Laserfiche WebLink
the Earnest Money will be the sole remedy available to GM for default by CITY, and CITY will <br />not be liable for damages or specific performance. <br /> <br /> 18.2 GM'S Default. If GM defaults under this Section A. of this Agreement, CITY will <br />have the fight to teiminate this Agreement by giving written notice of termination to GM, <br />whereupon this Agreement will terminate, and upon such termination, all Earnest Money will be <br />refunded to CITY. <br /> <br />B. AS TO THE GM PROPERTY: <br /> <br /> 19. DEED/MARKETABLE TITLE. Upon performance by CITY, GM Shall deliver a <br />General Warranty Deed, conveying marketable title to the GM Property subject to: <br /> <br />19. I Building and zoning laws, ordinances, state and federal regulations; <br />19.2 Restrictions relating to use or improvement of the property without effective <br /> forfeiture provisions to which CITY has not objected pursuant to paragraph <br /> 16. of this Agreement; <br />19.3 Reservation of any mineral rights by the State of Minnesota; and <br />19.4 Utility and drainage easements. <br /> <br /> 20. TITLE & EXAMINATION. GM shall, within a reasonable time after acceptance of <br />this agreement, furnish a title insurance commitment to CITY. CITY shall be allowed ten business <br />days after receipt of the title commitment for examination of title and making any objections which <br />shall be made in writing or deemed waived. If any objection is so made, GM shall have-ten <br />business days from receipt of CITY'S written title objections to notify CITY of GM'S intention to <br />make title marketable within 120 days from GM'S receipt of such written objection. If notice is <br />given, payments hereunder required shall be postponed pending coxrection of title, but upon <br />correction of title and within 10 days after written notice to CITY the parties shall perform this <br />Exchange Agreement according to its terms. If no such notice is given or if notice is given but title <br />is not corrected within the time provided for, this Exchange Agreement shall be null and void, at <br />option of CITYi neither party shall be liable for damages hereunder to the other; CITY and GM <br />agree to sign Cancellation of this Exchange Agreement. <br /> <br />2 I. REAL ESTATE TAXES. Real estate taxes shall be paid as follows: <br /> <br />CITY shall pay, prorated from day of closing, real estate taxes due and payable in the year <br />2006. <br /> <br />GM shall pay real estate taxes due and payable in the year 2005 and its prorated share of the <br />2006 real estate taxes. <br /> <br />In the event the closing date is changed, the real estate taxes paid shall, if prorated, be <br />adjusted to th~ new closing date. GM warrants taxes due and payable in the year 2005 will <br />be non-homestead classification. GM makes no representation conceming the amount of <br />subsequent real estate taxes. <br /> <br />-248- <br /> <br />7 <br /> <br /> <br />