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07/22/14
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07/22/14
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7/18/2025 11:33:34 AM
Creation date
7/23/2014 10:47:20 AM
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Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority
Document Date
07/22/2014
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e. Other Costs. Except as otherwise provided in this Agreement, Seller and Buyer <br />shall pay its own fees and costs incurred in this transaction. <br />6. Title Examination. Title Examination will be conducted as follows: <br />a. Title Evidence. On or before August l lth, or an ALTA Owner's Policy of Title <br />Insurance committing to insure title to the Real Property, in the amount of the <br />Purchase Price, issued by the Title Insurance Company. The Title Commitment <br />will commit the Title Insurance Company to insure title to the Real Property <br />subject to any Permitted Encumbrance as described in section 6 (c) below, and <br />shall include a Special Assessment Search and be accompanied by copies of each <br />document evidencing liens and encumbrances affecting the Real Property. <br />b. Survey. On or before August 1 lth, Seller shall provide to Buyer, a survey of the <br />Property, certified to Buyer and Title Insurance Company as having been <br />prepared in accordance with ALTA minimum standard detail requirements, dated <br />subsequent to the date hereof, by a registered land surveyor registered in <br />Minnesota, showing and certifying (i) boundary lines; (ii) legal description; (iii) <br />location of all adjacent roadways and any limitation of access (including <br />recording information related thereto); (iv) location of all utilities located on or <br />adjacent to the Property; (v) location of, and recording information relating to all <br />easements; (vi) area of the Property to the nearest 1/1000th of an acre and the area <br />of the Property to the nearest 1/1000th of an acre, net of any roadway easement; <br />(vii) location of all visible encroachments; (viii) all set back lines; and (ix) all <br />matters referred to on the title commitment that can reasonably be shown on such <br />survey. The Surveyor's Certificate shall be in a form acceptable to the Title <br />Insurance Company. <br />c. Buyer's Obiections. Within ten (10) days after receiving the Title Commitment <br />and the Survey, Buyer will make in writing, any objections ("Objections") to the <br />form or any contents of the Title Commitment and the Survey. Buyer's failure to <br />make Objections within such time period will constitute a waiver of Objections. <br />Any matter shown on such Title Commitment or the Survey and not objected to <br />by Buyer shall be a "Permitted Encumbrance" hereunder. Seller will have thirty. <br />(30) days after receipt of the Objections to cure the Objections, during which <br />period the Closing will be postponed as necessary. Seller shall use its best efforts <br />to correct any Objections. If the Objections are not cured within such thirty -day <br />period, Buyer will have the option to do any of the following: <br />i) Terminate this Agreement and receive a refund of the Earnest Money. <br />ii) Waive the Objections and proceed to close. <br />If Buyer fails to terminate this Agreement within fifteen (15) days of Seller's <br />failure to cure any Objections during such thirty -day period, Buyer shall be <br />conclusively deemed to have waived such Objections and shall proceed to close. <br />6 <br />
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