Reso 2001-342 - Laserfiche WebLink

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possession more particularly described below in this Paragraph 5.1, Buyer shall obtain a Title Commitment, at Buyer's cost, and shall deliver a copy of the Title Commitment to Seller's attorney within three (3) days of receipt. Within five (5) business days of execution of this Agreement by Seller, Seller shall be obligated to provide to Buyer a copy of the deed in its possession that conveyed title to the subject real property to Seller. 5.2 Marketable Title. Seller shall convey marketable title to the Property, subject to the Permitted Exceptions. Marketable Title shall be determined according to the Title Standards adopted by authority of The Florida Bar and in accordance with law. Buyer shall have ten (10) days from the date of receiving the Title Commitment to examine same. If title is found to have defects which render title unmarketable, Buyer shall notify Seller in writing within such ten-day period of any such title defects which are objectionable to Buyer (the "Title Objections"). Time is of the essence for Buyer to notify Seller of any Title Objections and .Buyer's failure to include any such title defect in such a timely notice shall constitute a waiver by Buyer of its right to object to such defect, which shall thereafter be deemed a Permitted Exception for all purposes hereunder. The Buyer's notice of Title Objections shall include a statement of how the defects should be cured. Seller have until the Closing Date to remove all Title Objections. If any Title Objections are not removed on or prior to the Closing Date, Buyer shall have the option of either accepting title in its existing condition without any reduction of the Purchase Price, or of terminating this Agreement by delivering to Seller a written notice of termination at the Closing. Upon such a termination of this Agreement, neither Buyer nor Seller shall have further rights or obligations hereunder except for those that expressly survive termination of this Agreement except that the Escrow Funds shall be refunded to Buyer under these circumstances, provided that Buyer had timely exercised the Option in the manner required under this Agreement. Seller agrees that if title is found to be unmarketable, Seller will use diligent efforts to correct all Title Objections that are timely objected to by Buyer, within the time provided therefore, and subject to the limitations that Seller shall not be required to bring any action or proceeding or to incur any expense in excess of five percent (5%) of the Purchase Price in the aggregate to cure any such Title Objections. 6. Survev. Within time period set forth in Section 5.1 to obtain a Title Commitment, Buyer may obtain at its expense a survey (the "Survey") of the Property showing all improvements thereon prepared by a land surveyor or engineer registered and licensed in the State of Florida. The Survey shall show the legal description of the Property to be the same as Exhibit "A" attached hereto. The Buyer may require any reasonable revision to the legal description ,but Seller shall not be required to convey any lands other than the legal description of the Property set forth on Exhibit "A" attached hereto. Any objections must be delivered to Seller's attorney within thirty (30) after the Effective Date. Upon such proper and timely notification, all such objections to matters shown on the Survey which render title unmarketable shall be treated as Title Objections in accordance with Section 5.2 hereof. Buyer's failure to include any such matter in such a timely notice shall constitute a waiver by Buyer of its right to object to all matters which an accurate, current survey of the Property would reveal, which shall thereafter be deemed Permitted Exceptions for all purposes hereunder 7. Seller's Representations. Seller hereby represents and warrants to Buyer as of the Effective Date and as of the Closing Date as follows: I-MI/413923,3 8