06-09-2003 Council Packet - Laserfiche WebLink

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APR.04*2003 11:31 952 432 3700 SEVERSON SHELDON DOUGHERTY •6736 P.004 7. 8. 9. 10. II. 12. EXAMINATION OF TITLE. Within t raasonabk lima aftar acceptance of Ihii Agraamcnt, Seiler shall funiish Buyer with an Abstract of Thla or a Reginand Property Abstract certified to date bKludiag proper searches covering bankruptcies and State and Federal ju^Etnants. liens, and levied and pending special assessments. Buyer shall have 10 business days after receipt of the Abstract of Title or Ragisterad Property Abstract either to have Buyer’s attonicy examine the thie and provide Seller wMi writlen objections or, at Buyefs own expense, to nuke an application for title insurance policy and notify Seller of the qtplkation. Buyer shsD have 10 businen days after receipt ofthcconunitment for tide insunoeeiaptovide Seller with a copy of the commitmcin and wntten objections. Buyer ihaU be doomed to have svaived any title objections not made within the qtplkablc lO^lay period set forth above, axcept that this shall not operate as a waiver of Seller's covenant to deliver a Warranty Deed, unless a Warranty Deed is not spocifiod above. If any objection is so made. Seller shall have 1 0 business days from receipt of Buyer's written title objeedeos to notify Buyer of Seller’s intention to make title marketable within 120 days fiam Seller's receipt of such wrhtan objectioa If notice is given, paymenu hereunder requbed shall be postponed pending correction ofthle, but upon correction of title and within 10 days after written notice to Buyer the parties shall pcrfbmi this Purchase Apeemem according to its term. If no such notice is given or if notice is giveo but tide is not corrected within the time provided for. this Purchase Agreement shall be null and void, at option of Buyer, neither parry shall be liable for damages hereunder to the other wd earnest money shall be refunded to Buyer, Bt^er mid Sellar agree to sign cancellation of Purchase AgrccmenL If title to the property be found marketable or be so made within said time, and Buyer shall defauh in any of the agreements and continue in defouh for a period of 10 days, then and in that case the Seller may termiaaie this contract and on sueh termhutioa all the paymentt made upon this contract shall be retained by Seller and agent, as their respective interests may appat, as liquidated damages, time being of die essence. This provision shall not deprive chber party of the right to enforce the speeifle performance of this contract providod this contract has not baan letmkiatcd and previdod action to enforce such specific performante shall be commenced within six months after such right of action shall arise. POSSESSION. Seller shall deliver possession of the property on the date of closing. REPRESENTATIONS AND WARRANTIES. Set etiacbed ad< TIME IS OP THE ESSENCE FOR ALL PROVISIONS OF THIS CCWTRACT. WELL DISCIAISURE STATERVNT. Buyer has received the well disclosure statement required by Minnesota Statutes Sec. 103I.23S. BUYER AND SELLER INITIAL; Bayer(s) SeEeKrt Pt! . MISCELLANEOUS PROVISIONS (a) SurvfvaL All of the wamnties, representations, and covenants of this Agreeraait shall nirvivo and be enforceable after the closing. (b) Entire Agrecmcat;Modifkatioe. Thu Agrecreent constitutes the compWic agreement between the parties and supersedes any prior oral or written agteementsbeturaen the panics teeing the property. Thcremeno verbal agreements that change this Agrcemem and no waiver of any of its tenns will be cffoctive unless in a writiag executed by the parties. (c) Snecoron and Amigns. If this Agrecmcm is assigned, alt provisions of this Agreement shaU be bbidkig on successors and assigns. C1X3SINC DATE. The Closing Dale shell be scheduled for a mutually convenient ditc i» or before October 1.2002. AGENCY DISCLOSURE. COLLIERS TOWLE REAL_ESTATE IT IS REPRESENTING THE S£LUB IN THIS TRANSACTION. WARAJ4EAL J.STAT1: DISCLOSES THAT THEY ARE REPRESENTING THE BUYEHgl THIS TRANSACTION. BUYER AND SELLER INITIAL: IS. Ihif puKhase agraement is contingent upon City approval 1