Resolution 2015-48 - Laserfiche WebLink

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1.3 Deposit Generally. This Agreement shall terminate if Purchaser fails to pay the Deposit, or any portion thereof, within the time period specified therefor. The Deposit will be , held by the Title Company in an interest- bearing account as an earnest money deposit and part payment of the Purchase Price and credited to Purchaser at the Closing; reference herein to the Deposit shall mean and include all interest earned thereon. The Deposit shall be applicable to the Purchase Price and shall be fully refundable until the end of Purchaser's Examination Period (as defined in Section 4.1) at which time the Deposit will become non - refundable. Written notice of rejection by Purchaser shall be an automatic termination of the Agreement and Purchaser shall immediately receive a full refund of the Deposit from the Title Company. The Title Company shall hold and disburse the Deposit in accordance with the terms of this Agreement unless otherwise directed by written notice signed by Purchaser and Seller. ARTICLE 2. DOCUMENTS TO BE DELIVERED TO PURCHASER 2.1 Documents be Delivered to or Obtained by Purchaser. On or before ten (10) calendar days following the Effective Date, Seller will provide Purchaser with any existing survey(s) of the Property as well as all of the documents referred to in Section 1.1 (c) and 1.1 (d) above, if any, which are in the possession of Seller. Purchaser shall either update the existing survey or obtain a new ALTA survey at its sole cost which shall be certified to Purchaser, Seller and the Title Company ( "Survey "). Within ten (10) calendar days after the Effective Date, Seller shall deliver to Purchaser, at Seller's expense, a title insurance commitment issued by the Title Company showing the status of record title to the Property (a "Commitment ") and committing to insure, subject to the exceptions and requirements set forth therein, title to the Property in Purchaser in the amount of the Purchase Price under an Owner's Policy of Title Insurance, ALTA Form 1992 with standard printed exceptions deleted (subject to any matters disclosed by the Survey) ( "Owners Policy "). Seller shall cause the Title Company to deliver to Purchaser legible copies of all recorded documents referred to in the Commitment, together with copies of any covenants to which the Property will be subjected at or before Closing. Extended title coverage or endorsements will be issued only at the request of the Purchaser and will be at Purchaser's sole expense. The Commitment, together with the Schedule B -2 documents referenced therein are referred to collectively herein as "Title Documents." The Title Documents, Survey, and any other document, report or information relative to the Property that is delivered to or obtained by Purchaser are sometimes collectively referred to herein as "Property Information." ARTICLE 3. REPRESENTATIONS AND WARRANTIES 3.1 Seller's Representations. Seller represents and warrants to Purchaser as of the date of this Agreement and as of the Closing Date as follows: 3.1.1 Seller is a municipal corporation duly organized and legally existing under the laws of the State of Colorado. The person executing this Agreement on behalf of Seller has the authority so to act. 2