08-14-12 Meeting of the La Porte Development Corporation Board of Directors

Browse Search

I. Sale arud Pltrcltase. Seller agrees to sell; and Purchaser agrees to purchase the Property as provided ill this Agreement for the Purchase Price. 2. Title Survey and Etrvil ortlluentaI Retr:orts. (a) Not later than ten (10) clays after the Effective Date, Seller shall, at Seller's expense, deliver to Purchaser: (i) a current corrunitment for an Owner's Policy of Title Insurance for the Property from the Title Company, setting forth the state of title to the Property together with any easements or, restrictions (existing or created pursuant hereto) benefiting or burdening the Property, together with all exceptions Or conditions to such title; (ii) legible copies of all documents referenced in the Title Commitment; (iii) any e€tvironruental or geotechnical studies or reports that Seller may have in its possession with respect to the Property: and (iv) tax certificate(s) regarding the payment of ad valorem taxes for current and prior years. (b) Purchaser shall, not later than twenty (20) days after the Effective Date, and at Purchaser's expense, obtain a survey of the Property and deliver same to Seller. "Survey" meats art oil - the -ground, staked plat of survey and metes -anti -bounds descriptioo of the Property, prepared by a Texas Registered Property Land Surveyor o€' another surveyor satisfactory to Title Company, dated after the Effective Date, and certified to comply with the current standards and specifications as published by the Texas Society of Professional Surveyors required for obtaining deletion of the survey exception in the Title Policy. ht lieu of a new survey, Purchaser may provide a previously prepared survey accompanied by an affidavit (e.g. Form 'I'-47 modified for commercial transactions) reasonably acceptable to Title Company and Sel ler. (c) Purchaser sllall, not later thio five (5) days after Purchaser's receipt of the last of the Survey and 'Title Commitment, notify Seller and Title Company of arty objections to the Survey or Title Commitment. If there are objections by Purchaser, Seller shall in good faith attempt to satisfy them prior to Closing, but Seller shall not be required to incur any cost to do so. If Seller delivers written notice to Purchaser not later than the telt (10) calendar day after Seller's receipt of Purchaser's obiections that Seller is tillable to satisfy such objections, Purchaser may either waive such obiections and accept title as Seller is able to convey or terminate this Agreement by written notice to Seller and the Title Company prior to the expiration of the Inspection Period. fnsltectiott Period. (a) During the Inspection Period, Purchaser anti its agents or employees sllall have the right to enter uport the Property during regular business hours upon reasonable notice and conduct such inspections, tests and studies as they may deem necessary. If for any reason Purchaser determi€res not to purchase the Property, Purchaser may terminate this Agreement by notifying Seller and Title Company in writing prior to the expiration of the Inspection Period and neither party shall have any further claim against the other under this Agreement. If Purchaser does not timely terrttinate this Agreement under this Section 3, Purchaser shall hate no further right to do so under this Section 3; and Purehaser shall have waived its right to terminate this Agreement within the Inspection Period. 912Prac rrnsF ,e �S:�t.r AL aFF�rF.\T13ET�v r:� L. l�oxre. Ilrvr:€.oP.NrFNTCORPORATION AND -NJART1'CA.N1PJse -PAGE3