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<br />.,. <br />(the "Purchase Price"). <br /> <br />II. <br />DNR REQUlREMEN:J;S <br /> <br />The CITY agrees to support R.H.', application to the Department of Natural Resources <br />for a Scenic River Overlay District for lot coverage restrictions and setback requirements <br />reg~ding development of the City Property. <br /> <br />III. <br />MISCELLANEOUS <br /> <br />1. ACCESS TO PROPERTY AND CONTINGENCY. CITY grants pennission of <br />access to the City Property for testing and surveying purposes. This Agreement is contingent upon <br />RH. obtaining, at RB.'8 expense, soil tests which indicate that the. Property may be improved <br />without extraordinary building methods or costs. . <br /> <br />2. FLOOD PLAIN. CITY warrants that the Property is not in the designated 100 year <br />flood plain area. <br /> <br />3. DEEDIMARKETABLE TITLE. Upon perfonnance by R.B., CITY shall deliver a <br />General Warranty Deed, conveying marketable title, subject to: <br /> <br />a. Building and zoning laws, ordinances,state and federal regulations; <br />b. Restrictions relating to use or improvement of the property without effective <br />forfeiture provisions; <br />c. Reservation of any mineral rights by the State of Minnesota; and <br />d. Utility and drainage easements. <br /> <br />4. TITLE & EXAMINATION. CITY shall, within a reasonable time after acceptance <br />of this agreement, furnish a title insurance commitment to RH.. RH. shall be allowed 10 business <br />days after receipt of the title commitment for examination of title and making any objections which <br />shall be made in writing or deemed waived. If any objection is so made, CITY shall have 10 <br />business days from receipt of RH. 'S written title objections to notifY RH. of CITY'S intention to <br />make title marketable within 120 days from CITY'S receipt of such written objection. If notice is <br />given; payments hereunder required shall be postponed pending correction of title, but upon <br />correction of title and within 10 days after written notice to RH. the parties shall perfonn this <br />Purchase Agreement according to its tenns. If no such notice is given or if notice is giveXJbut title is <br />not corrected within the time provided for, this Purchase Agreement shall be null and void, at option <br />ofRH.; neither party shall be liable for damages h,ereunder to the other and earnest money shall be <br />refunded to R.H.; R.H. and CITY agree to sign cancellation of Purchase, Agreement. <br /> <br />S. REAL ESTATE TAXES. Real estate taxes shall be paid asfollows: <br /> <br />RH. shall pay, prorated from day of closing, real estate taxes due and payable in the year <br />2006. <br /> <br />3 <br /> <br />-9- <br />