Resolution 2001-22 - Laserfiche WebLink

Home Browse Search

of the Purchase Price, together with copies of all Schedule B items referred to therein and evidencing title subject only to: (i) current property taxes, which are a lien, but are not yet due and payable; (ii) any installments of special assessments, if any, which are a lien, but which are not yet due and payable; (iii) covenants, conditions, restrictions, easements and other matters of record and accepted by Purchaser pursuant to this Paragraph 3 (the "Permitted Exceptions"); and (iv) zoning ordinances and the rights of the public in any part of the Property dedicated for street, road or highway improvements. Purchaser shall be responsible for obtaining from the Title Company endorsements deleting all of the standard preprinted exceptions and exclusions contained in the ALTA Form 1992 title policy from the final title policy to be issued pursuant to the Title Commitment. (b) Purchaser may, should it elect to do so, cause a survey of the Land (the "Survey") to be prepared, at Purchaser's sole cost and expense, by a registered professional land surveyor mutually acceptable to Purchaser and Seller. The Survey shall be prepared in accordance with ALTA survey standards, shall be certified to Seller, Purchaser and the Title Company, shall include a certificate of the acreage of the Land, and shall be in a form sufficient for the Title Company to remove the standard preprinted survey exceptions from the title policy to be issued pursuant to the Title Commitment. Copies of the completed Survey shall be delivered by Purchaser to both Seller and the Title Company within forty-five (45) days at, er mutual execution of this Agreement. (c) Prior to the end of the Inspection Period, Purchaser may deliver to Seller, in accordance with the notice provisions of this Agreement, a written statement containing any reasonable objection Purchaser has to the marketability of Seller's title, to the facts and circumstances depicted by this Survey or to any exceptions in the Title Commitment that are not acceptable to Purchaser even though such exceptions would not make the title unmerchantable. If such statement is not delivered prior to the end of the Inspection Period, the condition of Seller's title and Survey shall be deemed approved by Purchaser. If such statement is so delivered, Seller shall (within ten (10) calendar days following Seller's receipt of the written statement from Purchaser) use all reasonable efforts to cure or remove Purchaser's objections to the merchantability of Seller's title or the conditions depicted by the Survey. Seller also may, within such ten (10) days, undertake efforts to cure any additional exceptions to title that do not make the title unmerchantable but Seller shall not be obligated to do so. If Seller is successful in curing or removing such objections to title or Survey, then Seller shall have prepared an updated title commitment or corrected Survey showing such -3- l I:~D\WP~ I \10234L093~A-6P&$Louisville.wPd