R2019-25 Resolution Authorizing Real Estate Contract For Property Located in the 2000 Block of South Imboden Court

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such reparts or surveys and rendering the title unmarketable. In the event of such notice, the conveyance to Buyer shall be delayed pending Sellers efforts to resolve the same. In event Seller is unable or unwilling to cure such defects within a reasonable time after notice thereof, Buyer or Seller may elect to cancel and terminate this Contract and the rights and obligations of the parties hereunder; and in such event, Seller shall refund to Buyer all sums paid hereunder if Buyer shall so elect. Failure to notify Seller of any objectionable title defect as above said shall constitute a waiver thereof. Title may be subject only to the following exceptions: (i) Easements, restrictions and reservations of record on the date hereof; (ii)Building and use restrictions; (iii) Special assessments levied for local improvements; (iv)Zoning regulations and ordinances affecting the Property; and, (v)The lien of current general real estate taxes. (b) Buyer shall have Sixty (60) day Due Diligence period from the date of this Agreement to approve the following matters at his sole and absolute discretion: (i) Matters of Title, whereby Buyer shall be responsible to obtain any title reports or title commitments as desired. Seller agrees to provide the current policy of title insurance, if any,to Buyer immediately upon execution of this Agreement. (ii) Matters of Survey whereby Buyer shall be responsible to perform any surveys for encroachments, boundary lines, or other matters. Seller warrants and represents it is not aware of any boundary disputes, lot line infringements, or encroachments. (iii) Insurability of the Property and improvements thereon including review of Seller's current insurance policies, which Seller agrees to provide to Buyer immediately upon execution of this Agreement. (iv) All Tenant Leases that affect the Property, if any, which Seller agrees 302944379 v2 4