CCP 01-13-2009 (3) - Laserfiche WebLink

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f. Repurchase Agreement in the form attached as Exhibit M. g. Any other documents reasonably required by Title (as defined below) to evidence that title to the Butcher's Spur is in the condition required by this Agreement and that MT has complied with the terms of this Agreement. 3. Contingencies. The sales contemplated by this Agreement are contingent upon the following: A. The City's determination of marketable title with respect to the Butcher's Spur, pursuant to paragraph 4 of this Agreement. B. MT's determination of marketable title with respect to the Exchange Property, pursuant to paragraph 4 of this Agreement The contingency at A above is solely for the benefit of City and may be waived by City. The contingency at B above is solely for the benefit of MT and may be waived by MT. The deadline for waiving or satisfying the contingencies above is the Closing Date. If the contingencies are duly satisfied or waived, then the parties shall proceed to close the transaction as contemplated herein. If, however, one or more contingencies is not satisfied or duly waived prior to the Closing Date, this Agreement shall thereupon be void and the City and MT shall promptly execute and deliver to each other a termination of this Agreement memorializing such termination (but the delivery of such termination shall not be necessary to effect such a termination). As a contingent agreement, the 0 termination of this Agreement is not required pursuant to Minnesota Statutes Section 559.21, et M. 4. Survey/Title Examination. A. TITLE ORDER. City has obtained at its expense surveys of the Exchange Property and the Butcher's Spur and has provided those surveys to Land Title, Inc. or other title company as mutually agreed upon by City and MT ("Title"). City has provided to MT an ALTA survey of the Exchange Property, certified to MT (the "MT Survey"), at City's expense. City has secured from Title commitments for an ALTA Owner's Policy of Title Insurance for both the Exchange Property and the Butcher's Spur. City shall be responsible for the cost of obtaining the Exchange Property and Butcher's Spur title commitments and the premiums for an ALTA's Owner's Policy in favor of MT in the amount of $297,579 covering the Exchange Property and with standard exceptions deleted and containing the following endorsements: survey, subdivision, comprehensive, and separate tax parcel. B. UNRECORDED DOCUMENTS: MT represents and warrants that it has delivered to City copies of all leases or unrecorded agreements known to MT and still in effect that relate to the use, possession, or maintenance of Butcher's Spur. City represents and warrants that there are no leases or unrecorded agreements relating to the use, possession or maintenance of the Exchange Property, except for the Right of Entry and that certain Letter of Understanding by and among MT, 2199835v4 3