8N Consent 2008 0902 - Laserfiche WebLink

Home

DRAFT 8/20/08 Section 6. -Title Documents. By not later than thirty (30) days prior to close of escrow, Agency shall obtain an updated title report for the Property ("Title Report"). Agency shall approve or disapprove each title exception, as set forth in the Title Report. Agency's failure to approve the Title Report shall be deemed to be a disapproval of the Title Exceptions. If Agency objects or is deemed to have disapproved any Title Exception, Property Owner shall use its best efforts at Property Owner's sole expense to remove from title or otherwise satisfy each such exception no later than fourteen (14) days prior to the close of escrow and in a form that is reasonably satisfactory to Agency. If Property Owner fails to remove or satisfy any Title Exception to the satisfaction of Agency, Agency shall have the option, in its sole discretion, to terminate this Agreement, or to accept title subject to such exception. If Agency elects to terminate this Agreement, the Purchase Price, and all other funds and documents deposited into escrow by or on behalf of Agency shall be returned to Agency, and all rights and obligations hereunder shall terminate. It shall be a condition to the close of escrow that Title Company shall deliver to Agency, within five (5) days after Agency has approved the Preliminary Report pursuant to this Section, and in no event later than seven (7) days prior to the close of escrow, a title commitment for an ALTA Owner's Title Insurance Policy ("Title Policy") to be issued by Title Company in the amount of the Purchase Price for the benefit and protection of Agency, showing title to the Property vested in Agency, subject only to the Permitted Exceptions, including such endorsements as may reasonably be requested by Agency, and committing Title Company to issue the Title Policy to Agency upon the close of escrow. Section 7. Closing Documents and Funds. A. Property Owner: 1. Within twenty-five (25) days following the opening of escrow, Property Owner shall deposit into escrow all of the following: a. A Grant Deed, duly executed and acknowledged, conveying to Agency good and marketable fee simple title to the Property, subject only to the Permitted Exceptions; b. Such additional duly executed instruments and documents as the Escrow Agent may reasonably require to complete the transaction contemplated hereby. B. Agency: 1. Within twenty-five (25) days following the opening of escrow, Agency shall deposit into escrow all of the following: 839228-6 3 PURCHASE AND SALE AGREEMENT 262 DAMS STREET