LENDER MAY
REASONABLY REQUEST TO EVIDENCE THAT THE AIMCO LOAN DOCUMENTS HAVE BEEN DULY
AUTHORIZED BY THE PURCHASER AND THE GUARANTOR.
4.8.3
AT THE CLOSING PURCHASER SHALL PAY ALL MORTGAGE RECORDING TAXES AND
RECORDING FEES INCIDENT TO THE RECORDING OF THE AIMCO LOAN SECURITY INSTRUMENT
AND THE FILING FEES FOR ANY FINANCING STATEMENTS DELIVERED IN CONNECTION
THEREWITH.
IN ADDITION, PURCHASER, AT ITS EXPENSE, SHALL AT THE CLOSING OBTAIN
FOR THE AIMCO LENDER A LENDER'S POLICY OF TITLE INSURANCE FROM THE TITLE
INSURER, INSURING THE AIMCO LOAN SECURITY INSTRUMENT AS A SECOND PRIORITY
MORTGAGE LIEN ON THE PROPERTY (SUBJECT ONLY TO THE PERMITTED EXCEPTIONS).
PURCHASER SHALL BE RESPONSIBLE FOR ALL FEES AND EXPENSES CHARGED BY LENDER IN
CONNECTION WITH THE AIMCO LOAN (INCLUDING, WITHOUT LIMITATION, ALL FEES CHARGED
BY THE LENDER PURSUANT TO THE ASSUMED DEED OF TRUST).
THE PROVISIONS OF THIS
SECTION 4.8.3 SHALL SURVIVE THE TERMINATION OF THIS CONTRACT AND THE CLOSING.
4.8.4
AIMCO LENDER SHALL NOT BE OBLIGATED TO MAKE THE AIMCO LOAN UNLESS
PURCHASER HAS OBTAINED THE CONSENT OF THE LENDER TO THE MAKING OF THE AIMCO LOAN
AND THE RECORDING OF THE AIMCO LOAN SECURITY INSTRUMENT AS A SECOND PRIORITY
LIEN AGAINST THE PROPERTY.
4.9
PURCHASER FINANCING.
Subject to the terms of Sections 4.7 and 4.8 above, Purchaser assumes full
responsibility to obtain the funds required for settlement, and neither
Purchaser's obtaining the consent of Lender to the Loan Assumption and Release
nor Purchaser's acquisition of such funds shall be a contingency or condition
precedent to the Closing or Purchaser's obligations under this Contract.
ARTICLE V
CLOSING
5.1
CLOSING DATE.
5.1.1
THE CLOSING SHALL OCCUR ON OCTOBER 13, 2009 AT THE TIME SET FORTH IN
SECTION 2.2.5 (THE "CLOSING DATE") THROUGH AN ESCROW WITH ESCROW AGENT, WHEREBY
SELLER, PURCHASER AND THEIR ATTORNEYS NEED NOT BE PHYSICALLY PRESENT AT THE
CLOSING AND MAY DELIVER DOCUMENTS BY OVERNIGHT AIR COURIER OR OTHER MEANS.
NOTWITHSTANDING THE FOREGOING TO THE CONTRARY, SELLER SHALL HAVE THE OPTION, BY
DELIVERING WRITTEN NOTICE TO PURCHASER, TO EXTEND THE CLOSING DATE TO THE LAST
BUSINESS DAY OF THE MONTH IN WHICH THE CLOSING DATE OTHERWISE WOULD OCCUR
PURSUANT TO THE PRECEDING SENTENCE.
5.1.2
PURCHASER SHALL HAVE THE RIGHT, BY DELIVERING WRITTEN NOTICE ("
PURCHASER'S FIRST ADJOURNMENT NOTICE") TO SELLER NOT LATER THAN OCTOBER 8, 2009,
TO ADJOURN THE CLOSING DATE TO A BUSINESS DAY NOT LATER THAN NOVEMBER 12, 2009,
PROVIDED THAT PURCHASER SHALL, CONCURRENTLY WITH THE DELIVERY OF PURCHASER'S
FIRST ADJOURNMENT NOTICE, (A) DELIVER TO ESCROW AGENT AN ADDITIONAL DEPOSIT OF
$250,000.00 (THE " FIRST ADJOURNMENT DEPOSIT") AND (B) DELIVER TO ESCROW AGENT
THE ADJOURNMENT NOTICE AND THE ADJOURNMENT DEPOSIT REQUIRED UNDER SECTION 5.1.2
OF THE SOLANA CONTRACT.
THE FIRST ADJOURNMENT DEPOSIT SHALL BE DEEMED TO BE
PART OF THE DEPOSIT.
5.1.3
IF PURCHASER HAS DELIVERED PURCHASER'S FIRST ADJOURNMENT NOTICE AND
FIRST ADJOURNMENT DEPOSIT PURSUANT TO SECTION 5.1.2 ABOVE, THEN PURCHASER SHALL
HAVE THE FURTHER RIGHT, BY DELIVERING WRITTEN NOTICE (" PURCHASER'S SECOND
ADJOURNMENT NOTICE") TO SELLER NOT LATER THAN NOVEMBER 6, 2009,