Agenda - Council - 08/26/2003 - Laserfiche WebLink

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e. Any well certificate required by M.S. §1011.235. The Assessment Agreement At the closing, Developer shall execute, where appropriate, and deliver to the City: a. The Developer Permit in the form attached. b. The Assessment Agreement. A cashier's check payable to the City of Ramsey for $,-.28,491 which represents the cost of the Development Property. Section 2.7 Real Estate Taxes, Special Assessments. Utility Bills. Real estate taxes due and payable in all years pr/or to that in which closing occurs, including any amounts otherwise payable in such years which may have been deferred pursuant to the Minnesota Statutes or other applicable law, shall be paid by Cify.. Real estate taxes due-.and payable in the year in wh/ch closing occurs, including any amount otherwise payable in such year which may have been deferred pursuant to the Minnesota Statutes or other applicable law, shall be prorated as of the Closing Date based upon the parties' respective per/ods of ownership of the Development Property in the calendar year of closing. On or prior to the Closing Date, City shall pay all special assessments, whether or not then due, then levied against the Development Property or pending for improvements with respect to which, as of the date of this Agreement, the letting of contracts has .been duly authorized by appropriate govenmaental action. Section 2.8 Possession. City shall deliver possession of the Development Property to Developer on the Closing Date. ~- Section 2.9 Developer's Contintencies. Developer's obligation to clos.e, under this Agreement is expressly conditioned upon each of the following contingencies being satisfied or waived on or before the closing date: The Envirom'nental Audit and Developer's inspections and investigations of the Development Property shall have disclosed no unsatisfactory conditions or defects, including no unsatisfactory environmental conditions. Developer having detennined that the Development Property is physically suitable (including but not limited to, the elevation and soil conditions), for the construction thereon of the Minimum Improvements. Developer having determined that it will be able to obtain and the City having approved financing which, together with Developer's equity, is sufficient for the Construction of the Minimum Improvements. All of the foregoing contingencies are for Developer's s°le benefit. Whether or not the foregoing contingencies have been satisfied shall be determined by Developer in the exercise of its sole and absolute discretion. In the event that any of the foregoing contingencies are not -125-