2004-08-04 P&R - Laserfiche WebLink

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... b. Title Commitment or Abstract of Title. 1. A commitment ("Title Commitment") for an ALTA Form B 1998 Owner's Policy of Title Insurance (accompanied by legible copies of all documents described therein) insuring title to the Property. 11. If the Property is abstract property, Seller shall deliver to the Title Company or to the Buyer an Abstract of Title to the Property certified to a current date and including all appropriate judgment and bankruptcy searches. 9.02 Buyer's Obiections. Within thirty (30) days afterreceiving the last of the Title Evidence, Buyer will examine the title to the Property and make written objections to the form or contents of the Title Evidence ("Objections"). If Buyer fails to give notice to Seller by such date, Buyer will be deemed to have waived its right to object to any title exceptions or defects shown in the Title Evidence. 9.03 Any matters shown in the Title Evidence not objected to shall be considered be accepted by Buyer. SECTION 10 - TITLE CORRECTIONS AND REMEDIES 10.01 Seller will use its best efforts to cure or satisfy the Objections within a reasonable time, not to exceed sixty (60) days after Seller's receipt of the Objections, during which period the Closing will be postponed if necessary until five (5) days after Seller cures or satisfies the Objections. 10.02 If a notice of Obj ections is so made pursuant to Section 9 herein, Seller shall have five (5) days from receipt of the Objections to notify Buyer of Seller's intention to cure said Objections within one hundred twenty (120) days from Seller's receipt Objections. Ifnotice of Objections is given and Seller gives notice it intends in good faith to cure Objections, payment hereunder required shall be postponed pending correction of Objections, but upon correction and within ten (10) days after written notice to Buyer, the parties shall perform this Agreement according to its terms. 10.03 If notice of Objections is given but Seller does not give such good faith notice to cure Objections, this Agreement shall be null and void, at option of Buyer; and neither party shall be liable for damages hereunder to the other. In such event, Buyer and Seller agree to sign a Cancellation of Land Sale and Purchase Agreement, and Buyer shall be refunded its down payment plus interest accrued. 10. 04 To the extent any Obj ectionscan be satisfied by the payment of money, a portion of the cash payable to Seller at Closing may be applied to the satisfaction of the Objections, if agreeable to Buyer and Seller. In that event, the amount so applied shall reduce the amount of cash payable to Seller at Closing. C:\Documents and Settings\TBender\Local Settings\Temporary lnt=et Files\OLK3D\Purchase and Sale of vacant lot_ 07-22-04.doc 4