|
Record Title Objection Deadline. Should Buyer receive the Tax Certificate after Record Title Deadline, Buyer, at Buyer's option,
<br />has the Right to Terminate under § 24.1. by Buyer's Notice to Terminate received by Seller on or before ten days after Buyer's
<br />receipt of the Tax Certificate. If Buyer does not receive the Tax Certificate, or if Buyer's Notice to Terminate would otherwise be
<br />required to be received by Seller after Closing Date, Buyer's Notice to Terminate must be received by Seller on or before Closing.
<br />If Seller does not receive Buyer's Notice to Terminate within such time, Buyer accepts the content of the Tax Certificate as
<br />satisfactory and Buyer waives any Right to Terminate under this provision. If Buyer's loan specified in §4.5.3. (Loan Limitations)
<br />prohibits Buyer from paying for the Tax Certificate, the Tax Certificate will be paid for by Seller.
<br />8.6 Third Party Right to Purchase/Approve. If any third party has a right to purchase the Property (e.g., right of first
<br />refusal on the Property, right to purchase the Property under a lease or an option held by a third party to purchase the Property) or a
<br />right of a third party to approve this Contract, Seller must promptly submit this Contract according to the terms and conditions of
<br />such right. If the third -party holder of such right exercises its right this Contract will terminate. If the third parry's right to purchase
<br />is waived explicitly or expires, or the Contract is approved, this Contract will remain in full force and effect. Seller must promptly
<br />notify Buyer in writing of the foregoing.
<br />8.7. Right to Object to Title, Resolution. Buyer has a right to object or terminate, in Buyer's sole subjective discretion,
<br />based on any title matters including those matters set forth in § 8.2. (Record Title), § 8.3. (Off -Record Title), § 8.5. (Tax Certificate)
<br />and § 13 (Transfer of Title). If Buyer exercises Buyer's rights to object or terminate based on any such title matter, on or before the
<br />applicable deadline, Buyer has the following options:
<br />8.7.1. Title Objection, Resolution. If Seller receives Buyer's written notice objecting to any title matter (Notice of
<br />Title Objection) on or before the applicable deadline and if Buyer and Seller have not agreed to a written settlement thereof on or
<br />before Title Resolution Deadline, this Contract will terminate on the expiration of Title Resolution Deadline, unless Seller receives
<br />Buyer's written withdrawal of Buyer's Notice of Title Objection (i.e., Buyer's written notice to waive objection to such items and
<br />waives the Right to Terminate for that reason), on or before expiration of Title Resolution Deadline. If either the Record Title
<br />Deadline or the Off -Record Title Deadline, or both, are extended pursuant to § 8.2. (Record Title) or § 8.3. (Off -Record Title) the
<br />Title Resolution Deadline also will be automatically extended to the earlier of Closing or fifteen days after Buyer's receipt of the
<br />applicable documents; or
<br />8.7.2. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under § 24.1., on or before
<br />the applicable deadline, based on any title matter unsatisfactory to Buyer, in Buyer's sole subjective discretion.
<br />8.8. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed
<br />carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property,
<br />including, without limitation, boundary lines and encroachments, set -back requirements, area, zoning, building code violations,
<br />unrecorded easements and claims of easements, leases and other unrecorded agreements, water on or under the Property and various
<br />laws and governmental regulations concerning land use, development and environmental matters.
<br />8.8.1. OIL, GAS, WATER AND MINERAL DISCLOSURE. THE SURFACE ESTATE OF THE
<br />PROPERTY MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE AND TRANSFER OF
<br />THE SURFACE ESTATE MAY NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL ESTATE OR WATER
<br />RIGHTS. THIRD PARTIES MAY OWN OR LEASE INTERESTS IN OIL, GAS, OTHER MINERALS, GEOTHERMAL
<br />ENERGY OR WATER ON OR UNDER THE SURFACE OF THE PROPERTY, WHICH INTERESTS MAY GIVE THEM
<br />RIGHTS TO ENTER AND USE THE SURFACE OF THE PROPERTY TO ACCESS THE MINERAL ESTATE, OIL,
<br />GAS OR WATER.
<br />8.8.2. SURFACE USE AGREEMENT. THE USE OF THE SURFACE ESTATE OF THE PROPERTY TO
<br />ACCESS THE OIL, GAS OR MINERALS MAY BE GOVERNED BY A SURFACE USE AGREEMENT, A
<br />MEMORANDUM OR OTHER NOTICE OF WHICH MAY BE RECORDED WITH THE COUNTY CLERK AND
<br />RECORDER.
<br />8.8.3. OIL AND GAS ACTIVITY. OIL AND GAS ACTIVITY THAT MAY OCCUR ON OR ADJACENT
<br />TO THE PROPERTY MAY INCLUDE, BUT IS NOT LIMITED TO, SURVEYING, DRILLING, WELL COMPLETION
<br />OPERATIONS, STORAGE, OIL AND GAS, OR PRODUCTION FACILITIES, PRODUCING WELLS, REWORKING
<br />OF CURRENT WELLS AND GAS GATHERING AND PROCESSING FACILITIES.
<br />8.8.4. ADDITIONAL INFORMATION. BUYER IS ENCOURAGED TO SEEK ADDITIONAL
<br />INFORMATION REGARDING OIL AND GAS ACTIVITY ON OR ADJACENT TO THE PROPERTY, INCLUDING
<br />DRILLING PERMIT APPLICATIONS. THIS INFORMATION MAY BE AVAILABLE FROM THE COLORADO OIL
<br />AND GAS CONSERVATION COMMISSION.
<br />8.8.5. Title Insurance Exclusions. Matters set forth in this Section and others, may be excepted, excluded from, or
<br />not covered by the owner's title insurance policy.
<br />CONTRACT TO BUY AND SELL REAL ESTATE Page 7 of 15
<br />
|