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by its <br />payable <br /> <br />earnest <br />receipt of <br /> <br />check on <br /> <br />subdivision <br /> <br />as follows: <br /> <br /> 2.1 Ten Thousand and 00/100 dollars ($10,000.00) as <br />money (the "Earnest Money") paid by check by BUYER, the <br /> <br /> which is hereby acknowledged by SELLER. <br /> <br /> 2.2 The balance of the Purchase Price is <br /> <br /> the Closing Date (as hereafter defined). <br /> <br /> 2.3 <br /> <br />regulations. The Purchase Price shall be <br /> <br />approval of a <br />single-family <br /> <br />payable by <br /> <br /> The Purchase Price is based on the CITY OF RAMSEY's <br /> <br /> plat (subdivision) containing not more than 38 <br />residential lots. The Purchase Price shall be <br /> <br /> adjusted downward on a pro rata basis at the rate of $10,500.00 per <br /> lot if a plat containing fewer than 38 single-family lots is <br /> approved by the CITY OF RAMSEY or adjusted upward on a pro rata <br /> basis if a plat containing more than 38 single-family lots is <br /> approved by the CITY OF RAMSEY. <br /> <br /> 3. DEED/MARKETABLE TITLE. Upon performance by BUYER, SELLER shall deliver a <br /> Minnesota Uniform Conveyancing Blank, Form No. 9-M Warranty Deed, conveying marketable title, subject <br /> to: <br /> <br /> a. Building and zoning laws, ordinances, state and federal regulations; <br /> <br /> b. Restrictions relating to use or improvement of the Property without effective forfeiture <br /> provisions; <br /> <br /> c. Reservation of any mineral rights by the State of Minnesota; and <br /> <br /> d. Utility and drainage easements. <br /> <br /> 4. TITLE AND EXAMINATION. BUYER shall, at BUYER's expense, within a reasonable time <br />after acceptance of this Agreement, obtain a Commitment for a Title Insurance Policy. BUYER shall have <br />ten (10) business days'after' receipt of the Commitment for Title Insurance to provide SELLER with a copy <br />of the Commitment and written objections. BUYER shall be deemed to have waived any title objections <br />not made within the ten (10) business day period, except that this shall not operate as a waiver of <br />SELLER's covenant to deliver a Warranty Deed. <br /> <br /> 4.1 TITLE CORRECTIONS AND REMEDIES. SELLER shall have 120 days from <br />receipt of BUYER's written title objection(s) to make title marketable. Upon receipt of BUYER's title <br /> <br /> 2 <br /> <br /> <br />