2020-03-11 CC Packet - Laserfiche WebLink

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in the Grant Documents attached hereto as Exhibit B. Buyer agrees to comply with the conditions set forth in the Grant Documents. 6. TITLE. A. Title Insurance Commitment. The Seller will within twenty (20) days after the date of this Agreement deliver to Buyer, a commitment for an Owner's Policy of Title the Real Property, deleting standard exceptions. The Title Commitment will commit Title to insure title to the Real Property subject only to permitted encumbrances which are and any survey that Buyer elects to obtain (to be delivered to Buyer pursuant to Section B. Buyer's Objections. Within twenty (20) days after receiving the last of the Evidence of Title, Buyer may make written objections ("Objections") to the form and/or content of the Evidence of Title. Buyer's failure to make Objections within such time period will constitute a waiver of Objections. Any matter shown on the Title Commitment and not objected to by Buyer will become a "Permitted Encumbrance". Seller will have twenty (20) days after receipt of the Objections to cure the Objections, during which period the Closing will be extended as necessary. Seller will use its best efforts to correct any Objections. If the Objections are not cured within such twenty (20) day period, Buyer will have the option to do any of the following: (i) Terminate this Agreement and receive a refund of the Earnest Money. (ii) Pay any lien or encumbrance which may be cured by the payment of money and thereafter reduce the amount of cash payable to Seller at the Closing. (iii) Waive the Objections and proceed to Close. C. Title Update. Prior to Closing, Buyer may obtain an update of the Title Commitment, including a Title Commitment for any Final Plat Update discloses a title matter that was not disclosed in the Title Commitment or the matter first disclosed in the Title Update accompanied by a copy of the Title Update. Seller will use best efforts to correct any Objections set forth in this Section 5.C, and if the Objections are not cured within ten (10) days from the date of receipt of the Title Update, Buyer will have the options set forth in Section 5.B(i)-(iii). D. Title Policy. Buyer, at Closing, at its expense may obtain the title policy ("Title Policy") issued by Title pursuant to the Commitment, or a suitably marked up Commitment or Pro-Forma Title Policy initialed by Title undertaking to issue such a Title Policy in the form required by the Commitment as approved by the Buyer. 7. CLOSING. Closing shall occur Thirty (30) days following approval of Final Plat . The Closing will take place at the office of Title or at such other date and time as the parties may mutually agree upon in writing. 7