CCP 09-22-1997 - Laserfiche WebLink

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....... . I .. accompanied by a current surveyor's certificate in a fonn reasonably acceptable to Purchaser and the Title Company, Purchaser shall be responsible for the cost of the Survey. I 4. TITLE, (A) Within twenty (20) days after the date hereof, Purchaser shall obtain from the I Title Company a commitment (the "Title Commitment") for a standard ALTA Fonn B owner's title insurance policy (except that the standard exceptions relating to survey matters, rights of I parties in possession, mechanic's liens, easements or claims of easements not of recont, and taxes and assessments not shown by the public records, shall be eliminated) (the "Title Policy'') to be issued upon Closing by the Title Company in the amount of the Purchase Price, insuring that as I of the recording of the "Deed" (as hereinafter defined) good and marketable fee simple title to the. Property is vested in Purchaser subject only to the "Permitted Exceptions" (as hereinafter defined). The Title Commitment shall identify the Land by the legal description set forth on the I Survey. Seller shall be responsible for the costs, if any, of the Title Commitment, and Purchaser shall be responsible for the cost of the Title Policy, (B) Purchaser shall have a period of thirty (30) days after receipt of the Title I Commitment (including copies of all instruments descn'bed therein as exceptions to title) and the Survey (the "Title Review Period''), to notify Seller of any objections to or defects in the ~ 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 Purchase Price to satisfy such Liens. Seller shall provide written notice to Purchaser of the COmmencement of the Title Review Period. Those exceptions to title which are disclosed by the Title Commitment (other than Liens) and are not objected to I by Purchaser shall be deemed to be the "Permitted Exceptions." If such objection notice is not 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 I subject to the exceptions set forth therein without any reduction in the Purchase Price except for 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 I has not been cured or removed prior to the Closing Date, Purchaser. at its election, shall either (i) accept the Title Commitment as it is, subject to the righl to deduct the amount of all Liens from the Purchase Price, except for liens created by Purchaser pursuant to its activities under this I Agreement; (ii) terminate this Agreement; or (ill) extend the Closing Date for a period that Purchaser and Seller deem reasonable for 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 I then elect either (i) or (ii) above. Upon any such tm:nination, each party shall be released from all duties or obligations contained herein (except for any liabilities accruing prior to such termination) and in such event the parties shall execute an agreement in recordable form I canceling this Agreement. 5. DEVELOPMENT AGREEMENT. -. 3 I 1'0'd 6NU. .!Z6 <:19 .1:1. d '3)iI 3<1 'S "'3I<I~E1 1;:0:1;:1 1.661-61-cGS