04/13/1998 Council Packet - Laserfiche WebLink

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furnished to the Land by Seller for which payment has not been made or for which mechanics' liens could be filed; that Seller is not aware of any other unrecorded interests in the Land; and that there are no security interests or encumbrances of any kind affecting the Credits. 4.1.4 Other Documents. All other documents reasonably determined by Buyer to be necessary to transfer the Credits to Buyer free and clear of all encumbrances. 5. Title Examination. Title Examination will be conducted as follows: 5.1 Seller's Title Evidence. Seller shall, within 30 days after the date of this Agreement, furnish the following (collectively, "Title Evidence ") to Buyer: 5.1.1 UCC Searches. A report of UCC Searches made of the Uniform Commercial Code records of the Secretary of State of Minnesota, made by said Secretary of State, or by a search firm acceptable to Buyer, showing no UCC filing regarding the Credits. 5.1.2 Abstract of Title. A Stub Abstract of Title to the Land certified to a current date to include all appropriate judgment and bankruptcy searches. 5.1.3 Buyer's Objections. Within 20 days after receiving the last of the Title Evidence, Buyer will make written objections ( "Objections ") to the form and/or contents of the Title Evidence. Buyer may object to any matter shown in the contents of the Title Evidence which may reasonably be said to be an encumbrance upon the Credits or present the possibility that a third party may have or make claims upon the Credits. Buyer's failure to make Objections within such time period will constitute waiver of Objections. Seller will have 60 days after receipt of the Objections to cure the Objections, during which period the Closing will be postponed if necessary. Seller shall use its best efforts to correct any objections. Such efforts to correct Objections shall include, but not be limited to, efforts to obtain express releases of any interest in the Credits from the holders of any mortgages, liens, or encumbrances with respect to the Land having an actual interest in the credits. If the Objections are not cured within such 60 day period, Buyer will have the option to do any of the following: without interest. 5.2.1 Terminate this Agreement and receive a refund of the Earnest Money 5.2.2 Waive the Objection and proceed to close. 6. Representations and Warranties by Seller. Seller represents and warrants to Buyer as follows: encumbrances. 6.1 Title to Credits. Seller owns the credits, free and clear of all 3