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3.3 Title. Title shall have been found acceptable, or been made acceptable, in <br />accordance with the requirements and terms of Section 6 below. <br />3.4 Access to Highway 61. Buyer shall have obtained approval from the Minnesota <br />Department of Transportation for an addition access to the Land from Highway <br />61 at the north end of the Land on or before the Closing Date. <br />3.5 Developers.The obligations of the Buyer under this Agreement are contingent <br />upon the Seller and Buyer entering into a Development Agreement relating to the <br />Property according to terms agreeable to Buyer and Seller on or before the Closing Date. <br />The "Contingency Date" shall be the date that the contingencies are met but not latter than 12 <br />months from the Effective Date. If Buyer is not satisfied with its inspection of the Property on or <br />before the Contingency Date or if title is not found acceptable to Buyer, or made acceptable, in <br />accordance with the requirements and terms of Section 6 or in the event of casualty or <br />condemnation under the terms of Section 9, then the Earnest Money shall be returned promptly <br />to Buyer, and Buyer will execute and deliver to Seller a termination of this Agreement in a form <br />acceptable to Seller, and Seller and Buyer shall have no further liability or obligations with <br />respect to this Agreement. If Buyer gives Seller notice on or before the Contingency Date that <br />the contingencies described in this Section required to be satisfied by the Contingency Date are <br />either satisfied or waived by Buyer, then the parties will proceed to close the transaction <br />contemplated hereby and, except as specifically set forth herein, the Earnest Money will be non- <br />refundable to Buyer but applicable to the Purchase Price. <br />4. Seller's Contin eg, ncies. The obligations of the Seller under this <br />Agreement are contingent upon the Seller and Buyer entering into a development agreement <br />relating to the Real Property according to terms acceptable to Buyer and Seller on or before the <br />Closing Date. <br />5. Closing. The closing of the purchase and sale contemplated by this <br />Agreement (the "Closing") shall occur on June 1, 2011 (the "Closing Date"), but Buyer may <br />close on any business day after the Effective Date by giving Seller at least five days' notice of <br />such earlier date for the Closing. The Closing shall take place at 10:00 a.m. Central Time at <br />Seller's office and conducted by a title company to be selected by Seller and licensed to do <br />business in the State of Minnesota ("Title Company"). Seller agrees to deliver possession of the <br />Property to Buyer on the Closing Date. Any party hereto may close via an escrow arrangement <br />with the Title Company. <br />5.1 Seller's Closing Documents. On the Closing Date, Seller shall execute and <br />deliver to Buyer the following (collectively, "Seller's Closing Documents"), all in <br />form and content reasonably satisfactory to Buyer: <br />5.1.1 Deed. A Limited Warranty Deed conveying to Buyer a vendee's interest <br />in the Property in the form attached hereto as Exhibit C. <br />5.1.2 FIRPTA Affidavit. A non -foreign affidavit, properly executed, containing <br />such information as is required by Internal Revenue Code <br />Section 1445(b)(2) and its regulations. <br />-2- <br />