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OCT 06 '95 15 38 KENNEDY & GRAVEN PURCHASE P, R'EEMENT „ • 62. Page 2 • . . . 63. TITLE& EXAMINATION: Seller shall,within a reasonable*riff after acceptance of this agreement,furnish an abstract of title, or a registered 84. property abstract, certified'to date to include proper searches:covering bankruptcies, state and federal judgment and liens,aand levied and 85, pending special A-ng.ssments. Buyer shall be allowed 10 business days atter receipt of abstract examination of title and making any objections 66. which shalt be made in writing or deemed waived. It any objection is so made,Seller shall have 10 business days from receipt 4B+4yers written 67. title objections•to notify Buyer of Seller's intention to make title marketable within 120 days from Seller's receipt of such written objection.It notice 68. is given, payments hereunder required shall be postponed pending correction of title, but upon correction of title.and within 10 days after written 69. notice to Buyer the parties shall perform this Purchase Agreefnent according to Its terms. If no such notice is given or it notice is given but 70. title Is not corrected within the time provided for,this Purchase kgreement shall be null and void,at option of Buyer,neither party shall be liable 71. for damages hereunder to the other and earnest money shall be refunded to Buyer; Buyer and Seller agree to sign cancellation of Pure se 72. Agreement BUYER AGREES TO ACCEPT AN OWNER'S TITLE POLICY IN THE FULL AMOUNT OF THE PURCHASE PRICE IN LIEU 73. OF AN ABSTRACT OF TITLE IF THE PROPERTY IS SUBJECT TO A MASTER ABSTRACT OR IF NO ABSTRACT OF TITLE IS IN SELLER'S • 74. POSSESSION OR•CONTROL. If Buyer Is to receive such policy(1)the title examination period shall commence upon Buyer's receipt of a current 75. title insurance commitment and(2).Seller shall pay the entire Premium for such policy if no lendees policy is obtained,and only the additional 76. cost of obtaining a simultaneously issued owner's policy if a lender's policy is obtained(Buyer shall pay the premium for the lender's policy). i . ' 77. SUBDIVISION OF LAND:if this sale constitutes or'requires a subdivisiori•of land owned by Seller,Seller shall pay all subdivision expenses 78. and obtain all necessary governmental approvals. Seiler warrants the legal description of the real property to be conveyed has been or wit 79. be approved for recording as of the date of closing. 0 } ' .•80. SELLER WARRANTIES: SELLER WARRANTS THAT BUILDINGS,ARE OR WILL BE,CONSTRUCTED ENTIRELY WITHIN THE BOUNDARY 81. LINES OF THE PROPERTY. SELLER WARRANTS THAT THERE IS A RIGHT OF ACCESS TO THE PROPERTY FROM A PUBLIC RIGHT 82. OF WAY. THESE WARRANTIES SHALL SURVIVE THE DELIVERY OF THE DEED ORCONTRACT FOR DEED. • • . 83. SELLER WARRANTS THAT PRIOR TO THE CLOSING, PAYMENT IN FULL WILL.HAVE BEEN MADE FOR ALL LABOR, MATERIALS, 84. MACHINERY, FIXTURES OR TOOLS FURNISHED WITHIN THE 120 DAYS IMMEDIATELY PRECEDING THE CLOSING IN CONNECTION 85. WITH CONSTRUCTION,ALTERATION OR REPAIR OF ANY STRUCTURE ON OR IMPROVEMNT TO THE PROPERTY. • 86. SELLER WARRANTS THAT SELLER HAS NOT RECEIVED ANY NOTICE FROM ANY:GOVERNMENTAL AUTHORITY AS TO.VIOLATION 87.OF ANY LAW, ORDINANCE OR REGULATION. IF THE PROPERTY IS SUBJECT TO RESTRICTIVE COVENANTS,SELLER WARRANTS 88.THAT SELLER HAS NOT RECEIVED ANY NOTICE FROM ANY PERSON OR AUTHORITY AS TO A BREACH OF THE COVENANTS. •ANY 89.NOTICES RECEIVED•BY SELLER WILL BE PROVIDED TO BUYER IMMEDIATELY. i 90. RISK OF LOSS: If there is any loss.or,dania�e to the property between'the date hereof and the date of closing, for any reason including 91. fire,vandalism,flood,earthquake or act of God.the risk of loss shall be on the Seller. if the property is destroyed or substantially damaged before 92: the closi date, this Purch_t, Am gtesent.shalL.become`null and void, at Buyer's option, and earnest money shall be refunded to Buyer: 0 n 93.Buyer and Seller agree to sign cancellation of Purchase Agr@sment. . 94.TIME OF ESSENCE:Time is of the essence in this Purchase.Agreemaet-------•'---