Nautilus 2000 Annual Report Download - page 82

ANY WAY LIABLE FOR ANY REPRESENTATIONS OR WARRANTIES WITH RESPECT TO (BUT NOT LIMITED
TO): (A)THE DIMENSIONS, SIZE OR ACREAGE OF THE PROPERTY; (B)THE CONDITION OF THE PROPERTY
(INCLUDING ENVIRONMENTAL CONDITION) OR THE SUITABILITY OF THE PROPERTY, OR ANY PART
THEREOF, FOR HABITATION OR FOR PURCHASER'S INTENDED USE OR FOR ANY USE WHATSOEVER;
(C)APPLICABLE BUILDING, ZONING, LAND USE OR FIRE LAWS OR REGULATIONS OR WITH RESPECT TO
COMPLIANCE THEREWITH OR WITH RESPECT TO THE EXISTENCE OF OR COMPLIANCE WITH ANY
REQUIRED PERMITS, IF ANY, OF ANY GOVERNMENTAL AGENCY; (D)THE AVAILABILITY OR EXISTENCE
OF ANY WATER, SEWER OR UTILITIES OR RIGHTS THERETO; (E)WATER, SEWER OR OTHER UTILITY
DISTRICTS OR ASSESSMENTS (INCLUDING LID AND ULID); OR (F)ACCESS TO PUBLIC STREETS OR TO ANY
PUBLIC OR PRIVATE SANITARY SEWER SYSTEM. PURCHASER ACKNOWLEDGES AND REPRESENTS TO
SELLER THAT PURCHASER HAS FULLY INSPECTED (OR WILL FULLY INSPECT) THE PROPERTY AND
PURCHASER ASSUMES THE RESPONSIBILITY AND RISKS OF ANY AND ALL DEFECTS AND CONDITIONS,
INCLUDING SUCH DEFECTS AND CONDITIONS, IF ANY, THAT CANNOT BE OBSERVED BY CASUAL
INSPECTION.
ARTICLE 6.
TITLE POLICY
6.1 Title Policy. At the Closing, Seller agrees, at its sole cost and expense, to furnish to Purchaser a standard ALTA Owner's Title Policy,
insurable at standard rates, or, if such a policy is not available in the jurisdiction where the Property is located, a comparable policy with
substantially the same coverage (the "Title Policy"), issued by the Title Company, in Purchaser's favor in the amount of the Purchase Price,
insuring Purchaser's marketable and indefeasible fee simple title to the Real Property, subject only to those exceptions, if any, approved by
Purchaser pursuant to Section3.3.1 of this Agreement, and the printed form of general exceptions contained in such standard ALTA Owner's
Title Policy; provided , Purchaser may purchase an extended ALTA Owner's Title Policy so long as Purchaser pays all costs in excess of the
cost of a standard ALTA Owner's Title Policy. If title is not insurable as provided above and cannot be made so insurable by the date of
Closing, this Agreement shall terminate; provided, however, Purchaser may in its sole discretion elect to waive one or more of the defects to
title and proceed with the acquisition of the Property pursuant to the terms of this Agreement.
ARTICLE 7.
CLOSING
7.1 Closing Date. The consummation of the purchase and sale contemplated hereby (the "Closing") shall be held on or before August1, 2000 in
the offices of the Title Company, or at such other place as may be agreed upon in writing by Seller and Purchaser; provided , if Purchaser's
Phase II Environmental Audit report pursuant to Section3.4.1 above has not been completed due to reasons other than Purchaser caused delay,
and Purchaser has otherwise fully and irrevocably waived all other contingencies to Purchaser's obligation to close on its purchase of the
Property, Purchaser may at its option extend the Closing Date (by notice to Seller on or prior to July27, 2000), to a date that is on or prior to ten
(10)business days from the date Purchaser received the completed Phase II Environment Audit report. The date and hour of Closing are
referred to as the "Closing Date." Each party hereto agrees to undertake all actions and procedures reasonably necessary as when and required
by this Agreement and execute and deliver to the title Company such closing escrow instructions as may be necessary to implement and
coordinate the Closing as set forth in this Agreement.
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