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b. If Buyer desires a survey (the "Survey"), Buyer shall obtain one, at <br /> Buyer's sole cost, within twenty-one (21) days after the Effective Date. The Title <br /> Commitment, the Scheduled B-II documents and the Survey, if any, shall constitute the <br /> "Title Evidence." If Buyer does not notify Seller of its intent to obtain a Survey within <br /> ten (10) business days after the Effective Date, the Title Evidence shall be deemed not to <br /> include a survey, regardless of whether Buyer later obtains a survey. <br /> 13. Examination of Title. Within five (5) business days after the earlier of. (i) the <br /> forty-fifth day after the Effective Date; or (ii) Buyer's receipt of the last item of Title Evidence, <br /> Buyer may give Seller written notice of alleged defect(s) in the marketability of title to the <br /> Property and request that Seller make Seller's title marketable (an "Objection"). The Permitted <br /> Encumbrances described in Sections 9(a) or 9(b) may not serve as the basis for an Objection. <br /> Any defect in the marketability of Seller's title to the Property which Buyer does not object to, in <br /> writing, within the time period set forth above, is a Permitted Encumbrance. Seller will cure any <br /> mortgages,judgments, liens or incurred or created by Seller at or before the Date of Closing. Seller <br /> may, but will have no obligation to, cure any other Objection. If any other Objections remain <br /> uncured on the Contingency Date (as defined in Section 18),then Buyer may: <br /> a. terminate this Agreement pursuant to the procedures set forth in Section <br /> 23 below; or <br /> b. notify Seller that Buyer waives Buyer's Objection. If Buyer waives <br /> Buyer's Objection, the matter giving rise to such Objection will be deemed a Permitted <br /> Encumbrance and the Parties must fully perform their obligations under this Agreement. <br /> If Buyer does not timely notify Seller of Buyer's election to terminate this Agreement pursuant to <br /> subsection (a) above, then Buyer will be deemed to have waived all Objections (that Seller is not <br /> required to cure) and closing will occur as scheduled. <br /> 14. Real Estate Taxes and Special Assessments. The Parties must pay the real <br /> estate taxes (which term, as used in this Agreement, must include service charges assessed <br /> against real property on an annual basis pursuant to Minnesota Statutes 429.101) and special <br /> assessments as follows: <br /> a. On or before the Date of Closing, Seller must pay the real estate taxes, <br /> installments of special assessments and any penalties and interest thereon that are due and <br /> payable with respect to the Property, in years prior to the Date of Closing; <br /> b. On or before the Date of Closing, Seller must pay or provide for the <br /> payment of all installments of special assessments levied or pending against the Property <br /> as of the Date of Closing, excluding installments of special assessments certified for <br /> payment with the current year's real estate taxes; and <br /> C. Buyer and Seller must pro rate the real estate taxes and installments of <br /> special assessments payable in the year of Closing on a per diem basis using the calendar <br /> year, to the Date of Closing. Any such pro-ration is final and no subsequent adjustments, <br /> refunds or additional payments shall be made. <br /> 5 <br />