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Purchase Price (or such lesser amount as the City may require). The title <br />insurance commitment shall be on a form acceptable to the City and shall include <br />copies of all documents identified in the schedule of exceptions. <br />c. Within ten (10) days of Seller's execution of this Contract, Seller shall <br />furnish to the City, at Seller's expense, true copies of all surface and mineral <br />leases, inspection results or other reports in Seller's possession pertaining to the <br />Property, and shall disclose in writing to the City all easements, liens, licenses, or <br />other matters not shown by the public records pertaining to the Property. <br />d. The City may at its sole expense contract for an ALTA engineering <br />survey of the Property, sufficient to satisfy the requirements of the title company to <br />delete the standard pre-printed exceptions from the City's title policy. The survey <br />shall be certified to the City, Seller and the title company. <br />4. Title Exceptions. Title to the Property shall be merchantable in the City, <br />and the title commitment and title policy shall contain no exceptions other than: <br />a. Taxes and assessment for the year of Closing, which shall be <br />adjusted and prorated to the date of delivery of the deed, based on the most recent <br />levy and assessment; and <br />b. Rights -of -way, easements, restrictions, oil and gas leases, mineral <br />reservations, and other matters of record, acceptable to City, and those non - <br />recorded matters shown on the survey, if any, acceptable to City. <br />Taxes for the year of Closing shall be prorated to the date of Closing based upon <br />the most recent levy and assessment, and such proration shall be a final settlement. <br />Seller shall execute an affidavit concerning mechanic's liens and take all other steps <br />necessary to obtain the deletion of the standard pre-printed exceptions found in the title <br />commitment, except that City shall have the obligation to obtain the survey, at City's <br />expense, necessary to delete the standard exceptions. <br />5. Title Inspection. The City shall have the right to inspect the title documents <br />and the information provided by the Seller pursuant to Paragraph 3, and to conduct such <br />other reviews as it deems necessary to determine the state of title to the Property. Should <br />title not be merchantable or should the title commitment include additional exceptions <br />which are not acceptable to City (even though such additional exceptions would not make <br />the title unmerchantable), the City shall provide Seller a written notice of the defects at <br />least ten (10) days prior to Closing, and Seller shall use reasonable efforts to correct said <br />defects prior to the date of Closing. If Seller fails to correct any or all such defects prior to <br />Closing, the City, at its option, may complete the transaction notwithstanding the <br />uncorrected defects or may, upon written notice to Seller, declare this Contract terminated, <br />whereupon the Earnest Money shall be immediately returned to City, and both parties <br />shall be released from this Contract. <br />2 <br />