AG 2016 07 18 - Laserfiche WebLink

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C. The cost of documentary stamps and transfer taxes shall be paid by Seller. d. Notwithstanding any contrary terms and provisions herein, and without limiting any other terms and provisions herein, Seller shall pay at or before Closing, (i) all rollback or like taxes for periods prior to and for the year of Closing, if any, and (ii) the cost of preparing release documents, if any, and the recording thereof for any lien releases required to be obtained by Seller in order to convey title to the Property in accordance with Section 7 . e. Buyer shall pay all premiums and costs associated with any title commitment and title policy obtained by it on the Property, the cost to record the deed for the Property, the cost of surveys, if any, obtained by Buyer, and any other expense agreed to be paid by Buyer. Except as provided in Section 34 , each party shall bear its own attorney, paralegal and consultant fees and disbursement in connection with this Contract and Closing. This Section 6 shall survive Closing or termination of this Contract. Title a. For the purposes of this Contract, "good and marketable fee simple title" shall mean such title as is insurable by a title insurance company licensed to do business in North Carolina, under its standard form of ALTA owner's policy of title insurance, at its standard rates, free and clear of all monetary liens and encumbrances ( "Monetary Liens "), subject only to the following (hereinafter called the "Permitted Exceptions "): (i) the standard or printed exclusions in the form of an owner's policy of title insurance referenced above; (ii) the lien for ad valorem real property taxes not due and payable on or before the Closing Date; and (iii) such other exceptions as are acceptable to Buyer. b. Buyer shall have until that date which is five (5) business days prior to the expiration of the Feasibility Period to give Seller written notice of all title matters (including matters of Survey) which, in Buyer's sole discretion, render Seller's title less than good and marketable fee simple title (the "Initial Objections "). Buyer may re- examine title to the Property up to and including the Closing Date and give Seller written notice of any additional objections appearing of record subsequent to the date of Buyer's initial examination (the "Additional Objections ", and together with the Initial Objections, the "Objections "), but Buyer's failure to specify in its Initial Objections any objection appearing of record as of the date of such Initial Objections shall be deemed to be, and shall constitute, a waiver of any such objection, and such objection shall thereafter constitute a Permitted Exception under this Contract; and, if Buyer shall fail so to examine title to the Property or to give Seller such Initial Objections, Buyer shall be deemed to have waived all matters of title, other than Monetary Liens, appearing of record as of the date which is five (5) business days prior to the expiration of the Feasibility Period, and all such matters of title shall thereafter constitute Permitted Exceptions under this Contract. C. Seller shall have until that date which is three (3) business days after delivery by Buyer of the Initial Objections to review said Initial Objections and either: (i) deliver notice to Buyer of its intent and agreement to cure, prior to or at Closing, all of the Objections at Seller's sole cost and expense, with no adjustment to the Purchase Price; or (ii) notify the Buyer of its election not to cure any or all of the Objections. In the event Seller does not expressly (in writing) agree or refuse to cure any or all of the Objections by the date which is three (3) business days after delivery by Buyer of the Initial Objections, Seller shall be deemed to have elected option (ii) above. If Seller fails to respond, or responds and such response does not include an agreement to cure all of the Objections, Page 3 of 17 Attachment number 8 \n G -2 Page 133