Agenda - Council - 09/14/2010 - Laserfiche WebLink

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10. UNDERGROUND TANKS. CITY represents to R.H. that there are no underground tanks on the City Property.. 11. DEFAULT. If title is marketable or is corrected as provided herein, and P.H. defaults in any of the agreements herein, CITY may terminate this Agreement and payments made, hereunder may be retained by CITY. This provision shall not deprive either %H, or CITY of the right to recover damages for a breach of this Agreement or of the right of specific performance of this Agreement, provided this Agreement is not terminated, and further provided, as to specific performance, such action is commenced within six months after such right of action arises, 12. TIME OF ESSENCE. Time is of the essence in this Agreement. 11. POSSESSION. CITY shall deliver possession of the City Property to R.H. not later than the Closing Date. 14. NO PARK DESIGNATION. In the event the. CI.TY determines the City Property has been dedicated to the public as park or a restriction of record exists limiting the use of the City Property to park purposes, this Agreement shall be null and void. IV. GENi 1. ENTIRE AGREEMENT, This Agreement, any attached exhibits and any addenda or amendments signed by the parties, shall constitute the entire Agreement between CITY and R.H., and supersedes any other written or oral agreements between CITY and R.H.. This Agreement can be modified only in writing signed by CITY and ILH. 2.. CLOSING DATE. The Closing Date or Closing shall be on or before March 27, 2006. 3. CITY'S CLOSING DOCUMENTS. On the Closing Date, CITY shall execute . and/or deliver to R.H. the following (collectively, "CITY'S Closing Documents "): a. A Warranty Deed, in form reasonable and satisfactory to R.H., conveying the Property to R.H., free and clear of all encumbrances hereafter defined, and including a covenant of further assurances; b. An Affidavit of Seller by CITY indicating that on the Closing Date there are no outstanding, unsatisfied judgments, tax liens, or bankruptcies against or involving CITY or the City Property; that there has been no skill, labor or material famished to the Property for which payment has not been made or for which mechanic's liens could be filed; and that there are no other unrecorded interests in the City Property, together with whatever standard owner's affidavit and/or indemnity (ALTA Form) which may be required by Title Company to issue an Owner's Policy of Title Insurance with the standard exceptions waived; o. An executed certification as to the location,of any wells on the City Property in accordance with the laws of the State of Minnesota; and 5