CCP 09-29-1997 - Laserfiche WebLink

Home Browse Search

'f rights or obligations under this Agreement, except for the covenants made in Scctions 3(b)(1) e and 11 and the remedies provided in Section 19 hereof that shall survive termination of this Agreement, whether such temlination is effected by Seller or Buyer (the "Surviving Covenants'"). 4.) TITLE MATTERS. Title examination shall be conducted as follows: (a) , Seller's Title Evidence. Seller shall, within twenty (20) days of the date hereof, furnish the following (collectively, the "Titlc Evidcncc") to Buycr: (I) Title Insurance Commitment. A commitment ("Title Commitment") for an AL T A Form B 1992 Owner's Policy of Title Insurance committing to. insure a marketable title to the Property in Buyer; subject only to the Permitted Encumbrances (as defined in Scction 4(b), below); deleting so- called "standard e:<ceptions" related to survey n1aners, parties in possession, and liens for labor, materials and services; including affirmative insurance regarding appurtenant easements, separate real estate taxation, and contiguity, in the amount of thc Purchase Pricc, and issued by Land Titlc, Inc., at 1900 Silver Lake Road, Suite 200, New Brighton, Minnesota 55112; telephonc (612) 638-1900 (the "Title Insurer"). The Title Commitment shall include complete and accurate copies of all mallers described in Schedule B thereof; and .. (2) UCC Search. A rcport of UCC Searches made of the Uniform Commercial Code records of the Secretary of State of Minnesota, made by - said Secretary of State or by a search firm acceptable to Buyer, showing no UCC filings regarding the Property. (b) Buver's Obiections. Within twenty (20) days after receiving the last item of the Title Evidence, Buyer shall notify Seller of any objections to marketability of title ("Objections") disclosed in the Title Evidence. Buyer's failure to make Objections within such time period will constitute a waiver of Buyer's right to make Objections for the purpose of proceeding to Closing. Any maller disclosed by the Title Evidence and not so objected to by Buyer shall be a "Permitted Encumbrancc" hereunder, other than :., mortgages, liens, judgments, and other matters that shall be satisfied and released by Seller at or prior to the Closing. Seller shall i.ise reasonable efforts to correct any Objections which shall include, if applicable, payment of any mortgages, judgments, liens or other encumbrances which can be cured by the payment of money. If the Objections are not cured prior to the Closing Date, Buyer will have the option to do one of the following by notice provided to Seller: (1) Terminate. Terminate this Agreement on or before the Closing Date, and upon such temlination, and after such termination, neither Seller nor Buyer shall have any further rights or obligations under this Agreement, except for the Surviving Covenants; -- - ~ :I. I