2009-034-ORD REZONE 2800 BLOCK OF PINE MILL RD

Home Browse Search

Article 2 — Purchase Price The total purchase price for the Property (herein the "Purchase Price's shall be the sum of $762,300.00, payable as follows: 2.1 Cash at Closing. On the Closing Date, Buyer shall pay to Seller the Purchase Price in cash or other immediately available funds, subject to the prorations and adjustments set forth below. 2.2 Option Fee. Buyer has previously paid to Seller an Option Fee (herein so called) in the amount of $2,010.00 pursuant to the Option. The Option Fee represents independent consideration for Buyer's option to purchase the Property pursuant to the Option and this Agreement and shall not be refundable for any reason, nor applied against the Purchase Price. Article 3 — Title and Survey 3.1 Title Commitment. Within twenty (20) days after the Effective Date, Buyer shall obtain from Chicago Title Insurance Company, 2001 Bryan Street, 17th Floor, Dallas, Texas 75201, Attn: Leslie B. Wheeler, Senior Vice President, telephone: (214) 965 -1661; facsimile: (214) 965 -1633; email: leslie.wheeler @ctt.com (the "Title Company "), a title commitment ( the "Title Commitment') w hick binds the Title C ompany t o issue t o Buy er a Texas Form T -1 Owner's Policy Title Insurance (the "Title Policy ") covering the Property in the full amount of the Purchase Price; and true and correct copies of any and all instruments referenced in the Title Commitment which constitute exceptions or restrictions upon the title of Seller (the "Title Documents'). 3.2 Survey. Buyer may, at its expense, obtain a current survey of the Property ( "Survey "). If the description of the Property set forth in t he final Survey v aries f rom the description attached to this Agreement as Exhibit "A ", then the description set forth in the final Survey shall be used in the Deed delivered by Seller to Buyer at Closing. 3.3 Title Review. After Buyer has received all of the Title Commitment, Title Documents and Survey, Buyer shall have ten (10) business days within which to review all of said items and notify Seller in writing (the "Objection Notice's of Buyer's objections (the "Title Objections' to any matters contained therein. Any matters described in the Title Commitment or Survey to which Buyer does not object shall be deemed to be "Permitted Exceptions" to title under this Agreement. Any matters affecting marketability of title to the Land which first arise after the effective time of the Title Commitment and before the Closing shall be deemed Title Objections, unless Buyer otherwise waives the same in writing or closes without written objection. Seller agrees to notify Buyer promptly upon Seller becoming aware of any Title Objection coming into existence after the date of the Title Commitment. 3.4 Cure or Noncure of Title Objections. Seller shall have until the Closing to cure the Title Objections. Seller shall not be obligated to cure or attempt to cure any Title Objection, other than voluntary mortgage liens or other liquidated sums secured by a lien filed against the Property, and shall in no event incur any liability to Buyer by reason of any failure or refusal to cure any Title Objection. Seller shall bear the cost of curing any Title Objections which it does elect or attempt to cure. Seller agrees, within five (5) business days of its receipt of the Objection Notice, to notify Buyer of any Title Objections which Seller determines it is GADOCS\ZWA \S &J\Paris \Purchase Contract -1doc -2-