7.5. SR 07-15-2013 - Laserfiche WebLink

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h. As required by Minnesota Statutes, the following covenants in favor of Seller: (i) Within one year of the Date of Closing, as defined in Section 11, Buyer must complete the construction of the improvements described in the Plans and Specifications Seller approves pursuant to Section 7, as evidenced by the City of Elk River's issuance of a Certificate of Occupancy, and devote the property to use as in Buyer's business operations; and (ii) Buyer must not transfer title to the Property within one year of the Date of Closing without the consent of Seller which consent Seller will not unreasonably withhold or delay. i. Right of Re-Entry. If Buyer violates either of the covenants set forth at 9(e)(i) or 9(e)(ii), Seller may commence an action in Sherburne County District Court seeking a judicial decree from the District Court that the Limited Warranty Deed is canceled, that title to the Property reverts to Seller and that the Purchase Price is forfeited to the Seller. The forgoing is Seller's sole and exclusive remedy in the event of a breach of the covenants described in Section 9(e)(i) or 9(e)(ii). Seller hereby agrees that if Buyer grants a third party a mortgage which constitutes a first lien on the Property and uses the proceeds of the loan the mortgage securers to finance the construction of the improvements described in the plans and specifications for which Seller has approved and issued a building permit, a transfer of title from Buyer to the mortgagee pursuant to a foreclosure of the mortgage shall be deemed to have the consent of Seller for purposes of the covenant described in Subsection e(ii) above. (hereinafter, collectively, the"Permitted Encumbrances"). 10. Possession. Upon Buyer's full performance of Buyer's obligations under this Agreement, Seller must deliver possession of the Property to Buyer. 11. Closing. The Parties must meet at the offices of Seller at 13065 Orono Parkway, Elk River, Minnesota at 9:30 a.m., on August 8, 2013, except as otherwise extended by the terms of this Agreement but no later than , 2013, or at such other place or other date as the Parties may establish by written agreement(the "Date of Closing"), at which time: a. Seller must: (i) execute and deliver to Buyer the deed described in Section 9 above. Seller will include on the deed the statement "The Seller certifies that the Seller does not know of any wells on the described real property." (ii) execute and deliver to Buyer and Buyer's title insurer, if any, an Affidavit by Seller indicating that on the date of Closing there are no outstanding, unsatisfied judgments, tax liens, or bankruptcies against or involving the Property; that there has been no skill, labor, or material furnished to the Property for which payment has not been made or for which mechanics' liens could be filed; and there 3