Agenda - Council - 02/09/2010 - Laserfiche WebLink

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b. A commitment for an ALTA ..owner's policy of title insurance covering the Property issued by Title. c. SELLER may provide a title commitment issued by Title to BUYER and, in that case, SELLER shall not be obligated to provide to BUYER a Registered Property Abstract. 14. EXAMINATION OF TITLE. BUYER shall be allowed until the date fifteen (15) business days after receipt of such title evidence for examination of;ttle 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 correct such objections but shall have no obligation to do so. If said objections have not been cured by the Closing Date, 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. 15. DEFAULT.. If either. party defaults in the performance of any obligation under this Agreement, the non-defaultingparty may, after a five (5) day written notice~to the defaulting party, suspend perfoimance of its obligations under this Agreement and the rights of the non-defaulting party are as follows: a. BUYER'S Default. If BUYER defaults in the performance of any of the BUYER'S obligations under this Agreement, SELLER shall have the following rights: (i) ? 'Except as set forth at (ii) below, if BUYER defaults in the performance of any of BUYER'S obligations under this Agreement, '~ SELLER'S sole and exclusive rights shall be to retain the Earnest Money as liquidated damages and to seek a Cancellation of Purchase Agreement. (ii) If BUYER breaches a warranty or representation either before or after closing, SELLER shall have the right to recover direct damages reasonably related to such breach but not incidental or consequential damages or punitive damages. SELLER shall have no right to seek rescission of the conveyance. 8.