AG 2000 07 24 - Laserfiche WebLink

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identified by the survey referre~t to in Paragraph 3 herein. The Pumhase Price is to be paid as follows: Pumhaser's check in the amount of $71,250.00 (the "Deposit") shall be deposited in escrow with The Clerk to the Board of Commissioners of Cabarrus County (the "Escrow Agent"). The Deposit shall be returned to Purchaser unless the Purchaser elects in writing 180 days from Purchaser's receipt of a fully executed copy of this Contract to proceed with Purchaser's purchase of the Property, in which case the Deposit shall become non-refundable to the Purchaser, but shall remain applicable to the Purchase Price. bo At Closing (as hereinafter defined), Purchaser shall deliver the Deposit and a cashier's check or a bank wire in the amount of $1,353,750.00 (plus or minus closing prorations or adjustments to the Purchase Price as a result of the survey of the Property an,d interest earned on the Deposit). Seller, within twenty (20) days of the execution of this Agreement shall provide Purchaser with an existing survey of the Property, if available (the "Survey"). The Survey shall show the location of all easements and other encumbrances affecting the Property. Seller shall, within twenty (20) days of the execution of this Contract, provide to Purchaser copies of(i) a tax search for the Property, (ii) legible recorded copies of ali encumbrances for the Property, and (iii) copies of all title material (e.g., existing title insurance reports and policies) which relate to the Property (collectively the "Title Documents"). If within twenty (20) days of the later of(a) Purchaser's receipt of the commitment and all Title Documents or (b) Purchaser's exercise of the Contract Purchaser shall raise written objection to Seller's title which, if valid, would render the title unmarketable, either party shall have the right to cancel this Contract by giving written notice of such cancellation to the other party and Purchaser's deposit shall be refunded, whereupon all liability by reason of this Contract shall cease; provided however, if Seller shall be able to cure the objection prior to the date set for closing herein or if either party secures a commitment for title insurance at standard rates in a face amount equal to the purchase price to insure indefeasibility of title against the objections raised, or title insurance acceptable to Purchaser, Seller shall pay the cost thereof (excluding the cost of any mortgage policy), and in such event this Contract shall remain and continue in full force and effect. If Purchaser finds valid objections to Seller's title which make it uninsurable, Purchaser shall have the right to cancel this Contract on written notice to Seller within twenty (20) days of receipt of the Commitment, in which event the Deposit shall be promptly returned to Purchaser. This Contract is also contingent upon the Purchaser, by September 30, 2000 (the "Contingency Period"), satis~inglld.- itself that (a) the Property is physically and