Agenda - Council - 06/10/2003 - Laserfiche WebLink

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SELLER agrees to permit access to the Property at reasonable times and with advance notice, to BUYER's authorized inspectors. In the event that BUYER reasonably determines that the Property is unacceptable to BUYER due to the condition of the Property, BUYER shall give SELLER written notice of such fact as soon as possible and in any event on or before the expiration of the Review Period. If any such unacceptable matter can be corrected by the mutual agreement of SELLER and BUYER (without any obligation on the part of either SELLER or BUYER to so agree), then this Agreement shall be amended as appropriate on or before the end of the Review Period. In the event SELLER and BUYER are unable to so agree, BUYER may, at BUYER's option, terminate this Agreement by written notice to SELLER prior to the expiration of the Review Period. BUYER's preserving this Agreement in effect shall be deemed an approval of the Property, m~d BUYER waives any right to object further to any of the foregoing. BUYER shall hold any and all materials and information in confidence, subject to the State of Mi~mesota's data privacy laws as applied to BUYER, a Minnesota Municipal Corporation and BUYER shall indemnify, protect, defend and hold SELLER harmless from and against any and all loss, cost, claim, liability or expense arising out of any inspection or contact made pursuant to this Agreement or othetwvise. In the event the transaction does not close for any reason, BUYER shall restore the areas of the Property unreasonably disturbed by its Review, to substantially the same condition as existed prior to the BUYER's entry on the Property. BUYER shall deliver to SELLER, at no cost to SELLER, copies of all surveys, reports, audits or similar information obtained during the Review Period. 8. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. Real estate taxes and assessments shall be payable as follows: Real estate taxes due and payable in and for the year of closing shall be prorated between SELLER and BUYER to the actual date of closing. bo BUYER shall- assume on the date of closing, all special assessments levied as of the date of this Agreement. BUYER shall assume on the date of closing, special assessments pending as of the date of this Agreement for improvements that have been ordered by the City Council Or other governmental assessing authorities. SELLER shall pay on the date of closing, any deferred real estate taxes or special assessments payment of which is required as a result of the closing of this sale. BUYER shall pay real estate taxes d. ue 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 for herein. SELLER makes no representation concerning the amount of future real estate taxes or of future special assessments. 9. DAMAGES TO REAL PROPERTY. If the Property is substantially damaged prior to closing, this Agreement shall terminate and any Earnest Money shall be refunded to BUYER. If the Property is damaged materially but less than substantially prior to closing, 2 -152- I I I I I i I I I I I I I I I I I I