CCP 06-02-2014 - Laserfiche WebLink

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The Owner will be allowed twenty (20) days after receipt of the Commitment and the survey referred to in subparagraph (c) below (the "Survey") to make an examination thereof and to make any objections (the "Objections "), which Objections are to be made by written notice or to be deemed waived. Any matter shown on such Commitment or Survey Title and not objected to by the Owner shall be a "Permitted Encumbrance" under the terms of this Agreement The City will have ten (10) days after receipt of any Objections to cure the Objections. To the extent an Objection is a mortgage lien, mechanic's lien or other monetary lien, then such lien shall be satisfied by the City on or prior to the Closing Date. If the Objections are not cured within such ten (10) day period, the Owner will have the option to do any of the following: (i) Terminate this Agreement by giving written notice to the City, in which event all earnest money paid by the Owner shall be returned to the Owner and this Agreement shall become null and void and neither party shall have any further rights or obligations hereunder; or (ii) If (a) the Owner determines, in Owner's reasonabl %discretion,- - that - -------------- - - - - -- the Objections can be resolved by that certain Registration Proceeding dated , 2014; Court File No. (the "Registration Proceeding "), (b) the Title Company provides to the Owner, on the Closing Date, such title policies, endorsements and other title assurances as may be required in the Owner's sole discretion, (c) the City provides to the Owner a Closing Agreement that commits the City, at its sole cost and expense, to complete the Registration Proceeding establishing marketable title to the Redevelopment Property in Owner, subject only to the Permitted Encumbrances (the "Closing Agreement "), then the Owner shall proceed to Closing, subject to the terms and conditions of this Agreement. (b) Purchase Price and Closing. Subject to the terms of this Agreement, the City agrees to sell and the Owner agrees to purchase the Redevelopment Property for the Purchase Price. The City shall execute and deliver to the Owner a Redevelopment Property Deed in recordable form at Closing. Earnest money of Fifty Thousand and No /100 Dollars ($50,000.00) shall be payable by the Owner in cash or by wire transfer on the date of execution of this Agreement, the balance of the Purchase Price shall be paid by cash or wire transfer on the Closing Date. The conveyance of title to the Redevelopment Property pursuant to the Redevelopment Property Deed shall be subject only to the Permitted Encumbrances. The Owner shall promptly record the Redevelopment Property Deed. (c) Survey Review. City has delivered to Owner and Redeveloper the most recent survey of the Redevelopment Property in City's possession. Owner or Redeveloper may, at its or their expense, obtain an updated or new survey of the Property. (d) Inspection. At the Owner's expense, the Owner and its agents (including, without limitation, Redeveloper) are hereby granted the right any time prior to the Closing Date to inspect and test the Redevelopment Property and the Option Property subject to the below conditions, review and examine the Redevelopment Property and the Option Property to determine the feasibility of the Redevelopment Property and the Option Property for Owner's intended use; and 13 Deleted:. Permitted Encumbrance shall include only those encumbrances described in Exhibit C -1. Deleted: sole