2002_Ordinances - Laserfiche WebLink

Home Browse Search

(A) Seller shall convey the Property at Closing in fee simple by special warranty • deed in the form of tenancy chosen by Purchaser. The Purchaser's obligations under this Contract are expressly contingent upon Purchaser's receipt of the results, satisfactory to it in its sole discretion, of a title examination to be performed by Purchaser at its own expense prior to Closing, and receipt of a title insurance commitment ("Commitment") issued by a company satisfactory to Purchaser, to insure title to the Property, including matters of survey, in Purchaser's name in the amount of the Purchase Price, and conditioned only upon recordation of the Deed, receipt of a satisfactory Lien Affidavit, and subject only to those easements, restrictions, covenants and/or conditions of record which will not, in the sole opinion of Purchaser, materially and adversely affect Purchaser's use of the Property for its purposes. (B) If the results of the title examination or survey are not satisfactory to Purchaser, Purchaser shall notify Seller of the conditions adversely affecting title or Purchaser's use of the Property and request that Seller remedy the same. If Seller, in its sole discretion, declines to remedy the conditions adversely affecting title, Purchaser shall have the right to terminate this Contract, receive a refund of its Deposit and decline to purchase the Property without further obligation to Seller. If Seller agrees to take such action as is necessary to cure the defects in title, the parties may agree to extend the date of closing, if necessary for a period not to exceed 60 days. • IV. Purchaser's Rights and Obligations (A) Purchaser and its agents, architects, inspectors and engineers may enter upon the Property for the purpose of conducting physical inspections, test borings, soil samplings and other assessment measures to determine the subsurface condition of the Property. If, within the first forty-five (45) calendar days after the execution of this Contract by both parties (the "Inspection Period"), Purchaser determines in its sole discretion that development of the Property is not feasible due to environmental conditions on the site, Purchaser may terminate this Contract, receive a refund of its Deposit and decline to purchase the Property without further obligation to Seller. (B) It is the intent of both parties that Purchaser will construct six townhouses on the Property for owner -occupancy. Prior to closing Purchaser will diligently pursue and obtain all necessary permits and approvals from the City of Charlottesville required for a townhouse development, including final site plan approval and, if necessary, final subdivision approval from the City of Charlottesville Planning Commission, and a rezoning of the property by duly enacted ordinance of the Charlottesville City Council. Purchaser shall submit with its application for rezoning drawings or graphic depictions of proposed building elevations, and a description of materials and colors to be used in the construction, all of which shall be subject to review and approval by the Charlottesville City Council. 0