05-18-2020-WS - Laserfiche WebLink

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3 3.3 Upon completion of the Access Road construction, Seller shall provide to Buyer all invoices and cancelled checks documenting Seller's costs. After Buyer's receipt of the invoices and cancelled checks, Buyer shall pay Buyer's one-third (1/3) share of the costs to Seller within Thirty (30) days up to the maximum stated in Section 3.1 above. 4. Earnest Money. Buyer will deposit twenty-five thousand dollars ($25,000) ("Earnest Money") into an escrow account with Land Title, Inc. ("Title Company") within five (5) business days following execution of this Agreement by both Buyer and Seller. The Earnest Money shall be (i) applied to the Purchase Price at Closing if the parties close hereunder, (ii) refunded to Buyer if this Agreement is terminated by either party for any reason during the Due Diligence Period, or (iii) if the foregoing provisions do not apply, the Earnest Money shall be paid to the party entitled thereto in accordance with the remaining provisions of this Agreement. 5. Title, Survey, Geotechnical and Environmental. Seller will provide the following to Buyer at Seller’s sole cost: 5.1 Title Commitment issued by Land Title; 5.2 Survey by Sunde Land Surveying in PDF format (completed) and in CAD format; 5.3 Wetland Determination Study (completed); 5.4 Phase I Environmental Study (completed); and 5.5 Property subdivision which Seller will complete as soon as practicable. All customary fees, and other subdivision costs, including but not limited to engineering, design, survey, wetland delineation, local governmental fees and costs, Mylar and other printing costs, filing fees, and other costs to subdivide Seller’s real property, shall be borne solely by Seller; provided however, Buyer shall be solely responsible for all park dedication fees, city impact fees, and/or SAC/WAC fees as the foregoing relate to Buyer's ownership and use of Lot 2. Seller will, however, request from the City of Arden Hills a waiver of all park dedication and park dedication fees for Lot 2, but the same is not guaranteed and if not granted, said cost shall be borne solely by Buyer. 6. Closing. The purchase of the Property will close ("Closing") no later than (30) days after the expiration of the Contingency Date. Closing will take place at the main office of Land Title, Inc. or as otherwise agreed by Seller and Buyer. 7. Contingency Date and Contingencies. The "Contingency Date" shall be sixty (60) days from the date the preliminary plat is approved by the City of Arden Hills and the Ramsey County Surveyor’s office and the Access Road design is approved by the City of Arden