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2004-07-28 WS & CC Meeting
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2004-07-28 WS & CC Meeting
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<br />b. Title Commitment or Abstract of Title. <br /> <br />1. A commitment ("Title Commitment") for an ALTA Form B 1998 <br />Owner's Policy of Title Insurance (accompanied by legible copies of <br />all documents described therein) insuring title to the Property. <br /> <br />n. If the Property is abstract property, Seller sbal1 deliver to the Title <br />Company or to the Buyer an Abstract of Title to the Property certified <br />to a current date and including all appropriate judgment and <br />bankruptcy searches. <br /> <br />9.02 Buyer's Objections. Within thirty (30) days after receiving the last of the Title Evidence, <br />Buyer will examine the title to the Property and make written objections to the form or <br />contents of the Title Evidence ("Objections"). If Buyer fuils to give notice to Seller by such <br />date, Buyer will be deemed to have waived its right to object to any title exceptions or <br />defects shown in the Title Evidence. <br /> <br />9.03 Any matters shown in the Title Evidence not objected to sball be considered be accepted by <br />Buyer. <br /> <br />SECTION 10 - TIThE CORRECTIONS AND REMEDIES <br /> <br />10.0 I Seller will use its best efforts to cure or satisfy the Objections within a reasonable time, not <br />to exceed sixty (60) days after Seller's receipt of the Objections, during which period the <br />Closing will be postponed if necessary until five (5) days after Seller cures or satisfies the <br />Objections. <br /> <br />10.02 !fa notice of Objections is so made pursuant to Section 9 herein, Seller shall have five (5) <br />days from receipt of the Objections to notifY Buyer of Seller's intention to cure said <br />Objections within one hundred twenty (120) days from Seller's receipt Objections. If notice <br />of Objections is given and Seller gives notice it intends in good faith to cure Objections, <br />payment hereunder required shall be postponed pending correction of Objections, bnt upon <br />correction and within ten (10) days after written notice to Buyer, the parties sbal1 perform <br />this Agreement according to its terms. <br /> <br />10.03 !fnotice of Objections is given but Seller does not give such good faith notice to cure <br />Objections, this Agreement shall be null and void, at option of Buyer; and neither party <br />sball be liable for damages hereunder to the other. In such event, Buyer and Seller agree to <br />sign a Cancellation of Land Sale and Purchase Agreement, and Buyer shall be refunded its <br />down payment plus interest accrued. <br /> <br />10.04 To the extent any Objections can be satisfied by the payment of money, a portion of the <br />cash payable to Seller at Closing may be applied to the satisfaction of the Objections, if <br />agreeable to Buyer and Seller. In that event, the amount so applied shall reduce the amount <br />of cash payable to Seller at Closing. <br /> <br />C:\Documents and Setling1llTBenderlLocal SettingslTemporary Internet FileslOLKJDlPurchase and Sale of vacant lol_07-22'()4.doc 4 <br />
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