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08-25-1999 Additions
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08-25-1999 Additions
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8/22/2012 1:49:18 PM
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5. Examination of Title. Buyer may obtain, at Buyer's sole cost and expense, a <br />commitment for an owner's policy of title insurance (the "Commitment ") issued by a title <br />insurance Company of Buyer's choosing. Buyer shall be allowed twenty (20) days after <br />receipt of the Commitment for examination of title and the making of any objections, said <br />objections to be made in writing or deemed to be waived. If any objections are so made, <br />Buyer may either terminate this Agreement or postpone the Closing pending correction of <br />title. Any costs associated with the correction of title shall be Buyer's responsibility. <br />6. Conveyances and Closing Documents. Seller agrees to convey title to the <br />Property at Closing by a quit claim deed, in recordable form with appropriate notation as to <br />exemption of state deed tax, conveying to Buyer fee title to the Property. Seller shall also <br />present and tender on the Closing Date (a) a seller's affidavit in customary Minnesota form, a <br />Well Disclosure Certificate as required by Minnesota law (or appropriate indication on the <br />Deed that the same is not required), and (c) such other documents and things Buyer or Title <br />may reasonably request to convey the Property to Buyer as contemplated by this Agreement. <br />7. Survey. On or before the Closing Date, Buyer shall have received, at Buyer's <br />sole cost and expense, a certified survey bearing the legal description of the Property and <br />showing the area, dimensions and location of the Property as performed by Louck's and <br />Associates, Inc. (the "Survey "). Specifically, but not by way of limitation, the Survey will <br />allow Seller to determine how much land Seller will be required to retain (and not include in <br />the Property sold to Buyer pursuant to this Agreement) to support existing street and utilities <br />in and for Viking Drive. <br />8. Vacation. Seller agrees to promptly commence and diligently complete the <br />vacation of the Easement (the "Vacation ") as soon as possible following the execution of this <br />Agreement. Buyer agrees to pay Seller's actual costs for publication and attorney's fees <br />associated with the Vacation, in a total amount not to exceed Two Thousand Dollars <br />($2 1000), which payment shall be made at Closing upon presentation by Seller of invoices for <br />the same. <br />9. Seller's Cooperation. Seller shall reasonably cooperate with Buyer's efforts to <br />obtain the Commitment, correct title objections and complete the Survey. <br />10. Brokers. Each party represents that all negotiations on its behalf relative to this <br />Agreement and the transaction contemplated by this Agreement have been carried on <br />directly between the parties, without the intervention of any party, as broker, finder or <br />otherwise. In the event any third party institutes a legal action in an effort to recover such <br />fees, the parties jointly shall defend such action. If a judgment is obtained against the parties <br />jointly, the party responsible for breach of this warranty shall reimburse the other for the <br />latter's attorneys' fees, court costs and share of judgment. Seller agrees to indemnify and <br />hold Buyer harmless from and against any loss, cost, charge and expense, including <br />attorneys' fees, resulting from any claim for such fee or commission. <br />Page 12 <br />
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