Resolution No. 15-04 EDA - Laserfiche WebLink

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($5,000.00) of the Earnest Money (the "Initial Disbursement") within five (5) Business Days and the Initial Disbursement shall only be refundable to Purchaser if this Contract is terminated pursuant to Sections 5, 8, 11 or 13; and (2) upon Purchaser's delivery of its Notice of Governmental Approvals, the Title Company shall deliver to Seller Twenty Thousand and No/100 Dollars ($20,000.00) of the Earnest Money within five (5) Business Days. d. Application of Earnest Money. The Earnest Money shall be applied to the Purchase Price at Closing. e. Failure to Deposit Earnest Money. If Purchaser fails to deposit the Earnest Money as required herein, and such failure continues for a period of ten (10) Business Days after written notice from Seller, then either party may terminate this Contract by written notice to the other at any time prior to the deposit of the Earnest Money. 4. TITLE EVIDENCE AND PROPERTY INFORMATION. a. Seller's Title Evidence and Reports. Seller shall, within five (5) days hereof, deliver to Purchaser: (1) any abstract of title, survey, registered property abstract, title insurance commitment or policy or other evidence of title to the Property that Seller has in its possession; and (2) all data, tests, reports, site assessments, studies and documentation on the Property in Seller's possession or that Seller is aware of and that Seller is reasonably able to provide to Purchaser. b. Survey. Within thirty (30) days after the effective date of this Contract, Purchaser may, at Purchaser's expense, obtain a current land title survey of the Property (the "Survey") made and certified to Purchaser and the Title Company by a duly licensed surveyor in a form acceptable to the Title Company in order to allow the Title Company to delete the survey exception from the Title Policy (defined in Section 4.c). The Survey shall indicate the recording information as to any recorded encumbrances; and shall set forth and certify the total number of acres comprising the Property; shall provide a certified legal description of the Property; and shall contain such other certification as the Title Company may require. c. Title Commitment. Within ten (10) Business Days after the effective date of this Contract, Purchaser shall, at Purchaser's expense, obtain: (1) a title commitment ("Title Commitment") covering the Property from DHI Title of Minnesota, Inc. ("Title Company"), binding the Title Company to issue at Closing a current form ALTA Owner's Policy of Title Insurance ("Title Policy") covering the Property in the full amount of the Purchase Price; and 2 DRAFT 109378462-v5-drh lino lakes Purchase and Sale Agreeinent.docx