4.4. SR 08-07-2107 - Laserfiche WebLink

Home Browse Search

3. Contingencies. The Buyer's obligation to buy is contingent upon the following: a. The Buyer's determination of marketable title pursuant to paragraph 4 of this Agreement; b. The Buyer's determination, in its sole discretion, that the results of any environmental investigation of the Property conducted pursuant to this Agreement are satisfactory to the Buyer; and c. Approval of this Agreement by the Buyer's City Council. The Buyer shall have until the Closing Date to remove the foregoing contingencies. The contingencies at a. and b. are solely for the benefit of the Buyer and may be waived by the Buyer. The contingency at c. may not be waived by either party. If the Buyer or its attorney gives written notice to the Sellers that the contingencies at a., b. and c. are duly satisfied or waived, the Buyer and the Sellers shall proceed to close the transaction as contemplated herein. If one or more of the Buyer's or the Sellers' contingencies is not satisfied, or is not satisfied on time, and is not waived, this Agreement shall there -upon be void at the written option of the Buyer and the Sellers shall return the Earnest Money to the Buyer, and the Buyer and the Sellers shall execute and deliver to each other a termination of this Agreement. As a contingent Agreement, the termination of this Agreement is not required pursuant to Minnesota Statutes, Section 559.21, et. seq. 4. Title Examination/Curing Title Defects. As soon as reasonably possible after execution of this Agreement by both parties, (a) The Selters, shall surrender any abstract of title and a copy of any owner's title insurance policy for the property, if in the Sellers' possession or control, to the Buyer or to the Buyer's designated title service provider; and (b) The Buyer shall obtain the title evidence determined necessary or desirable by the Buyer. The Buyer shall have 20 days from the date it receives such title evidence and a fully executed Purchase Agreement to raise any objections to title it may have. Objections not made within such time will be deemed waived. The Sellers shall have 90 days from the date of such objection to affect a cure; provided, however, that the Sellers shall have no obligation to cure any objections, and may inform the Buyer of such. The Buyer may then elect to close notwithstanding the uncured objections or declare this Agreement null and void, and the parties will thereby be released from any further obligation hereunder. 5. Environmental Investigation. The Sellers warrant that the Property has not been used for production, storage, deposit or disposal of any toxic or hazardous waste or substance, petroleum product or asbestos product during the period of time the Seller has owned 5033260 JSB ELI 85-52