Reso 2014-2276 - Laserfiche WebLink

Home Browse Search

law ( "Proposed improvements"), and (ii) hard copies of all exceptions to title set forth in the Commitment (collectively. the "Title Evidence "). Purchaser may select its own title agent. (b) Purchaser shall have the right, at its option; at Purchaser's sole cost and expense, to obtain an up to date survey of the Realty (certified to a date after the Effective Date) prepared in accordance with the minimum technical standards imposed by the Florida Board of Land Surveyors and signed under seal, which survey shall be certified to Purchaser and the Title Company ( "Survey "). If obtained by Purchaser. the Survey shall be considered as a part of the Title Evidence for purposes of this Paragraph 4. (c) Purchaser shall review the Title Evidence and shall. within thirty (30) days following receipt of the Title Evidence. notify Seller in writing ( "Title Objection Notice ") of any matters in the Title Evidence adversely affecting the marketability (as determined by the standards adopted by the Florida Bar) of title to the Realty or affecting the ability of Purchaser to utilize the Property and develop the Proposed Improvements thereon ( "Title Defects "). Upon receipt of the Title Objection Notice. Seller shall use its good faith efforts to cure such Title Defects. In the event that Seller is unable to cure the Title Defects within thirty (30) days of the Title Objection Notice ( "Title Cure Period ") after good faith efforts to do so. Seller shall notify Purchaser in writing as to which Title Defects remain uncured on or before the end of the Title Cure Period and Purchaser, at Purchaser's option_ may: (i) elect in writing to accept title to the Properly subject to the Title Defects without any adjustment to the Purchase Price (in which event the remaining Title Defects shall be deemed Acceptable Exceptions); (ii) terminate this Agreement by written notice thereof to Seller, whereupon this Agreement shall be terminated. the Deposit shall be returned to Purchaser and both parties shalt thereafter be released from all further obligations hereunder (except matters stated herein to specifically survive termination of this Agreement); or (iii) elect to extend the Title Cure Period for an additional 15 days (not to exceed forty -five (45) days), and if upon the expiration of such period Seller shall not have cured the Title Defects. Purchaser shall have the options set forth in (i) or (ii) above. During the period described in (iii) above. Purchaser shall have the right. at its sole election, to attempt to cure the Title Defects at it sole expense. The Closing Date shall be extended to the extent necessary to permit Seller the opportunity to cure any Title Defects. At Closing. Seller shall provide Purchaser with a gap affidavit in form reasonably acceptable to the Title Company to permit the Title Company to insure against adverse matters first appearing in the Public Records on a date subsequent to the effective date of the Commitment and prior to the recording of the "Deed" (as hereinafter defined) required by the terms of this Agreement as permitted and in accordance with the requirements of Section 627.7841. Florida Statutes. Seller agrees that it will not take am' action after the Effective Date of this Agreement which shall adversely affect the status of title to the Property. Seller shall satisfy any encumbrances or liens at the time of closing. 5. Inspections and Inspection Period. Seller and Purchaser hereby acknowledge that as of the date of the execution of this Agreement. Purchaser has not yet had an opportunity to complete its required due diligence and to fully review and evaluate this transaction. If on or before 6:00 p.m. on a date which is sixty (60) days from the Effective Date hereof ( "Inspection Completion Date "), Purchaser determines. in its sole and absolute discretion. that Purchaser does not desire to purchase the Property. then Purchaser shall have the right to give written notice to Seller electing to terminate this Agreement, provided such notice is delivered to Seller prior to 6:00 p.m. on the Inspection Completion Date ( "Notice of Termination "). In the event such SIS