AG 2003 03 17 - Laserfiche WebLink

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Section 4. Payment of Purchase Price: Buyer shall pay the Purchase Price in accordance with all the terms and conditions of this Agreement. Section 5. Title: Seller agrees to convey fee simple marketable title to the Property by general warranty deed, subject only to the exceptions hereinafter described. Seller represents and warrants that Seller is the fee simple owner of the Property, and at Closing, Seller shall deliver to Buyer good and marketable fee simple title to said Property, fee and clear of all liens, encumbrances and defects of title other than zoning ordinances affecting the Property, utility easements of record serving the Property, taxes not yet due and payable, road right-of-way of record and those other encumbrances, reservations, restrictions and easements and other exceptions set forth on Exhibit C attached hereto ("Permitted Exceptions"). Section 6. Conditions: This Agreement and the rights and obligations of the parties under this Agreement are hereby made expressly conditioned upon fulfillment (or waiver by Buyer) of the following conditions: (a) New Loan: The Buyer must be able to obtain the loan, if any, referenced in Section l(b)(ii). Buyer must be able to obtain a f'n'm commitment for this loan on or before N/A ., effective through the date of closing. Buyer agrees to use its best efforts to secure such commitment and to advise Seller immediately upon receipt of lender's decision. (b) Title Examination: After the date of execution of the 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, as defined in Section l(e). In the event that such title examination shall show that Seller's title is not good, marketable, fee simple and insurable, then the Buyer shall 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 cure said noticed defects. If Seller does not cure the defects of objections within thirty (30) days of notice thereof, the Buyer may terminate this Agreement and receive a return of Deposit (notwithstanding that the Examination Period may have expired). If Buyer is to purchase title insurance, the insurance company must be licensed to do business in the state in which the property is located. Title to the Property must be insurable at regular rates, subject only to standard exceptions and Permitted Exceptions. (c) [INTENTIONALLY OMITTED.] (d) Intended Use: Seller represents and warrants that, to the best of Seller's knowledge, use of the Property for Buyer's intended use will not violate any private restrictions or governmental regulations. If Buyer determines, prior to the Examination Period, that use of the Property for its intended use will violate any such private restrictions or governmental regulations, then Buyer may terminate the Agreement by written notice and receive a return of the Deposit, and neither party shall then have any further obligations in connection with this Agreement. CLT 663911v8 (3 of I0)