Resolution No. 22-01 EDA - Laserfiche WebLink

Home Search

C. Provide a copy of all final written test results and reports obtained to the Seller; D. Do no unnecessary damage to the Property and restore the Property to substantially the same condition as the condition in which it was found by the Buyer; E. Hold the Seller harmless from and indemnify the Seller from any and all claims, damages, judgments or obligations, including the cost of defense of suit, arising out of damage to Property or arising out of injury to anyone incurred or alleged to have been incurred in connection with or as a result of any work done pursuant to this Section 10 and Section 13, or as a result of the Buyer's intentional action or negligence; and F. Ensure that its consultants or their contractors or invitees that enter the Property pursuant to this Agreement carry insurance during the time any work is done on the Property in accordance with the following minimum requirements: (1) Workers' Compensation Insurance with limits as provided by statute, with all necessary statutory elections to provide coverage for and/or claims made by any person doing work on the Property; (2) Employer's liability insurance (often included as coverage (b) in the Workers' Compensation policy)with limits of$100,000; and (3) Comprehensive General Liability Insurance (including coverage for contractual liability, products and completed operations liability, liability arising out of explosion, or underground related incidents) with minimum combined single limits of$1,000,000 per occurrence. 11. EXAMINATION OF TITLE. The Buyer's examination of title to the Property shall be conducted as follows: A. TITLE EVIDENCE. Within 30 days after the Effective Date,the Buyer shall,at the Seller's cost,order,and when received provide the Seller with a copy of,a title commitment issued to the Buyer by the Title Company(the"Title Commitment"). Promptly after the Buyer receives the Title Commitment,the Buyer may order, at the Buyer's cost, an ALTA/NSPS survey of the Property prepared by a surveyor registered under the laws of the State of Minnesota and including such optional Table "A" items as the Buyer may require in the Buyer's sole discretion(the"Survey,"and together with the Title Commitment,the"Title Evidence"). B. BUYER'S OBJECTIONS. The Buyer shall provide written objections to the Seller (the "Objections")to the form or contents of the Title Evidence or condition of title within 30 days after receipt of the Title Evidence. The Buyer's failure to make Objections within such time period shall constitute waiver of the Objections. The Seller shall have 30 days after receipt of the Objections to cure the Objections,during which period the Closing Date will be postponed, if necessary. The Seller shall use all reasonable efforts to correct any Objections. If the Objections are not cured within such 30-day period,the Buyer will have the option to do any of the following: (1) Terminate this Agreement; (2) Cure the Objections at the Buyer's expense, during which the Closing Date