At closing of title, Seller agrees to deliver a Bargain and Sale Deed with Covenant Against Grantor's Acts, which means hat the Seller will promise that he has not allowed anyone else to obtain any legal rights which affect the property (such as making a mortgage or allowing a judgment to be entered against the Seller). Any mortgage affecting the Unit will be discharged at or prior to closing. Title shall be good and marketable, which means that a title insurance company licensed to do business in the State of New Jersey, will insure Buyer's title at regular title insurance rates, free and clear of all title defects. Buyer understands that the easements common to the Property, zoning ordinances, the Master Deed, restrictions as set forth in the Master Deed and utility and drainage easements are not title defects. Should a restriction as to the use of the Property be found to exist, and should such restriction not fall within the various categories listed in the last sentence, then such restrictions will not be considered a title defect if the title insurance company will insure against loss of the Property because of enforcement of that restriction. If title does not comply with the standards set forth herein, Seller shall return all monies to Buyer and reimburse Buyer for the costs that Buyer actually incurred to obtain a title search and/or survey.
Buyer will accept the deed, understanding that all on-site improvements, with the exception of those hereafter mentioned, are to be private and are to be owned by the Association, which will have the maintenance responsibility for these improvements. Those improvements which are to be excepted include those mentioned in the municipal approvals for the Property which require the dedication of certain portions of the Property to the Township of Bernards and other governmental authorities. These portions of the Property include all areas south of The Boulevard, a street which is to be constructed by the Seller, as well as The Boulevard itself. Seller agrees to pay all costs for on-site improvements, including street construction, included in the plans and specifications, and to finish the improvements after title closing.
Buyer agrees not to record or file this Agreement in any court or public office and that this Agreement, or any of its parts, will not operate to encumber title if Buyer records or files this Agreement, contrary to the provisions in this clause.
