2000-02-23 CC - Laserfiche WebLink

Home Browse Search

6. Title Examination. Title Examination will be cooducted as follows: (a) Seller's Title Evidence. Seller shall. as soon as reasonably possible a:ft('r the date of this Agreement, fumish the following (collectively, "Title Evidence") to Buyer, at Seller's sole cost and expense: (1) Title InsuranCE: Commitment. A commitmer..t ("Title Commitment") for an ALTA Fonn B 1970 O\\ner's Policy of Title Insurance insuring title to the Real Property, deleting standard exceptions and including affinnative insurance regarding zoning, contiguity, appurtenant easements and SlJch other matters as may be identified by Buyer, in the amount of the Purchase Price, issued by (''Title''). The Title Commitment v.till commit Title to insure title to the Property in the full amount of the Purchase Price. If the Property is a.bstract property, Seller shall also deliver to Title or Buyer an Abstract of Title to the Real Property" certified to a current date to include all appropriate judgment and bankruptcy searches. Survey. An At TA/ACSM Urban Land Title Survey ("Sl1rvey~') meeting Minimum Standard Detail Requirements for an Urban Survey (1992) and including items 1 through 4 and 6 through 12 of Table A of said Minimum Standard Detail Requirements, or a Registered Land Survey, if applicable, prepared by a surveyor properl)" licensed to practice in the state of Minnesota and reasona}:.ly acceptable to Buyer and Buyer's Lender, if an)". The Survey shall be delivered to Buyer and Title. UCC Searches. A report of uee Searches made of the Unifonn Commercial Code records of the Secretary of State ofMinne.sota, made by said Secretary of State, or by search firm acceptable to Buyer, showing no uee filings regarding any of the Property. /) ~/;: a/ ... J; '9' L,/ P J!:.' '. ~\7 ~~, Buver's Objections. Within 20 days after receiving the last of the Title E"idence, Buyer will make written objections ("Objections") to the form and/or contents of the Title Evidence. Buyer's failure to make Objections within such time period will constitute waiver of Objection:'!. Any matter sho\\n on such Title Evidence and not 'ect to by Buyer shall be a "Permitted EnC1.UIlbrance" hereunder. Seller aye 60 dars after receipt of the Objettions to cure tbe Objections, during . t which period the Closing will be postponed as necessary. Seller shall use its best ~ efforts to correct any Objections. To the extent an Objection can be satisfied by ~,)' the payment of money, Buyer shall have the right to apply a portion of the cash t) ) payable to Seller at the Closing to satisfaction of such Objection and the &mOMt / so applied shall reduce the amount of cash payable to Seller at the Closing. If the 01:>jectioDs are not cured within such 60 day period, Buyer ~ill have the option to ~ do any of the follo\-ving: jJp Q9- (3) (b) 7