7.3. SR 07-20-2015 - Laserfiche WebLink

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8.3 Buyer’s Objections. No later than twenty (20) days after receiving the Title Evidence or, if applicable, the Title Commitment, the Buyer must make written objections (“Objections”) to the marketability of title to the Property based on the Title Evidence or, if applicable, the Title Commitment. If the Buyer elects to obtain a new survey, objections based upon the survey must be made within seven (7) days after receipt of said survey but in no event later than the Contingency Date. The Buyer’s failure to make Objections within such time period will constitute a waiver of Objections. However, any matter which is not referenced in the Title Commitment and is first recorded, discovered or disclosed after the effective date of the Title Commitment, whichever is later may be objected to by the Buyer in the manner described herein. The Buyer need not object to mortgages or other liens. If not sooner satisfied, the City shall cause the Property to be released from any mortgages or other liens against the Property at the Closing. Any matter shown on such Title Evidence, other than a mortgage or other lien and not objected to by the Buyer shall be a “Permitted Encumbrance” hereunder. Within ten (10) days after receipt of the Buyer’s Objections, the City shall notify the Buyer in writing if the City elects not to cure the Objections. If such notice is given within said ten (10) day period, the Buyer may either waive the Objections or terminate this Agreement by giving written notice of termination to the City within ten (10) days after the City’s notice is given to the Buyer. If written notice by the City is not given within the ten (10) day period, the City shall use commercially reasonable efforts to correct any Objections within thirty (30) days after the expiration of the ten (10) day period (“Cure Period”). If the Title Company is willing to issue a title insurance policy to the Buyer that does not except from title insurance coverage an item the Buyer has objected to, the objection relating to such item shall be deemed cured. If the Objections are not cured within the Cure Period, the Buyer shall have the option to do any of the following: 8.3.1 Terminate this Agreement by giving written notice to the City within ten (10) days after the expiration of the Cure Period and neither the City nor the Buyer shall have further rights or obligations hereunder. 8.3.2 Waive the objections and proceed to close without reduction in the Purchase Price. The Buyer shall make the election within ten (10) days after expiration of the City’s Cure Period. A failure to make an election within such period shall be deemed an election to proceed to close pursuant to subsection 8.3.2. 9. REPRESENTATIONS AND WARRANTIES BY THE CITY. The City represents and warrants to the Buyer that the following are true in all material respects now and, as modified by any changes about which the City notifies the Buyer in writing following after the date hereof, will be true in all material respects on the Closing Date: 9.1. Authority. The City is a public body corporate and politic, duly created under and subject to the laws of the State of Minnesota; the City has the requisite power and authority to enter into and perform this Agreement and those City Closing 6 455958v10 SJS EL185-31