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referred to in "a" above must be given by Buyer to Seller within one year of the date of <br />closing or be deemed waived. <br />d. Buyer shall have the right to have inspections of the property conducted prior to closing. <br />Unless required by local ordinance or lending regulations, seller does not plan to have the <br />property inspected. Other than the representations made in this paragraph 10, the property <br />is being sold "AS IS" with no express or implied representation or warranties by Seller <br />as to physical conditions, quality of construction, workmanship, or fitness for any <br />particular purpose. (This paragraph is not intended to waive or limit any provisions of <br />Minn. Stat., Chapter 327A.) <br />11. Disclosure of Notices. Seller has not received any notice from any governmental authority as <br />to violation of any law, ordinance or regulation affecting the property. If the property is subject to restrictive <br />covenants, Seller has not received any notice from any person as to a breach of the covenants. <br />12. Truth -in- Housing. Buyer acknowledges receipt of the Truth -in- Housing Disclosure Report or <br />other inspection report if required by the municipality in which the property is located. <br />13. Possession. Except by addendum, possession of the property shall be granted by Seller to Buyer <br />on the date of closing. <br />14. Examination of Title. Within a reasonable time after the acceptance of this Agreement, Seller <br />shall furnish Buyer with an Abstract of Title or a Registered Property Abstract certified to date including proper <br />searches covering bankruptcies and State and Federal judgments, liens, and levied and pending special <br />assessments. Buyer shall have ten (10) business days after receipt of the Abstract of Title or Registered <br />Property Abstract either to have Buyer's attorney examine the title and provide Seller with written objections <br />or, at Buyer's own expense, to make an application for a Title Insurance Policy and notify Seller of the <br />application. Buyer shall have ten (10) business days after receipt of the Commitment for Title Insurance to <br />provide Seller with a copy of the Commitment and written objections. Buyer shall be deemed to have waived <br />any title objection not made within the ten (10) day period, except that this shall not operate as a waiver of <br />Seller's covenant to deliver a statutory Warranty Deed, unless a Warranty Deed is not specified above. <br />15. Title Corrections and Remedies. Seller shall have 120 days from receipt of Buyer's written title <br />objections to make title marketable. Upon receipt of Buyer's title objections, Seller shall, within ten (10) <br />business days, notify Buyer of Seller's intention to make title marketable within the 120 day period. Liens or <br />encumbrances for liquidated amounts which can be released by payment or escrow from proceeds of closing <br />shall not delay the closing. Cure of the defects by Seller shall be reasonable, diligent, and prompt. Pending <br />correction of title, all payments required herein and the closing shall be postponed. <br />a. If notice is given and Seller makes title marketable, then upon presentation to Buyer and <br />proposed lender of documentation establishing that title has been made marketable, and <br />if not objected to in the same time and manner as the original title objections, the closing <br />shall take place within ten (10) business days or on the scheduled closing date, whichever <br />is later. <br />Page 7 <br />