11-26-2001 Council Packet - Laserfiche WebLink

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r fwm Mo SCOMMMCUU. FA Purchase A greement / PAGE 4 insurance policy and notify Seller of the applicabon Buyer shall have ten (10) business days after receipt of the Convnitment for Tide Insurance to provide Seller with a copy of the Cfomnutment and wntten objections Buyer shall be deemed to have waived any title objections not made within the ten (10) day penod above, except that this shad not operate as a waiver of Seller's covenant to deliver a statutory Warranty Deed, unless a warranty Deed is not specified above. If Buyer obtains title insurance. Buyer is not waiving the right to obtain a good and marketable title of record from CjUlor U.C.C. SEARCHES. Seier shall deliver with the Abstract a report of UCC Searches made of the Uniform Commercial Code records of the Secretary of State and of the county rucorder, made by either said Seaetary of State or by a search firm acceptable to Buyer, showing no UCC filings regarding any of the Property IS. TITLE CORRECTIONS AND REMEDIES. Seller shaU have 120 days from receipt of Buyer's wntten title objections to make title marketable Upon receipt of Buyer's title objections. Seiler shall, within ten (10) business days, notify Buyer of Seller's intention to make title marketable within the 120 day penod Liens or encumbrances for liquidated anwunts which can be released by payment or escrow from proceeds of closing shall not delay the closing Cure of the defects by Seller shall be reasonable, diligent, and prompt Pending correction of title, al payments required herein and the closing shall be postponed A. If noL'H) IS given and Seller makes title marketable, then upon presentation to Buyer and proposed lender of documenu.*>on establishing that title has been made marketable, and if not objected to in the same time and manner as the original title objections, the closing shall take place within ten (10) business days or on the scheduled closing dale, whichever is later B. If notice is given and Sefie. proceeds in good faith to make title marketable but the 120 day penod expires without title being made marketabk , Buyer may declare this Purchase Agreement void by notice to Seller, neither party shall be liable for damages hereunder to the other, and earnest money shall be refunded to Buyer. C. If Seller does not give notk e of intention to make title marketable, or if notice is given but the 120 day period expires Without title being made marketable due to Seller's failure to proceed in good faith. Buyer may seek, as permitt^ by law. one or more of the foil iwing 1. Proceed to closing without waiver or merger in the Deed of the objections to btle and without waiver of any remedies, and may: (a) Seek damages, costs, and reasonable lawyer's fees from Seller as permitted by law (damages under this subparagraph (a) shall be limited to the cost of cunng objecbons to btle. and consequential damages are excluded), or (b) Undertake proceedings to correct the objections to btle; 2. Rescission of this Purchase Agreement by notice as provided herein, in which case the Purchase Agreement shall be null and void and all earnest money paid shall be refunded to Buyer. 3. Damages from Seller together with costs and reasonable lawyer's fees, as permitted by law. 4. Speofic performance within six months after such right of action arises D If btle IS marketable, or is made marketable as provided herein, and Buyer defaults in any of the agreements herein. Seller may elect either of the following options, as permitted by law: 1 Cancel this contract as provided by statute and retain all payments made hereunder as bquxlated damages The parties acknowledge their intentior. tnat any note given pursuant to this contract is a down payment note, and may be presented for payment notwithstanding cancellation: 2 Seek specific performance within six months after such right of action arises. Including costs and reasonable lawyer's fees, as permitted by law E If bUe IS marketable, or is made marketable as provided herein, and Seller defaults in any of the agreements herein. Buyer may. as permitted by law 1 Seek damages from Seller including costs and reasonable lawyer’s foes, 2 Seek speafic performance within six months after such right of action anscs. 18. NOTICES. AU notices required herein shaM be in wnbng and delivered personally or mailed to the address as shown at Paragraph 1. above and if mailed, are effective as of the date of mailing