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06-14-11 Packet
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6C 2
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11/1/2012 2:27:12 PM
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the Inspection Period of the suitability of the Property. If closing occurs, then the <br />Deposit and any Extension Deposit shall be credited toward the Purchase Price. <br />12. CLOSING. The consummation of the purchase and sale of the Property pursuant to <br />this Agreement (the "Closing ") shall be held within ninety (90) days after expiration of <br />the Inspection Period or any Extension thereof. Purchaser may extend the Closing <br />deadline by another ninety (90) days (the "Closing Extension ") by providing written <br />notice to Seller, prior to the expiration of the original Closing deadline, of Purchaser's <br />intention to extend the Closing Deadline, and by Purchaser concurrently providing <br />Seller with an additional non - refundable earnest money deposit of $2,000.00 (the <br />"Closing Extension Deposit "). Closing shall take place at the Seller's office, or such <br />other location as the Seller and Purchaser may mutually agree in writing. <br />13. TITLE INSURANCE. As evidence of title, Seller shall obtain, at Seller's sole cost <br />and expense, a commitment for Title Insurance issued by the Title Company for a <br />policy of title insurance from an underwriter acceptable to Purchaser, insuring title <br />subject only to those easements, conditions, reservations, leases, licenses, access <br />agreements and restrictions as may appear of record, be apparent by an inspection of <br />the Property, or of which the Purchaser has actual or constructive knowledge. The <br />commitment shall be for an amount not less than the purchase price and shall bear a <br />date later than the Effective Date. The commitment for title insurance shall be updated <br />immediately prior to closing and shall show no exceptions, objectionable matters or <br />defects, other than those permitted herein. All costs associated with the title policy in <br />the form required shall be the sole responsibility of the Seller. <br />14. OBJECTIONS TO CONDITION OF TITLE. If objection to the title is made by the <br />Purchaser, then Seller shall have 30 days after it is notified in writing of the particular <br />defects claimed to employ its good faith efforts to procure a cure for the defects. In the <br />event the Seller is unable through the exercise of its good faith efforts to procure a cure <br />for the claimed defects to the Purchaser's satisfaction within 30 days after notice is <br />given to Seller, then, at Purchaser's sole option, Purchaser may (i) take title to the <br />Property despite the existence of objectionable matters, or (ii) terminate the Agreement, <br />in which case, notwithstanding anything herein to the contrary, all sums deposited by <br />Purchaser shall be immediately refunded to Purchaser and this Agreement shall be <br />deemed null and void and of no further force and effect. <br />15. SELLER'S REPRESENTATIONS, WARRANTIES AND COVENANTS. Seller <br />represents, warrants and covenants to Purchaser that: <br />(a) Seller (i) has complete and full authority to execute this Agreement and will have at <br />Closing, complete and full authority to convey to Purchaser Good and Marketable Fee <br />Simple Title to the Property that is free and clear of all liens, encumbrances or other <br />exceptions to title other than those exceptions permitted herein, (ii) will execute and <br />deliver any documents, instruments, and agreements including, but not limited to, <br />0 <br />
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