2023-03-08 CC Packet - Laserfiche WebLink

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4. Obligations of Seller Prior to Closing. Within Fifteen (15) days of the Effective Date, Seller shall deliver to Buyer the following: A. A commitment for an ALTA Form B extended coverage owner's policy of title insurance as to the Property. The commitment shall be issued in the full amount of the Purchase Price by a title insurance company reasonably satisfactory to Buyer (hereinafter referred to as "Title Insurer"), by which said company commits to issue its policy of title insurance that: (i) Insures that, at closing, Buyer shall have good, marketable and insurable title of record to the Property, free and clear of all liens, encumbrances, leases, claims and charges; all material easements, rights of way, covenants, conditions and restrictions; and any other matters affecting title, except for such as are approved by Buyer in writing; (ii) Insures that the Property, including the improvements thereon, do not violate any zoning or other use restrictions; and (iii) Deletes the following standard exceptions: (a) facts which would be disclosed by a comprehensive survey of the Property, (b) rights and claims of parties in possession and (c) mechanic's, contractor's and materialman's liens and lien claims. Buyer shall be allowed twenty (20) days after receipt thereof for examination of said title commitment and making any objections thereto. Said objections are to be made in writing or are to be deemed to be waived. If any objections are so made, Seller shall be allowed one hundred twenty (120) days to make title marketable and Seller shall exercise its best efforts to correct such objections. In the event Seller is unable to eliminate such objections within said period, Buyer shall have the option to either acquire the Property subject to said objections, or to rescind this Agreement, in which latter event the earnest money herein paid shall be immediately refunded to Buyer. B. Intentionally Deleted. C. A Survey: The Existing ALTA Survey (the "Existing Survey") is included as Exhibit B. D. Phase I Environmental Site Assessment: Seller to provide a copy of any existing environmental assessments regarding the Property. 5. Buyer's Investigation. It is expressly understood by Seller that, during the term of this Agreement, Buyer intends to undertake preliminary investigation for the development of the Property. The parties hereto covenant and agree relative thereto as follows: A. From and after the date hereof, Buyer, and its representatives, shall have the right to enter upon the Property for the purpose of surveying, conduct soil tests thereon, preparing plats thereof, and making such other physical inspection thereof as Buyer deems necessary or 3 CORE/3527692.0002/180417462.2