09-26-1997 - Laserfiche WebLink

Home Browse Search

FILE No. 860 09i18 '97 16�49 ID�TOLD DE�ELOP�ENT 612 420 7574 PAGE 3 survey of thc Property to Buyer as soon as possible after execu�ion of this agreement. [n thc evcne Buyer closes on the purchase of the Property, Buyer sh$il ree�iVe a credit against the Purchase Price for the cost of said survey. Buyer will, v�rithin len (10) days of receipt of a proper I�gal descriptian from.Seller, for the cost af the title insurance policy as described above, obtain a current commitrnent far � policy of title insuc�nce (ALTA-B, 1970), togeCher with Copies of all ikems r�ferenced therein, issued b� Old RepubliC Title Insurarice Company and showing marketable title vested in Seller, subject only to such �ncurrtbrances as �uyer may accept in its sole discretion. Buyer wilt plaee its application for such commitment with thc main office af Uld Republic Ticle Insurance Company at 400 Second Avenue South, Minneapolis, Minnesota 55401, AtCenCion: Karen Butler, (612)371-1111. Sel)er shall providE to Buyer a copy of any policy of title insurance for the Property which Seller may have, Such commitment will include (a) proper searches cc�vering bankruptcies, State an.d Federal judgements and liens, taxes and special assessments, and (b) any endorsemenCs required by Buyer, together with c4pies of each and every document referred to in sueh commitmcnt. Buyer shall be allowed thirty (30) da�s afCer receipt of last to be received of said survey and said commitment for examination of said title and making of an� objections thereto, said objections to be madc in writing or deemed to be wai�ved. In Che event Buyer clases or� the purch�s� of the Property, Buyer shall receive a credit against the Purchase Price. If any title objeceions are so made, th� Seller shall �e allowed 60 days to make such title marketabte. Pending correction of title th� Closing shall be postponed, but upon correctian of citle and wi.thin 10 days after writt�n notice to Buyer, the parties shall perform this Agreement acG�rding cc� it� Cerms. At Clc>sing, said commitment shall be endorsed to update the effecti�e date thraugh the date of recording, to delete standard exceptions for mechanic's liens, survey and parties in possession and to shovv Buyer as fee owner of the Property. If said title is n�t marketable and is not made so r�vithin 60 days from the date of written objections thereto as abovc provided, Buyer, at its sole option, may by written �otice to Seller either (i) declare this Agreement null and void or (ii) mal:e such title corrections itself on or before 180 days fram the da�e of such wrilten objections and deduct its expenses in connec�ion Cherewith, including but not limited to attorneys' fees, from the Purchase Priee. In khe event Buyer fails to make such CiCle corrections within said 180-day period, this Agreement shall be null and void. If this Agrccment is made null and void by reasan of either SeIler's or Buyer's failure to make litle co�rections pursuant to �his Section 3, neith�r �arty shall be liable for damages hereunder to the c�thcr, and all earnest money cheretofore paid by Buyer shall be refunded. If title to the Property is found marketable or is so made within the above-described time periods, and if �he Buyer is in default pursuant to this Agreemenc and continues in default for a period of lU days, then in that ca4e Seller may Cerminate �his Agreemenk, and on such cermination, alI payments made upon this Agrcement shall be paid to Seller pursuant to Section 2, time being �f the essence hereof. -2-