2022-09-14 City Council Packet - Laserfiche WebLink

Home Browse Search

Centerville Schifsky PA version 09092022-2 for Council Packet 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 If the Title Update discloses a title matter that was not disclosed in the Title Commitment or the Survey, Buyer may deliver to Seller, within five (5) business days following Objections 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 on the later of (i) the Condition Date or (ii) a date thirty (30) days following approval of Final Plat by both the Centerville City Council and the Anoka County Examiner; provided, however, that Closing shall on or before May 1, 2023in any no event occur between November 1, 2022, and April 30, 2023. 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. A. Seller's Closing Documents. On the Closing Date(s), Seller will sign Closing for the respective Lot, if Buyer elects to close in phases: (i) Warranty Deed. A Warranty Deed in recordable form acceptable to Buyer conveying the Real Property from Seller to Buyer, free and clear of any encumbrances except the Permitted Encumbrances. (ii) Seller's Affidavit. An Affidavit by Seller indicating that on the Closing Date there are no outstanding, unsatisfied judgments, tax liens or bankruptcies against or involving Seller or the Real Property; that there has 10