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7.2 <br /> <br />7.3 <br />7.4 <br />7.5 <br /> <br />Restrictions relating to use or improvement of the property without effective <br />forfeiture provisions; <br />Reservation of any mineral fights by the State of Minnesota; and <br />Utility and drainage easements. <br />TITLE & EXAMINATION. CITY shall, within a reasonable time after acceptance <br />of this agreement, furrdsh a title insurance commitment to GM. GM shall be <br />allowed ten business days after receipt of the title commitment for examination of <br />title and making any objections which shall be made in writing or deemed waived. <br />If any objection is so made, CITY shall have ten business days from receipt of <br />GM'S written title objections to notify GM of CITY'S intention to make title <br />marketable within 120 days from CITY'S receipt of such written objection. If <br />notice is given, payments hereunder required shall be postponed pending correction <br />of title, but upon correction of title and within 10 days after written notice to GM the <br />parties shall perform this Exchange Agreement according to its terms. If no such <br />notice is given or if notice is given but title is not corrected witlfin the time provided <br />for, this Exchange Agreement shall be null and void, at option of GM; neither party <br />shall be liable for damages hereunder to the other; GM and CITY agree to sign <br />cancellation of this Exchange Agreement. <br /> <br />8. REAL ESTATE TAXES. Real estate taxes shall be paid as follows: <br /> <br />GM shall pay, prorated between CITY and GM from day of closing, real estate taxes due <br />and payable in the year 2006. <br /> <br />CITY shall pay real estate taxes due and payable in the year 2005 and its prorated share of <br />the 2006 real estate taxes. <br /> <br />In the event the closing date is changed, the real estate ~xes paid shall, if prorated, be <br />adjusted to the new closing date. CITY warrants taxes due and payable in the year 2006 <br />will be non-homestead classification. The CITY makes no representation concerning the <br />amount of subsequent real estate taxes. <br /> <br />9. SPECIAL ASSESSMENTS. Special assessments shall be paid as follows: <br /> <br />CITY shall pay on date of closing all installments of special assessments certified for <br />payment with the real estate taxes due and payable in the year of closing. <br /> <br />CITY-shall pay on date of closing all other special assessments levied as of the date of <br />closing. <br /> <br />GM shall assume special assessments pending as of the date of closing for improvements <br />that have been ordered by the City Council or other assessing authorities. <br /> <br />CITY shall pay on date of closing any deferred real estate taxes (i.e., Green Acres, etc.) or <br />special assessments payment of which is required as a result of the closing of this sale. <br /> <br />-244- <br /> <br /> <br />