Reso 2015-2405 - Laserfiche WebLink

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Defects. In the event that Seller is unable to cure the Title Defects within fifteen (15) days of the Title Objection Notice ("Title Cure Period") after good faith efforts to do so, Seller shall notify Buyer in writing as to which Title Defects remain uncured on or before the end of the Title Cure Period and Buyer, at Buyer' option, may: (i) elect to accept title to the Property 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, and both parties shall thereafter be released from all further obligations hereunder; 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, Buyer shall have the options set forth in (i) or (ii) above. During the period described in (iii)above, Buyer shall have the right, at their sole election, to attempt to cure the Title Defects at their 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 Buyer 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 any action after the Effective Date of this Agreement which shall adversely affect the status of title to the Property. Seller shall be required to cure any Title Defects and Seller shall satisfy any encumbrances or liens at time of closing. 10. Leasehold Interests. An Estoppel letter from the tenant or person in possession of the Property shall be furnished to the Buyer by Seller prior to the Closing. The Estoppel letter shall specify the nature and duration of the tenancy or occupancy. The Buyer shall accept an assignment of the lease between the Seller and the existing tenant provided that Seller pays to Buyer the lease termination fees owed to the tenant, which fees are in the amount of Forty One Thousand Two Hundred Fifty Dollars ($41,250.00). 6 of 14 112371632.2 0 9