Resolution 2025-75 - Laserfiche WebLink

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3. Documents to be Obtained by or Delivered to Purchaser. a. Survey. On or before ten (10) calendar days following the Effective Date, Seller will provide Purchaser with any existing survey(s) of the Property. The Purchaser may at its sole expense contract for an ALTA engineering survey of the Property, which shall be certified to Purchaser, Seller and the Title Company ("Survey"). b. Title Commitment. Within fifteen (15) days after the Effective Date, Seller shall fumish to the Purchaser, at Seller's expense, a title insurance commitment issued by the Title Company showing the status of record title to the Property ("Commitment") and committing to insure, subject to the exceptions and requirements set forth therein, title to the Property in Purchaser in an amount mutually agreed to by the Parties and Title Company (but not to exceed the Purchase Price). The Commitment shall be on a form acceptable to the Parties and shall include copies of all documents identified in the schedule of exceptions. Extended title coverage or endorsements will be issued only at the request of 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." 4. Condition Precedent to Seller's Performance. Purchaser acknowledges that Seller's obligation to close on the sale of the Property is expressly contingent upon the following conditions precent on or before Closing: a. Historic Landmarking. Seller will apply for and obtain historic landmarking designation for the house located on Property in accordance with Chapter 15.36 of the Louisville Municipal Code prior to Closing. The landmark resolution and/or a historic landmark agreement shall be recorded prior to the recording of the deed conveying the Property and will encumber the Property. Purchaser acknowledges and agree that upon landmark designation and Closing: i. Purchaser and its successor in ownership will be required to submit to the review process of the Historic Preservation Commission of the City of Louisville pursuant to Chapter 15.36 of the Louisville Municipal Code prior to alteration, reconstruction, demolition, or relocation of any improvement which constitutes all or part of the landmarked structure. ii Purchaser will receive a landmark bonus grant of $5,000 upon Closing. Purchaser may apply for additional Historic Preservation Fund grants and loans in accordance with City's program guidelines. The time period for applying for such loans and grants shall commence when the Property is conveyed to Purchaser. 2