3.6. SR 07-18-2005 - Laserfiche WebLink

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marketability of Seller's actual or record title to the Property and request that Seller make Seller's title marketable (an "Objection"). The Permitted Encumbrances described in Sections 7(a) and 7(b) may not serve as a basis for an Objection. Any defect in the marketability of Seller's title to the Property which Buyer does not object to, in writing, within the time period set forth above, is a Permitted Encumbrances. Within five (5) business days of Seller's receipt of Buyer's Objection(s), Seller must notify Buyer, in writing, if Seller will attempt to make Seller's title to the Property marketable. If Seller notifies Buyer that Seller will attempt to make Seller's title to the Property marketable, Seller must use commercially reasonable efforts to do so within one hundred twenty (120) days from Seller's receipt of Buyer's Objection, and, if necessary, the Date of Closing must be rescheduled accordingly. If Seller makes Seller's title marketable within the one hundred and twenty (120) day period, Seller must notify Buyer, in writing, and the Parties must close pursuant to the terms of the Agreement. The new "Date of Closing" must be the date fifteen (15) days from the date Seller notifies Buyer that Seller's title is marketable. If Seller notifies Buyer that Seller does not intend to make Seller's title marketable or if Seller notifies Buyer that Seller intends to make Seller's title marketable but, notwithstanding Seller's use of commercially reasonable efforts, Seller is unable to make Seller's title marketable within one hundred twenty (120) days from Seller's receipt of Buyer's Objection, Buyer may either: a. terminate this Agreement pursuant to the procedures set forth in Section 23 below; or b. notify Seller that Buyer waives Buyer's Objection. If Buyer waives Buyer's Objection, the matter giving rise to such Objection will be deemed a Permitted Encumbrance and the Parties must fully perform their obligations under this Agreement. The Parties must establish a new Date of Closing by mutual agreement, but if the Parties cannot establish a new Date of Closing by mutual agreement, the Date of Closing will be the date fifteen (15) days from the effective date of Buyer's notice to Seller that Buyer waives Buyer's Objection. If Buyer does not notify Seller of Buyer's election to terminate this Agreement pursuant to subsection (a) above or waive Buyer's Objection pursuant to subsection (b) above within fifteen (15) days of Buyer's receipt of notice from Seller that Seller does not intend to make Seller's title to the Property marketable or the expiration of the one hundred twenty (120) day period provided for above, as the case may be, this Agreement automatically terminates; Buyer must deliver an executed and recordable quit claim deed to the Property to Seller to evidence the termination of this Agreement; and Seller must return the Earnest Money to Buyer. 14. Real Estate Taxes and Special Assessments. The Parties must pay the real estate taxes (which term, as used in this Agreement, must include service charges assessed against real property on an annual basis pursuant to Minnesota Statutes 429.101) and special assessments as follows: a. On or before the Date of Closing, Seller must pay the real estate taxes, special assessments and any penalties and interest thereon that are due and payable with respect to the Property, on or before the Date of Closing; 1787610\11 6