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01/11/18
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01/11/18
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4. EARNEST MONEY. By February 20, 2018 Buyer must deposit the sum of $10,000 (the <br />"Earnest Money") with Commercial Partners Title Company, 200 South 6th Street, #1300, <br />Minneapolis, MN 55402 ("Escrow Agent"), via wire transfer or delivery of a certified check <br />payable to Escrow Agent. <br />a. If Buyer does not deposit the Earnest Money with Escrow Agent as required <br />above, then Seller may terminate this Agreement by written notice to Buyer; <br />provided, however, if Buyer deposits the Earnest Money with Escrow Agent <br />before Seller exercises Seller's right to terminate, Seller's right to terminate is <br />extinguished. <br />b. Upon Seller's receipt of a Notice to Proceed from Buyer in accordance with <br />Section 9(b), all of the Earnest Money becomes non-refundable (except in <br />accordance with Section 23 as a result of a default by Seller). <br />c. If Buyer does not provide a Notice to Proceed to Seller in accordance with <br />Section 9(b), this Agreement automatically terminates and Escrow Agent must <br />disburse all Earnest Money Escrow Agent holds to Buyer. <br />d. At Closing, Escrow Agent shall disburse to Seller any Earnest Money not <br />previously disbursed to Seller, and Buyer shall receive a credit against the <br />Purchase Price owing at Closing in an amount equal to the amount of the Earnest <br />Money. <br />5. SURVEY. Seller shall, at Seller's expense, obtain an ALTA/NSPS 2016 survey (Table <br />A, items 1-4 and 6, 8, and 11) (the "Survey") from a duly licensed surveyor and deliver it <br />to Buyer within thirty (30) days after the Effective Date. Buyer may arrange with the <br />surveyor to include additional information on the Survey at Buyer's expense. <br />6. TITLE COMMITMENT. <br />a. Seller makes no representations or warranties with respect to the status of title to <br />the Property. Within thirty (30) business days after the Effective Date, Seller <br />shall, at Seller's expense, obtain a commitment from Escrow Agent to issue an <br />owner's policy of title insurance insuring Buyer's title to the Property (the "Title <br />Commitment") and deliver the Title Commitment and copies of or internet access <br />to copies of all recorded documents referenced in the Title Commitment to Buyer. <br />b. Buyer shall have until the date thirty (30) days after the receipt of the Title <br />Commitment and the Survey (collectively, "Title/Survey") to review <br />Title/Survey and to give Seller written notice of (i) any defects in the <br />marketability of Seller title to the Property or any encumbrances on Seller's title <br />to the Property that are objectionable to Buyer, and (ii) the specific actions Buyer <br />requests that Seller take with respect to each such defect or encumbrance (a "Title <br />Objection Notice"). Any defects in or encumbrances on Seller's title that Buyer <br />does not identify in a timely Title Objection Notice are each a "Permitted <br />Page 2 of 12 <br />
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