07/23/2007 Council Packet (2) - Laserfiche WebLink

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(b) Waive any defects in title, and, in such event, proceed to close the transaction contemplated by this Agreement, subject to the terms, covenants and conditions herein. If such objections are cured or waived and the title to the Subject Property is marketable or is made marketable as above provided, and Purchaser defaults in any of the agreements on its part to be performed under this Agreement, and continues in default for a period of thirty (30) days after written notice thereof is given to Purchaser by Seller, then Seller shall have the remedies described in Paragraph 13 hereof. At Closing, Seller shall cause the commitment to be endorsed to update the effective date through the date of recording, to delete the standard exceptions, and to show Purchaser as fee owner of the Subject Property. Further, Seller shall secure (at Seller's sole cost and expense) and deliver to Purchaser on or before the date thirty (30) days after the date of this Agreement a current survey of the Subject Property (herein called the "Survey ") prepared by a surveyor licensed in the State of Minnesota and reasonably selected by Seller, certified to Seller, Purchaser and Title Company and Purchaser's lender, if any, in a manner satisfactory to Purchaser, by such surveyor as being true, accurate and having been prepared in accordance with the current minimum detail for an Urban Land Title Survey jointly established and adopted by the American Land Title Association and the American Congress on Surveying and Mapping, and setting forth: (i) the legal description of the Subject Property; (ii) the location of all improvements thereon; (iii) all boundaries, courses and dimensions of the Land, and the dimensions of said improvements; (iv) all easements, building lines, curb cuts, parking, loading areas, sewage, water, electricity, gas and other utility facilities (together with the recording information concerning the documents creating any easements and building lines); (v) roads and means of ingress and egress to and from the Subject Property to all public roadways; (vi) the gross and "net" square footage of the Subject Property; -9- - 67 - • • •