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6.C.(4) Contract for Purchase and Sale
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05/15/09 Meeting
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6.C.(4) Contract for Purchase and Sale
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5/12/2009 4:20:39 PM
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A. The commitment for issuance of a policy of title insurance meeting the <br />requirements of Paragraph 8 of this Agreement. <br />B. Seller shall not be in default under any of the terms and conditions <br />contained in this Contract. <br />8. Title Insurance Policy. Seller shall deliver to Purchaser no later than thirty {30) <br />days after execution of this Agreement, a commitment issued by Meridian Title Corporation (the <br />"Title Company") for the issuance of a policy of title insurance written on an ALTA form <br />agreeing to insure rnarlcetable title in the Property in Purchaser or its assigns in the amount of the <br />purchase price subject only to the general exceptions in the title insurance policy and those items <br />listed in Paragraph 4(a) {i} of this Agreement ("Permitted Exceptions"}. All title insurance <br />company premiums and charges shall be paid by Seller, with the exception of charges for any <br />extended coverage which shall be paid by Purchaser. In the event the commitment contains <br />exceptions other than the Permitted Exceptions, Seller shall have thirty (30) days after the date of <br />receipt of Purchaser's written notice identifying such exceptions to remove those exceptions or <br />obtain Purchaser's consent to them. In the event such exception(s), (other than Permitted <br />Exceptions), are not eliminated or Purchaser's consent to them obtained within thirty (30) days <br />after Seller's receipt of the commitment, then this Agreement may, at Purchaser's option, be <br />canceled by Purchaser's notice to Seller not later than five (5) days following the expiration of <br />the thirty {30) day period. <br />9. Prorations at Closing. Real property taxes for ?009 payable ?010 shall be <br />prorated as of the Closing Date, based upon the latest official tax rates and credits and using the <br />mast recent assessment of the Property, and Purchaser shall receive a credit at Closing for that <br />portion of the proration attributable to the period prior to the Closing. If the tax bills for the ?008 <br />payable 2009 have been distributed prior to the Closing, the Seller shall pay them prior to or at <br />the Closing. Otherwise, the Seller shall provide the Purchaser a credit for those taxes at the <br />Closing. <br />10. Environrental Matters Pertaining to the Property. <br />A. Representations and Warranties. Seller represents and warrants to <br />Purchaser, such representations and warranties to be true and correct on the date hereof and as of <br />the Closing date, that: <br />{1) To the best of its knowledge, there are no Environmental Defects <br />on the Property except as may be outlined on Exhibit C attached hereto and made <br />apart hereof; <br />(2) No Iien has been imposed on the Property by any governmental <br />agency at the federal, state, or Iocal level in connection with the presence on or <br />off the Property of any Idazardous Substance; <br />(3) Seller has not: (a} entered into or been subject to any <br />environmentally-related consent decree, compliance order or administrative order <br />relating to the Property; (b) received any request for information, notice, demand <br />OPEI2ATJONS FACILITY <br />3 <br />
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