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DRAFT <br /> <br /> 14. EVIDENCE OF TITLE. Evidence of Title. Within ten (10) days aker execution <br />of this A~eement, SELLER shall furnish BUYER: <br /> <br />ao <br /> <br />A Registered Property Abstract, together with proper searches covering <br />bankruptcy, federal and state judgments and tax liens, real estate taxes and <br />special assessments. <br /> <br />A commitment for an ALTA owner's policy of title insurance covering the <br />Property issued by Registered Absta'acters Inc. <br /> <br />SELLER may provide a title commitment issued by Registered Abstracters, <br />Inc. to BUYER and, in that case, BUYER waives any claim for a Registered <br />Property Abstract. <br /> <br /> 15. EXAMINATION OF TITLE. BUYER shall be allowed until the date ten (10) <br />days after receipt of such title evidence for examination of title and the making of any objections <br />thereto, which objections shall be in writing or they will be deemed to be waived. If any objections <br />are so made, SELLER shall be allowed until the Closing Date to make such title marketable, and <br />SELLER shall use all reasonable efforts to make such title marketable. <br /> <br /> If said title is not marketable and is not so made by the date of closing, as above provided, <br />BUYER shall have the option of: <br /> <br />Declaring this Agreement null and void and receiving a refund from <br />SELLER of all Earnest Money paid hereunder; or <br /> <br />Waiving any defects in title and proceeding to close the transaction <br />contemplated by this Agreement. <br /> <br /> If the title to the Property is marketable or is made marketable by the Closing Date, and <br />BUYER defaults in any of the agreements on its part to be performed under this Agreement and <br />continues in default fbr a period of five (5) days after ~tten notice thereof is given to BUYER by <br />SELLER, then SELLER shall have the remedies described below or under Minnesota law. <br /> <br /> 16. DEFAULT. If either party defaults in the performance of any obligation under this <br />Agreement, the non-defaulting party may, after a five (5) day written notice to the defaulting party, <br />suspend performance of its obligations under this Agreement and the rights of the non-defaulting <br />party are as follows: <br /> <br />BUYER'S Defhult. If BUYER defaults in the performance of any of the <br />BUYER'S obligations under this Agreement, SELLER shall have the <br />lbllowing rights: <br /> <br />(i) <br /> <br />Except as set forth at (ii) below, if BUYER defaults in the <br />performance of any of BUYER'S obligations under this Agreement, <br />SELLER'S sole and exclusive right shall be to seek a Cancellation of <br />Purchase Agreement. <br /> <br />7 <br /> -230- <br /> <br /> <br />