Holder committing the company to issue an Owner's Policy insuring title to the Subject Property. in Buyer. On or before October 7, 2014, Buyer shall advise Seller in writing of any exceptions other than the Permitted Exceptions which Buyer will require to be removed on or before Closing (such exceptions which are not Permitted Exceptions missible Exceptions"). In the event being hereafter referred to as "imperSeller is unable to cause current Owner to remove any such Impermissible Exceptions by Closing, Buyer may elect to terminate this Agreement in which case Buyer shall have no obligation to purchase the Subject property and the parties' obligations hereunder shall terminate. If Buyer fails to notify Seller of any objection to exceptions in the time period provided herein, Buyer shall be deemed to have accepted all matters set forth in the title commitment and the same shall be deemed Permitted Exceptions. 17s009v4 4