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Page 6 of 11 <br /> <br />____________ ____________ ____________ ____________ <br /> Initials Initials Initials Initials <br /> <br /> <br /> <br />Select one of the following: <br />______ The Commitment shall be accompanied by, at Seller’s expense, the <br />insurer’s agreement (or the separate agreement of a Minnesota -licensed <br />abstracter) to provide Buyer with an Abstract of Title at any time in the <br />future. The abstract to be provided shall be at no cost to Buyer for all <br />abstracting through the date of recording of the instrument of conveyance <br />contemplated by this Purchase Agreement. Seller shall pay all commitment, <br />abstracting, examination, searches, and title insurance costs, including the <br />premium for the owner’s policy and excluding the premium for the lender’s <br />policies. <br /> <br />_____ The Commitment will not include the insurer’s or abstracter’s agreement to <br />provide Buyer with an Abstract of Title at any time at no cost to Buyer. <br />Seller shall pay all commitment, abstracting, examination, searches, and <br />title insurance costs including the premiums for the owner’s and the <br />lender’s policy. <br /> <br />ADVISORY TO SELLER: You should consult with your lawyer about the comparative costs of <br />paying an abstract company to produce a new Abstract of Title versus paying the Buyer’s title <br />insurance costs. In many Minnesota counties, it is less expensive to obtain a new Abstract. <br />ADVISORY TO BUYER: You should consult with your lawyer about the relative merits of receiving <br />an Abstract of Title versus receiving a title insurance policy. As a future seller of the same property, <br />you likely will be asked to give your buyer an Abstract. If your Seller does not obtain the title <br />insurance endorsement for future production of an Abstract, you might be facing a large expense <br />when you sell. <br /> <br />18. TITLE CORRECTIONS AND REMEDIES. Seller shall have 120 days from receipt <br />of Buyer’s written title objections to make title marketable. Upon receipt of Buyer’s <br />title objections, Seller shall, within ten (10) business days, notify Buyer of Seller’s <br />intention to make title marketable within the 120 -day period. Liens or encumbrances <br />for liquidated amounts which can be released by payment or escrow from proceeds of <br />closing shall not delay the closing. Cure of the defects by Seller shall be reasonable, <br />diligent, and prompt. Pending correction of title, all payments required herein and the <br />closing shall be postponed. <br />A. If notice is given and Seller makes title marketable, then upon presentation to Buyer <br />and proposed lender of documentation establishing that title has been made <br />marketable, and if not objected to in the same time and manner as the original title <br />objections, the closing shall take place within ten (10) business days or on the <br />scheduled closing date, whichever is later. <br />B. If notice is given and Seller proceeds in good faith to make title marketable but the <br />120-day period expires without title being made marketable, Buyer may declare this