6.4. SR 12-05-2005 - Laserfiche WebLink

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Page 2 3. Earnest Money. Upon execution of a purchase agreement, Purchaser would deposit with Escrow Agent (as hereinafter defined) earnest money in the amount of $25,000.00 (which, together with all interest earned thereon, is referred to herein as the "Earnest Money" ). The purchase agreement would provide that the Earnest Money would be delivered to the Seller at closing and credited against the purchase price. It also would provide that in the event Purchaser were to default under the purchase agreement, Seller's sole remedy would be to retain all Earnest Money as liquidated damages. 4. Escrow. The transaction would close through a mutually acceptable title insurance company ("Escrow Agent"). Escrow Agent would also issue to Purchaser a title insurance policy, subject to the Contract for Deed at closing. 5. Inspection Period. After execution of the purchase agreement, Purchaser would have a period of thirty (30) days to investigate, perform tests and approve the environmental and physical condition of the Property. Purchaser and its agents would have the right to enter onto the Property during the inspection period, for the purpose of performing, at Purchaser's expense, such tests, investigations and inspections as it deems appropriate. Purchaser would be obligated to repair ariy damage caused by such tests, investigations and inspections. If the environmental or physical condition were unsatisfactory to Purchaser in its discretion, it would have the right to terminate the purchase agreement and have the Earnest Money refunded to it. 6. Time of Closing. The closing would occur on the first business day which is at least Five (5) days after expiration of the inspection period. 7. Closing Documents. At the closing, the Seller would convey to Purchaser title to the Property subject to a Contract for Deed, using the appropriate Minnesota Uniform Conveyancing Blank calling for a warranty deed subj ect to no mortgages or other liens, easements, covenants, conditions, restrictions, or other title defects except those defects which may be approved by Purchaser in accordance with the purchase agreement. At the closing the Seller would also deliver to Purchaser a Certificate of Real Estate Value, a warranty bill of sale for any personal property or equipment, such other affidavits and other closing documents as are customary. 8. Title Insurance Policy and Survey. Purchaser would be responsible for payment of the premium for any title insurance it elects to purchase. The Seller would pay the cost of preparing the title insurance commitment. 9. Prorations/Closing Costs. Any real estate taxes payable in the year of closing would be prorated between Purchaser and Seller as ofthe date of closing. The Seller would pay any special assessments which have been levied or are pending as of the date of this letter. The Seller and Purchaser would share escrow and closing fees equally. The Seller would pay the state deed tax at the end of the Contract for Deed.