CCP 07-19-2004 - Laserfiche WebLink

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4. Review of Documents: Upon full execution of a Purchase Agreement, Seller shall deliver to Buyer the following documents and information within thirty (30) days after the date thereof. a. Legal description of the Real Property; . b. Title Commitment prepared by Commercial Company, along with underlying documents described therein; Partners Title referenced or c. A current copy of an AL T A survey; d. Current copy of the Property Tax Statement; and d. Any and all environmental, geotechnical and other related reports if available. 5. Due Diliqence: The contemplated transaction will be subject, among other things, to Buyer determining, in its sole discretion, with one hundred twenty (120) days after the date of execution of the Purchase Agreement, that Buyer is satisfied with the results of the Due Diligence Investigation. 6. Title Examination: On the Closing Date, Buyer shall receive a policy insuring Buyer's title on the current edition of AL T A Form B Owner's Policy, subject only to those matters disclosed by the preliminary title report and specifically approved by Buyer during the Due Diligence Period. 7. Purchase Aqreement: Buyer and Seller shall negotiate and execute a definitive . agreement (the "Purchase Agreement") within sixty (60) business days of the execution of this Letter of Intent. Among other terms, said Purchase Agreement shall be non- contingent except that Buyer may terminate the Purchase Agreement for any reason during the one twenty (120) day due diligence period. 8. Prorations and Costs: Seller shall pay (a) charges imposed by the Title Company for issuance of its title insurance commitment; (b) state deed tax; and (c) any deferred real estate taxes (including "Green Acres" taxes under Minnesota Statute 273.111) or special assessment payment of which are caused by the closing of this sale. Buyer shall pay the premium for the title insurance policy issued pursuant to the Title Company's commitment. All other costs and expenses will be allocated between Buyer and Seller in the manner customary in the purchase and sale of commercial real estate in the State of Minnesota. 9. Closinq Date: The transaction described herein and in the Purchase Agreement shall be closed within thirty (30) days after the due diligence period. 10. No Other Neqotiation: In recognition and consideration ofthe facts that Buyer will invest substantial money, time and effort in conducting the Due Diligence Investigations, in preparing and negotiating the Contract and in completing other necessary ancillary transactions related to the contemplated transaction. Seller agrees that (a) Seller will cause all discussions and negotiations with other persons or entities, relating to the sale of the property or Seller's interest in it, to cease, and (b) Seller will not, directly or indirectly, solicit offers or negotiate, or permit any of Seller's representatives to solicit . offers or negotiate with any other person or entity with respect to the sale of the Property or Seller's interest in it, so long as negotiations between Buyer and Seller are continuing.