Agenda - Council - 10/25/2005 - Laserfiche WebLink

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representations or disclosures made regarding,~he condition of the Property by the SELLER and BU-¥tER hereby waives any claim, cause of"~ction or suit against the SELLER based on the ~,;ondition of the Property, or as a result of any representations by SELLER, either written or verbal. l'he provisions of this paragraph supercede any other language contained in this Agreement regarding the subject hereto. BUYER hereby further agrees that the SELLER shall have no further responsibility or liability with respect t~) the condition of the Property being sold subsequent to · ~;losing and the transfer of the warranty deed. The provisions of this Agreement shall survive ~:losing and delivery of the warranty deed. The terms and conditions of this Paragraph 14 shall not limit the right of the BUYER, pursuant to Paragraph 7. REVIEW PERIOD, herein to terminate this Agreement. [5. EVIDENCE OF TITLE. Evidence of Title. Within ten (10) days after execution this Asreement, SELLER shall furnish BUYER: An Abstract of Title or Registered Property Abstract, together with proper searches covering bankruptcy, federal and state judgments and tax liens, real estate taxes and special assessments. A commitment for an ALTA owner's poliCy of title insurance covering the Properly issued by Registered Abstracters Inc. SELLER may provide a title commitment issued by Registered Abstracters, Inc. to BUYER and, in that case, 'BUYER waives a.p.y claim for an Abstract of Title or Registered Property Abstract. 16. EXAMINATION OF TITLE. BUYER shall be allowed until the date ten (I0) d~.ys after receipt of such title evidence for examination of title and the making of any objections there[o, which objections shall be in writing or they will be deemed to be waived. If any objections are so made, SELLER shall be allowed until the date of closing to make such title marketable, and SELLER shall use all reasonable efforts to make such title marketable. I~' said title is not marketable and is not so made by the date of closing, as above provided, BUYER shall have the option of: Declaring this Agreement null and void and receiving a refund from SELLER of all Earnest Money paid hereunder; or Waiving any defects in title and ,proceeding to close the transaction contemplated by this Agreement. [~' the title to the Property is marketable or is made marketable by the date of closing,, and BUYER defaults in any of the agreements on its part 'to be performed under this Agreement and ccmtinue.s in default for a period of 5 days after written notice thereof is given to BUYER by S ~LLER, then SELLER shall have the remedies described below or under Minnesota law. , DEFAULT. If either party defaults in the performance of any obligation under this the non-defaulting party may, after a 5 day written notice to the defaulting party, -317-