Agenda - Council - 08/24/2010 - Laserfiche WebLink

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CITY shall pay real estate taxes due and payable in the year 2005 and all previous years. In the event the closing date is changed, the real estate taxes paid shall, if prorated, be adjusted to the new closing date. CITY warrants taxes due and payable in the year 2006 will be non -homestead classification. The CITY makes no representation concerning the amount of subsequent real estate taxes. 6. SPECIAL ASSESSMENTS. Special assessments shall be paid as follows: CITY shall pay on date of closing all installments of special assessments certified for payment with the real estate taxes due and payable in the year of closing. R.H. shall assume on date of closing all other special assessments levied as of the date of closing. R.H. shall assume special assessments pending as of the date of closing for improvements that have been ordered by the City Council or other assessing authorities. CITY shall pay on date of closing any deferred real estate taxes (i.e., Green Acres, etc.) or special assessments payment of which is required as a result of the closing of this sale. R.H. shall pay real estate taxes due and payable in the year following closing and thereafter and any unpaid special assessments payable therewith and thereafter, the payment of which is not otherwise provided. 7. INSPECTION. R.H. has the right to inspect the property prior to closing. 8. WARRANTIES. CITY WARRANTS THAT PRIOR TO THE CLOSING DATE PAYMENT IN FULL WILL HAVE BEEN MADE FOR ALL LABOR, MATERIALS, MACHINERY, FIXTURES OR TOOLS FURNISHED WITHIN THE 120 DAYS IMMEDIATELY PRECEDING THE CLOSING DATE IN CONNECTION WITH CONSTRUCTION, ALTERATION OR REPAIR OF ANY STRUCTURE ON OR IMPROVEMENT TO THE CITY PROPERTY. CITY WARRANTS THAT CITY HAS NOT RECEIVED ANY NOTICE FROM ANY GOVERNMENTAL AUTHORITY AS TO VIOLATION OF ANY LAW, ORDINANCE OR REGULATION. IF THE CITY PROPERTY IS SUBJECT TO RESTRICTIVE COVENANTS, CITY WARRANTS THAT CITY HAS NOT RECEIVED ANY NOTICE FROM ANY PERSON OR AUTHORITY AS TO A BREACH OF THE COVENANTS. ANY NOTICES RECEIVED BY CITY WILL BE PROVIDED TO CITY IMMEDIATELY. 9. RISK OF LOSS. If -there is any loss or damage to the City Property between the date hereof and the date of possession, for any reason including fire, vandalism, flood, earthquake or act of God, the risk of loss shall be on CITY. CITY shall maintain public liability insurance on the property until CITY vacates the City Property. 4