CCP 06-02-2014 - Laserfiche WebLink

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of record which create any easements or restrictions which are referred to in Schedule B of the Option Commitment. The Owner will be allowed twenty (20) days after receipt of the Option Commitment and the survey referred to in subparagraph (h) below (the "Option Survey ") to make an examination thereof and to make any objections (the "Option Objections "), which Option Objections are to be made by written notice or to be deemed waived. Any matter shown on such Option Commitment or Option Survey and not objected to by the Owner shall be an "Option Permitted Encumbrance" under the terms of this Agreement. The City will have ten (10) days after receipt of any Option Objections to cure the Option Objections. The City shall use reasonable efforts to cure any Option 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 Option Property Closing Date. If the Option Objections are not cured within such ten (10) day period, the Owner will have the option to do any of the following: (i) Terminate the Option by giving written notice to the City, in which event the Option shall become null and void and neither party shall have any further rights or obligations under the Option; or (ii) Elect to accept the title in its existing condition and proceed to the Option Closing. (g) Subject to the terms of this Agreement and receipt of the Option Notice, the City agrees to sell and the Owner agrees to purchase the Option Property (or portion thereof) for the Option Purchase Price. The City shall execute and deliver to the Owner a Redevelopment Option Property Deed in recordable form at the Option Property Closing. All sums shall be paid by wire transfer of funds on the Option Property Closing Date. The conveyance of title to the Option Property (or portion thereof) pursuant to the Redevelopment Option Property Deed shall be subject only to the Option Permitted Encumbrances. The Owner shall promptly record the Redevelopment Option Property Deed. (h) City will deliver to Owner the most recent survey of the Option Property (or portion thereof) in City's possession within thirty (30) days after receipt of the Option Notice (the "Option Survey "). (i) At the Owner's expense, the Owner, and its respective agents are hereby granted the right for a period of sixty (60) days following delivery of the Option Notice to inspect and test the Option Property subject to the below conditions to determine the feasibility of the Option Property for Owner's intended use; and obtain any and all governmental approvals the Owner deems necessary for the development of the Option Property. If the Owner determines not to proceed to the Option Property Closing based on this Section, it must deliver written notice to the City within such time period or this condition will be deemed to have been waived. If such notice is timely provided, this Section 4.4 shall be null and void and any option fee paid shall be forfeited to the City. Pia