CCP 12-15-1997 - Laserfiche WebLink

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DEC-12-1997 10:40 BRADLEY :1 DEWE, R.i'<. 612 926 5743 R.05 '1 monthly, and upon the escrow agent's and the Seller's receipt from Purchaser of . evidence, in a form reasonably satisfactory to the escrow agent and the Seller, showing -. that the brick exterior has been installed in accordance with the plans approved by the Seller and that the Purchaser has paid the cost thereof. In the event that the final documented cost of the brick installation, as shown in the plans approved by the Seller, is I less than $200,000, any funds remaining in the escrow account shall be remitted to the Seller. Any interest accrued on the escrowed funds shall be the property of the Seller. In the event that the cost of the brick installation, as shown in the plans approved by the I Seller, exceeds $200,000, such excess cost shall be paid by the Purchaser. 3. SURVEY. I The Purchaser has caused a certified ALTAI ACSM survey of the Property ("Survey") to be prepared by a surveyor licensed by the State of Minnesota. The Survey has been certified to I Purchaser and the Title Company and shows (a) the location by coW'Ses and distances of the Property with al J boundaries staked, (b) all easements on or appurtenant to the Property, (c) all encroachments, the extent thereof and established building lines, (d) the location of all means of I 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 Property, (f) the topographical features of the Property at one foot contour intervals (g) all applicable setback. lines, (h) the area of the I Property, and (i) such other pertinent facts as have been requested by Purchaser. The Survey is accompanied by a cunent surveyor's certificate in a Conn reasonably acceptable to Purchaser and the Title Company. Purchaser shall be responsible for the cost of the Survey. ~ 4. TITLE. (A) Within twenty (20) days after the date hereof, Purchaser sb.a1l obtain from the I Title Company a cOmnUbnent (the "Title Commitment") {or a standard ALIA Form B owner's title insurance poli<;y (ex<;ept that the standard exceptions relating to survey matters, rights of I 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 issued upon Closing by the Title Company in the amount of the Purchase Pri<;e, insuring that as I of the Te<:ording of the "Deed" (as hereinafter defined) good and marketable fee simple title to the Property is vested in Purchaser subje<:t only to the "Permitted Exceptions" (as hereinafter defined). The Title Commitment shall identify the Land by th,e legal description set forth on the I Survey. Seller shall be responsible for the costs, if any, of the Title Commitment, and Purchaser shall be responsible for the cost of the Title Policy. (B) Purchaser shall have a period of thirty (30) days after m:eipt of the Title I 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 l\S\;ertainable amount that may be removed by the payment of money ("Liens") at Closing shall not be deemed to make the Title Commitment unacceptable and I Seller, at Seller's option, may use the Purchase Price to satisfy such Liens. Seller shall provide 4 .. I