2006-02-22 CC Packet - Laserfiche WebLink

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a. Property Survey. A survey of the Property prepared by or under the direction of a registered land surveyor. b. Title Commitment. A commitment (''Title Commitment") for an AL T A Form B 1998 Owner's Policy of Title Insurance (accompanied by legible copies of all documents described therein) insuring title to the Property. 9.02 Buyer's Obiections. Within thirty (30) days after receiving the last of the Title Evidence, Buyer will examine the title to the Property and make written objections to the form or contents of the Title Evidence ("Objections"). If Buyer fails to give notice to Seller by such date, Buyer will be deemed to have waived its right to object to any title exceptions or defects shown in the Title Evidence. 9.03 Any matters shown in the Title Evidence not objected to shall be considered to be accepted by Buyer. SECTION 10 - TITLE CORRECTIONS AND REMEDIES 10.01 Seller will use its best efforts to cure or satisfy the Objections within a reasonable time, not to exceed sixty (60) days after Seller's receipt of the Objections, during which period the Closing will be postponed if necessary until ten (10) days after Seller cures or satisfies the Objections. 10.02 Ifa notice of Objections is so made pursuant to Section 9 herein, Seller shall have five (5) days from receipt of the Objections to notify Buyer of Seller's intention to cure said Objections within sixty (60)) days from Seller's receipt Objections. Ifnotice of Objections is given and Seller gives notice it intends in good faith to cure Objections, payment hereunder required shall be postponed pending correction of Objections, but upon correction and within ten (10) days after written notice to Buyer, the parties shall perform this Agreement according to its terms. 10.03 If notice of Objections is given but Seller does not give such good faith notice to cure Objections, this Agreement shall be null and void, at option of Buyer; and neither party shall be liable for damages hereunder to the other. In such event, Buyer and Seller agree to sign a Cancellation of Land Sale and Purchase Agreement, and Buyer shall be refunded its down payment plus interest accrued. 10. 04 To the extent any Objections can be satisfied by the payment of money, a portion of the cash payable to Seller at Closing may be applied to the satisfaction of the Objections, if agreeable to Buyer and Seller. In that event, the amount so applied shall reduce the amount of cash payable to Seller at Closing. 10.05 Cure of the defects by Seller shall be reasonable, diligent, and prompt. Pending correction of title, all payments required herein and at Closing shall be postponed as follows: a. If notice of Objections is given and Seller cures such Objections, then upon presentation to Buyer of documentation establishing that Objections have been cured, and if not objected to in the same time and manner as the original title Objections, H:\Property Purcbase-Disposal\Park PropertylPurchase and Sale of vacant lot~12-20-05v3.doc 4i'?