Reso 1996-166 to 170 - Laserfiche WebLink

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days after the receipt of Developer's objections to give Developer notice that either: (i) Agency shall remove any objectionable exceptions from title prior to close of escrow, and Agency shall promptly provide evidence satisfactory to Developer and to the Title Company of Agency's ability to so remove such exceptions; or (ii) Agency elects not to cause such exceptions to be removed. If Agency gives Developer notice under clause (ii), then Developer shall have ten (10) days to either waive such objections, in which event this Agreement shall continue in full force and effect, or terminate this Agreement by notice delivered to Agency within ten (10) days, failing which Developer shall be deemed to have waived such objections. (d) Within fourteen (14) days after Developer has approved the Title Report pursuant to this Section, or fourteen (14) days after Agency has given satisfactory evidence of its ability to remove objectionable exceptions, and in no event later than ten (10) days prior to close of escrow, escrow agent shall deliver or cause to be delivered to Developer a title commitment (the "Title Commitment") for an ALTA Owner's extended coverage policy of title insurance, Form CLTA (the "Title Policy"), issued by the Title Company in the amount of the Purchase Price and showing the status of the title of the Property and all exceptions, as such title and exceptions will appear upon close of escrow, including encumbrances, liens, adverse claims, easements, restrictions, rights -of -way, covenants, reservations and all other conditions, if any, affecting the Property which would appear in the Title Policy, and committing the Title Company to issue such a Title Policy to Developer upon satisfaction of expressed conditions. Developer shall have ten (10) days from receipt of the Title Commitment in which to approve such conditions. Article Three: DISPOSITION OF PROPERTY 3.01 Sale and Purchase. The Agency shall sell to Developer, and the Developer shall purchase from the Agency, the Property pursuant to the terms, covenants, and conditions of this Agreement. 3.02 Purchase Price. The Purchase Price for the Property shall be: the Agency's actual purchase price, which includes, but is not limited to, the value of the land and improvements thereon; plus hazardous materials testing, remediation, compliance costs; and related Disposition and Development Page 8 of 39 Agreement (Automall) 10/2/96