6B(5) - Laserfiche WebLink

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any covenants, terms or conditions required of Developer in the Development Agreement and this Agreement. (b) Title Insurance Commitment and Policy. Promptly after the execution hereof, Commission shall order and procure the Title Commitment, at the expense and for the account of Commission. At the Closing, a Policy of Title Insurance or an endorsement to the Title Commitment shall be issued to Developer as of the date and time of recording, insuring Developer's fee simple interest in the Premises in the state required by Section 5(a) above, and subject only to the "permitted exceptions." Commission shall pay for all charges and costs of such Title Insurance Policy. (c) Objections to State of Title. If title to the Premises is not in the state required by Subsection 5(a) above,Developer shall give written notice to Commission within ten (10) business days after the date it receives the Title Commitment and survey, specifying its objection(s)to the state of title to the Premises. Commission shall thereupon have a period of ten (10) days in which it shall use its best efforts to remedy the objection(s) or to induce the Title Company to issue an endorsement to the Title Commitment insuring over or removing such objection(s). If Developer's objection(s) to the state of title to the Premises are not remedied by Commission within such ten (10) day period,then Developer shall have the right, within ten(10) days thereafter, to give written notice to Commission that Developer either (i) waives such title defects or objections and elects to proceed to acquire the Premises without adjustment to the Purchase Price, (ii) waives such title defects or objections and elects to proceed to acquire the Premises with adjustment to the Purchase Price (if such objection involves a lien or other matter for which a monetary amount can be paid to cure), or (iii) terminates this Agreement, in which case the rights and obligations of the parties hereto shall thereupon cease. 6. Commission's Covenants, Warranties and Representations. Commission hereby covenants, warrants and represents that Commission owns fee simple marketable title to the Premises, has the authority to enter into and consummate this Agreement and the transaction herein intended, and will take and perform those acts which are necessary hereunder in order to fulfill the terms and conditions hereof. 7. Closing. (a) Closing shall take place no later than thirty (30) days after Developer has obtained the survey and Title Commitment in the state herein required, unless extended in writing by mutual agreement of the parties hereto. The Closing shall occur at the offices of the Title Company, or at such other place as agreed by Developer and Commission. Developer and Commission agree to deposit with Title Company not later than the date of the Closing all executed documents required in connection with this transaction, including such documents as requested by the Title Company issuing the Title Policy as well as an Access Agreement (in the form attached hereto) regarding the access to and use of certain property for the location of a roadway serving the Premises and property to the north of the Premises. Upon receipt of all necessary documents, receipt of the Closing Payment by Commission, and when the Title Company is in a position to issue to Developer a Policy of Title Insurance, Title Company shall on the date of the Closing, upon instructions from Developer and Commission, cause the deed to the Premises and any other necessary or appropriate instruments to be filed for record. -3-