AG 2004 08 16 - Laserfiche WebLink

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(b) Qualification for Financing: Should Buyer fail to qualify, Buyer shall notify Seller in writing immediately upon lender's decision, whereupon this Agreement shall terminate, and Buyer shall receive a return of Earnest Money, provided Seller is notified in writing on or before August 15, 2004. (c) Title Examination: After the date of execution of this Agreement by Seller, Buyer shall, at Buyer's expense, cause a title examination to be made of the Property before the end of the Examination Period. In the event that such title examination shall show that Seller's title is not good, marketable, fee simple and reasonably insurable, then the Buyer shall immediately notify the Seller in writing of all such title defects and exceptions, as of the date Buyer learns of the title defects, and Seller shall have thirty {30) days to elect to cure said noticed defects. If Seller elects not to cure the defects or objections within thirty (30) days of notice thereof, the Buyer or the Seller may terminate this Agreement and the Buyer may then receive a return of Earnest Money (notwithstanding that the Examination Period may have expired). If Buyer elects to purchase title insurance, the insuring company must be licensed to do business in the state of North Carolina. Title to the Property must be insurable at regular rates, subject only to standard exceptions and Permitted Exceptions set forth herein. (d) Intended Use: Buyer represents and warrants that it is purchasing the Property solely for the stated Intended Use and represents and warrants to the Seller that it will reasonably conform the style and construction of any building on the Property to the style and construction (including without limitation, all brick construction) on existing buildings on surrounding land currently owned by the Seller. (e) Same Condition: If, on the date of Closing, the Property is not in substantially the same condition as of the date of this contract, reasonable wear and tear excepted, and such change in condition is not attributable to any actions on the part of Buyer or its representatives, then the Buyer may terminate the Agreement and receive a return of the Earnest Money. (f) Inspections: Following acceptance by both parties of this offer, Buyer, its agents or representatives, at Buyer's expense and at reasonable times during normal business hours, shall have the right to enter upon the Property for the purpose of inspecting, examining, performing soil boring and other testing and surveying the Property. Buyer shall also have a right to review and inspect all leases, contracts or other agreements affecting or related directly to the Property and shall, during the Examination Period, be entitled to reasonably review books and records of Seller, if any, as they relate directly to the operation and maintenance of the Property. Buyer assumes all responsibility for the acts of itself, its agents or representatives in exercising its rights under this paragraph and agrees to indemnify and hold Seller harmless from any damages, costs or expenses (including attorney and other legal fees and expenses) arising out of or attributable to acts or omissions of Buyer, its agents or representatives. Buyer shall have from the date of acceptance through the end of the Examination Period to perform the above inspections, examinations and testing to determine if the Property is suitable for the Intended Use. If, prior to the expiration of the Examination Period, Buyer determines that the Property is unsuitable for its Intended Use, in Buyer's sole discretion, and provides written notice to Seller thereof prior to the end of the Examination Period, then this Agreement shall terminate, and Buyer shall receive a return of the Earnest Money and the parties hereto shall have no further obligations hereunder, except for Buyer's indemnities set forth in this paragraph, which shall survive termination of this contract.