CCP 07-21-1997 - Laserfiche WebLink

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I I f' 3. SURVEY. Within thirty (30) days after the date hereof, Purchaser shall cause a certified ALTA survey of the Property ("Survey") to be prepared by a surveyor licensed by the State of I Minnesota. The Survey shall be certified to Purchaser and the Title Company and shall show (a) the location by courses and distances of the Property with all boundaries staked, (b) all easements I on or appurtenant to the Property, (c) all encroachments, the extent thereof and established building lines, (d) the location of all means of ingress and egress to and from the Property and to and from all abutting public streets, (e) the size and location of all Improvements, if any, on the I Property, (f) the topographical features of the Property at one foot contour intervals, and (g) such other pertinent facts as requested by Purchaser. The Survey shall be accompanied by a current surveyor' s certificate in a form reasonably acceptable to Purchaser and the Title Company. I Purchaser shall be responsible for the cost of the Survey. 4. TITLE. I (A) Within twenty (20) days after the date hereof, Purchaser shall obtain from the Title Company a commitment (the "Title Commitment") for a standard ALTA Form B owner's I title insurance policy (except that the standard exceptions relating to survey matters, rights of parties in possession, mechanic's liens, easements or claims of easements not of record, and taxes and assessments not shown by the public records, shall be eliminated) (the "Title Policy") to be Ie issued upon Closing by the Title Company in the amount of the Purchase Price, insuring that as of the recording of the "Deed" (as hereinafter defined) good and marketable fee simple title to the I Property is vested in Purchaser subject only to the "Permitted Exceptions" (as hereinafter defined). The Title Commitment shall identifY the Land by the legal description set forth on the Survey, provided that if the Survey has not been prepared at the time the Title Commitment is I ordered, by a preliminary legal description. In the event the description contained on the Survey differs from the preliminary legal description, Purchaser shall cause the Title Company to update the Title Commitment following its receipt of the Survey description. Seller shall be responsible I for the costs, if any, of the Title Commitment, and Purchaser shall be responsible for the cost of the Title Policy. I (B) Purchaser shall have a period of ten (10) days after receipt of the Title Commitment (including copies of all instruments described therein as exceptions to title) and the Survey (the "Title Review Period"), to notify Seller of any objections to or defects in the I condition of title; PROVIDED, HOWEVER, that title exceptions pertaining to liens or encumbrances of a definite or ascertainable amount that may be removed by the payment of I money ("Liens") at Closing shall not be deemed to make the Title Commitment unacceptable and SeIler, at SeIler's option, may use the Purchase Price to satisfY such Liens. Those exceptions to title which are disclosed by the Title Commitment (other than Liens) and are not objected to by I Purchaser shall be deemed to be the "Permitted Exceptions." If such objection notice is not delivered to Seller within the Title Review Period, the condition of Seller's title as disclosed by .. the Title Commitment shall be deemed approved by Purchaser, and Purchaser shall take title subject to the exceptions set forth therein without any reduction in the Purchase Price except for any Liens, If an objection notice is timely delivered, Seller shall use reasonable efforts to cure or I 2