GENERAL36287 - Laserfiche WebLink

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bank cashier's check or certified check and Buyer shall deliver to Seller the payment set forth in Paragraph 2 above, in cash (via wire transfer of immediately available funds), a bank cashier's check or certified check. At closing, and upon receipt of payment of the Purchase Price, Seller will deliver to Buyer, with all necessary signatures and acknowledgements; (a) a trustee's deed conveying title to the Real Property in an AS IS, WHERE IS condition, without representation or warranty of any kind, to the extent owned by Debtor and subject to all covenants, rights-of-way, easements and restrictions of record, all items shown as exceptions in the Commitment (hereinafter defined), and all parties in possession of the Real Property or any portion thereof, however such possession has arisen; and (b) a quitclaim deed or assignment conveying the right, title and interest of Debtor in and to the Water Rights, if any, in an AS IS, WHERE IS condition, without representation or warranty of any kind, to the extent owned by Debtor. 7. Title Commitment. On or before 199_, Seller, at its sole cost and expense and payable at Closing, shall deliver to Buyer an ALTA Commitment for Title Insurance Policy ("Commitment") showing Debtor as owner of the Real Property and listing the buyer to be designated as a result of the competitive bid process as the proposed insured, in the amount not to exceed the eventual Purchase Price. Buyer must, within ten (10) days of receipt of the Commitment, notify Seller in writing of any defects effecting Seller's merchantability of title. If Buyer fails to give such notice or only notifies Seller of certain defects within the applicable time period, the Buyer shall be deemed to have waived all defects to which it did not object. With respect to all defects set forth in a notice given in the applicable time frame, Seller shall either cure, obtain an Order of the U. S. Bankruptcy Court concerning or obtain title insurance against such defects on or before the Closing Date. If Seller is unable to cure, obtain an Order of the U. S. Bankruptcy Court concerning or obtain insurance against such items by the Closing Date, Seller shall have a reasonable time not to exceed thirty (30) days after the Closing Date to cure, obtain an Order of the U. S. Bankruptcy Court concerning or obtain insurance against such defects. If Seller cannot cure, obtain an Order of the U. S. Bankruptcy Court concerning or obtain insurance against such defects within such time period, Buyer may, in its discretion, either declare this Agreement null and void (in which case Buyer shall be entitled to return of the Earnest Money) or proceed to closing, in which case, Buyer shall be deemed to have waived such defect. On or after the Closing Date, Seller shall cause to be issued to the court-approved Buyer a Standard Coverage Owner's Policy of Title Insurance consistent with the terms of the Commitment in an amount equal to the eventual Purchase Price. 8. Inspection. Buyer can inspect the Real Property upon reasonable notice to Seller or RE/MAX. D:~FlIESITALLN.IMPEC5H5~L •Gf - 3 -