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4. ACCESS TO PROPERTY AND CONTINGENCY. Each party grants permission <br />of access to their respective parcel for testing and surveying purposes. <br /> <br /> 5. FLOOD PLAIN. Each party warrants that their respective parcel is not in the <br />designated 100 year flood plain area. <br /> <br /> 6. PREFERENTIAL TAX TREATMENT. Each party warrants that their respective <br />parcel does not receive preferential tax treatment. (i.e., Green Acres, etc.) <br /> <br />AS TO THE CITY PROPERTY: <br /> <br /> 7. DEED/MARKETABLE TITLE. Upon performance by TILLER, CITY shall <br />deliver a General Warranty Deed, conveying marketable title to the City Property subject to: <br /> <br />Co <br /> <br />Building and zoning laws, ordinances, state and federal regulations; <br />Restrictions relating to use or improvement of the property without effective <br />forfeiture provisions; <br />Reservation of any mineral rights by the State of Minnesota; and <br />Utility and drainage easements. <br /> <br /> 8. TITLE & EXAMINATION. CITY shall, within a reasonable time at~er acceptance <br />of tiffs agreement, furnish a title insurance commitment to TILLER. TILLER shall be allowed 4-0 <br />five business days after receipt of the title commitment for examination of title and making any <br />objections which shall be made in writing or deemed waived. If any objection is so made, CITY <br />shall have -1-0 five business days fi.om receipt of TILLER'S written title objections to notify <br />TILLER of CITY'S intention to make title marketable within 120 days fi.om CITY'S receipt of <br />such written objection. If notice is given, payments hereunder required shall be postponed pending <br />correction of title, but upon correction of title and within 10 days after written notice to TILLER <br />the parties shall perform this Exchange Agreement according to its terms. If'no such notice is given <br />or if notice is given but title is not corrected within the time provided for, this Exchange Agreement <br />shall be null and void, at option of TILLER; neither party shall be hable for damages hereunder to <br />the other and ..... * ....... ~,~ ~ ~n,_,4,~,~ ,~ wTT T ~'r~. TILLER and CITY agree to sign <br /> <br />cancellation of this Exchange Agreement. <br /> <br />9. REAL ESTATE TAXES. Real estate taxes shall be paid as follows: <br /> <br />TILLER shall pay, prorated fi~om day of closing, real estate taxes due and payable in the <br />year 2001. <br /> <br />CITY shall pay real estate taxes due and payable in the year 2000 and its prorated share of <br />the 2001 real estate taxes. <br /> <br />In the event the closing date is changed, the real estate taxes paid shall, if prorated, be <br />adjusted to the new closing date. CITY warrants taxes due and payable in the year 2001 <br /> <br />2 <br /> <br />-243- <br /> <br /> <br />