Agenda - Council - 01/11/2005 - Laserfiche WebLink

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A commitment for an ALTA owner's policy of title insurance covering the Property issued by Registered Abstracters Inc. 15, EXAMINATION OF TITLE. BUYER shall be allowed until the date ten (10) days a I'tcr receipt of such title evidence for examination of title and the making of may objections thereto, which otkiections shall be in writing or they will be deemed to be waived. If any objections are so made, SELLER shall be allowed umil the Closing Date to make such title marketable, and SELLER shall usel all reasonable efforts to make such title marketable. If said title is not marketable and is not so made by the date of closing, as above provided, BUYER shall have the option of: a. Declaring this Agreement null and void and receiving a refund ii'om SELLER of all Ea~rnest Money paid hereunder; or b. Waiving any defects in title and proceeding to close the transaction contemplated by this Agreement. 11' thc title to the Property is marketable or is made marketable by the Closing Date, and ItllYER dclhults in any of the agreements on its part to be performed under this Agreement and continues in default for a period of five (5) days after written notice thereof is given to BUYER by Si,;I,LER, then SELLER shall have the remedies described below or under Mimaesota law. 16. SURVEY. BUYER :shallI at BUYER'S sole cost and expense, obtain a cun'ent survey of the Property which survey shali be prepared by a Registered Surveyor (the "Survey"). Thc Survey, in form suitable to BUYER and Title Company shall: a. locate all present and futu~'e easements, rights-of-way, wetlands, 100-year flood plain, building lines, utilitE lines, roadways and encroactnnents on or abutting the property. b. contain the certification of the Surveyor as to the number of square feet contained in the Property. BUYER shall have ten (10) days f~rom the date of receipt of the Survey to approve same or to noti fy SELLER of BUYER'S objections to items disclosed therein. Upon the expiration o f said ten (10) day period, BUYER 'shall be deemed to have accepted all exceptions to Survey, except lbr matters to which notice under the preceding sentence has been given by BUYER, 11' BUYER notifies SELLER of any Objections to the Survey within aforesaid ten (10) day period, then and in that event SELLER shall have a period often (10) days following receipt of such objections to Survey to cure said objections or notify BUYER in writing of SELLER'S intent not to cure said objections. Ifithe Objections are not cured by SELLER within said ten (10) day period, BUYER shall then have the oPtion to do either of the following: