7.0. EDSR 08-08-2005 - Laserfiche WebLink

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• (iv) provide Buyer or Title, as defined in Section 12 with the information necessary to complete a Minnesota Certificate of Real Estate Value; and (v) pay or provide evidence of payment of the following: the cost of providing the Evidence of Title as defined in Section 12; the State Deed Tax due upon the execution of the deed described in Section 9; real estate taxes and, if applicable, levied or pending special assessments pursuant to the provisions of Section 14; the fee or commission Buyer owes to Buyer's Agent, as defined in Section 16(b), up to but not in excess of 4% of the Purchase Price; and one-half of Title's fee to conduct and insure the closing of this transaction. b. Buyer must: (1) Tender the Purchase Price to Seller pursuant to the provisions of Section 6 above; and (ii) Pay or provide evidence of payment of the following: the premium for Buyer's owner's policy of title insurance, if any; the changes for any endorsements to Buyer's title insurance policy that Buyer elects to purchase; the recording fee due upon the recording the deed from Seller to Buyer; all costs associated with Buyer's financing, if any, including mortgagee's title insurance policy costs and premiums, if any; any fee or commission Buyer owes to Buyer's • Agent in excess of 4% of the Purchase Price; and one-half of Title's fee to conduct and insure the closing of this transaction. 12. Evidence of Title. Within fourteen(14) days of the date of this Agreement, Seller must, at Seller's sole cost and expense, deliver to Buyer a commitment from Sherburne County Abstract &Title, as agent for Old Republic National Title Insurance Company("Title") to issue an ALTA Form 1992 Owner's Policy of Title Insurance, in the amount of the Purchase Price, identifying Buyer as the proposed insured(the "Title Commitment"). After receiving the Title Commitment, Seller will promptly forward the Title Commitment to and instruct to prepare ALTA/ACSM survey(the "Survey") of the Property certified to Seller, Buyer, and Title. Buyer may instruct to also certify the survey to Buyer's lender. Seller will pay the cost of the base ALTA/ACSM survey. If Buyer requests that additional items be included in the survey including,but not limited to, "Table A" items, Buyer must pay any additional fees or cost associated with the additional survey work. The Title Commitment and Survey are referred to, collectively, in this Agreement as the "Evidence of Title." 13. Examination of Title. Within ten(10)business days of Buyer's receipt of the last item of the Evidence of Title or within ten(10) days of Buyer's discovery of a defect in the marketability of Seller's title to the Property which defect was not reasonably ascertainable from the Evidence of Title, Buyer may give Seller written notice of alleged defect(s) in the marketability of Seller's actual or record title to the Property and request that Seller make Seller's • title marketable (an "Objection"). The Permitted Encumbrances described in Sections 7(a) and 7(b)may not serve as a basis for an Objection. Any defect in the marketability of Seller's title to 1787559v3 5