Agenda - Council - 10/09/2001 - Laserfiche WebLink

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-132- owner's title policy in the full amount of the Purchase Price in lieu of an abstract of title if all abstracts of title for the Property are not in Seller's possession or control. The commitment for the title policy shall be issued by Commonwealth Title Insurance Company through its agent Registered Abstracters, Inc (the "Title Company"). If Purchaser is to receive such policy (1) the title examination period shall commence upon Purchaser's receipt of a current title insurance commitment; and (2) Seller shall pay for the commitment and the Owner's policy premium shall be paid by Purchaser. Said title insurance policy shall show title to the Property subject to the conditions and stipulations and general exceptions contained therein, and those exceptions set forth in EXHIBIT B attached thereto, and the Landfill Cleanup Agreement dated October 13, 1997, made by and between Waste Management of Minnesota, Inc. and the Commissioner of the Minnesota Pollution Control Agency, a copy of which is attached hereto as EXHIBIT C and made part of this Agreement. If the Title Commitment, Abstract, or the Survey, if any, disclose matters that are unacceptable to Purchaser, Purchaser shall promptly, but in no event later than ten (10) days after receipt of the Title Commitment, notify Seller of such unacceptable matters (the "Unpermitted Exceptions"). If Purchaser does not so notify Seller within such time period, all matters disclosed by the Survey, if any, and the title exceptions appearing in Schedule B of the Title Commitment, shall be deemed "Permitted Exceptions". Seller shall have thirty (30) days after receipt of notice to have the Unpermifted Exceptions removed or to have the Title Company commit to insure against loss or damage that may be occasioned by the Unpermitted Exceptions. If Seller does not remove the Unpermitted Exceptions, or in the alternative, obtain the commitment for title insurance specified above as to the Unpermitted Exceptions, within the specified time, Purchaser may elect, upon notice to Seller given no later than at the Closing, to take title as it then is, in which event all title exceptions appearing in the Title Commitment and not removed by Seller shall be deemed Permitted Exceptions. If Purchaser does not so elect, this Agreement shall terminate and the Em-nest Money Deposit shall be promptly returned to Purchaser. Seller shall not be in default hereunder for failure to. cause the Title Company to remove or insure over an Unpermitted Exception. ' 5. REVIEW PERIOD Within five (5) days following the execution of this Agreement, Seller shall provide to Purchaser copies of the Environmental Site Assessment reports dated May 18 and June 2I, 2000. Purchaser shall have sixty (60) days from the date hereof ("Review Period") to inspect the Property. Seller agrees to permit access to the Property at reasonable times and with advance notice, to Purchaser's authorized inspectors. In the event that Purchaser reasonably determines that the Property is unacceptable to Purchaser due to the condition of the Property, and the restrictions imposed by EXHIBITS B and C herein, Purchaser shall give Seller written notice of such fact as soon as possible and in any event on or before the expiration of the Review Period. If any such unacceptable matter can be corrected by the mutual agreement of Seller and Purchaser (without any obligation on the part of either Seller or Purchaser to so agree), then this Agreement shall be amended as appropriate on or before the end of the Review Period. In the event Seller and Purchaser are unable to so agree, Purchaser may, at Purchaser's option, terminate this Agreement by written notice to Seller prior to the expiration of the Review Period, and the Earnest Money Deposit shall be refunded to Purchaser. Purchaser's preserving this Agreement in effect shall be deemed an approvai of the Property, and Purchaser waives any right to object further to any of the foregoing. Purchaser shall hold any and ali materials and 2 I I I; i I I I I' I I I ] ! I I I I I