4.4. SR 08-07-2107 - Laserfiche WebLink

Home Browse Search

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 Seller that the contingencies at a., b. and c. are duly satisfied or waived, the Buyer and the Seller shall proceed to close the transaction as contemplated herein. If one or more of the Buyer's or the Seller's contingencies is not satisfied, or is not satisfied on time, and is not waived, this Agreement shall thereupon be void at the written option of the Buyer and the Seller shall return the Earnest Money to the Buyer, and the Buyer and the Seller 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 Seller shall surrender any abstract of title and a copy of any owner's title insurance policy for the property, if in the Seller's 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 Seller shall have 90 days from the date of such objection to affect a cure; provided, however, that the Seller 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 Seller warrants 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 the Property. The Seller further warrants that the Seller has no knowledge or information of any fact which would indicate the Property was used for production, storage, deposit or disposal of any toxic or hazardous waste or substance, petroleum product or asbestos product prior to the date the Seller purchased the Property. Notwithstanding the above, the Seller's warranty regarding petroleum products does not preclude the presence of heating oil or other similar products used as a heating fuel for the dwelling but the Seller does warrant that if there was a fuel tank on the Property used for the storage of heating oil or other similar product, the Seller has no knowledge of any leak in the tank or contamination caused thereby. The Seller hereby grants to the Buyer and the Buyer's agents a license to enter and evaluate the Property for the purpose of conducting an environmental assessment. Further, the Buyer or the Buyer's agent shall have the right pursuant to the license to bring persons and equipment onto 3 5050450 SJS EL185-13