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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 />10.05 Cure of the defects by Seller shall be reasonable, diligent, and prompt. Pending correction <br />of title, all payments required herein and at Closing shall be postponed as follows: <br /> <br />a. If notice of Objections is given and Seller cures such Objections, then upon <br />presentation to Buyer of documentation establishing that Objections have been cured, <br />and if not objected to in the same time and manner as the original title Objections, <br />Closing shaIl take place within ten (10) business days or on the scheduled date of <br />Closing, whichever is later. <br /> <br />b. If notice of Objections is given and Seller proceeds in good fuith to cure said <br />Objections, but the I20-day period expires without Objections being cured, Buyer <br />shall have the option to do any of the following: <br /> <br />(i) Declare this Agreement null and void by notice to Seller, and neither <br />party sha1l be liable for damages hereunder to the other. In such event, <br />Buyer and Seller agree to sign a Cancellation of Land Sale and Purchase <br />Agreement, and Buyer shaIl be refunded its earnest money payment plus <br />interest accrued. <br /> <br />(ii) Waive the Objections and proceed to Closing. <br /> <br />SECTION 11 - TAXES AND ASSESSMENTS <br /> <br />11.01 Seller shall payor credit against the Purchase Price all real estate taxes, and all instaIlments <br />of special assessments certified for payment with real estate taxes due and payable in the <br />years prior to the year of Closing. <br /> <br />11.02 Real estate taxes and all instaIlments of special assessments certified for payment due and <br />payable in the year of Closing shall be prorated between Seller and Buyer on a calendar <br />year hasis to the date of Closing. <br /> <br />SECTION 12 - RISK OF LOSS <br /> <br />The risk ofIoss, damage or destruction to the Property and any improvements thereon through <br />condemnation, fire or otherwise shall be borne by Seller until the Closing. In the event of a <br />condemnation of all or part of the Property, Buyer sha1l have the right to terminate this Agreement. <br /> <br />SECTION 13 - CONDITIONS TO CLOSING <br /> <br />Buyer's obligation to close this transaction is subject to Seller having performed all terms, <br />covenants and obligations required of Seller hereunder. <br /> <br />SECTION 14 - BROKER <br /> <br />Buyer and Seller represent and warrant that all brokerage charges incurred, if any, in connection <br />with this transaction shall be paid by the party authorizing such broker to act in its behalf. <br /> <br />C:\Documentslllld Setting>lITBenderlLocal Set1ingsITemporary b1Iernet F'tleslOLK3IY\Purchase and Sale of vacant lol_ 07.22-04.cloc 5 <br /> <br />L_ <br />
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