4.9. SR 06-21-2021 - Laserfiche WebLink

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(iii) Title Corrections and Title Remedies. The City and Copart shall have 30 days from receipt of written title objections by the other party to make title marketable for their respective property. Upon receipt of title objections, each party shall, within ten (10) business days, to notify the other of their intention to make title marketable within the 30-day period. Liens or encumbrances for liquidated amounts that can be released by payment or escrow from proceeds of closing shall not delay the closing. Cure of the defects by either parry shall be reasonable, diligent and prompt. Pending correction of title, all payments required herein and the Closing shall be postponed. (b) If notice is given and either parry makes title marketable, then upon presentation to the other parry of documentation establishing that title has been made marketable, and if not objected to in the same time and manner as the original title objections, the closing shall take place within ten (10) business days or on the scheduled Closing Date, whichever is later. (c) If notice is given and either parry proceeds in good faith to make title marketable but the 30 day period expires without title being made marketable, the other parry may declare this Agreement void by notice, neither parry shall be liable for damages hereunder to the other. (d) If either parry does not give notice of intention to make title marketable, or if notice is given but the 30 day period expires without title being made marketable due to the other parry's failure to proceed in good faith, the exclusive remedy is rescission of this Agreement by notice as provided herein. (e) If title is marketable, or is made marketable as provided herein, and either parry defaults in any of the agreements herein, the other parry's exclusive remedy is to cancel this Agreement as provided by statute and retain all payments made hereunder as liquidated damages. 6. CLOSING. Each transaction is contingent upon the successful closing of the other transaction. Unless terminated earlier or extended as provided herein, the date for closing the sale and purchase of the Properties (the "Closing") shall be on a date mutually agreed to by the parties but not later than August 6, 2021 (the "Closing Date"). The Closing shall take place at the offices of the Title Company or such other location as mutually agreed upon by the parties and may be completed through escrow of closing documents and funds with the Title Company. In lieu of making a personal appearance at the Closing, the documents and any proceeds to be delivered by a party may be delivered and tendered in escrow to the Escrow Agent prior to or on the Closing Date. 7. COPART'S CLOSING OBLIGATIONS. On the Closing Date, Copart shall execute and deliver to City: (a) The duly executed limited warranty deed to the Copart Parcel conveying title to 215118v12 3