5.2 EDSR 10-20-2014 - Laserfiche WebLink

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4) TITLE MATTERS. (a) Deed. Seller shall deliver to Buyer, or cause to be delivered to Buyer, at Closing, an executed Warranty Deed ("Deed") in recordable form conveying fee simple title to the Property subject to the terms of this Agreement and: (1) Reservations of minerals or mineral rights by the State of Minnesota; (2) Building, zoning and subdivision laws and regulations; (3) The lien of real estate taxes and installments of special assessments which are payable by Buyerpursuant to the terms of this Agreement; (4) Applicable laws, regulations, zoning regulations and ordinances, whether federal, state or local; (5) Exceptions to title which constitute encumbrances, restrictions, or easements which have been disclosed to Buyer and accepted by Buyer in writing; and (6) The requirements relating to construction of the Minimum Improvements and the right of reverter provided under Section 10 of this Agreement. (hereinafter"Permitted Encumbrances"). (b) Title Evidence. Buyer may obtain the following title evidence from Seller (collectively, the "Title Evidence"): (i) Title Insurance Commitment. A commitment ("Title Commitment") from such title company selected by Buyer (the "Title Company") for an ALTA Form B 2006 Owner's Policy of Title Insurance committing to insure a marketable title to the Property in Buyer; deleting so-called "standard exceptions" related to survey matters, parties in possession, and liens for labor, materials and services; including affirmative insurance regarding appurtenant easements, separate real estate taxation, and contiguity, in the amount of the Purchase Price, and issued by the Title Company. The cost of the Title Commitment shall be paid by the Seller. The Title Commitment shall include complete and accurate copies of all matters described in Schedule B thereof; and (ii) Survey. A current survey of the Property, certified to Seller, Buyer, Title Company and Buyer's lender, prepared in accordance with ALTA/ACSM standards and such other requirements as requested by Buyer or Buyer's lender (the "Survey"). (c) Buyer's Objections. Within fifteen (15) days after receiving the last item of the Title Evidence, Buyer shall notify Seller of any objections ("Objections") to matters disclosed in the Title Evidence. Buyer shall be deemed to have automatically made Objections to any mortgage,judgment, tax lien, mechanic's lien and any other monetary lien against the Property 3 178525v7