Closing Date and Title Sample Clauses

Closing Date and Title. The Property will be conveyed to the CITY by the Deed within thirty (30) days following the expiration of the Due Diligence Period (“Closing Date” or “Closing”). GRANTOR agrees that, except as otherwise expressly provided in Section 2, herein and in the Deed attached as Exhibit “C”, the Property shall be conveyed by GRANTOR to the CITY, free and clear of any leases (recorded and unrecorded) and any conditions, restrictions, reservations, liens, encumbrances, assessments, easements, deeds of trust, mortgages, and any clouds or defects in title of record, except for the Permitted Exceptions. The “Permitted Exceptions” shall mean all exceptions of record for the Property on file with the Recorder’s Office of Santa Xxxxx County, California that the CITY agrees to during the Due Diligence Period, the Assignment and Assumption Agreement, matters shown in the Deed, and all exceptions, restrictions and reservations contained in the Permits and the Title Company’s standard exclusions from coverage to a 2006 standard coverage ALTA Owner’s Title Policy, providing the CITY agrees to such exceptions during the Due Diligence Period. If CITY objects to any limitation on title or exception to the title insurance, CITY shall give written notice to GRANTOR of CITY’s objections at least seven (7) business days prior to the expiration of the Due Diligence Period. Within three (3) business days after GRANTOR’s receipt of such written notice, GRANTOR shall notify CITY in writing whether GRANTOR agrees, in its sole and absolute discretion, to cure such any such title objections on or before the Closing Date. Any failure of GRANTOR to notify CITY that GRANTOR agrees to cure such objections shall be deemed to be GRANTOR’s election not to cure such objections. If GRANTOR does not agree to cure the objections, then no later than five (5) days following termination of the Due Diligence Period, CITY shall have the right to terminate this Agreement by sending written notice of such termination to GRANTOR, and in the event of such termination, the parties’ sole obligation with respect to this Agreement is to cooperate with the Escrow Company in cancelling the transaction (and any escrow cancellation fee shall be paid by GRANTOR). Any failure by CITY to so terminate this Agreement as provided in this Section 4 will be deemed CITY’s agreement to waive any title objections initially made by CITY that GRANTOR has not agreed in writing to cure.
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Related to Closing Date and Title

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  • Contract Exhibit J Quarterly Sales Report If a conflict exists among any of the Contract documents, the documents shall have priority in the order listed below:

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