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written notice of its election within the time period provided, Buyer will be deemed to have <br /> waived the objection. If Seller advises Buyer that Seller will attempt to eliminate any matter to <br /> which Buyer has objected, Seller shall use its best efforts to cure such matters on or before the <br /> Scheduled Closing Date, provided, however, Seller shall have no liability to Buyer for failure to <br /> cure such matters, and in the event such matters are not cured on or before the Scheduled Closing <br /> Date, Buyer shall at its option have the right to either (i) terminate this Agreement, or (ii) waive <br /> its objections to such matters. Upon termination of this Agreement pursuant to the terms of this <br /> paragraph, the escrow provided for herein shall be immediately canceled, the Earnest Money <br /> q Deposit, together with all earnings thereon, shall be returned to the Buyer, and Seller and Buyer <br /> shall each pay one-half (1/2) of the fees in connection with the escrow or the cancellation <br /> thereof. <br /> C. If Buyer fails to give written notice of any objection to the Title Report or <br /> 4.1 the Survey within the time provided above, Buyer will be deemed to have approved all matters <br /> shown on the Title Report and the Survey, and the Property shall be conveyed to the Buyer <br /> subject to all such matters. All matters shown on the Title Report and the Survey, except those to <br /> which Buyer timely objects are hereinafter referred to as "Permitted Title Exceptions". <br /> D. Notwithstanding anything to the contrary in the preceding subparagraphs, <br /> Seller shall be obligated to remove any financial liens and monetary obligations without the <br /> necessity of Buyers' objecting to said matters. If any monetary liens or encumbrances have not <br /> been removed on or before the Scheduled Closing Date, the Buyer may cancel the agreement and <br /> obtain refund of the escrow deposit. <br /> 8. SELLER'S REPRESENTATIONS AND WARRANTIES. <br /> Seller represents, warrants and covenants to Buyer those matters set forth below, <br /> with the understanding that Buyer shall rely upon said representations, warranties and covenants. <br /> All representations and warranties shall survive the Closing for a period of One (1) year after the <br /> entire Property is paid. <br /> A. Seller and all persons acting for and on behalf of Seller have the full <br /> power, capacity and authority to enter into and deliver this Agreement, to perform all obligations <br /> of Seller hereunder, to complete and close this transaction in accordance with this Agreement <br /> and to sign, deliver and perform any documents and instruments in connection herewith on <br /> behalf of Seller. <br /> B. Seller is not aware of any liens, encumbrances, claims of liens or <br /> encumbrances, or any possible defects, or claims of defects to the title to the Property which do <br /> not appear in the Title Report, and Seller shall protect Buyer against or remove as a lien or <br /> encumbrance any such matter arising prior to the Closing except those caused by Buyer. <br /> C. The Property is not subject to any written or oral agreement which grants to <br /> any person or entity other than the Buyer an option, right of first refusal or other right to acquire <br /> any interest in the Property. <br /> 5 <br />