CCP 12-15-1997 - Laserfiche WebLink

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DEC-12-1997 10:41 BPADLEY g, DEIfE, P.A. 612 926 S7-l3 P.06 I' I written notice to Purchaser of the commencement of the Title Review Period. Those exeeptions it to title which are disclosed by the Title Commitment (other than Liens) and arc not objected to by 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 I the Title Commitment shall be deemed approved by Purchaser, and Purchaser shall take title subj ect 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 rCIDove all such objections prior to the "Closing Date" (as hereinafter defined). If any objection has not been cured or removed prior to the Closing Date, Purchaser, at its election, shall either (i) accept the Title Commitment as it is, subject to the right to deduct the amount of all Liens from I the Purchase Price, except for liens created by Purchaser pursuant to its activities under this Agreement; (ii) tenninate this Agreement; or (iii) extend the Closing Date for a period that Purchaser and Seller deem reasonable for curing such objections, but not to exceed ninety (90) I days. If all objections to title are not cured within such extended period, if any, Purchaser shall then elect either (i) or (ii) above, Upon any such termination, each party shall be released from all duties or obligations contained herein (except for any liabilities accruing prior to such I tennination) and in such event the parties shall execute an agreement in recordable form canceling this Agreement. I S. DEVELOPMENT AGREEMENT. Seller shall have the right to review and approve Purchaser's plans and specifications for Ie the construction of the buildings and other improvements to be located on the Property in accordance with that certain Development Agreement dated as of December --' 1997, (the "Contract") between the Purchaser and the Arden Hills Economic Development Authority (the I "Authority"). Purchaser covenants and agrees to comply with the provisions of the Contract relative to the development of the Land. I 6. The contents of this paragraph have been intendonally omitted. 7. Use. I Purchaser agrees that the Property shall be used for the construction and operation of the improvements described in the Contract, subject to the terms and limitations set forth in the Contract and as described in the documents approved by the Seller in granting PUn approval to I the Purchaser's development. 8_ REPRESENTATIONS AND WARRANTIES. I (A) Seller represents and warrants to Purchaser as follows, which representations and warranties shall be deemed made by Seller as of the date hereof and as of the Closing Date, shall I survive the Closing, and but for such representations and warranties, Purchaser would not execute this Agreement: I (1) There are no other parties in possession of any portion of the Property. .. s I