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06-15-2020-WS
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06-15-2020-WS
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<br />3 <br /> <br />3.3 Upon completion of the Access Road construction, Seller shall provide to Buyer <br />all invoices and cancelled checks documenting Seller's costs. After Buyer's receipt <br />of the invoices and cancelled checks, Buyer shall pay Buyer's one-third (1/3) <br />share of the costs to Seller within Thirty (30) days up to the maximum stated in <br />Section 3.1 above. <br /> <br />4. Earnest Money. Buyer will deposit twenty-five thousand dollars ($25,000) ("Earnest <br />Money") into an escrow account with Land Title, Inc. ("Title Company") within five (5) <br />business days following execution of this Agreement by both Buyer and Seller. The <br />Earnest Money shall be (i) applied to the Purchase Price at Closing if the parties close <br />hereunder, (ii) refunded to Buyer if this Agreement is terminated by either party for any <br />reason during the Due Diligence Period, or (iii) if the foregoing provisions do not apply, <br />the Earnest Money shall be paid to the party entitled thereto in accordance with the <br />remaining provisions of this Agreement. <br /> <br />5. Title, Survey, Geotechnical and Environmental. Seller will provide the following to <br />Buyer at Seller’s sole cost: <br /> <br />5.1 Title Commitment issued by Land Title; <br /> <br />5.2 Survey by Sunde Land Surveying in PDF format (completed) and in CAD format; <br /> <br />5.3 Wetland Determination Study (completed); <br /> <br />5.4 Phase I Environmental Study (completed); and <br /> <br />5.5 Property subdivision which Seller will complete as soon as practicable. All <br />customary fees, and other subdivision costs, including but not limited to <br />engineering, design, survey, wetland delineation, local governmental fees and <br />costs, Mylar and other printing costs, filing fees, and other costs to subdivide <br />Seller’s real property, shall be borne solely by Seller; provided however, Buyer <br />shall be solely responsible for all park dedication fees, city impact fees, and/or <br />SAC/WAC fees as the foregoing relate to Buyer's ownership and use of Lot 2. <br />Seller will, however, request from the City of Arden Hills a waiver of all park <br />dedication and park dedication fees for Lot 2, but the same is not guaranteed and <br />if not granted, said cost shall be borne solely by Buyer. <br /> <br /> <br />6. Closing. The purchase of the Property will close ("Closing") no later than (30) days after <br />the expiration of the Contingency Date. Closing will take place at the main office of Land <br />Title, Inc. or as otherwise agreed by Seller and Buyer. <br /> <br />7. Contingency Date and Contingencies. The "Contingency Date" shall be sixty (60) days <br />from the date the preliminary plat is approved by the City of Arden Hills and the Ramsey <br />County Surveyor’s office and the Access Road design is approved by the City of Arden
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