09/23/14 - Laserfiche WebLink

Home

d. Recording Costs. Seller will pay the cost of recording all documents necessary to place record title in the condition warranted by Seller in this Agreement. Buyer will pay the cost of recording all other documents. e. Other Costs. Except as otherwise provided in this Agreement, Seller and Buyer shall pay its own fees and costs incurred in this transaction. 6. Title Examination. Title Examination will be conducted as follows: a. Title Evidence. On or before closing date, Seller shall deliver to Buyer a commitment for an ALTA Owner's Policy of Title Insurance committing to insure title to the Real Property, in the amount of the Purchase Price, issued by the Title Insurance Company. The Title Commitment will commit the Title Insurance Company to insure title to the Real Property subject to any Permitted Encumbrance as described in section 6 (c) below, and shall include a Special Assessment Search and be accompanied by copies of each document evidencing liens and encumbrances affecting the Real Property. b. Survey. On or before closing date, Seller shall provide to Buyer, a survey of the Property, certified to Buyer and Title Insurance Company as having been prepared in accordance with ALTA minimum standard detail requirements, dated subsequent to the date hereof, by a registered land surveyor registered in Minnesota, showing and certifying (i) boundary lines; (ii) legal description; (iii) location of all adjacent roadways and any limitation of access (including recording information related thereto); (iv) location of all utilities located on or adjacent to the Property; (v) location of, and recording information relating to all easements; (vi) area of the Property to the nearest 1 /1000th of an acre and the area of the Property to the nearest 1 /1000th of an acre, net of any roadway easement; (vii) location of all visible encroachments; (viii) all set back lines; and (ix) all matters referred to on the title commitment that can reasonably be shown on such survey. The Surveyor's Certificate shall be in a form acceptable to the Title Insurance Company. c. Buyer's Objections. Within ten (10) days after receiving the Title Commitment and the Survey, Buyer will make in writing, any objections ( "Objections ") to the form or any contents of the Title Commitment and the Survey. Buyer's failure to make Objections within such time period will constitute a waiver of Objections. Any matter shown on such Title Commitment or the Survey and not objected to by Buyer shall be a "Permitted Encumbrance" hereunder. Seller will have thirty (3 0) days after receipt of the Objections to cure the Objections, during which period the Closing will be postponed as necessary. Seller shall use its best efforts to correct any Objections. If the Objections are not cured within such thirty -day period, Buyer will have the option to do any of the following: i) Terminate this Agreement and receive a refund of the Earnest Money. ii) Waive the Objections and proceed to close. 6