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6. HRSR 10-02-2006
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6. HRSR 10-02-2006
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HRSR
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10/2/2006
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transaction; and one-half of Title's fee to conduct and insure he closing of this <br />transaction. DRAFT <br />b. Buyer must: <br />(i) tender the Purchase Price to Seller pursuant to the provisions of <br />Section 5 above; <br />(ii) execute the Contract for Deed and deliver it to Seller; and <br />(iii) pay or provide evidence of payment of the following: Buyer's pro- <br />rata share of real estate taxes pursuant to Section 11; the premium for Buyer's <br />owner's policy of title insurance; the fees due upon the recording the Contract for <br />Deed; and one-half of Title's fee to conduct and insure the closing of this <br />transaction. <br />9. Evidence of Title. Within fourteen (14) days of the date of this Agreement, <br />Seller must, at Seller's sole cost and expense, deliver the following to Buyer a commitment from <br />a title insurer reasonably acceptable to Buyer ("Title") to issue an ALTA form 1992 Owner's <br />Policy of Title Insurance, in the amount of the Purchase Price, insuring Buyer's title to the <br />Property (the "Title Commitment"). The Title Commitment must include affirmative coverages <br />for appurtenant easements, if any. Buyer will promptly obtain, at Buyer's cost, an ALTA/ACSM <br />Land Title Survey of the Property (the "Survey"). (The Title Commitment and the Survey are <br />referred to herein as the "Evidence of Title".) <br />10. Examination of Title. Within ten (10) business days of Buyer's receipt of the last <br />item of the Evidence of Title or within ten (10) days of Buyer's discovery of a defect in the <br />marketability of Seller's title to the Property which defect was not reasonably ascertainable from <br />the Evidence of Title, Buyer may give Seller written notice of alleged defect(s) in the <br />marketability of Seller's actual and record title to the Property and request that Seller make <br />Seller's title marketable ("Objections"). Any covenants, conditions, restrictions, easements or <br />other rights evidenced by a recorded instrument disclosed in Schedule B of the Title <br />Commitment to which Buyer does not object within the ten (10) day period set forth above shall <br />be deemed a permitted encumbrance and shall be referenced as a permitted encumbrance in <br />Section 2 and Section 3 of the Contract for Deed. Within ten (10) days of Seller's receipt of <br />Buyer's Objection(s), Seller must notify Buyer, in writing, if Seller will attempt to make Seller's <br />title to the Property marketable. If Seller notifies Buyer that Seller will attempt to make Seller's <br />title to the Property marketable, Seller must use commercially reasonable efforts to do so before <br />the Date of Closing. If Seller notifies Buyer that Seller does not intend to make Seller's title <br />marketable or if Seller notifies Buyer that Seller intends to make Seller's title marketable but, <br />notwithstanding Seller's use of commercially reasonable efforts Seller is unable to do so on or <br />before the Date of Closing, Buyer must either: <br />a. terminate this Agreement pursuant to the procedures set forth in Section <br />21 below; <br />b. notify Seller that Buyer waives an Objection. If Buyer waives an <br />Objection, the matter giving rise to the Objection is deemed a permitted encumbrance and <br />i 9at~2~~s 4 <br />
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