08/12/1996 Council Packet - Laserfiche WebLink

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(a) One Thousand and no/100 ($1,000.00) Dollars earnest money, which shall be deposited and remain in the trust account of the Seller's attorney until closing; SIANy T)C ust-Act (b) - _ 11.P..d r.e.A. and no /100 ($ 46, 5c'0 ) Dollars on or before the Date of Closing; 3. Marketable Title. Subject to the full performance by Buyer, Seller agrees to execute and deliver or cause to be delivered a Warranty Deed and any other documents necessary to fulfill the terms of this Agreement. The Warranty Deed shall convey marketable title to the Property, subject to the following exceptions: (a) Laws, ordinances and State and Federal regulations; (b) Restrictions relating to use or improvement of premises without effective forfeiture provision; and (c) Reservation of any minerals or mineral rights to the State of Minnesota. 4. Real Estate Taxes and Special Assessments. Seller shall pay the real estate taxes due in the year 1995 and prior years. The parties agree the real estate taxes due and payable in the year 1996 shall be prorated at the date of closing' shall be responsible for all real estate taxes due and payable in the year 1997 and thereafter. Seller shall pay at the time of closing all levied special assessments against the parcel. 5. Title. (a) Commitment or Abstract. Seller shall, within a reasonable period of time after approval of this Agreement, furnish Buyer with one of the following, at Seller's sole discretion: (i) a Commitment for the issuance of an ALTA owner's policy of title insurance issued by a title insurance company licensed to do business in the State of Minnesota ("Title Company") in the full amount of the Purchase Price (the "Commitment"); (ii) an Abstract of Title; or (iii) a Registered Property Abstract. (b) Examination of Title; Objection; Seller's Election. Buyer shall be allowed twenty (20) days after receipt thereof for examination of said title and the making of any objections thereto, said objections to be made in -2-