CCP 06-16-1997 - Laserfiche WebLink

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I' . I I' I (B) Purchaser shall have a period of ten (10) days after receipt of the Title COmnUtment (including copies of all instruments descn'bed therein as exceptions to title) and the Survey (the "Title Review Period"), to notifY Seller of any obj~ons to or defects in the I condition of title; PROVIDED, HOWEVER, that title exceptions pertaining to liens or encumbrances of a definite or ascertainable amount that may be removed by the payment of money ("Liens") at Closing shall not be deemed to make the Title Commitment unacceptable and I Seller, at Seller's option, may use the Putchase Price to satisfy such Liens. Those exceptions to title which are disclosed by the Title CommitInent (other than Li~) and are not objected to by Purchaser shall be deemed to be the "permitted Exceptions." If sllCh objection notice is not I delivered to Seller within the Title Review period, the condition of Seller's title as disclosed by the Title Commitment shall be deemed approved by Purchaser, and Purchaser shall take title subject to the exceptions set forth therein without any reduction in the Purchase Price except for I any Liens. If an objection notice is timely delivered, Seller shall use reasonable efforts to cure or remove all such objections prior to the "Closing Date" (as hereinafter defined). If any objection bas not been cured or removed prior to the Closing Date, Purchaser, at its election, shall either (i) I accept the Title Commitment as it is, subject to the right to deduct the amount of all Liens from the purchase Price; (ii) terminate this Agreement; or (iii) extend the Closing Date for a period that Purchaser and Seller deem reasonable fOT curing such objections, but not to exceed ninety .. (90) days. If all objections to title are not cured within such extended period, if any, Purchaser shall then elect either (i) or (ll) above. Upon any such tennination, each party sha!l be released from all duties or obligations contained herein (except for any liabilities accruing prior to such I termination) and in such event the Earnest Money shall be refunded to Purchaser and the parties shall execute an agreement in recordable form canceling this Agreement. I S. DEVELOPMENT AGREEMENT. Seller shal1 have the right to review and approve PuTChaser's plans and specifications for I the construction of the buildings and other improvements to be located on the Property in accordance with that certain Development Agreement dated as of ,1997, (the "Contract") betWeen the Purchaser and the Arden Hills Economic Development Authority (the I "Authority"). Purchaser covenants and agrees to comply with the provisions of the Contract relative to the development of the Land. I 6. WETLANDS MITIGATION. As further consideration for the Seller's conveyance of the Property to the Purchaser, the I purchaser agrees that tb.e Seller will be responsible for any wetlands mitigation that will be neccssaIY by virtue of the construction of the Public Improvements to be constructed by the Authority pursuant to the Contract The purchaser's obligations with respect to wetlands I mitigation is more fully described in Section _ of the Contract. ,. 7. Use. Purchaser agrees that the Property shall only be used for the construction and operation of the improvements described in the Contract. I 3 \'0'd 6\'0<' <.G6 Gt9 't;j'd '3)1 I 3ll '2 A3Ia'*la n:n <.66t->:t-Nllf