2. HRSR 04-14-2020 - Laserfiche WebLink

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Property is marketable and that the Seller has complied with the terms of this Agreement. 3.Contingencies.TheBuyer’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, or inspection reports of the Property conducted pursuant tothis Agreement are satisfactory totheBuyer; and c.Approval of this Agreement by the Housing and Redevelopment Authority. The Buyer shall have until the Closing Date to remove the foregoing contingencies. The contingencies at a.andb.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. areduly satisfied or waived, the Buyerand the Seller shall proceed to close the transaction as contemplated herein. If one or more of the Buyer’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 Agreementby both parties, (a)The Sellershall surrender any abstract of title and a copy of any owner’s title insurance policy for the property, if intheSeller’spossession or control, to theBuyeror to the Buyer’sdesignated title service provider; and (b)The Buyershall obtain the title evidence determined necessary or desirable by the Buyer. The Buyershall have 10 days from the date it receives such title evidenceand a fully executed Purchase Agreementto raise any objections to title it may have. Objections not made within such time will be deemed waived. The Sellershall have 15days from the date of such objection to affect a cure; provided, however, that the Sellershall have no obligation to cure any objections, and may inform the Buyerof such. The Buyermay 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.EnvironmentalInvestigation. The Seller warrantsthat the Property has not been used for production, storage, deposit,or disposal of any toxic or hazardous waste or substance, 3