6. HRSR 12-04-2006 - Laserfiche WebLink

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fee due any real estate agent that Seller has employed in connection with this transaction; and one-half of Title's fee to conduct and insure the closing of this transaction. b. Buyer must: (i) tender the Purchase Price to Seller pursuant to the provisions of Section 5 above; (ii) execute the Contract for Deed and deliver it to Seller; and (iii) pay or provide evidence of payment of the following: Buyer's pro- rata share of real estate taxes pursuant to Section 11; the premium for Buyer's owner's policy of title insurance; the fees due upon the recording the Contract for Deed; and one-half of Title's fee to conduct and insure the closing of this transaction. 9. Evidence of Title. Buyer has obtained a commitment from Old Republic National Title Insurance Company ("Title") to issue an ALTA form 1992 Owner's Policy of Title Insurance, in the amount of the Purchase Price, insuring Buyer's title to the Property (the "Title Commitment"). Buyer will promptly obtain, at Buyer's cost, an ALTA/ACSM Land Title Survey of the Property (the "Survey"). (The Title Commitment and the Survey are referred to herein as the "Evidence of Title".) 10. Examination of Title. Within ten (10) business days of Buyer's receipt of the last item of the Evidence of Title or within ten (10) days of Buyer's discovery of a defect in the marketability of Seller's title to the Property which defect was not reasonably ascertainable from the Evidence of Title, Buyer may give Seller written notice of alleged defect(s) in the marketability of Seller's actual and record title to the Property and request that Seller make Seller's title marketable ("Objections"). Any covenants, conditions, restrictions, easements or other rights evidenced by a recorded instrument disclosed in Schedule B of the Title Commitment to which Buyer does not object within the ten (10) day period set forth above shall be deemed permitted encumbrances (the "Permitted Encumbrances") and shall be referenced as permitted encumbrances in Section 2 and Section 3 of the Contract for Deed. Within ten (10) days of Seller's receipt of Buyer's Objection(s), Seller must notify Buyer, in writing, if Seller will attempt to make Seller's title to the Property marketable. If Seller notifies Buyer that Seller will attempt to make Seller's title to the Property marketable, Seller must use commercially reasonable efforts to do so before the Date of Closing. If Seller notifies Buyer that Seller does not intend to make Seller's title marketable or if Seller notifies Buyer that Seller intends to make Seller's title marketable but, notwithstanding Seller's use of commercially reasonable efforts Seller is unable to do so on or before the Date of Closing, Buyer must either: a. terminate this Agreement pursuant to the procedures set forth in Section 21 below; b. notify Seller that Buyer waives an Objection. If Buyer waives an Objection, the matter giving rise to the Objection is deemed a permitted encumbrance and ~ 94 »z~~~ 4