Laserfiche WebLink
1 <br /> instruments listed as exceptions in the commitment. Buyer shall notify Seller, by written <br /> notice, what exceptions to title, if any, are disapproved by Buyer ("Disapproved <br /> Exceptions") within ten (10) days after receipt of the commitment or supplement, as <br /> applicable. Seller will have five (5) days after receipt of Buyer's notice to give Buyer <br /> notice that Seller will remove Disapproved Exceptions or Seller elects not to remove <br /> Disapproved Exceptions. If Seller fails to give Buyer notice before the expiration of the <br /> five (5) day period, Seller will be deemed to have elected not to remove Disapproved <br /> Exceptions. <br /> Buyer shall not be required to object to and Seller hereby agrees to remove any <br /> exceptions to title arising out of financial or monetary encumbrances such as liens, <br /> judgments, mortgages and past due taxes and assessments. <br /> Seller shall remove from title on or before the closing date all monetary encumbrances <br /> other than those approved by Buyer. <br /> If Seller elects not to remove any nonmonetary Disapproved Exceptions, Buyer may <br /> elect to either proceed with the purchase of the Property subject to those exceptions or <br /> to terminate this Agreement. If Seller gives notice .that it will cause one or more <br /> nonmonetary exceptions to be removed but fails to remove them from title on or before <br /> the Closing Date, or fails to remove from title any monetary encumbrance on or before <br /> the Closing Date, Buyer will have the right to either elect to terminate this Agreement or <br /> proceed with the purchase, with an abatement of the Purchase Price equal to the actual <br /> cost of removing from title those exceptions not approved by Buyer and to take the <br /> Property subject to these exceptions. <br /> If Buyer elects to terminate this Agreement under this subsection, the escrow will be <br /> . terminated, the Deposit shall be returned immediately to Buyer, all documents and other <br /> funds will be returned to the party who deposited them, and (if this Agreement or a <br /> memorandum hereof was recorded) a notice of termination shall be recorded, after <br /> which all rights and obligations of Seller and Buyer under this Agreement shall terminate <br /> and be of no further force or effect. <br /> Buyer shall not be required to close if any exception objected to by Buyer is not <br /> removed by the closing date; provided, however, that Buyer may elect to waive any <br /> such exceptions and close on the remaining terms. <br /> Seller shall provide to Buyer and Title Company, any survey of the Property in Seller's <br /> possession or control. The Buyer shall pay all expenses related to obtaining a title <br /> insurance policy for the Property. If a new survey is required to enable the Title <br /> Company to issue an extended coverage policy, the Buyer, may choose to obtain an <br /> extended coverage policy, and obtain such survey at its expense. <br /> 7. Conditions to Closing. <br /> 7.1 Buyer's contingencies. <br /> 5 <br /> /, 2-A 3 // <br />