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

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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 Minriesota law. 16. 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. b. contain the certification of the surveyor as to the number of square feet contained in the Property. BUYER shall have ten (10) days from the date of receipt of the Survey to approve same or to notify SELLER of BUYER'S objections to items disclosed therein. Upon the expiration of said ten (10) .day period, BUYER shall be deemed to have accepted all exceptions. to Survey, -- ,, except. for matters to which notice under the preceding sentence has been given. by BUYER _ ... _ ._ . If BUYER notifies SELLER of any objections to the Survey within the aforesaid ten (10) day period, then and in that event SELLER shall have a period of ten (10) days following receipt of such objections to Survey to cure said objections or notify BUYER in writing of SELLER'S intent not to cure said objections. If the objections are not cured by SELLER within said ten (10) day period, BUYER shall then have the option to do either of the following: a. terminate this Agreement and receive a refund of the Earnest Money, whereupon neither party shall have any rights or obligations to the other under this Agreement and each -party shall forthwith execute a written termination of this Agreement; or b. waive the survey objections, take title to the Property subject to any such objections and proceed to Closing in accordance with the terms and provisions of this Agreement. Should SELLER notify BUYER that SELLER will not cure a noticed objection, BUYER shall then have ten (10) days from the receipt of such notice from SELLER to notify SELLER of BUYER'S election to either terminate this Agreement or to waive the objection and proceed to Closing.. 17. DEFAULT. If either parry defaults in the performance of any obligation under this Agreement, the non-defaulting party may, after a five (5) day written notice to the defaulting party, suspend performance of its obligations under this Agreement and the rights of the non- defaulting party are as follows: 7 -35-