04/26/1999 Council Packet - Laserfiche WebLink

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2.3. In the event this Option terminates, Optionee shall forfeit any right to the return of any sums paid to Optionor and Optionee agrees at his expense to execute, acknowledge, and deliver to Optionor, within twenty (20) days after written request, release of this Option or such other document as may be required by any title company, or title examiner, to remove the cloud of this Option from the Option Premises. SECTION 3. TITLE EXAMINATION. 3.1. Optionor, as soon as possible after exercise of this Option by Optionee, shall deliver to Optionee an abstract of title, certified to a current date, including all appropriate searches, including without limitation, state and federal tax lien searches, judgment searches in the district and county court in the county in which the Option Premises is located, current and delinquent taxes, special assessments, and delinquent utility bills, as such searches are made by the abstractor, showing marketable title to the Option Premises in Optionor. Optionee shall have ten (10) days from and after receipt of the abstract of title in which to examine the same and notify Optionor in writing of any objections thereto. In the event no objections are made within said ten (10) days period, such objections shall be deemed waived. If any objections are made, Optionor, in good faith, shall use all diligence and make all reasonable efforts to promptly cure such objections and make title marketable and shall be allowed one hundred twenty (120) days after receipt of notice thereof to do so. SECTION 4. TITLE DEFECTS. Section 4.1. In the event, following the exercise of this Option, Optionor is unable to close on the date designated for closing in Section 7 hereof, because of the existence of title defects or objections which have not been removed to the satisfaction of counsel for Optionee or a title insurance company licensed to do business in the State of Minnesota, Optionee may elect any one of the following procedures: (a) Accepting the Option Premises subject to any title defects or objections and closing shall be held within ten (10) days after Optionee gives written notice of such election; or (b) Extending closing for such time as may be reasonably necessary for curing said defects or objections; or (c) Terminate this Agreement. Upon such termination all monies paid hereunder shall be returned to Optionee. 2