02-26-2018 EDA Packet - Laserfiche WebLink

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– 2 – February 8, 2018 Earnest Money: $10,000.00 payment deposited within 5 business days after execution of the Purchase Agreement with Commercial Partners Title, LLC, Minneapolis, MN. Title/Survey: Seller, at its expense, is to deliver a current title commitment issued by Commercial Partners Title, copies of any recorded instruments reflected on the title commitment and an updated ALTA survey within 15 business days of the effective date. Buyer shall have 10 business days after the receipt of the last of such items to review same and to deliver to Seller written notice of any objections. Thereafter, Seller shall have 10 business days to cure. If Seller fails to cure any objections, Buyer may waive objections, attempt to cure, or terminate the Purchase Agreement and receive a refund of the Earnest Money. Any title/survey exceptions not removed as of Buyer’s waiver of objections shall be deemed to be Permitted Exceptions. In the event that Seller cannot deliver clean title at the Closing, Buyer may terminate the purchase agreement and receive a full refund of all Earnest Money. Inspection Period: Upon execution of a Purchase Agreement, Seller shall deliver the Seller Documents (hereinafter defined) to Buyer to determine, in Buyer’s sole discretion, the suitability and feasibility of the Property for Buyer’s intended use. Buyer shall have one hundred fifty (150) days from the later of (1) execution of the Purchase Agreement and (2) delivery of Seller Documents (defined herein) to complete its due diligence. Buyer shall also use the Inspection Period to negotiate the Declaration (described herein) and obtain all approvals from the City of Lino Lakes and other regulatory or governmental agencies (collectively the “Approvals”) to permit Buyer to use the Property for its intend use. Buyer will have the right to elect two Forty-five (45) day extensions (“Extension Periods”) if Buyer has not received its required Approvals, provided Buyer provides notice to Seller of its election prior to the expiration of the Inspection Period or the 1st Extension Period, as the case may be, to extend the Inspection Period to obtain Approvals. Declaration: The parties shall negotiation a Declaration of Easements, Covenants, Conditions, and Restrictions during the Inspection Period which shall be recorded at Closing. The Declaration shall provide, among other things, reciprocal use of drive-lanes and parking (except for the “critical parking area” depicted on Exhibit A), joint stormwater facilities and maintenance obligations with respect to common areas. The Declaration shall also impose restrictions on the lots south of the Property for total building square footage not to exceed 10,000 square