5.2 EDSR 10-20-2014 - Laserfiche WebLink

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Minnesota into two separate parcels. Following the lot split, the Property shall be a separate parcel consisting of approximately 1.31 acres. (5) Use. Buyer shall have received all necessary approvals allowing Buyer to use and park vehicles on the Property effective as of the Closing Date. (6) Title. Title shall have been found acceptable by Buyer in its sole discretion, or been made acceptable, in accordance with the requirements and terms of Section 4 below. (7) Financing. Buyer shall have obtained financing for the purchase of the Property on terms satisfactory to Buyer in Buyer's sole discretion. (8) Representations and Warranties. The representations and warranties of Seller contained in this Agreement will be true now and on the Closing Date as if made on the Closing Date. If any condition set forth in this Section 3 has not been satisfied or waived on or before the Closing Date (the "Inspection Deadline"), then Buyer may, at Buyer's option, terminate this Agreement. Upon such termination, neither Seller nor Buyer shall have any further rights or obligations under this Agreement except for the covenants made in Section 8 and Section 9 (the "Surviving Covenants"). If Buyer has not terminated this Agreement on or before the Inspection Deadline, then Buyer shall be deemed to have waived the contingencies set forth herein. (b) Seller's Contingencies. The obligations of Seller under this Agreement are conditioned upon satisfaction or waiver by Seller of each of the following by the respective dates indicated: (1) Buyer acknowledges that Seller is not the sole owner of the Property and that Seller's duties hereunder and Buyer's rights hereunder are both expressly contingent upon the acquisition by Seller of all rights in the Property. In the event Seller does not • acquire sole title to the Property on or before the Closing, this Agreement shall terminate, and thereafter neither party shall have any further obligations hereunder. (2) At Closing, Buyer providing a formal written request to Sherburne County to combine as a single tax parcel the Property with Buyer's abutting property having a parcel identification number of 75-659-0121. If any condition set forth in this Section 3 has not been satisfied or waived on or before the Inspection Deadline, then Seller may, at Seller's option, terminate this Agreement. Upon such termination, neither Seller nor Buyer shall have any further rights or obligations under this Agreement except for the Surviving Covenants. 2 178525v7