Reso 1996-016 to 020 - Laserfiche WebLink

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(30) days after receipt of such notice in which (a) to cure same to Shell's satisfaction and furnish a later report showing the defect cured or removed; or (b) if such exceptions, encumbrances, or conditions can be cured solely by payment of additional title insurance premiums, to arrange for satisfaction of same out of Seller's proceeds at closing. In the event Seller is unable or unwilling to cure the unacceptable exceptions, encumbrances or conditions within the aforesaid period, Shell may withdraw from this transaction in accordance wit the provisions of Article 10 hereof. If, at closing, Seller is unable to deliver title to the Premises in the same condition as accepted by Shell in accordance with the terms hereof, then Shell shall elect as its sole remedy for such failure either (a) to waive such defects and accept title to the Premises "as is"; or (b) to withdraw from this transaction in accordance with the provisions of Article 10 hereof. 8. CONDEMNATION. In the event Seller of Shell becomes aware that the premises or any part thereof are or will become the subject of a condemnation proceeding, whether for public or quasi -public use, such parry shall immediately give notice to the other and Escrow Agent of such proceeding. Upon the giving or receipt of such notices, Shell shall have the option, by giving notice to Seller and Escrow Agent within the next thirty (30) days: (a) to permit Seller to negotiate with the condemning authority and receive the condemnation award, in which event Shell shall take title to the remaining remises in accordance with the terms and conditions of this Agreement and the Purchase Price hereunder shall be reduced by the greater of (1) the amount received or receivable by Seller as compensation of that portion of the Premises so taken; or (2) the percentage derived upon divided the square footage of that portion of the Premises being taken by the total square footage of the Premises under option; (b) to take title in accordance with the terms and conditions of this Agreement and negotiate with the condemning authority for the condemnation award and receive the benefits thereof; or (c) to withdraw from this transaction in accordance with the provisions of Article 10 hereof. 9. CLOSING. The escrow shall be conditioned to close after execution of a DDA and when (a) Shell gives notice to Seller and Escrow Agent that the conditions specified in Articles 6 and 7 hereof have been completed to Shell's satisfaction; (b) Seller is prepared to deliver in full possession of the Premises to Shell; and (c) Title Company is prepared to issue and deliver to Shell an owner's title insurance policy in Title Company's Extended Coverage insuring Shell for the full Purchase Price, that title to the Premises is vested in fee simple, subject only to the printed exceptions in such Alta Extended Coverage form, to those exceptions which Shell agrees to accept in accordance with the provisions of Article 7 hereof, and to current property taxes not in default. Taxes and other items of current revenue and expense shall be prorated as of the closing date (such taxes, if not yet assessed, to be deemed equal to those for the last preceding year). Subject to the provisions of Article 6.1 hereof, all risk of loss or damage to the Premises occurring prior to the closing date shall be Seller's. Option Agreement Page 5 of 10