Agenda - Council - 09/08/2026 - Laserfiche WebLink

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any tax or assessment is levied or assessed with respect to the Property after the date hereof and the owner of the Property has the election to pay such tax or assessment either immediately or under a payment plan with interest, Seller may elect to pay under a payment plan, which election shall be binding on Buyer); (iii) any exceptions caused by Buyer; and (iv) such other exceptions as the Title Company shall commit to insure over, without any additional cost to Buyer, whether such insurance is made available in consideration of bonding, indemnity of Seller or otherwise, at no cost to Buyer. c. With regard to items other than Permitted Exceptions to which the Buyer objects to in writing within the Title Review Period or the Title Update Review Period, Seller will notify Buyer within five (5) business days of receipt of Buyer's written objection, whether Seller (i) will cure such objection or (ii) not cure such objection. Seller's failure to respond to the Buyer written objection shall be construed as Seller's election under subpart (ii) of the preceding sentence. With respect to the objections for which Seller has elected not to cure, Buyer shall, at the Buyer option, waive the objections not cured, in which event the same shall become Permitted Exceptions, or terminate this Agreement by written notice to Seller within five (5) days of Seller's election (or deemed election) under subpart (ii) above. Failure of the Buyer to respond shall be deemed as Buyer election to waive such objections. With respect to those objections for which Seller has elected to cure, Seller shall cure such objections prior to Closing. Notwithstanding the foregoing, if Seller is unable or unwilling to cure such objections prior to Closing, it being understood that Seller is not required to cure any such objections, the Buyer may, at the Buyer option, waive the objections not cured, in which event the same shall become Permitted Exceptions, or Buyer may terminate this Agreement by written notice to Seller and Buyer shall receive a full refund of the Earnest Money. d. Prior to Closing, the Buyer may obtain, at the Buyer cost and expense, an update of the Title Commitment ("Title Update"). If the Title Update or any updated Survey discloses a title or survey matter that was not disclosed in the Title Commitment or the Survey, the Buyer may deliver to Seller, within (10) days following the Buyer receipt of the Title Update and any updated Survey ("Title Update Review Period") a written statement of objections to any matter first disclosed on the Title Update or any updated Survey accompanied by a copy of the Title Update and any updated Survey, provided that the Buyer will not have the right to object to any matters that are Permitted Exceptions. In the event Buyer fail to timely notify Seller of any objections to title to the Property which are contained in the Title Commitment, the Survey, in any Title Update or on any updated Survey, the Buyer will be deemed to have agreed to accept title subject to all matters reflected in the Title Commitment and any Title Update and to the state of facts shown on the Survey or any updated Survey. Seller shall be obligated to discharge or satisfy any mortgage, judgment or other monetary lien on or before the Closing. 6. Survey. Buyer, at its sole cost and expense, may obtain its own current boundary and topographic survey of the Property certified to Buyer and the Title Company prepared under American Land Title Association specifications by a duly licensed land surveyor in the State of Minnesota ("Survey"). 4