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(3) Reservation of any minerals or mineral rights to <br />the State of Minnesota. <br />(4) Utility and drainage easements which do not <br />interfere with present improvements. <br />(5) Rights of tenants, if any. <br />Seller and Buyer agree to prorate taxes and special <br />assessments due and payable in the year 1989. Seller agrees to <br />pay on the date of closing all levied special assessments. <br />Buyer shall pay taxes due and payable in the year 1990 and <br />thereafter, and shall assume all assessments pending or deferred <br />as of the date of closing. <br />Seller warrants that taxes due and payable in the year <br />1989 will be non- homestead classification. Seller makes no <br />representation concerning the amount of future real estate <br />taxes. <br />Seller agrees to deliver possession not later than the <br />date of closing. <br />Seller agrees to remove all debris and all personal <br />property not included herein from the premises before possession <br />date. <br />Seller shall, furnish to Buyer an Abstract of Title, or <br />a Registered Property Abstract, on or before June 20, 1988, <br />certified to date to include proper search covering <br />bankruptcies, State and Federal judgments and liens. Buyer <br />shall be allowed 10 business days after receipt for examination <br />of title and making any objections, which shall be made in <br />writing or deemed waived. If any objection is so made, Seller <br />shall be allowed up to 120 days after receipt of written <br />objections to make the title marketable, and the date of closing <br />shall be postponed accordingly. If title is not corrected prior <br />to the expiration of such 120 day period, this Agreement shall <br />be null and void, at the option of Buyer, neither party shall be <br />liable for damages hereunder to the other, and Earnest Money <br />shall be refunded to Buyer. <br />If title is marketable or is corrected within said <br />time, and Buyer defaults in any of the agreements herein, Seller <br />may terminate this Agreement, and on such termination all <br />payments made hereunder shall be retained by Seller as <br />liquidated damages, time being of the essence hereof. This <br />provision shall not deprive either party of the right of <br />enforcing the specific performance of this Agreement, provided <br />Page 39 <br />