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25-49 Resolution Authorizing the Purchase of Real Property Located at 749 Harrison Avenue
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25-49 Resolution Authorizing the Purchase of Real Property Located at 749 Harrison Avenue
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below)to enter upon the Property or to cause agents to enter upon the Property for purposes <br /> of examination. If the transaction contemplated herein is not consummated, Buyer shall <br /> promptly restore the Property to its condition prior to entry, and agrees to defend, <br /> indemnify and hold Seller harmless, before and after the Closing Date. whether or not a <br /> closing occurs and regardless of any cancellations or termination of this Agreement, from <br /> any liability to any third party, loss or expense incurred by Seller, including without <br /> limitation, reasonable attorney fees and costs arising from acts or omissions of Buyer or <br /> Buyer's agents or representatives. <br /> C. Due Diligence Period. Buyer shall have a period of forty-five (45) days <br /> following the Contract Date to complete its examination of the Property in accordance with <br /> this Section 2 (the "Due Diligence Period"). Upon such written notice, the Parties may <br /> proceed to Closing prior to the expiration of the Due Diligence period described in this <br /> Section. <br /> D. Termination of Agreement. If at any time within the Due Diligence Period, <br /> Buyer determines, in its sole discretion, not to proceed with the purchase of the Property, <br /> Buyer may terminate this Agreement, without liability or costs of any kind, by written <br /> notice to Seller. <br /> 3. PRESERVATION OF TITLE AND CONDITION <br /> A. Seller shall not take any action or allow any action to be taken by others to <br /> cause the Property to become subject to any interests, liens, restrictions, easements, <br /> covenants,reservations or other matters affecting Seller's title(such matters are referred to <br /> as"Encumbrances"). <br /> B. Seller hereby covenants that Seller will not alter the condition of the <br /> Property at any time after the Contract Date. Further, Seller will not release any hazardous <br /> substances on or near the Property and will not otherwise collect or store hazardous <br /> substances or other materials, goods, refuse or debris at the Property. <br /> 4. TITLE COMMITMENT AND SURVEY <br /> Seller acknowledges that Buyer intends to obtain,at Buyer's sole expense,and to rely upon <br /> a commitment for an owner's policy of title insurance (the "Title Commitment") and a <br /> survey of the Property(the"Survey")identifying all Encumbrances as of the Contract Date. <br /> The Property shall be conveyed to Buyer free of any Encumbrances other than Permitted <br /> Encumbrances (as defined in Section 6). The Title Commitment will be issued by a title <br /> company selected by Buyer and reasonably acceptable to Seller (the "Title Company"). <br /> The Title Commitment shall: <br /> (1) Agree to insure good, marketable, and indefeasible fee simple title to the <br /> Property(including public road access) in the name of the Buyer for the full amount of the <br /> Purchase Price upon delivery and recordation of a special warranty deed from the Seller to <br /> 2 <br />
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