Resolution 2007-29 - Laserfiche WebLink

Home Browse Search

the quantity and quality of all Water Rights, whether associated with ditch shares or otherwise, their historical use, dry up and relat,ed items necessary for a change of water rights. The Seller agrees to reasonably cooperate, at no cost to Seller, with Purchaser in conducting such reviews and herby appoints and authorizes Purchaser to complete research as necessary at FRICO's offices, and shall reasonably assist Purchaser, at no cost to Seller, in securing the necessary historical data for every water right that is subject to this Contract. Should title not be merchantable as aforesaid, or should the title commitment includes additional exceptions which are not acceptable to Purchaser (even though such additional exceptions would not make the title unmerchantable), or should title to or the state of the Water Rights not be acceptable to Purchaser, a written notice of the defects shall be given to the Seller by the Purchaser on or before July 23,2007 and Seller may use reasonable efforts to correct said defects prior to the date of closing. If Seller fails to correct any or all such defects prior to closing, the Purchaser, at its option, may complete the transaction notwithstanding the uncorrected defects or may, upon written notice to Seller, declare this Contract terminated, whereupon all earnest money and other things of value received by Seller hereunder shall be immediately returned to Purchaser, and both parties shall be released herefrom. Notwithstanding anything contained herein to the contrary, if Seller notifies Purchaser, in writing, that Seller will not correct one or more of such defects, this Contract shall terminate at 5:00 p.m., three (3) calendar days after Seller has provided, by facsimile transmission or hand delivery, written notice of Seller's intention not to correct one or more of such defects, unless before such termination Seller receives Purchaser's written withdrawal of Purchaser's notice of defects as provided above which Seller has notified Purchaser that Seller will not correct. 9. The date and time of closing shall be 10:00 a.m., Tuesday, July 31, 2007, or such earlier date and time as may be set by mutual written agreement of the parties. The place of closing shall be the offices of Title Company or such other place as may be designated by mutual written agreement of the parties. The Purchaser may extend the closing for up to 30 days upon written notice to Seller, for purposes of completing the County subdivision process provided for under Paragraph 22.b. of this Contract. 10. Purchaser and Seller shall sign and complete all customary or required documents at or before closing. Settlement sheets for the closing shall be furnished by Seller to the Purchaser at least three working days before the date set for closing. Costs and fees for real estate closing and settlement services shall be paid at closing fifty percent by Seller and fifty percent by Purchaser. 11. Any encumbrance n~quired to be paid by Seller shall be paid at or before the time of closing from the proceeds of this transaction or from any other source. 12. At the time of closing and upon Purchaser's compliance with the terms and provisions of this Contract, Seller shall deliver: a. A good and sufficient special warranty deed in a form acceptable to Purchaser, properly executed and acknowledged, conveying the Parcels free and clear of all liens, tenancies and encumbrances except those set forth in Paragraphs 7.a. and b. above; 4