Laserfiche WebLink
{a) Reservations of minerals or mineral rights by the State of Minnesota,if any; and <br /> (b) Local, state and federal laws, ordinances or governmental regulataons, including, <br /> but not limited to,building and zoning Iaws; and <br /> {c) Easements, r�ghts-of-way, reservations, covenants and restrictions of record, <br /> except those easements, rights-of-way, reservations, covenants and restrictions of <br /> record objected to by Purchaser during the period for objections to title under <br /> Section 6. <br /> ("Permitted Exceptions"), <br /> 5. SURVEY. Purchaser shall have the Pz�operty swveyed as determined by Purchaser, in <br /> Purchaser's sole discrefiion and at Purchaser's expense. If the survey shows any discrepancies or <br /> canflicts in boundary lines and encroachments which materially decrease the value of the <br /> Property based on Purchaser's intended use, which Sellers are unable or u,nwilling to cure, then <br /> Purchaser's sole remedy shall be to tentninate this Agreement by notice to Sellers, otheiwise the <br /> defects shall be deemed to be waived. <br /> 6. EVIDENCE OF TITLE. <br /> (a) Within �ifteen (15) days of the date of this Ageement, Purchaser shall be <br /> responsible for obtaining title evidence and reviewing title to the Property. <br /> Purchaser shall be allowed thirty {30) business days after the receipt of the title <br /> commitment for examination of dtle and maldng any objections, which shall be <br /> made in writing or deemed waived. <br /> (b) Se�ler shall have one hundred twenty(120) days from receipt of Purchaser's written <br /> ti�le objections to make title marketable. Upon receipt of Purcl�aser's htle <br /> objections, Seller shall, within ten (10) business days, notify Purchaser of Seller's <br /> intention to make title matketable within the 12Q day period. Liens or <br /> encumbrances for liquidated amounts which can be released by payment or escrow <br /> from proceeds of clasing sl�all not delay the closing. Cbre of the defects by Seller <br /> shall be reasonable, diligent, and prompt. Pending correction of titIe, all payments <br /> required h�rein and the closing shalI be postponed. <br /> {c} If any objection is so made, Seller shall have ten (10)business days from receipt of <br /> Purchaser's written title objections to notify Purchaser of Seller's intentian to malce <br /> �itle marketable withi.n one hundred twenty(120) days from Seller's receipt of such <br /> written objec�ion. If notice is given, payments hereunder required sha11 be <br /> postponed �ending correction of title, but upon correction of iifle and within ten <br /> (10) days after written notice to Purchaser, the parties shall perform this Agreement <br /> according to its tenns. If no such notice is given or if notice is given but title is not <br /> corrected within the time provided for, the Purchaser (at Purchaser's option) shall <br /> have the right to: (a) terminate this Ageement; or(b) ca.use the exception(s) to be <br /> removed and creait Pur�haser's cflst to remove the exception{s) against the <br /> Purchase Price. <br /> 2 <br /> I81815v2 <br />