Agenda - Council - 08/08/2006 - Laserfiche WebLink

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DRAFT —420— Eamest Money Draft Date: July 19, 2006 Page 3 of 6 (b) Abstract of Title certified to date. Seller shall pay for all abstracting fees and surrender any abstract in Seller's possession or control to Buyer at Closing. IF THE PROPERTY IS TORRENS, Seller shall provide, at Buyer's option and request, either: (a) a Registered Property Abstract certified to date; or (b) a commitment for an owner's policy of title Insurance on a current ALTA form issued by Insurer licensed to write title insurance in Minnesota. Seller shall be responsible to pay, under either option, only those costs necessary to prepare the Registered Property Abstract or commitment. Buyer shall, at Buyer's option, pay for either an attorney's title opinion or the title insurance premium (for both an owner's policy and any lender's policy and the examination fee, together with the costs for any endorsements or other coverage requested by Buyer). Buyer shall have ten (10) business days after receipt of the Abstract of Title, Registered Property Abstract, or title insurance commitment to provide Seller, or licensee representing or assisting Seller, with written objections to title. Buyer shall be deemed to have waive any title objections not made within such ten (1 dayperiod, except that this shall not operate as a waiver of.Seller's covenant to deliver a Warranty Deed, if a Warranty Deed is specified in this Purchase Agreement. Seller shall use Seller's best efforts to correct any title objections noted by Buyer and to provide marketable title by the date of Closing. In the event Seller has not cured the title objections or otherwise provided marketable title by the date of Closing, Seller shall have an additional thirty (30) days to correct the title objections or otherwise make title marketable. Buyer may waive title objections or other defects by written notice to Seller or licensee representing or assisting Seller. In addition to the thirty (30) day extension, Buyer and Seller may by mutual agreement further extend the Closing date. Lacking such extension, either .party may declare this Purchase Agreement terminated and neither party shall be liable for damages to the other. Buyer and Seller shall immediately sign a cancellation of purchase agreement directing all earnest money paid hereunder to be refunded to Buyer. 9. POSSESSION: Seller shall deliver possession of the property on the date of Closing. 10. REPRESENTATIONS AND WARRANTIES: See attached Addendum. 11. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. 12. SELLER CERTIFIES. THAT SELLER DOES SEWER SYSTEM (check one) ----- ON OR SERVING THE PROPERTY: (If answer is DOES, See Private Sewer System Disclosure.) DOES NOT KNOW OF A PRIVATE 13. SELLER CERTIFIES THAT SELLER DOES. DOES NOT KNOW OF ANY WELLS ON OR SERVING -- (check one) - - ----- THE PROPERTY: (If answer is DOES, see Well Disclosure Statement.) 14. ADDENDA. Attached is one addenda which is made part of this Purchase Agreement.