Resolution 6563 Attachment - Laserfiche WebLink

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(a) Reservations of minerals or mineral rights by the State of Minnesota, if any; and (b) Local, state and federal laws, ordinances or governmental regulations, including, but not limited to, building and zoning laws; and . (c) Easements, rights-of-way, reservations, covenants and restrictions of record, except those easements, rights-of-way, reservations, covenants and restrictions of record objected to by Purchaser during the period for objections to title under Section 6. Items (a) through (c) above are hereinafter referred to as the "Permitted Exceptions". 5. SURVEY. Purchaser shall have the Property surveyed as determined by Purchaser, in Purchaser's sole discretion and at Purchaser's expense. If said survey ("Survey") shows any discrepancies or conflicts in boundary lines or encroachments that materially decrease the value of the Property based on Purchaser's intended use, which Seller is unable or unwilling to cure, then Purchaser's sole remedy shall be to terminate this Agreement by notice to Seller, otherwise the defects shall be deemed to be waived. 6. EVIDENCE OF TITLE. (a) Within fifteen (15) days of the date of this Agreement, Purchaser shall be responsible for obtaining a title insurance commitment from Title Company and reviewing title to the Property. Purchaser shall be allowed thirty (30) business days after the receipt of the title commitment for examination of title and making any objections, which shall be made in writing or deemed waived. (b) Seller shall have one hundred twenty (120) days from receipt of Purchaser's written title objections to make title marketable. Upon receipt of Purchaser's title objections, Seller shall, within ten (10) business days, notify Purchaser of Seller's intention to make title marketable within the 120 day period. (c) If notice is given, payments hereunder required shall be postponed pending correction of title, but upon correction of title and within ten (10) days after written notice to Purchaser, the parties shall perform this Agreement according to its terms. If no such notice is given or if notice is given but title is not corrected within the time provided for, the Purchaser (at Purchaser's option) shall have the right to terminate this Agreement. (d) Liens or encumbrances for liquidated amounts which can be released by payment or escrow form proceeds of the Closing shall not delay the Closing. Cure of the defects by Seller shall be reasonable, diligent, and prompt. Pending correction of title, all payments required herein and the Closing shall be postponed. 7. ACCESS TO PROPERTY. Seller acknowledges that Purchaser and Purchaser's agents shall have access to the Property without charge and at reasonable times for the purpose of Purchaser's survey, investigation and testing of the Property ("Investigation"). Purchaser shall 2 isisa5vb