Resolution 2000-26 - Laserfiche WebLink

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(c) With respect to Lot A and Lot B only, a mortgage or deed of trust encumbering the Lots shall be acceptable as a title exception if, and only if, such lender will subordinate its lien rights to the rights and claims of the Purchasers obtained under the Conservation Easements . Such subordination, in a form acceptable to Purchasers in their sole discretion, shall be provided at or prior to closing. Seller shall execute an affidavit concerning mechanic' s liens and take all steps necessary to obtain the deletion of the standard pre-printed exceptions found in the title commitment. 7 . Should title not be merchantable as aforesaid, or if the title, commitment includes additional exceptions which are not acceptable to the Purchasers (even though such additional exceptions would not make the title unmerchantable) , a written notice of the defects shall be given to Seller by Purchasers within 10 days after receipt of the title commitment and all exception documents provided for in Paragraph 5 of this Agreement. If the Seller provides Purchasers with a title commitment and exception documents before the execution of this Agreement by all parties, Purchasers shall have ten days from the date of the execution of the Agreement by all parties within which to provide Seller with a written notice of title defects. Seller agrees to attempt to correct such defects at Seller' s expense within 120 days from receipt of said notice of defects, and the closing shall be postponed for said 120 days . If Seller has not corrected such defects within said 120 days, the Purchasers, individually or collectively, at their option, may complete the transaction notwithstanding the defects or may, upon notice to Seller in recordable form, declare this Agreement terminated, whereupon all payments made by Purchasers to Seller shall be returned to Purchasers and both parties shall be released herefrom. 8 . Closing and delivery of deed shall take place on May 3, 2000 at 10 : 00 a.m. in the office of the title company which - provides the title commitment described in Paragraph 5 of this Agreement, or at a time and place agreed to by Purchasers and Seller. settlement sheet for the closing shall be furnished by Seller to Purchasers at least five days before the closing. Closing may be postponed for as long as is reasonably necessary for the Purchasers to receive and approve the survey, the title commitment and the environmental audit identified in this Agreement. BOWES PURCHASE AGREEMENT, DIVISION OF LAND -7-