4.2. ERMUSR 01-08-2013 - Laserfiche WebLink

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(d) Document Review. Buyer determines, that it is satisfied with its examination and analysis of all documents in relating to the Property including, without limitation, the following(collectively, the "Documents"): (i) statements for taxes, assessments and utilities payable in the current and two(2) prior calendar years for the Property; and (ii) blue prints, surveys, plats or other depictions relating to the Property and improvements that are in Seller's possession or control or are otherwise obtained by Buyer. (e) Board Approvals. Elk River Public Utilities Commission authorizes and approves the transaction contemplated in this Agreement. If any condition set forth in this Section 3 has not been satisfied or waived by Buyer before the expiration of the Due Diligence Period, then Buyer may terminate this Agreement at any time on or before the expiration of the Due Diligence Period by written notice to Seller (a "Termination Notice"). Upon such termination, neither Seller nor Buyer will have any further rights or obligations under this Agreement, except for the covenants made in Sections 3(b)(1), Section 7(e), Section 12 and subsection 16(l), and the remedies provided in Section 14 hereof that will survive termination of this Agreement, whether the termination is effected by Seller or Buyer(the"Surviving Covenants"). 4.) SURVEY. Buyer may elect to have an ALTA/ACSM survey of the Property(the "Survey") prepared by a Minnesota registered surveyor. 5.) TITLE MATTERS. Title examination will be conducted as follows: (a) Seller's Title Evidence. Seller will cause the Title Insurer to furnish Buyer a commitment ("Commitment") for an ALTA 2006 Owner's Policy of Title Insurance in the amount of the Purchase Price within fifteen(15) business days after the Effective Date. The Commitment must commit to insuring marketable title to the Property in Buyer, deleting the so-called "standard exceptions." The Commitment shall include complete and accurate copies of all matters described in Schedule B thereof The Commitment, the Schedule B documents and the Survey(if any)shall collectively be referred to as the "Title Evidence". (b) Buyer's Objections. Buyer will notify Seller of any objections ("Objections") to matters disclosed in the Title Evidence within fifteen(15) business days after receiving the last item of the Title Evidence. Any Objections which can be cured by the payment of a fixed sum of money including, without limitation, payment of any mortgages, judgments, liens or other encumbrances (the "Payment Objections"), which remain as of the expiration of the Due Diligence Period shall be paid at Closing from the Closing proceeds. If all non- Payment Objections are not cured prior to the expiration of the Due Diligence Period, Buyer will have the option to do any of the following by notice provided to Seller: (1) Termination. Terminate this Agreement pursuant to Section 3, on or before the expiration of the Due Diligence Period, and upon such termination, neither Seller nor Buyer shall have any further rights or obligations under this Agreement, except for the Surviving Covenants; or (2) Waiver. Waive the Objections and close the transaction contemplated by this Agreement as if such Objections had not been made OR waive the Objections pending Seller's cure of the Objections at or before Closing, in which case, Buyer's right to terminate this Agreement under Section 3 will extend until Closing. 2.