5.0. EDSR 06-14-2004 - Laserfiche WebLink

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AIT D G� Seller with written objections or, at Buyer's own expense,to make an application for a title insurance policy and notify Seller of the application. Buyer shall have 10 business days after receipt of the commitment for title insurance to provide Seller IP/ with a copy of the commitment and written objections. Buyer shall be deemed to have waived any title objections not made within the applicable 10 day period set forth above, except that this s hall not operate as a waiver of S eller's covenant to deliver a Warranty Deed, unless a Warranty Deed is not specified above. If any objection is so made, Seller shall have 10 business days from receipt of Buyer's written title objections to notify Buyer of Seller's intention to make title marketable within 120 days from Seller's receipt of such written objection. If notice is given, payments hereunder required shall be postponed pending correction of title,but upon correction of title and within 10 days after written notice to Buyer the parties shall perform this Purchase Agreement according to its terms. If no such notice is given or if notice is given but title is not corrected within the time provided for,this Purchase Agreement shall be null and void,at option of Buyer;neither party shall be liable for damages hereunder to the other and earnest money shall be refunded to Buyer; Buyer and Seller agree to sign cancellation of Purchase Agreement. If title to the property be found marketable or be so made within said time, and Buyer shall default in any of the agreements and continue in default for a period of 10 days, then and in that case the Seller may terminate this contract and on such termination all the payments made upon this contract shall be retained by Seller as liquidated damages, time being of the essence. This provision shall not deprive either party of the right to enforce the specific p erformance o f t his c ontract provided t his c ontract has not b een terminated and provided a ction t o enforce such specific performance shall be commenced within six months after such right of action shall arise. 7. POSSESSION. Seller shall deliver possession of the property on the date of closing. 8. REPRESENTATIONS AND WARRANTIES. See attached addendum. 9. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. 10. WELL DISCLOSURE STATEMENT. Buyer has received the well disclosure statement required by Minnesota Statutes Sec. 103I.235. BUYER AND SELLER INITIAL: Buyer(s) Seller(s) 11. ADDENDA. Attached are(number) addenda which are made a part of this Agreement. 12. MISCELLANEOUS PROVISIONS. (a) Survival. All of the warranties, representations, and covenants of this Agreement shall survive and be enforceable after the closing. • (b) Entire Agreement; Modification. This Agreement constitutes the complete agreement between the parties and supersedes any prior oral or written agreements between the parties regarding the property. There are no verbal agreements that change this Agreement and no waiver of any of its terms will be effective unless in a writing executed by the parties. (c) Successors and Assigns. If this Agreement is assigned, all provisions of this Agreement shall be binding on successors and assigns. 13. ACCEPTANCE DEADLINE. This offer to purchase, unless accepted sooner, shall be null and void at 11:59 P.M., , and in such event all earnest money shall be refunded to Buyer. Represents Buyer Agent Company Name Represents Seller Agent Company Name THIS IS A LEGALLY BINDING CONTRACT. IF NOT UNDERSTOOD,SEEK COMPETENT ADVICE. Dated: Dated: SELLER BUYER SELLER BUYER • SELLING AGENT 1643057v3 2