Agenda - Council - 09/25/2007 - Laserfiche WebLink

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Cd) Recording Costs. Seller will pay the cost of recording all documents necessary to place record title in the condition warranted and requested by Seller in this Agreement. Buyer will pay the cost of recording all other documents. (e) Attorney's Fees.' Each of the parties will pay its O"WD. attorneys fees, except that a party defaulting under this Agreement or any' closing document will pay the reasonable attorneys' fees and court costs incurred by the nondefaulting party to enforce its rights regarding such default. 6. Title Examination. Title Examination will be conducted as follows: (a) Seller's Title Evidence. Seller shall, ~thin thirty (3D) days after the Effective Date,.fumish the following (collectively, "Title Evidence") to Buyer: (1) Title Insurance Commitment. A commitment ("Title Commitment")' for an ALTA Form B 1970 O"WD.er's Policy of Title Insurance insuring title to the Real Property, deleting standard exceptions and including affirmative insurance regarding zoning,contiguity~ appurtenant easements and such other matters as may be identified by Buyer, in the amount of the Purchase Price, issued by Escrow Agent ("Title"); The Title Commitment will commit Title to insure title to the Property subject only to the Permitted Encumbrances. lithe Property is abstract property, Seller shall deliver to Title or Buyer an Abstract of Title to the Real Property, if the same is in Seller's p.ossession. (2) UCC Searches. A report of uec Searches made of the Uniform Comniercial Code records of the Secretary of State of Minnesot~ made by said Secretary of State, or by search :finn acceptable to Buyer, showing no UCC filings regarding any of the Property. (b) Buyer's Objections. Within 10 days after receiving the last of the Title Evidence, Buyer 'will make written objections ("0bjectionsll) to the form and/or contents of the Title Evidence. Buyer's failure to make Objections within such time period will constitute waiver of Objections. Any matter shown on such Title Evidence and not object to by Buyer shall be a "Permitted Encumbrance" hereunder. Seller will have 30 days after receipt of the Objections to cure the Objections, during which period the Closing will be postponed as necessary. Seller shall use its best efforts to correct any Objections. To the extent an Objection can be satisfied by the payment of money, Buyer shall have the right to apply a portion of the cash payable to Seller at the Closing to satisfaction of such Objection and the amount so applied shall reduce the amount of cash payable to Seller at the Closing. If the Objections are not cured within such 30-day period, Buyer will have the option to do any of the following: -370-