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AG 2017 02 20
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AG 2017 02 20
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Last modified
2/22/2017 11:54:50 AM
Creation date
11/27/2017 10:27:23 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
2/20/2017
Board
Board of Commissioners
Meeting Type
Regular
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Carolina,under its standard form of ALTA owner's policy of title insurance, at its standard rates, free <br /> and clear of all monetary liens and encumbrances ("Monetary Liens"), subject only to the following <br /> (hereinafter called the "Permitted Exceptions"): (i)the standard or printed exclusions in the form of <br /> an owner's policy of title insurance referenced above; (ii) the lien for ad valorem real property taxes <br /> not due and payable on or before the Closing Date; and (iii) such other exceptions as are acceptable <br /> to Buyer. <br /> b. Buyer shall have until that date which is ten (10) business days prior to the <br /> expiration of the Feasibility Period to give Seller written notice of all title matters (including matters <br /> of Survey) which, in Buyer's sole discretion, render Seller's title less than good and marketable fee <br /> simple title (the "Initial Objections"). Buyer may re-examine title to the Property up to and <br /> including the Closing Date and give Seller written notice of any additional objections appearing of <br /> record subsequent to the date of Buyer's initial examination (the "Additional Objections", and <br /> together with the Initial Objections, the "Objections"), but Buyer's failure to specify in its Initial <br /> Objections any objection appearing of record as of the date of such Initial Objections shall be <br /> deemed to be, and shall constitute, a waiver of any such objection, and such objection shall thereafter <br /> constitute a Permitted Exception under this Contract; and, if Buyer shall fail so to examine title to the <br /> Property or to give Seller such Initial Objections, Buyer shall be deemed to have waived all matters <br /> of title, other than Monetary Liens, appearing of record as of the date which is ten (10) business <br /> days prior to the expiration of the Feasibility Period, and all such matters of title shall thereafter <br /> constitute Permitted Exceptions under this Contract. <br /> C. Seller shall have until that date which is five (5) business days after delivery <br /> by Buyer of the Initial Objections to review said Initial Objections and either: (i) deliver notice to <br /> Buyer of its intent and agreement to cure, prior to or at Closing, all of the Objections at Seller's sole <br /> cost and expense, with no adjustment to the Purchase Price; or (ii)notify the Buyer of its election not <br /> to cure any or all of the Objections. In the event Seller does not expressly(in writing) agree or refuse <br /> to cure any or all of the Objections by the date which is five (5) business days after delivery by <br /> Buyer of the Initial Objections, Seller shall be deemed to have elected option (ii) above. If Seller <br /> fails to respond, or responds and such response does not include an agreement to cure all of the <br /> Objections, then Buyer shall, on or before the expiration of the Feasibility Period, have the option to <br /> either: (a) terminate this Contract by delivering a termination notice to Seller, upon which <br /> termination Buyer shall be entitled to receive a full refund of the Earnest Money, with neither party <br /> having any further obligations in connection with this Contract; or (b) proceed toward Closing and <br /> take title to the Property subject to the Objections that Seller does not agree to cure, which <br /> Objections shall thereafter constitute Permitted Exceptions under this Contract. <br /> d. Seller shall have until the Closing Date to satisfy all Objections that Seller has <br /> agreed to cure (and other than those waived by Buyer pursuant to subparagraphs (b) and (c) of this <br /> Section 7, if any) and, if Seller fails to so satisfy any such Objections, then, at the option of Buyer, <br /> and as its sole and exclusive alternatives and remedies, Buyer may either: (i) terminate this Contract <br /> in which event the Earnest Money shall be refunded to Buyer promptly upon request, all rights and <br /> obligations of the parties under this Contract shall expire, and this Contract shall become null and <br /> void; or (ii) waive such satisfaction and performance and elect to consummate the purchase and sale <br /> of the Property, in which event all unsatisfied objections shall constitute Permitted Exceptions under <br /> this Contract. <br /> 8. Survey. Buyer shall have the option to cause, at Buyer's sole cost and expense, and <br /> on or before that date which is ten (10) business days prior to the expiration of the Feasibility <br /> Page 3 of 27 <br /> Attachment number 1 \n <br /> G-4 Page 134 <br />
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