Agenda - Council - 01/14/1997 - Laserfiche WebLink

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JAI~- ?-~7 TIlE 4'17 PM HARSTAD COMPAblIES F^XNO, 612 636 lSgl waived. Seller shall have sixty (60) days after receipt of Buyer's written objections to make title marketable. Pending correction of title, payments hereunder required shall be postponed but upon correction of title and within ten (10) days after written not[ce to Buyer, the parties shall perform this Agreement according to its terms. 3.1 If the Seller proceeds in good faith to make title marketable but fails to do so within a sixty (60) day period, Buyer may terminate this Agreement without any liability on its part, ia which event the Earnest Money paid hereunder should be properly refunded to the Buyer. 3.2 If Seller fails to make title marketable within the sixty (60) day period due to Seller's failure to proceed in good faith, or if title is marketable but Seller defaults in its obligations, under this Agreement, Buyer may seek any of the following remedies permitted under law: (a) Proceed to closing without waiver or merger in the deed of the objections to title and seek damages, costs and attorney's fees from Seller for recovery of the costs of curing the objections to title (damages may include an award in condemnation, and all expert witnesses, appraisal, and attorney's fees incurred by Buyer, if the objections are cured through exercise of Buyer's eminent domain powers); or (b) Terminate this Agreement by notice to Seller in which event the Earnest Money paid hereunder shall be promptly refunded to Buyer; or (c) Seek damages from Seller including costs and reasonable attorney's fees as permitted by law; or (d) Seek specific performance of this Agreement, provided that the action is commenced within six (6) months after the cause of action arises. 3.3 If title is marketable or is corrected wkhin the sixty (60) day period, and Buyer defaults in any of the agreements herein, Seller may terminate this Agreement, and on such termination all payments made hereunder shall be retained by Seller as liquidated damages, time being of the essence hereof. The termination for a Notice of Cancellation of this Agreement shall be thirty (30) days as permitted by Section 559.21, Subd. 4. 4. Conditions to Closing. The closing of the transaction contemplated by this Agreement and the obligation of the Seller to sell the Property and of the Buyer to purchase the Property shall be subject to: (a) The Buyer having reviewed and approved title to the Property p~suant to Section 3 herein, provided that this contingency is for the sole benefit of Buyer and Buyer shall have the right to waive this contingency by giving written notice to Seller. If the contingencies set forth in this section have not been satisfied by the Closing Date, Buyer or Seller may terminate this Agreement by giv/ng written notice to the other on or before the Closing Date. If this Agreement 2 I I