Buyer Initial Buyer Initial Seller Initial Seller Initial
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e) In the event the documents and information provided by Seller to Buyer disclose that the existing 174
improvements are in violation of existing rules, regulations or other restrictions or that the terms and 175
conditions contained within the documents would unreasonably restrict Buyer’s use of the premises or 176
would result in financial obligations unacceptable to Buyer in connection with owning the Real Estate, then 177
Buyer may declare this Contract null and void by giving Seller Notice within five (5) Business Days after the 178
receipt of the documents and information required by this Paragraph, listing those deficiencies which are 179
unacceptable to Buyer. If Notice is not served within the time specified, Buyer shall be deemed to have 180
waived this contingency, and this Contract shall remain in full force and effect. 181
f) Seller shall not be obligated to provide a condominium survey. 182
g) Seller shall provide a certificate of insurance showing Buyer and Buyer’s mortgagee, if any, as an insured. 183
16. THE DEED: Seller shall convey or cause to be conveyed to Buyer or Buyer’s Designated grantee good and 184
merchantable title to the Real Estate by recordable Warranty Deed, with release of homestead rights, (or the 185
appropriate deed if title is in trust or in an estate), and with real estate transfer stamps to be paid by Seller 186
(unless otherwise designated by local ordinance). Title when conveyed will be good and merchantable, subject 187
only to: covenants, conditions and restrictions of record and building lines and easements, if any, provided they 188
do not interfere with the current use and enjoyment of the Real Estate; and general real estate taxes not due and 189
payable at the time of Closing. 190
17. MUNICIPAL ORDINANCE, TRANSFER TAX, AND GOVERNMENTAL COMPLIANCE: 191
a) The Parties are cautioned that the Real Estate may be situated in a municipality that has adopted a pre-192
closing inspection requirement, municipal Transfer Tax or other similar ordinances. Transfer taxes required 193
by municipal ordinance shall be paid by the Party designated in such ordinance. 194
b) The Parties agree to comply with the reporting requirements of the applicable sections of the Internal 195
Revenue Code and the Real Estate Settlement Procedures Act of 1974, as amended. 196
18. TITLE: At Seller’s expense, Seller will deliver or cause to be delivered to Buyer or Buyer’s attorney within 197
customary time limitations and sufficiently in advance of Closing, as evidence of title in Seller or Grantor, a title 198
commitment for an ALTA title insurance policy in the amount of the Purchase Price with extended coverage by 199
a title company licensed to operate in the State of Illinois, issued on or subsequent to the Date of Acceptance, 200
subject only to items listed in Paragraph 16. The requirement to provide extended coverage shall not apply if the 201
Real Estate is vacant land. The commitment for title insurance furnished by Seller will be presumptive evidence 202
of good and merchantable title as therein shown, subject only to the exceptions therein stated. If the title 203
commitment discloses any unpermitted exceptions or if the Plat of Survey shows any encroachments or other 204
survey matters that are not acceptable to Buyer, then Seller shall have said exceptions, survey matters or 205
encroachments removed, or have the title insurer commit to either insure against loss or damage that may 206
result from such exceptions or survey matters or insure against any court-ordered removal of the 207
encroachments. If Seller fails to have such exceptions waived or insured over prior to Closing, Buyer may elect 208
to take title as it then is with the right to deduct from the Purchase Price prior encumbrances of a definite or 209
ascertainable amount. Seller shall furnish Buyer at Closing an Affidavit of Title covering the date of Closing, and 210
shall sign any other customary forms required for issuance of an ALTA Insurance Policy. 211
19. PLAT OF SURVEY: Not less than one (1) Business Day prior to Closing, except where the Real Estate is a 212
condominium (see Paragraph 15) Seller shall, at Seller’s expense, furnish to Buyer or Buyer’s attorney a Plat of 213
Survey that conforms to the current Minimum Standard of Practice for boundary surveys, is dated not more 214
than six (6) months prior to the date of Closing, and is prepared by a professional land surveyor licensed to 215
practice land surveying under the laws of the State of Illinois. The Plat of Survey shall show visible evidence of 216
improvements, rights of way, easements, use and measurements of all parcel lines. The land surveyor shall set 217