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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 /> <br />5. SURVEY. Buyer may obtain an ALTA/NSPS Land Title Survey of the Property (the <br />“Survey”) prepared by a duly licensed land surveyor licensed in Minnesota and <br />acceptable to Buyer. The Survey shall identify the Title Commitment and show all <br />exceptions disclosed in the Title Commitment. The Survey shall be certified to Buyer and <br />the Title Company. In the event the Survey, or any recertification thereof, shows any <br />encroachments or any improvements upon, from, or onto the Property, or on or between <br />any building setback line, lot line, or any easement, or other condition unacceptable to <br />Buyer, in Buyer’s sole discretion, said encroachment, easement, or other condition shall <br />be treated in the same manner as Title Defect(s). <br /> <br />6. TITLE COMMITMENT. <br /> <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 /> <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 />Exception.” Within three (3) business days after Seller’s receipt of a Title <br />Objection Notice from Buyer, Seller will notify Buyer, in writing, of the actions, <br />if any, that Seller is willing to take with respect to each of the matters identified in <br />the Title Objection Notice and the time frame in which Seller will take those <br />actions (“Seller’s Title Notice”). If Seller’s Title Notice indicates that Seller <br />unconditionally agrees to make Seller’s title to the Property marketable on or <br />before the closing date established pursuant to Section 10, the parties shall <br />proceed to closing pursuant to the terms of this Agreement. If Seller’s Title <br />Notice indicates that Seller does not unconditionally agree to make Seller’s Title <br />to the Property marketable on or before the closing date established in Section 10, <br />Page 2 of 13 <br /> <br />