6.1 EDSR 04-15-2024 - Laserfiche WebLink

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v.2 (Java) EL185\76\937850.v4 6 8.1.2. Survey. The Buyer, at the Buyer’s option, may obtain, at the expense of the Buyer, a survey of the Property. Any survey obtained by the Buyer shall be certified and delivered to the EDA as well as the Buyer and any other parties that the Buyer may designate. 8.2. Buyer’s Objections. No later than 14 days after receiving the updated Title Commitment, the Buyer must make written objections (“Objections”) to the marketability of title to the Property based on the Title Evidence. If the Buyer elects to obtain a survey, Objections based upon the survey must be made within 14 days after receipt of said survey but in no event later than the Contingency Date. The Buyer’s failure to make Objections within such time periods will constitute a waiver of Objections. However, any matter which is not referenced in the title commitment and is first recorded, discovered, or disclosed after the effective date of the title commitment, may be objected to by the Buyer in the manner described herein. If not sooner satisfied, the EDA shall cause the Property to be released from any mortgages or other liens against the Property at the closing. Any matter shown on such Title Evidence, other than a mortgage or other lien and not objected to by the Buyer shall be a “Permitted Encumbrance” hereunder. Within seven days after receipt of the Buyer’s Objections, the EDA shall notify the Buyer in writing if the EDA elects not to cure the Objections. If such notice is given within said seven-day period, the Buyer may either waive the Objections or terminate this Agreement by giving written notice of termination to the EDA within 10 days after the EDA’s notice is given to the Buyer. If written notice by the EDA is not given within the 10-day period, the EDA shall use commercially reasonable efforts to correct any Objections within 30 days after the expiration of the 10-day period (“Cure Period”). If the Objections are not cured within the Cure Period, the Buyer shall have the option to do any of the following: 8.2.1. Terminate this Agreement by giving written notice to the EDA and the Title Company within 10 days after the expiration of the Cure Period and neither the EDA nor the Buyer shall have further rights or obligations hereunder. In such event the Title Company shall immediately disburse the Earnest Money to the Buyer. 8.2.2. Waive the objections and proceed to close without reduction in the Purchase Price. The Buyer shall make the election within 10 days after expiration of the EDA’s Cure Period. A failure to make an election within such period shall be deemed an election to proceed to close pursuant to subsection 8.2.2. 9. REPRESENTATIONS AND WARRANTIES BY THE EDA. The EDA represents and warrants to the Buyer that the following are true in all material respects now and as modified by any changes about which the EDA notifies the Buyer in writing following after the date hereof, will be true in all material respects on the Closing Date: 9.1. Authority. The EDA is a public body corporate and politic, duly created under and subject to the laws of the State of Minnesota; the EDA has the requisite power and Page 22 of 41