7.2. HRSR 06-04-2018 - Laserfiche WebLink

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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 thereupon 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 Sellers shall surrender any abstract of title, certificate of title, or 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 Sellers have owned the Property. The Sellers fiuther warrant that the Sellers have 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 Sellers purchased the Property. The Sellers hereby grant 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 the Property, make inspections and perform tests and analyses as the Buyer may deem reasonable to determine the presence of any toxic or hazardous waste, substance, or petroleum product or asbestos product, and ascertain soil conditions on the Property. The Buyer shall bear the cost of the environmental assessment. If the results of the environmental assessment are not to the satisfaction of the Buyer, the Buyer at its sole discretion may cancel this Agreement. If the Buyer cancels this Agreement pursuant to this provision, the Buyer shall restore the Property to its original condition or nearly so as is reasonably practicable. 3 525535v2 S1S ELI 85-48