CC PACKET 01082002 - Laserfiche WebLink

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19 • any closing agent or by the title company. 5.2 . Deed Tax. Seller shall pay all State Deed Tax payable in connection with this transaction. 5.3 Real Estate Taxes and Special Assessments. Real Estate Taxes payable in the year in which Closing occurs shall be pro-rated based upon a calendar year based upon the Closing Date. Seller shall pay all Special Assessments as of the Closing Date. 5.4 Attorney's Fees. Each of the parties will pay its own attorney's fees, except that a party defaulting under this Agreement or any Closing Document will pay the reasonable attorney's fees and court costs incurred by the nondefaulting party to enforce its rights hereunder. 5.5 Mortgage Tax. Buyer shall pay any mortgage taxes payable in connection with this transaction. 6. Title Examination. Title Examination will be conducted as follows: 6.1 Seller's Title Evidence. Seller shall, within twenty(20) days after the date of this Agreement, furnish the following(collectively, "Title Evidence")to Buyer: (a)any available Abstract of Title to the Property certified to a current date to include all appropriate judgment and bankruptcy searches, and seller shall pay for the cost of updating any such Abstract of Title; (b)a copy of any existing survey in Seller's possession; (c) all documents necessary so that Buyer may conduct, at Buyer's expense,UCC searches against Seller by name and the Property; and (d) a certified report of all liens for unpaid sales or withholding taxes on file • against Seller(or against any trade name or business name used by Seller)which ate on file in the office of the Minnesota Secretary of State or any applicable County Recorder. Buyer shall order, at its cost, a commitment("Title Commitment") for an ALTA Form B 1997 Owner's Policy of Title Insurance insuring title to the Property and an updated survey. 6.2 Buyer's Objections. Within ten(10)business 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's failure to make Objections within such time period will constitute waiver of the Objections. Those matters shown on such Title Evidence and not objected to by Buyer shall be a"Permitted Encumbrance"hereunder. Seller will have sixty(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. To the extent an Objection can be satisfied by the payment of money, Buyer shall have the right to apply a portion of the cash payable to Seller at the Closing to the satisfaction of such Objection, and the amount so applied shall reduce the amount of cash payable to Seller at the Closing. If the Objections are not cured within such sixty(60)day period, Buyer will have the option to do any of the following: 6.2.1 Terminate this Agreement. 6.2.2 Withhold from the Purchase Price an amount which, in the reasonable judgment of Title, is sufficient to assure cure of the Objections. Any amount so withheld will be placed in escrow with Title, pending such cure. If Seller does not cure such Objections within ninety(90)days after such escrow is established, Buyer may then cure such Objections and charge the costs against the escrowed amount. The parties agree to execute and deliver such documents as may be reasonably required by • Title, and Seller agrees to pay the charges of Title to create and administer the escrow. 3