Agenda - Council - 10/12/2010 - Laserfiche WebLink

Home

parties) of the counsel for BUYER representing both BUYER and SELLER in which event BUYER shall also pay the legal fees and expenses of SELLER in connection with such claim or proceeding. Neither BUYER nor SELLER shall settle any such claim without the consent of the other (which consent shall not be unreasonably withheld, conditioned or delayed), unless such settlement requires no admission of liability on the part of the other and no assumption of any obligation or monetary payment for with SELLER has not been fully indemnified: 11. CLOSING. Closing shall be at the office of Registered Abstracters, Inc. Title Company ( "Title "), 2115 3` Avenue, Anoka, Minnesota 55303 or such other office as the BUYER and SELLER may hereafter agree. Closing shall take place on the date that is ninety (90) days from the date of this Agreement or such earlier date as the parties hereto may agree upon in writing (the "Closing Date"). If the Closing has not been completed by December 31, 2010, then SELLER shall have the right to declare this Agreement null and void. On the Closing Date, SELLER shall execute and/or deliver to BUYER the following (collectively, "SELLER'S Closing Documents "): a. A warranty deed, conveying the Property by BUYER, free and clear of all liens, security interests, restrictions, charges and encumbrances. b. A well certificate and/or a Sewage Treatment System Disclosure pursuant to Paragraph 91 and m. C. If the Property contains or contained a storage tank, an affidavit with respect thereto, as required by Minn. Stat. § 116.48. d. A non - foreign affidavit, (FIRPTA affidavit) properly executed and in recordable form, containing such information as is required by IRC § 1445(b)(2) and its regulations. . e. An appropriate Federal Income Tax reporting form, if any is required. f Such further affidavits of SELLER, certificates of value or other documents as may be reasonably required by BUYER'S title company in order to record the SELLER'S Closing Documents and issue BUYER the owner's title insurance policy required by this Agreement. 12. EVIDENCE OF TITLE. Within a reasonable time after execution of this Agreement, SELLER shall furnish BUYER a commitment for an ALTA Owner's policy of title insurance covering the Property issued by Registered Abstracters, Inc. 13. EXAMINATION OF TITLE. BUYER shall be allowed until the date ten (10) days after receipt of such title evidence for examination of title and the making of any objections thereto, which objections shall be in writing or they will be deemed to be waived. If any objections are so made, SELLER shall be allowed until the Closing Date to make such title marketable, and SELLER shall use all reasonable efforts to make such title marketable. ri