HRA PACKET 10272020 - Laserfiche WebLink

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3 4839-8767-9929\3 (g) As described in paragraph 4 above, simultaneous closing of the Trident Purchase. The buyer will diligently pursue all above items. In the event buyer fails to satisfactorily complete these items within the time period provided, buyer may choose to extend the Due Diligence Period by up to two (2) additional sixty (60) day periods (“Due Diligence Extension Period One,” and “Due Diligence Extension Period Two,” respectively, and collectively “Due Diligence Extension Periods”). In the event buyer has failed to satisfactorily complete these items and both the initial Due Diligence Period and the respective Due Diligence Extension Periods have expired, either Bremer or the HRA may choose to terminate this Agreement with no liability on either side by written notice at any time prior to the expiration of the Due Diligence Period (as extended, if applicable), except as specifically provided herein. 6. Delivery of Seller Documents. Not later than seven (7) days following the Effective Date, each party shall provide the other party with all existing information the seller has with respect to its respective parcel, including but not limited to surveys, topographic maps, environmental conditions, geotechnical information and all other prior documents related to the ownership and operation of the Parcels. In the even either party requires additional information and that information is not available from the other party, the party requiring additional information shall be solely responsible for the cost thereof. 7. Title Evidence. Not later than fourteen (14) days following the Effective Date, each party hereto shall provide the other party with a current title insurance commitment with respect to its respective parcel. Bremer’s title commitment shall be provided by Guaranty Commercial Title Insurance Company and HRA’s title insurance commitment shall be provided by Guaranty Commercial Title Insurance Company. The cost of the title insurance commitment shall be solely the responsibility of the seller of that parcel. Subject to Permitted Encumbrances (defined below), each party shall have the obligation to convey good and marketable title to its respective parcel, free and clear of mortgages, security interests, easements (other than utility easements in favor of the HRA which do not interfere with proposed improvements to be constructed on the respective parcels) and other matters of record which would materially and adversely affect use of the respective parcel for its intended use. If either party objects to any title matter disclosed in the respective title insurance commitments, then such party shall notify the other party in writing within fourteen (14) days of receiving the title insurance commitment. The responding seller then shall have fourteen (14) days to respond to the buyer’s title objections. The parties shall negotiate in good faith to resolve such objection, but neither party shall have the obligation to resolve any objection or incur any cost in connection therewith. If such objection is not resolved within a period of thirty (30) days after the date of written notice of such objection, either party shall have the right, as its sole remedy, to terminate this Agreement by written notice to the other party within 10 days after the expiration of such 30-day period. If the objecting party does not so terminate this Agreement, the objecting party will be deemed to have waived its objection and each such title matter will be a “Permitted Encumbrance”, subject to the following paragraphs in this Section 7.