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(the "Purchase Price"). <br />II. <br />DNR REQUIREMENTS <br />The CITY agrees to support RH.'s application to the Department of Natural Resources <br />for a Scenic River Overlay District for lot coverage restrictions and setback requirements <br />regarding development of the City Property.' <br />TIT. <br />MISCELLANEOUS <br />1: ACCESS TO PROPERTY AND CONTINOENCY..CITY grants permission of <br />access .to the City Propezty for testing and surveying purposes. This Agreement is contingent upon <br />R.H: obtaining, at RH.'S expense; soil tests which indicate that the Property may be improved <br />without extraordinary building methods or costs. . <br />is not in the designated 100- year <br />3. DEED/Iv1ARKETABLE TITLE. Upon performance by R.H., CITY shall deliver a <br />Genernl Warranty Deed, convey~rtg marketable title, subject to: <br />a. Building and zoning laws, ordinances, state and Federal regulations; <br />b. Restrictions relating to use or improvemem 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 />4. TITLE & E}CAMINATION. CITY shall, within a reasonable time after acoeptance <br />of this agreement, ftunish a title insurance commitment to R.H.. RH. shall be allowed l0 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 mazketable 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 perform this <br />Purchase Agreement according to its terms. If no such notice is given or if notice is given but title is <br />not corrected within the time provided for, this Purchase Agreement shall be null and void, at option <br />of R.H.; neither party shall be liable for damages hereunder to the other and earnest money shall be <br />refunded to R.H.; RH. and CITY agree to sign cancellation of Purchasa.Agreement, <br />5. REAL ESTATE TAXES. Real estate taxes shall be paid as follows: <br />RfI. shall pay, prorated from day of closing, real estate taxes due and payable in the year , <br />2006. <br />-9- <br />