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(the "Purchase Price'). <br />Ih <br />DNR REQUIREMAMS <br />The CITY agrees to support R.H,'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 />III. <br />MISCELLANEOUS <br />1. ACCESS TO PROPERTY AND CONTINGENCY. CITY grants permission of <br />access to'the City Property for testing and surveying purposes. This Agreement is contingent upon <br />P.H. obtaining, at RH.'S expense, soil tests which indicate that the Property may be improved <br />without extraordinary building methods or costs. <br />2 ` FLOOD PLA .6g Irf=X warra the P.io perty is ngt,tn the.dgs grated lOQ -year <br />& 0A. p air are <br />3, DEED/1vIARKETABLE TITLE. Upon performance by R.H„ CITY shall deliver a <br />General Warranty Deed, conveying marketable title, subject to: <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 />a. TITLE & EXAMINATION. CITY shall, within a reasonable time after acceptance <br />of this agreement, fiunish a title insurance commitment to R.H.. R.H. shall be allowed 10 business <br />days after receipt of the title coma - fitment 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 R.H.'S written title objections to notify R.H. 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 R.H. 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 ILE; neither party shall be liable for damages hereunder 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 />5. REAL ESTATE TAXES. Real estate taxes shall be paid as follows: <br />R.H. shall pay, prorated from day of closing, real estate taxes due and payable in the year <br />2006, <br />—9— - <br />