Resolution 2008-29 - Laserfiche WebLink

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5. Un ol• hefnte July ~, 2005: a. Seller shall furnish to Purchaser, at Purchaser's expense, a c;urret~t ALFA form title: insurance commitment insuring the Purchaser's ownership of a fee simple interest in the Property. The commitment shall be issued by a title insurance company which maintains an oft"rcc> in [3oulder County and ~~hicl~ is authori2c:d to do business in the State of GUlorada, to insure the Purchaser's ownership of the Property in an an~lount of $82,000. The title insurance. commitment shall be o-~ a form acceptable to Purchaser and shall include copies of all documents identified in the schedule of exceptions. Seller anal l'urchasc.r shall cause a title insurance policy to be delivered to Purchaser as soon as practicable after closing,. I'urchase~ shall at closing pay the premium for the title insurance policy, and fhe costs of any tttx certificates and desired endorsements. b. Seller shall furnish to Purchaser, at Seller's expense, true copies iaf all leases, surveys,. inspection results or other I•epol-ts in Seiler"s possession. pertaining to the Property, and shall disclose in writing to Purchaser all easements.. liens, licenses, or other inait~rs nc~t shown bye the public records pertaining to tl~e Property. 6. 'Title to the Property shall. be merchantab{e in the Seller, and the title colzilnitment and title; policy shall contain. no exceptions other than: a. taxes and assessment for the year of closing, which shall. be adjusted and prorated to the date of delivery of the deed, based on the most recent levy and assessment; and b. rights-of-~vay, easements, restrictions, and mineral. reservations ofrecord, ~ICCeptable to Purchaser, Taxes for the year of closing shall be prorated to the date closing based upon the most recent levy and assessment, and such proration shall be a final settlement. Senor shall exectrte an afrdavit concen~ing mechanic's lel~s and take all other steps necessary to attempt to obtain the deletion oi~the staltdarci pre- printed exceptions t'ound in the title cornlnitment. 7. I'Iircliaser shall Have flee right to inspect the title documents and the ultor'I~latloll provided by the Boller pursuartt to Paragraph 6, and to conduct such other reviews as it deems necessary to determine the state of title Co the Property. Should title not be merchantable as aforesaid, or should the title commitment include additional exceptions which are not. acceptable to Purchaser (ever thoutii such additional exceptions would not make the title unrnercl~Iantat•~1~:}, a written notice of the dc;tects shall be given to the Seller by the Purchaser at least two (2) days prior to closing and Seller shall use reasonable efforts to con•ect said defects prior to the date of closing. [f Seller fails to correct any or all such detects pI•ior to closing,'the Purchaser, at its option, may colrip)c:.te the transaction notwithstanding the uncorrected defects or Inay, upon written notice to Seller, declare this Contract terminated, ~vltcreupon all things of value received hereunder shall be immcdiiately returned to Purc1•raser, and both parties shall he released herefrom. 8. The date and time of closinb shall be 10:00 a.m., l~riday, ALt~USt 1, 200$, or such earlier date. a-7d time as may be set b}~ mutual written agreement of the J7arties. The place of closing shall be