5.1. HRSR 06-20-2023 - Laserfiche WebLink

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deed. 7.4. Attorneys’ Fees. Each of the parties shall pay its own attorneys' fees. 7.5. Brokers’ Fees. The Buyer is represented by Rock Solid Companies (the “Buyer’s Broker”). Brokerage fees of three percent of the Purchase Price shall be paid to the Buyer’s Broker by the HRA at Closing. The Buyer confirms that no other brokers are representing it in this transaction. The HRA represents that it is not represented by a broker in this transaction. 8. TITLE EXAMINATION. Title examination shall be conducted as follows: 8.1. HRA’s Title Evidence. Within 30 days of the Effective Date, the HRA shall furnish the following (collectively, “Title Evidence”) to the Buyer: 8.1.1. Title Commitment. A title insurance commitment for the Property. The Buyer shall be responsible for selecting the title insurance company. The Buyer selects West Title (the “Title Company”). 8.1.2. Survey. A copy of any existing land survey of the Property in the HRA’s possession or control. The Buyer, at the Buyer’s option, also may obtain, at the Buyer’s expense, a new survey of the Property. Any new survey shall be certified and delivered to the HRA as well as the Buyer and any other parties that the Buyer may designate. 8.2. Buyer’s Objections. No later than 30 days after receiving the updated Title Commitment, the Buyer must make written objections (“Objections”) to the marketability of title to the Property based on the Title Commitment. If the Buyer elects to obtain a new survey, Objections based upon the survey must be made within 30 days after receipt of said survey but in no event later than the Contingency Date. The Buyer’s failure to make Objections within such time period will constitute a waiver of Objections. If not sooner satisfied, the HRA shall cause the Property to be released from any mortgages or other liens against the Property at the closing. Any matter shown on such Title Evidence, other than a mortgage or other lien and not objected to by the Buyer shall be a “Permitted Encumbrance” hereunder. Within seven days after receipt of the Buyer’s Objections, the HRA shall notify the Buyer in writing if the HRA elects not to cure the Objections. If such notice is given within said seven-day period, the Buyer may either waive the Objections or terminate this Agreement by giving written notice of termination to the HRA within 10 days after the HRA’s notice is given to the Buyer. If written notice by the HRA is not given within the 10-day period, the HRA 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 the Buyer that does not except from title insurance coverage an item the Buyer has objected to, the objection relating to such item shall be deemed cured. If the Objections are not cured within the Cure Period, the Buyer shall have the option to EL185-13-882695.v2