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2022-09-14 City Council Packet
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2022-09-14 City Council Packet
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Centerville Schifsky PA version 09092022-2 for Council Packet <br />the Evidence of Title, Buyer may make written objections ("Objections") to the form <br />and/or content of the Evidence of Title. Buyer's failure to make Objections within such <br />time period will constitute a waiver of Objections shown in the Evidence of the Title. Any <br />matter shown on the Title Commitment and not objected to by Buyer will become a <br />"Permitted Encumbrance". Seller will have twenty (20) days after receipt of the <br />Objections to cure the Objections, during which period the Closing will be extended as <br />necessary. Seller will use its best efforts to correct any Objections. If the Objections <br />are not cured within such twenty (20) day period, Buyer will have the option to do any <br />of the following: <br /> <br />(i) Terminate this Agreement and receive a refund of the Earnest Money. <br /> <br />(ii) Pay any lien or encumbrance which may be cured by the payment of <br />money and thereafter reduce the amount of cash payable to Seller at the Closing. <br /> <br />(iii) Waive the Objections and proceed to Close. <br />C. Title Update. Prior to Closing, Buyer may obtain an update of the Title <br />Commitment, including a Title Commitment for any Final If the <br />Title Update discloses a title matter that was not disclosed in the Title Commitment or <br />the Survey, Buyer may deliver to Seller, within five (5) business days following <br />Objections to any matter first disclosed in the Title Update accompanied by a copy of <br />the Title Update. <br />Seller will use best efforts to correct any Objections set forth in this Section 6, <br />and if the Objections are not cured within ten (10) days from the date of receipt of the <br />Title Update, Buyer will have the options set forth in Section 5.B(i)-(iii). <br />D. Title Policy. Buyer, at Closing, at its expense may obtain the title policy <br />("Title Policy") issued by Title pursuant to the Commitment, or a suitably marked up <br />Commitment or Pro-Forma Title Policy initialed by Title undertaking to issue such a <br />Title Policy in the form required by the Commitment as approved by the Buyer. <br />7. CLOSING. Unless otherwise agreed by the parties in writing, Closing shall <br />occur on the later of (i) the Condition Date or (ii) a date thirty (30) days following approval of <br />Final Plat by both the Centerville City Council and the Anoka County Examiner; provided, <br />however, that Closing shall on or before May 1, 2023in any no event occur between <br />November 1, 2022, and April 30, 2023. The Closing will take place at the office of Title or at <br />such other date and time as the parties may mutually agree upon in writing. <br />A. Seller's Closing Documents. On the Closing Date(s), Seller will sign <br />Closing for the respective Lot, if Buyer elects to close in phases: <br />(i) Warranty Deed. A Warranty Deed in recordable form acceptable to <br />Buyer conveying the Real Property from Seller to Buyer, free and clear of any <br />encumbrances except the Permitted Encumbrances. <br />(ii) Seller's Affidavit. An Affidavit by Seller indicating that on the <br />Closing Date there are no outstanding, unsatisfied judgments, tax liens or <br />bankruptcies against or involving Seller or the Real Property; that there has <br />10 <br /> <br />
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