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CALIFORNIA, STATE OF (4)
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CALIFORNIA, STATE OF (4)
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Last modified
9/21/2023 5:53:50 PM
Creation date
9/21/2023 5:50:36 PM
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Contracts
Company Name
CALIFORNIA, STATE OF
Contract #
A-2023-147
Agency
Community Development
Council Approval Date
8/15/2023
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would be disclosed by a survey of the Property; and (g) exceptions which are approved and/or <br />accepted by Buyer in accordance with Section 7(a)(i) of this Agreement (collectively, <br />"Approved Conditions of Title"). <br />6. Title Policy. Title shall be evidenced by Escrow Holder's title insurance <br />underwriter ("Title Company") issuing its standard California Land Title Association ("CLTA") <br />Owner's Policy of Title Insurance to Buyer in an amount equal to the Purchase Price, showing <br />title to the Property vested in Buyer, subject only to the Approved Conditions of Title ("Title <br />Policy"). Buyer shall pay the expense of issuing the Title Policy. If Buyer elects to have Escrow <br />Holder issue its American Land Title Association ("ALTA") Extended Coverage Owner's Policy <br />of Title Insurance, Buyer shall pay for the expense of such ALTA premium increment and any <br />survey costs associated with such ALTA policy. In addition, Buyer shall pay for any <br />endorsements to the Title Policy. Buyer's ability to obtain an ALTA policy shall not be a <br />condition to the Close of Escrow. <br />7. Conditions to Close of Escrow. <br />(a.) Conditions to Buyer's Obligations. The Close of Escrow and Buyer's <br />obligation to consummate the transactions contemplated by this Agreement are subject to the <br />satisfaction of the following conditions (or Buyer's waiver in writing thereof) for Buyer's benefit <br />on or prior to the dates designated below for the satisfaction of such conditions, or the Close of <br />Escrow in the absence of a specified date: <br />(i) Title. Pursuant to the terms and conditions of this subsection, <br />Buyer shall have the right to approve any and all matters of and exceptions to title of the <br />Property, as disclosed by the following documents and instruments (collectively, "Title <br />Documents"): (A) a Preliminary Report issued by Escrow Holder with respect to the Property; <br />and (B) legible copies of all documents, whether recorded or unrecorded, referred to in such <br />Preliminary Report. State shall cause Escrow Holder to deliver the Title Documents to Buyer <br />within five (5) calendar days following the Effective Date. Buyer shall have ten (10) calendar <br />days following the Effective Date to give State and Escrow Holder written notice ("Buyer's <br />Title Notice") of Buyer's approval or disapproval of the Title Documents. The failure of Buyer <br />to give Buyer's Title Notice to State within the specified time period shall be deemed Buyer's <br />approval of the Title Documents. In the event that Buyer's Title Notice disapproves of any matter <br />of title shown in the Title Documents, State shall, within seven (7) business days after Buyer's <br />Title Notice is received by State, give Buyer written notice ("State's Title Notice") of those <br />disapproved title matters, if any, which State is unwilling or unable after reasonable and good <br />faith efforts to have eliminated from title to the Property by the Close of Escrow. If State's Title <br />Notice refuses to remove any items disapproved by Buyer, or fails to deliver State's Title Notice, <br />Buyer's sole remedy shall be to (i) proceed with the transaction contemplated hereby despite <br />such objections, which shall thereupon irrevocably be deemed to have been withdrawn, or (ii) <br />terminate this Agreement. Failure of Buyer to take either one of the actions described in clause <br />(i) or (ii) in the previous sentence shall be deemed to be Buyer's election to take the action <br />described in clause (i). If this Agreement is terminated pursuant to this Section 7(a)(i), Buyer <br />shall comply with the terms of Section 22(n), and, except as otherwise provided in this <br />Agreement, State and Buyer will have no further obligations or rights to one another under this <br />Agreement; <br />
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