7.0. EDSR 08-08-2005 - Laserfiche WebLink

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• 12. Evidence of Title. Within fourteen(14) days after the Effective Date, Seller must, at Seller's sole cost and expense, deliver to Buyer a title insurance commitment from Sherburne County Abstract&Title, as agent for Old Republic National Title Insurance Company (the "Title Company") 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 BDM Consulting Engineers, PLC and instruct BDM Consulting Engineers, PLC to prepare an ALTA/ACSM survey(the "Survey") of the Property certified to Seller, Buyer, and the Title Company. Buyer may instruct BDM Consulting Engineers, PLC to also certify the survey to Buyer's lender. Seller will pay the cost of the base ALTA/ACSM survey. The base cost will include the determination of the gross square footage of the Property and the square footage of the portion of the Property subject to the existing, recorded easement in favor of Northern Natural Gas Company. 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 costs associated with the additional survey work. Buyer understands that BDM Consulting Engineers, PLC will not be able to sign the Survey until the Plat of NORTHSTAR BUSINESS PARK is recorded, and Buyer agrees to use the unsigned Survey for purposes of Buyer's examination of title to the Property pursuant to Section 13, subject to Seller's obligation to provide a signed copy of the Survey to Buyer on the earlier of(a) three (3) days after the date of recording of the Plat of NORTHSTAR BUSINESS PARK, or(b)the Date of Closing. The Title Commitment and the Survey are referred to, collectively, in this Agreement as the "Evidence of Title." • 13. Examination of Title. Within the later of seven (7)business days after Buyer's receipt of the last item of the Evidence of Title or within ten(10) days after Buyer's actual 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 title to the Property and request that Seller make Seller's title marketable (an "Objection"). The Permitted Encumbrances described in Sections 9(a), 9(b), 9(c), 9(e) and 9(f)may not serve as a basis for an Objection. Any defect in the marketability of Seller's title to the Property which Buyer does not object to, in writing,within the time period(s) set forth above, is deemed to be a Permitted Encumbrance. Within five (5) business days after Seller's receipt of Buyer's Objection(s), Seller must notify Buyer, in writing, if Seller will attempt to make Seller's title to the Property marketable. If Seller notifies Buyer that Seller will attempt to make Seller's title to the Property marketable, Seller must use commercially reasonable efforts to do so within thirty(30) days from the date of Seller's receipt of Buyer's Objection(s), and, if necessary, the Date of Closing must be rescheduled accordingly. If Seller makes Seller's title marketable within the thirty(30) day period, Seller must notify Buyer, in writing, and the Parties must close pursuant to the terms of the Agreement provided Buyer's other contingencies have been satisfied or waived. The new "Date of Closing" must be no later than five (5) days after the date Seller notifies Buyer that Seller's title is marketable. If Seller notifies Buyer that Seller does not intend to make Seller's title marketable or if Seller notifies Buyer that Seller intends to make Seller's title marketable but, notwithstanding Seller's use of commercially reasonable efforts, Seller is unable to make Seller's title marketable within • thirty(30) days from the date of Seller's receipt of Buyer's Objection(s), Buyer may either: 1787610v6 6