Agenda - Council - 05/12/2009 - Laserfiche WebLink

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£ Such further. affidavits of SELLER, certificates of value or .other documents as may be reasonably required by BUYER'S title company in order to record the SELLER'S Closing Documents and issue BUYER the owner's title insurance policy required by this Agreement. g. A cash deposit of $10,000.00 together with an Escrow Agreement to guarantee that SELLER vacates the Property no later than 90 days after the Closing Date. In the event SELLER does not vacate the Property or does .not remove all personal property and debris from the Property no later than 90 days after the Closing Date, then the $10,000.00 escrow may be used by the BUYER to cover all costs .and expenses, including reasonable attorney fees, to remove SELLER, all personal property and debris from the Property, and to enforce this Escrow Agreement. 12. EVIDENCE OF TITLE. Within a reasonable time after execution of this Agreement, SELLER shall furnish BITTER a commitment for an ALTA Owner's policy of title insurance covering the Property issued by Registered Abstracters, Inc. 13. EXAMINATION OF TITLE. BUYER shall be allowed until the date ten (10} days after-receipt of sachtit1e-evidence for examination of title and the making-of any objections - . - - - - thereto; which objections shall be in writing or they will be deemed to be waived. If any objections are so made, SELLER shall be allowed until the Closing Date to make such title marketable, and SELLER shall use all reasonable efforts to make such title marketable. If said title is not marketable and is not so made by the date of closing, as above provided, BUYER shall have the option of: a. Declaring this Agreement null and void and receiving a refund from SELLER of all Earnest Money paid hereunder; or b. Waiving any defects in title and proceeding to close the transaction contemplated by this Agreement.. If the title to the Property is marketable or is made. marketable by the Closing Date, and BUYER defaults in any of the agreements on its part to be performed under this Agreement and continues in default for a period of five (5) days after written notice thereof is given to BUYER by SELLER, then SELLER shall have the remedies described below or under Minnesota law. 14. SURVEY. BUYER may, at BUYER'S sole cost and expense; obtain a current survey of the Property which survey shall be prepared by a Registered Land Surveyor (the "Survey"). The Survey, in form suitable to BUYER and Title Company shall: a. locate all present and future easements, rights-of-way, wetlands, 100-year flood plain, building lines, utility lines, roadways and encroachments on or abutting the property. 6 -20-