5.7. SR 04-04-2011 - Laserfiche WebLink

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6. Title Examination. The title examination for the Property will be conducted as follows: a. Seller's Title Evidence. Seller will, within fifteen (15) days after this Agreement's Effective Date and at Seller's cost and expense, provide an Abstract of Title for the Property, certified to a current date to include all appropriate bankruptcy and judgment searches ("Abstract"), and make application with the Title Company for a title commitment ("Title Commitment") committing to issue an owner's policy of title insurance on a current ALTA form ("Title Policy") issued by the Title Company, in the full amount of the Purchase Price, committing to insure that Buyer will have good and marketable title to the Property and its appurtenances on the Closing Date free and clear of all encumbrances, except the Permitted Encumbrances, deleting standard exceptions, including affirmative endorsements as may be identified by Buyer (including without limitation, contiguity and zoning endorsements) covering title to the Property and including relevant tax lien, special assessment, judgment and bankruptcy searches. Seller will cause the Title Company to deliver the Title Commitment to Seller and Buyer as soon as possible, and in no event later than 30 days after this Agreement's Effective Date. Buyer shall be responsible to pay to the Title Company the cost of any endorsements and for the Owners title insurance policy. Seller shall provide to Buyer at Seller's expense, Owners and Encumbrance Reports on the properties over which easements will be secured pursuant to paragraph 3(e). b. Survey. Within 30 days after this Agreement's Effective Date, Buyer, at Buyer's expense, shall secure a cui~-ent survey of the Properly and improvements thereon prepared and certified by a Minnesota licensed land surveyor, as designated by Buyer, with a certification acceptable to the Buyer and the Title Company. The survey shall meet the minimum standard detail requirements adopted by ALTA/ACSM (2011) and include such items of Table A as requested by Buyer. The survey shall show the location of all easements referenced in Schedule B of the current title commitment, improvements (including underground improvements) and any and all other pertinent information with respect to the Property. The survey shall also indicate any encroachments of improvements onto easements or onto adjacent properties and certify to their absence and shall indicate the presence of improvements and easements on property adjoining the Property, if located within five (5) feet of the boundaries of the Property. c. Buyer's Objections. Within ten (10) days after Buyer's receipt of both the Title Commitment and the Survey, Buyer will make written objections ("Objections") to the form and/or contents of the Title Commitment and the status of title. Buyer's failure to make Objections within such time period will not constitute waiver of objections. Any matter shown on the Title Commitment and not objected to by Buyer shall be a "Permitted Encumbrance" under this Agreement. Seller will attempt to correct all Objections within thirty (30) days after receiving the Objections, during which period the Closing will be postponed as necessary. If the Objections are not cured within such 30-day period, Buyer will have the option to do any of the following: GP:2945285 v4 5