2010.04.12 EDA Packet - Laserfiche WebLink

Home

Mr. Bryan Bear Page 2 3/5/2010 c. ALTA TITLE DOCUMENTS. Seller shall provide evidence of marketable ALTA title, free of any and all restrictions and encumbrances that could restrict Buyer's use of the Property. d. DUE DILIGENCE. Buyer will have Twenty Four Month (24) months after the Purchase Agreement is executed to complete its review of all documents, inspection of the physical condition of the Property and its investigation and evaluation of all legal and financial matters related to the purchase, all at Buyer's sole cost and expense. Seller will cooperate with Buyer in obtaining all necessary governmental approvals and in the physical inspection of the Property. At the end of this period,Buyer's earnest money will be non-refundable. 5. CLOSING. The sale will close on or before March 31, 2012. 6. RIGHT OF ENTRY. Seller hereby grants to Buyer and its agents, contractors and employees the right to enter upon the Property at any reasonable time, with prior notice, in order to conduct soils, environmental and other engineering tests. Buyer will hold Seller harmless from any liability caused by such entry. 7. CLOSING COSTS. The following expenses shall be paid by Seller in connection with the closing: (i) furnishing evidence of marketable title, (ii) cost preparation of the warranty deed and other documents of conveyance, (iii) state deed tax, (iv) the cost of recording any documents necessary to make title marketable, (v) 1/2 of the closing fee charged by title company, (vi)cost of survey, (vii) cost of the Phase I environmental study, (viii) Seller's attorney's fees, (ix) Real Estate Commission due Welsh Companies, LLC. Buyer shall pay the following costs: (i) filing fee to record warranty deed, (ii) 1/2 of the closing fee charged by the title company, (iii)premium for any owners or lenders title insurance obtained by or for the benefit of Buyer, (iii) Buyer's attorney's fees. Buyer and Seller shall prorate taxes, insurance, utilities and assessments as of the date of closing. 8. RESPONSE. This offer shall expire, unless accepted by Seller, at 5:00 PM, EST, Monday, June 21, 2010. While this Letter of Intent is non-binding, it is the intent of both parties to negotiate and execute a purchase agreement to the standard terms contained in a Minnesota purchase agreement, and the terms of this Letter of Intent shall be incorporated into the agreement. If the general terms as outlined above are acceptable by Seller, please have Seller indicate by signing this Letter of Intent and returning it to me.