Reso 2007-1120 - Laserfiche WebLink

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Information for the purpose of evaluating the potential purchase of the Property by Buyer. Buyer agrces that the Confidential Information will be used solely for the purpose of evaluating the potential purchase of the Property by Buyer. In the event that this Agreement shall be terminated for any reason, Buyer shall provide to Seller copies of all rcports and studies (including, without limitation, all environmental assessments) prepared by, for or on behalf of Buyer with respect to the Property. Buyer hereby agrees to indemnify and hold Seller and its personal representatives harmless from and against any and all reasonable costs, expcnses, liabilities and damages, including, without limitation, reasonable attorneys' fees and disbursements at thc trial level and on onc or morc appeals, incurred by reason of any breach by Buyer of any of its agreements contained in this Section 4.6. 5. Evidence of Titlc. 5.1 Deliverv of Title Commitment. Within thirty (30) calendar days of the Effective Date, and subsequent to receipt of a copy of the prior deed to the Property in Seller's possession more particularly described below in this Paragraph, 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, SelicI' shall be obligated to provide to Buyer a copy of the deed in its possession that conveyed title to the subject real propcrty to Seller. 5.2 Marketablc Title. Seller shall convey marketable title to the Property, subject to the Permitted Exceptions. Marketable Title shall be dctennined according to the Title Standards adopted by authority of The Florida Bar and in accordance with law. Buyer shall have fifteen (15) 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 SelicI' in writing within such fifteen-day period of any such title defects which are objectionable to Buyer (the "Title Objections"). Time is of thc 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 dcfect, which shall thcreafter be deemcd 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 has until the Closing Date to lemove all Title Objections. If any Title Objections arc not removed on or prior to the Closing Datc, Buyer shall have the option of either accepting title in its existing condition without any rcduction of the Purchase Price, or of terminating this Agrcement by delivering to Seller a written notice of termination at the Closing, Upon such a termination of this Agreement, neither Buyer nor Scllcr shall have further rights or obligations hereunder exccpt for those that cxpressly survive termination of this Agrcement except that thc Escrow Funds shall be refunded to Buyer under these circumstances, provided that Buyer had timely=exercised the Option in the manner requircd under this Agreement. 6. Survey. Within time period set forth in Section 5.1 to obtain a Title Commitmcnt, Buycr may obtain at its expense a survey (the "Survcy") of the Property showing all improvements thereon prepared by a land surveyor or enginecr registcred and liccnsed in thc 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 dcscription but Seller shall not bc required to convcy any lands other than the legal description of Eric Fcder 7