pf_01857 - Laserfiche WebLink

Home

'IN.. VI -A liens. The Buyer shall be allowed twenty (20) days after receipt thereof for examination of said title and the making of any objections thereto; said objections to be made in writing or deemed to be waived. If any objections ar3 so made the Seller shall be allowed one hundred twenty (120) days to make such title marketable. Pendi;ig correction of title the payments hereunder required shall be postponed, but upon correction of title and within ten (10) days after writ- ten notice to the Buyer, the parties shall perform this Agreement according to its terms. If said title is not marketable and is not made so within one hundred twenty (120) days from the date of written objections thereto as above provided, this Agreement shall be null and void, at option of the Buyer, and neither principal shall be liable for damages hereunder to the other principal. All money theretofore paid by the Buyer shall be refunded. If the title to said property be found marketable or be so made within said time, and said Buyer shall default in any of the agreements and continue in default for a period of ten (10) days, then and in that case the Seller may terminate this Agreement pursuant to Minn. Stat. S559.21, the period within which the Buyer may cure any default shall be thirty (30) days from and after service of notice which complies with Minn. Stat. S559.21; and, on such termination, all payments made upon this Agreement shall be forfeited by the Buyer and retained by the Seller and the Seller's agent, if any, as their respective interests may appear, as liquidated damages, time being of the essence hereof, which shall be Seller's sole remedy against Buyer. 8. CASUALTY OR CONDEMNATION. Prior to November 1, 1987, in the event the property or any portion thereof, including trees, shrubs, or improvements, are destroyed or substantially damaged by fire or any other cause before said date, this Agreement shall become null and void, at either Seller's or Buyer's option, and all monies paid hereunder shall be refunded to Buyer. After November 1, 1987, in the event the Buyer elects to accept the pro- perty in its damaged condition, proceeds of insurance suf- ficient to restore the building and improvements to their former condition shall be collected by Seller and shall be assigned to Buyer at closing. Prior to November, 19+87, in the event of the exercise by any governmental unit having jurisdiction over the property of the right to eminent domain or any action or threatened action in nature of or in lieu of eminent domain or condem- nation including any claim, demand or requirement of ceding any of the premises before approving Buyers development of the premises pursuant to 10(d) (hereinafter referred to as condemnation), with respect to all or any part of the pro - VI -A -6-