08/12/1996 Council Packet - Laserfiche WebLink

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writing or deemed to be waived. If any objections are so made, Seller shall have ten (10) business days following receipt of Buyer's title objections to either elect to: (i) proceed to make the title marketable or (ii) terminate this Agreement. Seller shall notify Buyer of its election in writing prior to the expiration of such ten-day period. In the event Seller elects to terminate this Agreement, Buyer shall execute and deliver to Seller a quit claim deed for the Property in favor of Seller in exchange for return of its earnest money within ten (10) days after receiving the termination notice. Thereafter, the parties shall have no further obligations under this Purchase Agreement. (c) Title Not Made Marketable. If said title is not marketable and is not made so within one hundred twenty (120) days from the date of written objections thereto as above provided, Buyer, at its option, may: (i) Declare this Agreement null and void, in which event: (a) Seller shall promptly thereafter refund to Buyer the Earnest Money; (b) Buyer shall execute and deliver to Seller a quit claim deed for the Property in favor of Seller within ten (10) days from the expiration of the one hundred twenty (120) day period; and (c) Buyer shall have no further remedies or causes of action against Seller; or (ii) Waive the objection to marketability of title and proceed to closing. (d) Title Made or Found Marketable. If the title to the Property is found to be marketable or is so made within said one hundred twenty (120) day period, and Buyer shall default in any of the agreements and continue in default for a period of ten (10) days, then and in that case the Seller may, at his option, terminate this Agreement and on such termination all the payments made upon this contract shall be retained by said Seller, as liquidated damages, or enforce any of Seller's remedies as described in this Agreement, time being of the essence hereof. 6. Contingencies. This Purchase Agreement is contingent upon the following items: (a) Acceptance of this Purchase Agreement by the City of Lino Lakes; (b) Buyer obtaining, at Buyer's expense, soil and any other tests which indicate that the site is suitable for construction of a water tower. In the event any one of the above contingencies have not been satisfied on the Date of Closing, this Agreement shall be voidable at the option of the Buyer. -3-