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HomeMy WebLinkAbout0954 6. As part of the consideration paid hereunder, Allen shall pay for all real estate taxes from date applicable to the property durinq the option term. 7_ Al1en has examined title to the Option Land as of this even date and does hereby acknowledge that it is presently acceptable and good and marketable. If Allen exercises the option to purchase hereunder, Konigsburg aqrees to deliver to Allen within twenty (20) days from the receipt of its notice of intention to exercise said option, a title insurance commitment to the said Option Land dated subsequent to the date of its letter of intention to exercise ~aid optian ~nd sho~inq that title tQ said l~nds ha~ , continued to be of the same characte~-and that Konigsburg has created no encumbrance or defect; it is understood that Konigsburg shall be responsible only for defects created by him or by someone claiming by, throuqh, under or against him. A11en shall have ~ ten (10) days from date of receipt of the title insurance com- mitment for examination thereof by its attorney and within said period shall notify Konigsburg, in writing, whether title disclosed thereby is acceptable as meeting the requirements as herein : `prescribed or is not acceptable by reason of defects disclosed. ! ~If Allen's ~ attorney, in his discretion reasonably exercised, finds I one or more such defects of a material nature in the title and ~ Inotifies Konigsburg that the title is not acceptable by reason ~ lthereof, Konigsburg sha12 have a reasonable time thereafter in I i (which to perfect the title and shall make every reasonable effort ~ ! i ~ ~,to do so. If any such defect is incurable by such reasonable ~ i ~ ~ effort or is not cured in a reasonable time, Allen may cancel its I ~ letter of intention to exercise the option or it may waive defects i ; - ~ ; in the title and may accept the property at its option. If ' , _ ; - , _ - - _ - - ' any such defect is curable by the expenditure of funds, Allen I may expend such funds in the reasonable exercise of its discretion, ~ ~ ~ i ! and such expenditure shall be applied as a credit on the purchase ; I ~ price herein; said expenses may include legal fees. ~ j? ~ ~ ~ ~ ; ~ ; -3- j ; ~ 8~2~.8 ~ ~i3 i ~ ~ ~ ~ 1COENIG. KATZ AND [i00DMAN ;t i ~ y~ 3 _ , , f~: i - . ~ , . w_- . x?