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June 3, 2021 <br />Page 2 <br />building permit has not been applied for in the first 6 months of <br />Closing the City of Ramsey will take title of property. <br />7. Seller Responsibilities: Seller shall provide the following information and/or updated <br />legal documents (at Seller's sole cost and expense): <br />A. Seller shall cooperate with Buyer during Due Diligence <br />Period and with conceptual submittals with the City of <br />Ramsey. Generally, Seller shall cooperate with Buyer to <br />move the Property to approvals for Buyers' use. <br />8. Investigation/ <br />Due Diligence Period: <br />B. Any other written documentation, information, reports, <br />inspection or information concerning the most recent <br />property taxes, zoning, Covenants, Conditions and <br />Restrictions Agreements, restrictions on use of the <br />Property, access to roads, appurtenant easements, <br />availability of utilities and title report. <br />C. At Closing, a Warranty Deed free from encumbrances and <br />clear of any leasehold interests, mortgage, liens, trusts, <br />pledges or security interests or any other encumbrances of <br />a monetary nature. <br />For the entire period following the execution of the Purchase <br />Agreement, for one hundred twenty days (120 days) (the <br />"Investigation/Due Diligence Period"), Magellan shall have the <br />right, but not the obligation, to perform the following procedures: <br />Physical/Engineering: Inspect the Property. <br />Regulatory: Investigate all zoning code and other governmental <br />approvals. This shall also include understanding of architectural <br />requirements and Homeowners Association. <br />Environmental: Review Phase I and other studies (Phase II, etc. <br />if needed). The environmental reports must disclose that there are <br />no hazardous substances in or around the Property. If there are <br />hazardous substances in or around the Property, Magellan may <br />elect not to purchase the Property and the earnest money will be <br />immediately refunded to Magellan. If Magellan elects to purchase <br />the property following its environmental review, Seller shall <br />indemnify and hold harmless Magellan against all environmental <br />issues and conditions related to the Property. Purchaser shall not <br />be responsible for any environmental issues which occurred prior <br />to Magellan's occupancy. <br />Title: Review and perform preliminary title reports and survey. <br />2 <br />