2021-08-11 CC Packet - Laserfiche WebLink

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E.G. Buyer will grant Seller perpetual rights and easements allowing Seller to access and maintain public utilities, sidewalks, trails, and other public facilities on the Real Property. 6. TITLE. A. Title Insurance Commitment. The Seller will within twenty (20) days after the date of this Agreement deliver to Buyer, a commitment from Land Title, Inc. (for an Owner's Policy of Title Insurance Property, deleting standard exceptions. The Title Commitment will commit Title to insure title to the Real Property subject only to permitted encumbrances which are consented to any survey that Buyer elects to obtain (to be delivered to Buyer pursuant to Section 4.A.) will 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 shown in the Evidence of the Title. 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 of the TiObjections to any 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 6, 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. Unless otherwise agreed by the parties in writing, Closing shall occur 9