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<br />[' <br /> <br />DRAFT <br /> <br />Eamest Money <br />Draft Date: July 19, 2006 <br />Page 3 of 6 <br /> <br />(b) Abstract of Title certified to date. Seller shall pay for all abstracting fees' and surrender any abstract <br />in Seller's possession or control to Buyer at Closing. <br /> <br />IF THE PROPERTY IS TORRENS, Seller shall provide, at Buyer's option and request, either: (a) a <br />Registered Property Abstract certified to date; or (b) a commitment foran owner's policy of title <br />Ins.urance on a current AL T A form issued by Insurer licensed to write title insurance in Minnesota. <br />Seller shall be responsible to pay, under either option, only those costs necessary to prepare the <br />Registered Property Abstract or commitment. Buyer shall, at Buyer's option, pay for either an <br />attorney's title opinion or the title insurance premium (for both an owner's policy and any lender's policy <br />and the examination fee, together with the costs for any endorsements or other coverage requested by <br />Buyer). <br /> <br />Buyer shall have ten (10) business days after receipt of the Abstract of Title, Registered Property <br />Abstract, or title insurance commitment to provide Seller, or licensee representing or assisting Seller, <br />with written objections to title. Buyer shall be deemed to havewaive any title objections not made <br />within such ten (10) day period, except that this shall not operate as a waiver of .SeIler's covenant to <br />deliver a Warranty Deed, if a Warranty Deed is specified in this Purchase Agreement. . Seller shall use <br />Seller's best efforts to correct any title objections noted by Buyer and to provide marketable title by the <br />date of Closing. In the event Seller has not cured the title objections or otherwise provided marketable <br />title by the date of Closing, Seller shall have an additional thirty (30) days to correct the title objections <br />or otherwise make title marketable. Buyer may waive title objections or other defects by written notice <br />to Seller or licensee representing or assisting Seller. In addition to the thirty (30) day extension, Buyer <br />and Seller may by mutual agreement further extend the Closing date. Lacking such extension, either <br />-.party may declare this Purchase Agreement terminated and neither party shall be liable for damages to. <br />the other. Buyer and Seller shall immediately sign acancellation of purchase agreement directing all r <br />earnest money paid hereunder to be refunded to Buyer. <br /> <br />9. POSSESSION: Seller shall deliver possession of the property on the date of Closing. <br /> <br />10. REPRESENTATIONS AND WARRANTIES: See attached Addendum. <br /> <br />11. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. <br /> <br />12. <br /> <br />SELLER CERTIFIES THAT SELLER DOES <br /> <br />DOES NOT KNOW OF A PRIVATE <br /> <br />SEWER SYSTEM <br /> <br />-- (check one) -- <br /> <br />ON OR SERVING THE PROPERTY: (If answer is DOES, See Private Sewer System Disclosure.) <br /> <br />13. <br /> <br />SELLER CERTIFIES THAT SELLER <br /> <br />DOES <br /> <br />DOES NOT KNOW OF ANY <br /> <br />WELLS ON OR SERVING <br /> <br />---- (check one) ---- <br /> <br />THE PROPERTY: (If answer is DOES, see Well Disclosure Statement.) <br /> <br />14. ADDENDA. Attached is one addenda which is made part of this Purchase Agreement. <br />