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AG 2016 07 18
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AG 2016 07 18
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7/20/2016 11:45:58 AM
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11/27/2017 10:34:09 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/18/2016
Board
Board of Commissioners
Meeting Type
Regular
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of all of the foregoing without any warranty or representation by Buyer as to the contents, accuracy or <br />correctness thereof <br />Section 5. Evidence of Title: Seller agrees to convey fee simple marketable and insurable title to the Property <br />free and clear of all liens, encumbrances and defects of title other than: (a) zoning ordinances affecting the <br />Property, (b) Leases (if applicable) and (c) matters of record existing at the Contract Date that are not objected <br />to by Buyer prior to the end of the Examination Period ( "Permitted Exceptions "); provided that Seller shall be <br />required to satisfy, at or prior to Closing, any encumbrances that may be satisfied by the payment of a fixed sum <br />of money, such as deeds of trust, mortgages or statutory liens. Seller shall not enter into or record any <br />instrument that affects the Property after the Contract Date without the prior written consent of Buyer, which <br />consent shall not be unreasonably withheld, conditioned or delayed. <br />Section 6. Conditions: This Agreement and the rights and obligations of the parties under this Agreement are <br />hereby made expressly conditioned upon fulfillment (or waiver by Buyer, whether explicit or implied) of the <br />following conditions: <br />(a) Title Examination: After the Contract Date, Buyer shall, at Buyer's expense, cause a title <br />examination to be made of the Property before the end of the Examination Period. In the event that such title <br />examination shall show that Seller's title is not fee simple marketable and insurable, subject only to Permitted <br />Exceptions, then Buyer shall promptly notify Seller in writing of all such title defects and exceptions, in no case <br />later than the end of the Examination Period, and Seller shall have thirty (30) days to cure said noticed defects. <br />If Seller does not cure the defects or objections within thirty (30) days of notice thereof, then Buyer may <br />terminate this Agreement (notwithstanding that the Examination Period may have expired). If Buyer is to <br />purchase title insurance, the insuring company must be licensed to do business in the state in which the Property <br />is located. Title to the Property must be insurable at regular rates, subject only to standard exceptions and <br />Permitted Exceptions. <br />(b) Same Condition: If the Property is not in substantially the same condition at Closing as of the date <br />of the offer, reasonable wear and tear excepted, then the Buyer may (i) terminate this Agreement or (ii) proceed <br />to Closing whereupon Buyer shall be entitled to receive, in addition to the Property, any of the Seller's <br />insurance proceeds payable on account of the damage or destruction applicable to the Property. <br />(c) Inspections: Buyer, its agents or representatives, at Buyer's expense and at reasonable times during <br />normal business hours, shall have the right to enter upon the Property for the purpose of inspecting, examining, <br />performing soil boring and other testing, conducting timber cruises, and surveying the Property. Buyer shall <br />conduct all such on -site inspections, examinations, soil boring and other testing, timber cruises and surveying of <br />the Property in a good and workmanlike manner, shall repair any damage to the Property caused by Buyer's <br />entry and on -site inspections and shall conduct same in a manner that does not unreasonably interfere with <br />Seller's or any tenant's use and enjoyment of the Property. In that respect, Buyer shall make reasonable efforts <br />to undertake on -site inspections outside of the hours any tenant's business is open to the public and shall give <br />prior notice to any tenants of any entry onto any tenant's portion of the Property for the purpose of conducting <br />inspections. Upon Seller's request, Buyer shall provide to Seller evidence of general liability insurance. Buyer <br />shall also have a right to review and inspect all contracts or other agreements affecting or related directly to the <br />Property and shall be entitled to review such books and records of Seller that relate directly to the operation and <br />maintenance of the Property, provided, however, that Buyer shall not disclose any information regarding this <br />Property (or any tenant therein) unless required by law and the same shall be regarded as confidential, to any <br />person, except to its attorneys, accountants, lenders and other professional advisors, in which case Buyer shall <br />obtain their agreement to maintain such confidentiality. Buyer assumes all responsibility for the acts of itself, <br />its agents or representatives in exercising its rights under this Section 6(e) and agrees to indemnify and hold <br />Seller harmless from any damages resulting therefrom. This indemnification obligation of Buyer shall survive <br />Page 3 of 8 <br />Buyer Initials Seller Initials <br />G -2 <br />Page 121 <br />
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