8.0. SR 06-04-2001 - Laserfiche WebLink

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12. TITLE. As soon as shall be reasonably possible after the date hereof, Seller shall provide to Buyer the written commitment of Old Republic Title Insurance Company committing to insure Buyer's fee title to the real estate constituting the Property, free and clear of all encumbrances except as set forth herein. Seller shall bear the cost of issuing such title insurance commitment, but Seller will not pay the premium for any policy ultimately issued to Buyer thereunder. Buyer shall accept title subject to the rights of all tenants on the Property. Buyer shall be allowed three (3) working days after receipt of such commitment to examine title and making objections in writing to the marketability thereof. If Buyer does not so object within said period, Buyer shall be deemed to have waived for all purposes its right and ability to claim any defect or objection to title. If any objection is so made, Seller shall have twenty (20) days from receipt of such written objection to satisfy such objections. If such objections are not satisfied within said twenty (20) day period (i) this Purchase Agreement shall be null and void, (ii) neither party shall be liable for damages hereunder to the other party, (iii) the Earnest Money shall be refunded to Buyer, and (iv) the parties shall execute and deliver a Termination of Purchase Agreement in a form acceptable to seller. 13. DEFAULTS; REMEDIES. If either Seller or Buyer defaults in the performance of this Agreement: (i) the non-defaulting party shall be entitled to all remedies available at law or in equity against the defaulting party including, without limitation, the right to require specific performance of the defaulting party of its obligations hereunder, both parties acknowledging that the Property is unique; (ii) if Buyer is the defaulting party, Seller may at its option, cancel and terminate this Agreement, and retain the Earnest Money pursuant to Minnesota Statutes §559.21 and, (iii) in addition, the defaulting party shall pay and reimburse to the non-defaulting party all of its costs, expenses, disbursements and attorneys fees incurred in connection with securing such relief, cancellation, damage or specific performance. 14. MINNESOTA LAW. This Agreement shall be governed by the laws of the State of Minnesota. 15. HAZARDOUS WASTE REPRESENTATION. To the best of Seller's knowledge, the property conforms to and complies with all applicable federal, state and local laws, including environmental, energy and pollution control laws. The premises has been used for agricultural purposes and will contain those substances normally associated with a farm operation. 16. WELLS. To the best of Seller's knowledge, the premises contains no wells. In the event wells are located upon the property, the cost of sealing said wells shall be the Seller's obligation. 17. CANCELLATION BY EITHER PARTY FOR CONTAMINATION. Buyer or Seller, at their discretion, may cancel this sale and Purchase Agreement and Seller shall return 3 F:~R.E'~D ATA~=RMU-T~'R.PA