05-13-2002 Council Packet - Laserfiche WebLink

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1 (b) Abstracts of title in possession of Seller (if any) to those portions of the Property that are not registered property certified to a date no later than the Effective Date of this Agreement; (collectively the foregoing shall be referred to as the "Evidence of Title"). 9. Examination of Title. The Title Commitment described in Section 8 shall be referred to as the “Evidence of Title.” Within ten (10) business days of Buyer’s receipt of the last item of the Evidence of Title, Buyer may give Seller written notice of defcct(s) in the marketability of Seller’s actual and record title to the Property (the “Objections”) and request that Seller make Seller’s title marketable. The Permitted Encumbrances may not serve as a basis for an Objection. Buyer’s failure to object to defects in the marketability of Seller’s title to the Property, in writing, within the time period set forth above, shall be deemed a waiver of Buyer’s right to make any Objections. If Buyer notifies Seller of Objections within the time period set forth above. Seller shall have the right, but not the obligation to cure any such objection. If Seller elects to cure, Seller shall have up to sixty (60) days from Seller’s receipt of Buyer's Objections to cure and, if necessary, the Date of closing shall be rescheduled accordingly. If Seller cures Buyer’s Title Objections within the sixty day period. Seller shall notify Buyer, in writing, and the Parties shall close pursuant to the terms of the Agreement. The new Closing shall be the date fifteen (15) days from the date Seller notifies Buyer that the Title Objection has been or the Objections have been cured. If Seller is unable, despite Seller’s best efforts, to cure such Title Objections within said sixty day period. Buyer shall have the option of either termin.^ting this Agreement or notifying Seller that Buyer waives Buyer’s objections. If Buyer waives Buyer’s Objections, the matters giving rise to such Objections shall be deemed a Permitted Encumbrance and the Parties shall fully perform their obligations under this Agreement without any adjustment to the Purchase Price. The Parties shall establish a new Closing by mutual agreement, but if the Parties cannot establish a new Closing by mutual agreement, the Closing shall be the date fifteen (15) days from the effective date of Buyer’s notice to Seller that Buyer waives Buyer’s Objections. 10. Real Estate Taxes and Special Assessments. The Parties shall pay the real estate taxes (which term, as used in this Agreement, shall include service charges assessed against real property on an annual basis pursuant to Minnesota Statutes 429.101) and special assessments as follows: IIC26DS2/4713/ 267:211 vl(RED) 2;4 2002