2B, Hazelnut Park Acquisition - Laserfiche WebLink

Home Browse Search

.. ... . .... _ . .. to, a zoning endorsement insuring Purchaser that the ownership, use, operation and occupancy of the Property as of the closing date complies with all applicable zoning laws,codes,ordinances and regulations and does not constitute a nonconforming use thereunder. Said Commitment shall have attached copies of all instruments or record which create any easements or restrictions which are referred to in Schedule B of the title commitment. Purchaser will be allowed after receipt of the Commitment and the Survey (as hereinafter defined) an examination thereof and to make any - objections to the marketability of the title to the Property,said objections to be made by written notice or to be deemed waived. If the title to the Property as evidenced by the Commitment, survey, and searches together with any appropriate endorsements,is not good and marketable of record in Seller and is not made so by the closing date, Purchaser may either: 3.1 Terminate this Agreement by giving written notice to Seller in which event -_ this Agreement shall become null and void;earnest money shall be returned to Purchaser; and neither party shall have any further right or obligation hereunder; or 3.2 Elect to accept the title in its unmarketable condition by giving written notice to Seller, in which event Purchaser shall hold back adequate funds from the portion of the Purchase Price payable at the closing to cure the defects and apply said holdback funds for the cost of curing such defects, including attorneys' fees, and pay the unexpended balance to Seller. (If the amount of said holdback cannot be mutually agreed to by Seller and Purchaser, the issuer of the Commitment shall determine the amount of said holdback). 4. Survey. Seller has provided a survey of the Property to Purchaser. 5. Inspection. At Purchaser's expense,Purchaser, its agents and designees, are hereby granted the right at any time or times after the date hereof to inspect,analyze,and test the Property. Purchaser shall hold Seller harmless from any liability resulting solely from the entering upon the Property or the performing of any of the tests or inspections referred to in this Section 5 by Purchaser,its agents or designees but not from liability resulting from the presence or discovery of Hazardous Substances(as hereinafter defined) on the Property. 6. Covenants and Warranties of Seller. Seller covenants and warrants to Purchaser as follows: 6.1 Ownership of Property. Seller is the owner of good, marketable, and insurable fee title to the Property free and clear of all title defects, options, rights of first refusal,easements,restrictive covenants,encroachments,survey 2