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• (g) Sellers represent and warrant to Purchaser that all contractors, sub- <br />contractors, laborers, materialmen or other parties rendering services to improve or benefit the <br />Property upon the order or authorization of the Sellers, Sellers' agent, or Sellers' tenant(s) (other <br />than the Purchaser) have been or will be paid in full by Sellers prior to Closing, and Sellers shall <br />deliver to Purchaser at Closing final lien waivers and/or releases of liens from all such parties. <br />6. Conditions Precedent (Contingencies) to The Obligations of Purchaser to Settle. <br />(a) Title. Title to the Property shall be insurable by a recognized title company of the <br />Purchaser's choice, at standard rates, and without exception other than (i) the standard printed <br />Exclusions from Coverage contained in the Title Binder, (ii) the lien of real property taxes on the <br />Property for the current year not yet due and payable, (iii) such other encumbrances, easements, <br />restrictions and exceptions (including, without limitation, survey matters) acceptable to <br />Purchaser in Purchaser's sole discretion which do not individually or in the aggregate render title <br />unmarketable or adversely affect the use of the Property for Purchaser's intended use(s) <br />(collectively, the "Permitted Exceptions") and (iv) matters to be paid or released by Sellers at <br />Closing. If a title search done by Purchaser or title insurance commitment obtained by Purchaser <br />reveals any title matters not constituting Permitted Exceptions which are not acceptable to <br />Purchaser, Purchaser will promptly notify Sellers of such title objections in writing and thereafter <br />Sellers shall have a period of ten (10) days to notify Purchaser in writing whether or not Sellers <br />elect to cure any such title objections. If Sellers elect to cure the title objections, Sellers shall <br />have a reasonable time to cure such objections, but in no event later than thirty (30) days prior to <br />• the Closing Date (as defined below) or as otherwise may be agreed upon by Sellers and <br />Purchaser. If Sellers elect not to cure the title objections or fails to notify Purchaser within the <br />required ten (10) day period.whether or not Sellers elect to cure such title objections, Purchaser <br />shall have the right within ten (10) days to either: terminate this Agreement (in which event this <br />Agreement shall then be deemed null and void, none of the parties hereto shall then have any <br />further obligation to any other party hereto or to any third party; or to waive the title objections <br />and proceed to Closing as set forth in this Agreement. <br />7. Closing. The closing of the sale of the Property to Purchaser (the "Closing") shall <br />occur on December 8, 2004, or as soon thereafter as practicable (the "Closing Date"). Time is of the <br />essence as to the Closing Date. The Closing shall be at Sellers' attorney's office or another location <br />mutually agreeable to Sellers and Purchaser. At Closing, Sellers shall deliver to Purchaser the <br />following items: <br />(a) Deed. A validly executed General Warranty Deed with English Covenants <br />of Title, in recordable form, conveying marketable fee simple title to the Property, free and clear of <br />all conditions, restrictions, liens, encumbrances, agreements and other title matters except the <br />Permitted Exceptions (the "Deed"); <br />(b) Lien Affidavit. An affidavit (the "Lien Affidavit") executed by Sellers in <br />form and substance acceptable to the Title Company certifying that the Property is free from claims <br />for mechanics' and materialmen's liens, as well as the rights or claims of any parties in possession, <br />• except any such claims or rights arising as a result of Purchaser's occupancy of the Property <br />F1 <br />
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