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VACANT LAND PURCHASE AGREEMENT 164. Page 5 165. TiTLE AND EXAMINATION:Within a reasonable time period after Final Acceptance of this Purchase Agreement, 166. Seller shall provide one of the following title evidence options,at Seller's selection,which shall include proper searches 167. covering bankruptcies,state and federal judgments and liens,and levied and pending special assessments to Buyer 168. or Buyer's designated title service provider: 169. (1) A commitment for an owner's policy of fide insurance on a current ALTA form issued by an insurer licensed to write 170. title insurance in Minnesota as selected by Buyer.Serer shall be responsible for the tide search and exam costs 171. related to the commitment. Buyer shall be responsible for all additional costs related to the issuance of the title 172. insurance pdicy(les), including but not limited to the premium(s), Buyer's name search and plat drawing, ff any. 173. Seller shall surrender a copy of any owner's titre insurance policy and Abstract of Title,if in Seller's possession or 174. control,for this property to Buyer or Buyer's designated title service provider. 175. (2) An Abstract of Tide certified to date if Abstract Property or a Registered Property Abstract(RPA)certified to date 176. if Registered(Torrens)property.Seller shall pay for the abstracting or RPA costs and surrender any abstract for 177. this property in Seller's possession or control to Buyer or Buyer's designated tide service provider.If property is 178. Abstract and Seller does not have an Abstract of Tide,Option(1)will automatically apply. 179. Seder shag use Seller's best efforts to provide marketable title by the date of dosing.In the event that Seiler has not 180. provided marketable tide by the date of dosing,Seller shall have an additional 30 days to make title marketable or,in 181. the alternative, Buyer may waive title defects by written notice to Seller.In addition to the 30-day extension, Buyer 182. and Seller may by mutual agreement further extend the dosing date.Lacking such extension,either party may declare 183. this Purchase Agreement canceled by written notice to the other party,or licensee representing or assisting the other 184. party.in which case this Purchase Agreement is canceled.If either party declares this Purchase Agreement canceled, 185. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 186. directing all earnest money paid hereunder to be refunded to Buyer. 187. SUBDIVISION OF LAND:If this sale constitutes or requires a subdivision of land owned by Seller,Seller shall pay all 188. subdivision expenses and obtain all necessary governmental approvals.This provision deals with the necessity of 189. subdividing land to complete the sale of the property described herein in contrast to the subdivision provision of lines 190. 54-55 which deals with the future development plans of Buyer.Seller warrants the legal description of the real property 191. to be conveyed has been or shall be approved for recording as of the date of closing.Seller warrants that there is a 192. right of access to the property from a public right of way.These warranties shall survive the delivery of the deed or 193. contract for deed. 194. Seller warrants that prior to the closing,payment In full will have been made for all labor,materials,machinery,fixtures 195. or tools furnished within the 120 days immediately preceding the dosing.Seller warrants that Seiler has not received 196. any notice from any governmental authority as to condemnation proceedings or violation of any law, ordinance or 197. regulation. If the property is subject to restrictive covenants, Seller warrants that Seller has not received any notice 198. from any person or authority as to a breach of the covenants.Any such notices received by Seller shall be provided to 199. Buyer immediately. 200. Seller agrees to allow Buyer reasonable access to the property for performance of any surveys, inspections or tests 201. or for water,sewer,gas or electrical service hookup as agreed to herein.Buyer shall restore the premises to the same 202. condition it was in prior to the surveys,inspections or tests and pay for any restoration costs relative thereto. 203. RISK OF LOSS:If there is any loss or damage to the property between the date hereof and the date of dosing for 204. any reason,including fire,vandalism,flood,earthquake or act of God,the risk of loss shall be on Seller.If the property 205. is destroyed or substantially damaged before the closing date, this Purchase Agreement is canceled, at Buyer's 206. option,by written notice to Seller or licensee representing or assisting Seiler.If Buyer cancels this Purchase Agreement, 207. Buyer and Seller shall immediately sign a Cancellation of Purchase Agreement confirming said cancellation and 208. directing all earnest money paid hereunder to be refunded to Buyer. 209. TIME OF ESSENCE:Time is of the essence in this Purchase Agreement. 210. ENTIRE AGREEMENT:This Purchase Agreement,any attached exhibits and any addenda or amendments signed 211. by the parties shall constitute the entire agreement between Buyer and Seller and supersedes any other written or 212. oral agreements between Buyer and Seller.This Purchase Agreement can be modified or canceled only in writing 213. signed by Buyer and Seiler or by operation of law.All monetary sums are deemed to be United States currency for 214. purposes of this Purchase Agreement.Buyer or Seller may be required to pay certain closing costs,which may 215. effectively increase the cash outlay at closing or reduce the proceeds from the sale. MN:VLR4-5(SM)