Laserfiche WebLink
TITLE, RESERVATIONS, AND CLOSING <br />5. Within fifteen (15) days of mutual execution of this Contract: <br />a. 608 Studios shall furnish to City, at 608 Studios' expense, a current ALTA form title <br />insurance commitment insuring the City's ownership of a fee simple interest in the 608 <br />Studios' Property. The commitment shall be issued by the Title Company or other title <br />insurance company which maintains an office in Boulder County and which is authorized to <br />do business in the State of Colorado, to insure the City's ownership of the City's Property in <br />an amount of $245,000.00. The title insurance commitment shall be on a form acceptable to <br />City and shall include copies of all documents identified in the schedule of exceptions. 608 <br />Studios shall have a title insurance policy delivered to City as soon as practicable after <br />closing, and 608 Studios shall pay the premium at closing. <br />b. 608 Studios shall furnish to City, at 608 Studios' expense, true copies of all leases, <br />surveys, inspection results or other reports in 608 Studios' possession pertaining to the <br />Property, and shall disclose in writing to City all easements, liens, leases, licenses, or other <br />matters not shown by the public records pertaining to the Property known by or to 608 <br />Studios. <br />c. City shall furnish to 608 Studios, at City's expense, a current ALTA form title <br />insurance commitment insuring the 608 Studios' ownership of a fee simple interest in the <br />City's Property. The commitment shall be issued by the Title Company or other title <br />insurance company which maintains an office in Boulder County and which is authorized to <br />do business in the State of Colorado, to insure the 608 Studios' ownership of the 608 <br />Studios' Property in an amount of $245,000.00. The title insurance commitment shall be on <br />a form acceptable to 608 Studios and shall include copies of all documents identified in the <br />schedule of exceptions. City shall have a title insurance policy delivered to 608 Studios as <br />soon as practicable after closing, and City shall pay the premium at closing. <br />d. City shall furnish to 608 Studios, at City's expense, true copies of all leases, surveys, <br />inspection results or other reports in City's possession pertaining to the City's Property, and <br />shall disclose in writing to 608 Studios all easements, liens, leases, licenses, or other matters <br />not shown by the public records pertaining to the City's Property known by or to City. <br />6. Title to the relevant Property shall be merchantable in each Party as Seller. Each <br />Party as Seller shall execute an affidavit concerning any mechanic's liens. Each Party as Seller, at <br />no more than nominal expense, and subject to the other Party as Buyer being responsible for all <br />costs of surveys, shall take all other steps necessary to obtain the deletion of the standard pre-printed <br />exceptions found in the title commitment. <br />7. Each Party as Buyer shall have the right to inspect the Title Documents and the <br />information provided by the other Party as Seller pursuant to Paragraph 5, and to conduct such other <br />reviews as it deems necessary to determine the state of title to the relevant Property. Should title not <br />be merchantable, or should the title commitment include any exceptions which are not acceptable to <br />a Party as Buyer (even though such additional exceptions would not make the title unmerchantable), <br />3 <br />