Agenda - Council - 12/09/2008 - Laserfiche WebLink

Home

reasonable attorneys' fees and court costs incurred by the nondefaulting party to enforce its rights regarding such default. 6. Title Examination. Title Examination will be conducted as follows: (a) SELLER'S Title Evidence. SELLER shall, within ten (10) days after the Effective Date (subject to delays beyond SELLER'S control), furnish the following. (collectively, "Title Evidence") to BUYER: Title Insurance Commitment. A commitment ("Title Commitment") for an ALTA Form B 2006 Owner's Policy. of Title Insurance insuring title to the Real Property, in the amount of the Purchase Price, issued by Registered Abstracters, Inc. ("Title"). .The Title Commitment will commit Title to insure title- to the Property subject only to the easements, covenants, conditions, restrictions and reservations of record, if any (the "Permitted . Encumbrances").. If the Property is abstract property, SELLER shall deliver to Title or BUYER an Abstract of Title to the Real Property, if the same is in SELLER's possession. (b) BUYER'S. Objections. Within 10 days after receiving the last of the. Title Evidence, BUYER will make written objections ("Objections") to the form and/or contents of the Title Evidence. BUYER'S failure to make Objections within such time period will constitute waiver of Objections. Any matter shown on such Title Evidence and not timely objected to by BUYER shall also be a "Permitted Encumbrance" hereunder. SELLER will have 15 days after receipt of the Objections to cure the. Objections, during which period the Closing. will be postponed as necessary. SELLER shall use commercially. reasonable .efforts to correct any Objections; provided, however, that SELLER shall be under no obligation to incur expenses exceeding Ten Thousand and no/100 Dollars ($1.0,000.00) in the aggregate to cure Objections. To the extent an Objection to a mortgage or other lien that SELLER does not dispute or contest can be satisfied by the payment of money, BUYER shall have the right to apply a portion of the cash payable to SELLER at the Closing to satisfaction of such Objection and the amount so applied shall reduce the amount of cash payable to SELLER at the Closing. If the Objections are not cured within such 15-day period, BUYER will have the option to do either of the following: (1) Terminate this Agreement and receive a refund of the Earnest Money and the interest accrued and unpaid on the Earnest Money, if any. (2) Waive the objections and proceed to close. 7. Representations and Warranties by SELLER. As of the Closing Date, SELLER represents and warrants to BUYER as follows: (a) Authority. SELLER is duly formed and is in good standing under the laws of the State of Minnesota; SELLER is duly qualified to transact business in the State of Minnesota; SELLER has the requisite power and authority to enter into and 4 -27-