2022.03.07 CC Packet - Laserfiche WebLink

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3. Seller’s Deliverables and Buyer’s Investigation. (a) Seller’s Deliverables. Within ten (10) days after the Effective Date hereof, Seller shall deliver to Buyer, to the extent said documents are within Seller’s custody or control, true copies of the following records (or in the event the size or bulk of the items make it impractical to deliver, Seller shall make appropriate arrangements for Buyer to review such documents and records at a location reasonably acceptable to Buyer and Seller): (i) all building permits, surveys, site plans, architectural plans and elevations, development or marketing studies, certificates of occupancy, rental licenses, notices of completion, soil reports, engineering or laboratory or other technical reports relating to the Property or any condition on or affecting the Property; (ii) any and all environmental audits, tests or reports and other similar documents regarding the environmental condition of Property, and any other records or reports concerning the physical condition of the Property, including all Phase I, II, letters from the Minnesota Pollution Control Agency; (iii) geotechnical reports and plans; and (iv) building plans. (b) Title Insurance. Within ten (10) business days of the Effective Date, Seller, at its sole cost and expense, shall deliver to Buyer: (a) a current title insurance commitment issued by a Title Company of Buyer’s choosing, including copies of all recorded exceptions to title referred to therein, and including searches covering bankruptcies, state and federal judgments and liens, real estate taxes, and levied and pending special assessments, committing to insure title to the Property in Buyer, in the amount of the Purchase Price, by issuance of a policy of title insurance; and (b) a current survey in a form acceptable to Buyer (hereafter, collectively, the “Title Commitment”). Buyer shall be responsible for any cost related to updating the survey. Buyer shall have ten (10) business days following receipt of the Title Commitment for examination of title and making of any objections; said objections shall be made in writing or are deemed to be waived. If any objection is made, Seller shall be allowed sixty (60) days to make title marketable. Pending correction of title the Closing and the payments due hereunder shall be postponed. Upon correction of title, and within ten (10) days written notice to Buyer, the Parties shall perform this Agreement according to its terms. If the title is not made marketable within sixty (60) days, this Agreement shall be null and void, at the option of the Buyer. If Buyer elects to cancel this Agreement for the reasons set forth in this section, then the Earnest Money Deposit shall be returned to Buyer.