Agenda - Council - 10/12/2010 - Laserfiche WebLink

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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 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. 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 parry 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. 7