|
b. Coolea of Exceotlona. On w betv~le Deadline (§2c), Seller, at Seller's expense, stall ti~h to Buyer,
<br />(I) 9 copy of arty plate, declarauona, covenants, com., ors and restridiaul bwdmlrq the property, and (2) H a title Drowarae
<br />canmitmant la requlrod to be fwntsfad, and H this box is checked pCopies of any Other Documents (w, H Negible,
<br />stsrvnartea of such documents) listed (n the schedule d exceptions (Exeeptiona). Even If the box is rat checked. Setlu shall
<br />have the obligation to famish these documents pwsuant to this subsecUOn H requested M Buyor arty tlme on w before the
<br />Document Request Deadline (§2c). Thla requiramwa shall pertain aNy to documents as steam d record N the office dthe -.
<br />deck and recorder(s). The abstract ar title Insurance commitment, togethw with arty copies w arunmariec d such documents
<br />haNshed pwsuaM to this SacUOn, canstltuta the title documents (TUIe Oacwnenta). -
<br />8. TITLE
<br />a. Title Ravlew. Buyer shall have the right to Inspect the Title Documents. Written ratios by Buyer of
<br />uwnarchantability of tits w of any other unsatiafactwy title condition atavm by the Title Documents ahaU be signed W or on
<br />behalf of Buyer and BIVan to Sallar on w before Title Oh)edion Deadline (§2c), w withn Sve (3) calendar days after receipt by
<br />Buyer d arty TIUe Oocumem(s) w endoraemeM(s) adding new Exception(s) to Ute title commitment together with a copy of the
<br />TIHe Document eddirp new Exception(s) to title. H Seller dcea nd receive evyers notice by the dafe(a) spedged above, Buyer
<br />aboepts the condition d title as disclosed 6y the Title Documents as eatla/actory.
<br />b. Matter not Shown by the Public Reeorda. Soler ahaU deliver to Buyer, an w before OfhRaeord Matters
<br />Deadline (§2c) true copies of ell lease(s) arxl survey(s) In Shcer'a poaseaslon pertaining to the Property and shall diedoae to
<br />Buyer ell easements, Ilene ar other title matters rat shown by the public records of which Sellor has actual knowledge. Buyer
<br />shall have the right to inapad the Property to determine if any third party(ies) has any right In the Property not shown by the -
<br />public records (each as an unrecorded easement, unrecorded lease, or boundary line diawepaney). Written ndice of eny
<br />unsatisfactory contliUOn(a) disclosed by Seller or revealed by such Inspection shall be signed by w on behalf of Buyer and given
<br />to Seller on w before Ott•Record Mattes ObJectlon Deadline (§2c). H Seller does not recehre Buyer's notice by said dale,
<br />Buyer accepts title subject to such rights, If any, d third parties of which Buyer has adual knowledge.
<br />a Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION
<br />INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY ~ ~::
<br />WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL
<br />LEVIES AND IXCESSIVE TAX BURDENS TO SUPP„$)RT.THE SFJiVIGNG OF SUCH DEBT WHERE GRCUMSTANCES ARISE
<br />RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDFJ3TEDNES3 WITHOUT SUCH AN
<br />INCREASE IN MILL LEVIES. BUYER SHOULD INVESTIGATE THE DEBT FINANCING REQUIREMENTS OF THE AUTHOW7Fn
<br />GENERAL OBLIGATION INDEBTEDNESS OF SUCH DISTRICTS, EICISTING MILL LEVIES OF SUCH DISTRICT SERVICING
<br />SUCH INDEBTEDNESS, AND THE POTENTIAL FOR AN INCREASE IN SUCH MILL LEVIES.
<br />N the event the Property Is boated within a special taxing disbict arW Buyer desires to terminate this coshed ea a
<br />result, H Yrtitten nWU Is received by Seller on w hefore Oft-Record Mattes ObJectlon Deadline (§2c), this Conrad ahaU then -
<br />terminata N Seller does not receive Buyer's notice by such date, Buyer accepts tta eHed d the Property's Indusion In such ~ -
<br />apacial taxing disbict(a) ertd waives the right to so terminate.
<br />d. Right to Cura. H Sallar receives notice of unmerchantaDility dtitle wary other unaaUafactary tiUa cwWitlon(s)
<br />or commitment terms ae provided in §8 a or b above, Seller shall use reasonable effort to earrecl said Hams end bear erry
<br />nwnirul expense to correct the same prior to Goaing. H such unsatsfectory tHle condition(s) are rxA corrected on w before
<br />Casing, this contract shall then twminate; provided, however, Buyer may, by written ndice received by Sallw, on w hefwe
<br />dosing, waive objection to such Ilema.
<br />a. Title Advisory. The Title Documents affect the title, ownaraMD eM use d the Property end should be reviowed
<br />carefully. Addlllonatly, other mettan not reUecled In the Title Documents may aNed the title, ownership and use d the Property,
<br />Inducting without IlmitaUOn hourxtary lines and ancroactunants, area, zailrq, uwecwded eacemeMS and claims d casements,
<br />leases and dher unrecorded agreements, ant varbua laws and governmenW regblationa caaerning land use, development and
<br />envirorunenlal matters. The surtace estate may be owned separately from the underlying mineral estate, and transfw d the
<br />awface estate does rat necessarily Include transfer of the mineral rights. TMrd parties may Iald IntwesG In dl, gas, olhw
<br />minerals, gedhwmal energy w water on w ardor the Property, which Interests may give them rights to antes and use the
<br />Property. Such matters may be excluded Irom the title Insurance policy. Sayer Is adNsed to timely eonsWl legal counsel with
<br />reaped to all such mailers as there ors suict time limits provided In this conuad (e.p., Title ObJectlon Deadline [§2c] and
<br />Otf-Raeord Mattan Objection Deadline [§2c]).
<br />9. LEAD BASED PAINT. Unless exempt, If the Improvements on the Property Ufelude one w more resldeMlal dweUing(a)
<br />tw which a building permit was issued prior to January 1, 5973, ails contract shall be void udeaa a completed Lead-Raced Paint
<br />Gsdoswe (Sales) Iwm Is signed by Sailor and the required real estate Iicenaee(a), vddch must occur prla to U» parties signing
<br />flila contract.
<br />13. PROPERTY DISCLOSURE AND INSPECTION. On w hefwe SelleYS Property Diaelosuro Deadline (§2e), Seller
<br />agrees to provide Buyer with a written diaeloaure of advuae matters regarding the Property eomdded by Seller to the best d
<br />Sailor's current actual knowledge.
<br />a. Inaoection Obledion Deadline. Buyer shall have the right to have Inspedion(a) d the physical conditlan d the
<br />Property and Indusiwu, at Buyer's expense. H the physical condition of the Property w baluaions is unsatisfactory nt Buyer's ...
<br />subjective discretion, Buyer shall, on w before Inspactlon ObJactfon Deadline (§2e):
<br />(1) notify Seller In writing that Wa coNrad la terminated, w
<br />(2) provide Seiler with a written description of am/ unsatisfactory physical condition wbleh Buyer requires
<br />Seller to correct (Notice to Correct).
<br />If written notice la not received by Seller on or hefwe Inspection Objection Deadline (§2c), the phyaicel cwxHUon of
<br />the Property and Ineluaiona strait be deemed to he satlafaclory to Buyer.
<br />b. Resolution Deadline. H a Notice to Correct is received by Seller erW H Buyer arM Seliar have nd agreed In
<br />writing to a aettiemeM thereof on w before Resolution Deadline (§2c), this contract shall terminate one calendar day following
<br />the Resolution Deadline, unless hefwe ouch termination Seller receives Buyer's mitten withdrawal of the Notice to Correct. -
<br />a Damade: Llena: Indamnlty. Blryer Is responsible for Payment for all kwpeclione, surveys, atgineering reports
<br />or for any other work pertwmed at Buyer's request era shall pay for arty damage which ocewa to the Property era Indusbns ea
<br />a result of such act)viUes. Buyer ehaN nd permit ctarms w liens of arty kind against the Property for Inapec3orre, surveys,
<br />engineering reports end for any other work pertormotl on the Property at Buyer's request. Sayer agrees to IrxlwnNry, prded
<br />and holtl Seller harmless from and against any liabllily, damage, cost w expense Incwretl b)' Seller In eonnedlon with wry such
<br />insPecUOn, Balm, or lien. This Indemnity iraludea Seller's right to rocover all caste and expenses Incorrect try Seller to enforce
<br />this auDsectlon, Inclutling Sellw'e reasonable attorney fees. Tha provlalons of this aubsedion shall eurNve the lerminatlon of
<br />this contract.
<br />11. CLOSING. Delivery of deed(s) from Seller fo Buyer shall be et Cioa(ng (GOSing). Clwing shall be on the dale npecmed
<br />as the Closing Data (§2c) or by mutual agreement at an earlier data. Tha how and place of Goaing shall be ea designated by
<br />Sae Add_entlum Pa~raph x.
<br />72. TRANSFER OF 7171E~Subject tto (ender~or payment at Closing as required here(a and compliance by Buyer with the
<br />other terms and provisions hereof, Sallar shall execute and deliver a gootl and suf3clent __ganaral warranry dead
<br />to Buyer, et Cloalrg, corneying the Property free eM clear of all taxes except lha general taxes lw the year of Goslrg. Except
<br />as provided herein, title shall be conveyed tree end clear of all liens, including any governmental Ilona for speefal Improvements
<br />installed as of the date of euyer'e signature hereon, whether assessed a not. Ttle shall be conveyed subject to:
<br />a. those specific Exeeptlons described 6y reference to recorded documents es retleded In the Title Documents
<br />accepted by Buyer in accordarae with §Sa (Title ReviewJ,
<br />b. distribution utility easemenW,
<br />c. those specifically described rights of ihirtl parties not aiwtmt by the public recor~a pf which Buyer lug actual
<br />rlYrarwlwap FORRYTar(OlNnsaAwq aairNOD ear'MlUyf,~~ aria lnnuyr. nr. Pe0a3d5
<br />n~,rwa.+rnn... e.,.,, a x.. n.....
<br />
|