CC PACKET 06242003 - Laserfiche WebLink

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' 11 (b) Reservation of minerals or mineral rights to the State of Minnesota; and (c) Public utility,roadway and other easements which will not adversely affect the development and use of the Project pursuant to Buyer's development plans. 4.2 Buyer obtaining financing for the Project on terms acceptable to Buyer in Buyer's sole discretion. 4.3 Seller's performance of all of the covenants required to be performed by it on or prior to the Closing Date. 4.4 City approval of the Project as proposed by Buyer. In the event that any of the foregoing conditions precedent cannot be satisfied and Buyer does not close by reason thereof, this Agreement shall terminate and be of no further force or effect and the Earnest Money shall be returned to Buyer. Upon such return, neither party shall have any further rights, duties, obligations or liabilities, at law or in equity, arising out of or related to the Agreement. Buyer's acceptance of the Deed at Closing shall constitute satisfaction of the foregoing conditions, unless otherwise agreed in writing by Seller and Buyer. 5. Condition of Title. Seller shall, within thirty(30) days after acceptance of this Agreement, furnish to Buyer, at Seller's cost and expense, a commitment for title insurance issued by Commonwealth Land Title Insurance Company including proper searches covering special assessments, bankruptcies, and state and federal judgments and liens (the "Title Evidence"). Buyer will order a survey of the Property (the "Survey") within five (5) days after acceptance of this Agreement and provide a copy to Seller. If any objections to title of the Property are made in writing by Buyer within ten(10) days after receipt of the Title Evidence and Survey, Seller shall use reasonable efforts within ninety (90) days of such notification by Buyer to cure the title defect or exception, either by the removal of such defect or exception or by the procurement of title insurance providing coverage against loss or damage as a result of such defect or exception. If Seller shall not cure such title defect or exception to Buyer's satisfaction within such ninety (90) day period, Buyer at its option may(i) terminate this Agreement upon written notice to Seller in which event the Earnest Money shall be refunded to Buyer and neither Buyer nor Seller shall be liable for damages hereunder to the other; or(ii) waive the title defect or exception and proceed with the closing of this transaction. Buyer will pay the cost for issuing any title insurance policy and any closing costs. 6. Real Estate Taxes and Special Assessments. Real estate taxes due and payable in the year of Closing of this transaction and installments of special assessments payable therewith shall be pro-rated between the Seller and Buyer. Real estate taxes and assessments due and payable in the year 2002 and all prior years on the Property shall be paid by Seller. All levied and pending special assessments shall be paid by Seller. 2