CCP 06-30-2003 - Laserfiche WebLink

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. . . D. Title. Ten (10) days prior to the date of closing, Ramsey County agrees to deliver to Arden Hills, at Ramsey County's cost, a commitment for an owner's title insurance policy (AL TA Form 1990) issued by a title insurance company acceptable to the Arden Hills (the "Title Company"), naming Arden Hills as the proposed owner insured of the Property in the amount of the Purchase Price (the "Commitment"). The Commitment shall have a current date as its effective date and shall commit to insure marketable title in Arden Hills, free and clear of all mechanics' lien claims, questions of survey, unrecorded interests, rights of parties in possession or other exceptions. The Commitment shall set forth all levied real estate taxes and special assessments and shall contain such endorsements as Arden Hills may require, including but not limited to, a zoning endorsement insuring Arden Hills that the ownership, use, operation and occupancy of the Property as of the Closing Date complies with all applicable zoning laws, codes, ordinances and regulations and does not constitute a nonconforming use thereunder. Said commitment shall have attached copies of all instruments or record which create any easements or restrictions which are referred to in Schedule B of the title commitment. Together with the Commitment, Ramsey County shall deliver to Arden Hills complete Uniform Commercial Code searches against the Project evidencing that the Project is not subject to any financing statements or security interests (the "Searches"). Arden Hills will be allowed after receipt of the Commitment, the Searches, and the Survey (as hereinafter defined) an examination thereof and to make any objections to the marketability of the title to the Property or Project, said objections to be made by written notice or to be deemed waived. E. Closing. The parties acknowledge that a specific closing date cannot be established until the Project nears completion, and until the CIC Documents have been properly recorded. The parties anticipate that a closing will occur on or before December 1, 2004. F. Access During Construction. Arden Hills shall have access to the Arden Hills Condominium Unit and the common areas of the Project during the period of construction, subject to supervision by Ramsey County. IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first set forth above. CITY OF ARDEN HILLS By: Name: Title: 3