2013-024A - Laserfiche WebLink

Home Browse Search

(Florida version) marketable title insurance policy (the " Commitment" ) , in the amount of the Purchase Price issued by Bridge Trust Title Group agreeing to issue to Buyer, upon the recording of the Deed heretofore mentioned, a title insurance policy, insuring Buyer's title to the Property subject only to the Permitted Exceptions, as hereinafter defined . Along with the Commitment, Seller shall deliver to Buyer copies of each document or instrument mentioned in Schedule B-2 of the Commitment. b . Title Defects. If Schedule B -2 of the Commitment contains any exception or defect which renders title to the Property unmarketable, the Buyer shall deliver to Seller written notice of Buyer's objections within five (5 ) days of the receipt of the Commitment (the "Title Review Period") . Such written notice shall specifically set forth the nature of Buyer's objections to title . In the event that Buyer shall fail to object to any matter set forth in the Commitment within the Title Review Period, such matter shall be deemed to be a " Permitted Exception" . The Seller shall have thirty (30) days after receipt of such notice or until the Closing Date, whichever date first occurs (the " Cure Period "), to either (i) cure or remove such defects and furnish to the Buyer appropriate evidence that same have been cured or removed ; or (ii) notify Buyer in writing that Seller is unable or unwilling to correct or remove such defect. By mutual written agreement, the parties may agree to extend the Cure Period . If such defects are cured or removed within the Cure Period, the sale and purchase shall be closed on the later of: ten ( 10) days after delivery to the Buyer of evidence that said defects have been cured or removed ; or the Closing Date set forth herein. If the Seller fails or is unable or unwilling to cure said defects within the Cure Period provided above, the Buyer shall have the option, to be exercised in its sole discretion : to complete the purchase and accept title to the Property subject to such defects within : ten ( 10) days after receipt of written notice from the Seller that Seller is unable or unwilling to cure or remove such defects ; or Buyer shall notify the Seller in writing within the said ten ( 10) day period that it elects to terminate this Agreement and not complete the purchase, in which event the Buyer shall be entitled to an immediate refund by the Escrow Agent of the Deposit plus accrued interest thereon, if any, whereupon all rights and liabilities of the parties hereto to each other shall end. Upon such termination, Buyer shall return to the Seller the Commitment, all title papers , and Buyer's copies of this Agreement. c . Standard Exceptions . Standard printed exceptions relating to parties in possession, and construction liens shall be deleted at closing upon delivery to the Title Company by Seller of an owner's affidavit meeting the requirements of Florida Law and in form acceptable to the Title Company (provided that if the Property is occupied by tenants under written or oral leases, the exception relating to parties in possession shall be deleted except for such tenants) . Standard exceptions relating to boundary encroachments and similar matters and unrecorded easements and related rights shall be deleted upon delivery to the Title Company prior to the Closing Date of the current Survey as defined in Paragraph 6 below (with reasonable exceptions for the matters shown thereon) . Standard exceptions relating to filled lands or sovereign rights shall only be removed upon delivery to the Title Company of a Survey together with such other documentation as may be required by the Title Company, evidencing that such exceptions are not relevant to the Property. The Seller shall only be responsible for delivery of the owner' s affidavit described above . Except with respect to the Owner' s Affidavit mentioned above , Buyer shall be responsible for delivery of the Survey and other evidence described above . SLK_SAR: # 191001v2 6