Agenda - Council - 04/24/2018 - Laserfiche WebLink

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