Contract For Sale Of Real Estate (Page 7 of 8) in pdf

Contract For Sale Of Real Estate Page 7

Real Estate do not violate any zoning laws, regulations and ordinances, (iii) to include extended

coverage over general exceptions, and (iv) to cover title to the Real Estate on or after the Date of

Execution.

b.On receipt of the commitment Purchaser will promptly cause a copy of the commitment to be

delivered to Seller's attorney. Seller will use best efforts to cause the commitment to conform to

the condition of title specified in Section 4.02 by the earlier of (i) 63 days after Seller receives a

copy of the commitment and (ii) the expiration date of any written loan commitment of

Purchaser's Lender that was delivered to Purchaser prior to the scheduled date of Closing.

c.Seller will pay for the title insurance commitment and the resulting owner's title policy.

4.02 Condition of Title. Seller will use best efforts to convey, and Purchaser will accept if ten

dered, fee simple title to the Real Estate in accordance with the terms of this Contract, subject

only to (a) the matters set forth in Schedule B ("Permitted Exceptions"), (b) matters that are

insured against pursuant to section 15.04-b, and (c) any other matters as to which both (i) Title

Insurer is willing, without additional premium, to insure by endorsement and (ii) Purchaser's

Lender, if any, will accept, except that if such acceptance by Purchaser's Lender is unreasonably

withheld or delayed, the acce ptance will be deemed to have been given.

Article 5. Inspection, Due Diligence and Termination

5.01 Information Regarding the Premises. Within ten days from the Date of Execution Seller will

make available to Purchaser for inspection and copying (a) the documents that fix all the terms of

any Leases and of any Tenancies, (b) the documents that are referred to in sections 8.04, 8.06,

8.07 and 8.08, and (c) such building plans and specifications, and such operating statements an d

balance sheets for the current fiscal year and for the immediately preceding fiscal year, as are in

the possession or control of Seller and relate to the Premises.

5.02 Inspection of the Premises. Within 35 days after the Date of Execution Purchaser may

inspect the Premises and obtain soil tests and an environmental audit of the Premises, all subject

to the rights of any tenants. Seller will use best efforts to obtain any necessary consents from

tenants.

5.03 Purchaser's Electi on to Terminate. Purchaser may elect to terminate this Contract by notice

Contract For Sale Of Real Estate Page 7