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shall provide Buyer with an ALTA/ACSM Land Title Survey ("Survey") of the Property prepared by
<br /> Minnesota licensed surveyor,which Survey shall be certified to Buyer and Title and shall meet the then
<br /> current accuracy standards jointly adopted by ALTA and ACSM and shall contain items 1 through 4,5,
<br /> 6(a), 8, 9, 11 and 16, 18 and 19 of Table A of the 2016 Minimum Standard Detail Requirements for
<br /> ALTA/ACSM Land Title Surveys.Seller shall deliver to said surveyor a copy of the Commitment to be
<br /> delivered to Buyer as provided above,so that the Survey delivered to Buyer will include and identify the
<br /> location of any encroachments, easements,encumbrances or other restrictions that are identified or
<br /> disclosed in the Commitment.Seller shall deliver an electronic PDF copy of the Survey to Buyer upon
<br /> its receipt thereof from the surveyor.
<br /> If Seller does not timely deliver the Commitment or Survey prior to the expiration of the applicable deadlines
<br /> set forth above, then (i) the time for all performances, payment obligations, and deadline dates (including,
<br /> without limitation,the time for performances or elections by Buyer hereunder,the dates pertaining to payment
<br /> or disbursement of any Earnest Money or pertaining to any Earnest Money becoming non-refundable, the
<br /> Contingency Date, (defined in Section 8 below) and Closing Date (defined in Section 9 below), shall be
<br /> extended by one(1)day for each day Seller is late in delivering the Commitment or Survey,as applicable.
<br /> 3.3 Title Obiections. For purposes hereof, the term 'Title Evidence" shall mean the Commitment, copies of
<br /> recorded documents referred to in the Commitment, and the Survey (or any update or supplement to any of the
<br /> foregoing). Buyer shall have until the date that is ten (10) business days after receipt of the Title Evidence to make
<br /> written objection to matters disclosed in the Title Evidence which adversely affect marketable fee simple title to the
<br /> Property(collectively,"Objections").Any Objections not timely objected to by Buyer by written notice delivered to Seller
<br /> on or before the Title Objection Deadline shall be deemed a "Permitted Exception" hereunder. Seller will use best
<br /> efforts to cure the Objections on or before the date that is twenty(20)days after receipt of Buyer's Objections("Cure
<br /> Period").
<br /> If Seller shall fail to have all such Objections cured by the expiration of the Cure Period,then without limiting any other
<br /> remedies Buyer may have at law or in equity,Buyer may,in its sole discretion,elect any of the following remedies:
<br /> (a) terminate this Agreement without any liability on its part by written notice to Seller in which event this
<br /> Agreement shall be deemed to be cancelled and terminated,without further notice or action required of either
<br /> party, the Earnest Money shall be returned to Buyer, and Buyer and Seller shall thereafter be released from
<br /> any liability or obligation hereunder; provided,however,that Buyer's indemnification obligations under Section
<br /> 4.2 of this Agreement shall survive such termination;or
<br /> (b)waive such remaining Objections in writing and proceed to Closing,subject to fulfillment of the other terms
<br /> and conditions hereof, in which event the Objections that have not been cured shall be deemed Permitted
<br /> Exceptions at Closing.
<br /> Whether or not Buyer has delivered to Seller any notice of title objections pursuant to the foregoing terms, Buyer
<br /> may, at or prior to the Closing,notify Seller in writing of any objections to title exceptions first raised by Title or the
<br /> surveyor that prepared the Survey between the original effective date of the Commitment or Survey, as the case
<br /> may be,and the Closing.Any such objections made by Buyer shall be resolved in the same manner and within the
<br /> same time frames as set forth above,and the Closing Date shall be extended accordingly.
<br /> Notwithstanding anything contained herein to the contrary,Seller shall be obligated to cure and satisfy(i) mortgage or
<br /> deed of trust financing or similar liens given for security or collateral purposes,(ii)state,federal or local tax liens or liens
<br /> for the nonpayment of special assessments, and (iii) any other judgment liens or non-consensual liens (collectively,
<br /> "Liens"), it being the understanding and agreement that if Seller has not removed such Liens by the time of Closing,
<br /> then any such Liens will be cured and satisfied out of Seller's proceeds at Closing, if not sooner paid; provided,
<br /> however, that Seller shall have no obligation to cure any Liens created by the act of Buyer or its agents or
<br /> contractors, including without limitation, any Liens filed with respect to labor and services performed or materials
<br /> supplied at the instance and request of Buyer. In the event,during the term of this Agreement,Seller defaults on the
<br /> payment or repayment of any Lien,or if any Lien holder commences foreclosure proceedings,such an occurrence shall
<br /> constitute a Seller default hereunder,entitling Buyer to cancel this Agreement in conformity with Section 15.1, below.
<br /> Alternatively,and in Buyer's sole and exclusive discretion,Buyer may cure Seller's defaults under any Lien,and fully or
<br /> partially pay and satisfy any Lien,in which case all payments thereby expended by Buyer shall be credited against the
<br /> Purchase Price payable by Buyer at Closing.
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