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• 4. Survey/Title Examination. <br />A. TITLE ORDER. City has obtained surveys of the Exchange Parcel and the <br />Butcher's Spur and will provide those surveys to Land Title, Inc. or other title <br />company as mutually agreed upon by City and MT ("Title"). City shall promptly <br />secure from Title commitments for an ALTA Owner's Policy of Title Insurance <br />for both the Exchange Parcel and the Butcher's Spur. City shall be responsible for <br />the cost of obtaining the Exchange Parcel title commitment and MT shall be <br />responsible for the cost of obtaining the Butcher's Spur title commitment. <br />B. DELIVERY OF OTHER DOCUMENTS: Within 10 days after the date of this <br />Agreement, MT shall deliver to City and Title copies of all leases or agreements <br />relating to the use, possession, or maintenance of Butcher's Spur. City represents <br />and warrants that there are no leases or unrecorded agreements relating to the use, <br />possession or maintenance of the Exchange Property, except for that certain Letter <br />of Understanding by and among MT, City and Minnesota Commercial Railway <br />Company (the "Letter"). <br />C. TITLE EXAMINATION. City shall have ten (10) business days after receipt of <br />the commitment for the Butcher's Spur and documents to be delivered by MT <br />under paragraph 4B above, and MT shall have ten (10) business days after receipt <br />of the commitment for the Exchange Property, to examine the same and to deliver <br />written objections to title, if any, to the other party. Failure to deliver written <br />Is objections to title within the required time period shall be deemed a waiver of <br />objection. Each party shall have until the Closing Date to make title marketable, <br />at the curing party's cost. In the event that title to the Property cannot be made <br />marketable or is not made marketable by the Closing Date, then this Agreement <br />may be terminated at the option of the purchasing/objecting party. <br />D. CONDITION OF TITLE; BUTCHER'S SPUR. City agrees to accept title to the <br />Butcher's Spur subject to the following: building and zoning laws, ordinances, <br />state and federal regulations; reservation of minerals or mineral rights to the State <br />of Minnesota; public utility and drainage easements of record; license agreement <br />as provided at paragraph 12 of this Agreement; encumbrances and restrictions <br />waived by the City after examination as provided at paragraph 4C above. <br />E. CONDITION OF TITLE; EXC14ANGE PROPERTY. MT agrees to accept title <br />to the Exchange Property subject to the following: building and zoning laws, <br />ordinances, state and federal regulations; reservation of minerals or mineral rights <br />to the State of Minnesota; public utility and drainage easements of record; railroad <br />easement in favor of City for 30 year term and such other conditions and <br />restrictions imposed by the State of Minnesota as a condition of the grant for <br />construction of a Wye track on the Exchange Parcel, as contemplated by the Letter <br />or such formal agreement relating thereto as may be entered into pursuant to the <br />• Letter; encumbrances and restrictions waived by MT after examination as <br />provided at paragraph 4C above. <br />33347M JMP NE 136-221 4 <br />