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<br />..;:';" 1 I U' (~l ':"'\~'....'. l C l\..'t./l c..:...'I.....'..."'\.. . 4 _ - .. '-' ,j..~ _ . ,-'::" I ~.\..;..., , :- .>-"\", ;:...:..'<.......;.'_,- -. - ..,..,- ,;;....;.;;. -4 4 ~.:. <br />I' in8 <br />I b. UCC Search. ^ report of acc Searches made of <br />~ the Uniform Commercial Code records of the <br /> Secretary of State of Minnesota, made by said <br /> Secretary of State or by a search firm <br /> acceptable to City, showing no acc filings <br /> regarding the Real Property. <br />I c. Existing Leases. Agreements with Universal <br /> Outdoor, Inc. regarding Billboards 1 and 2. <br />I 2. City's Objections. Within twenty (20) days aftt<;r <br /> receiving the last item of the Title Evidence, <br /> City shall notify Seller of any objection to <br />I marketability of title ("Obj ections") disclosed in <br /> the Title Evidence. City's failure to make <br /> Objections within such time period will constitute <br /> a waiver of City's right to make Objections for <br />I the purpose of proceeding to Closing. Any matter <br /> disclosed by the Title Evidence and not so <br /> obj ectect to by City shall be a "permittect <br />I Encumbrance" hereunder, other than mortgages, <br /> liens, judgments, and other matters that shall be <br /> satisfied and released by Seller at or prior to <br /> the Closing. Seller shall use reasonable efforts <br />I to correct any Objections which shall include, if <br /> applicable. payment of any mortgages, judgments, <br /> liens or other encumbrances which can be cured by <br />Ie the payment of money. If the Objections are not <br /> cured prior to the Closing Date, City will have <br /> the option to do one of the following by notice <br /> provided to Seller: <br />I a. Terminate. Terminate this Agreement on or <br /> before the Closing Date. and upon such <br /> termination, and after such termination. <br />I neither Seller nor City shall have any <br /> further rights or obligations under this <br /> Agreement. except for the Surviving <br />I Covenants; <br /> b. Withhold Payment. Withhold from payment of <br /> the Purchase Price an amount that, in the <br />I reasonable judgment of the Title Insurer. is <br /> sufticient to insure cure of the Objections <br /> and deposit any amo~t so withheld in escrow <br />I with the Title Insurer, pending such cure. <br /> If Seller does not cure such Objections <br /> within thirty (30) days after such escrow is <br /> established, City may then cure such <br />I Objections and charge the costs of such cure <br /> (including reasonable attorney's fees) <br /> against the escrowed amount. If such an <br />I escrow is established. Seller and City shall <br /> execute and deliver such documents as may be <br /> 7 <br />" <br />I <br />---------- ------- <br />