Agenda - Council - 04/24/2001 - Laserfiche WebLink

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Except as herein expressly stated, TILLER is purchasing the City Property based upon its own investigation and inquiry and is not relying on any representation of CITY or other person and is agreeing to accept and purchase the City Property "as is, where is" subject to the conditions of examination herein set forth and the express warranties herein contained. Consummation of this Agreement by TILLER with knowledge of any such breach by CITY will not constitute a waiver or release by TILLER of any claims due to such breach. I ! I I I I I I I 17. DEFAULT. If title is marketable or is corrected as provided herein, and TILLER defaults in any of the agreements herein, CITY may terminate this Agreement ~'~ h ...... ~'~" mai,' *'~ ~'~'~ ~'" ~"T~Pv This provision shall not depriVe either TILLER or CITY of the right to recover damages for a breach of this Agreement limited to its out of pocket expenses 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. -246- 18. POSSESSION. CITY shall deliver possession of the City Property to TILLER not later than the Closing Date. AS TO THE TILLER PROPERTY: 19. DEED/MARKETABLE TITLE. Upon performance by CITY, TILLER shall deliver a General Warranty Deed, conveying marketable title to the Tiller Property subject to: Building and zoning laws, ordinances, state and federal regulations; Restrictions relating to use or improvement of the property without effective forfeiture provisions; Reservation of any mineral rights by the State of Minnesota; and Utility and drainage easements. 20. TITLE & EXAMINATION. TILLER shall, within a reasonable time after acceptance of this agreement, furnish a title insurance commitment to CITY. CITY shall be allowed 4-0 five business days after receipt of the title commitment for examination of title and making any objections which shall be made in writing or deemed waived. If any objection is so made, TILLER shall have 10 five business days from receipt of CITY'S written title objections to notify CITY of TILLER'S intention to make title marketable within 120 days from TILLER'S receipt of such written objection. If notice is given, payments hereunder required shall be postponed pending correction of title, but upon correction of title and within 10 days after written notice to CITY the parties shall perform this Exchange Agreement according to its terms. If no such notice is given or if notice is given but title is not corrected within the time provided for, this Exchange Agreement shall be null and void, at option of CITY; neither party shall be liable for damages hereunder to the other and~,~,.~,* ........ ~..,~.~-.J o..,~.~'~u ~,~,,,,, ~,,~,...,.,,,.~n'~'~'~ ~,~, CITY; CITY and TILLER agree to sign cancellation of this Exchange Agreement. 21. REAL ESTATE TAXES. Real estate taxes shall be paid as follows: 5 I I ! I I I I I !' I I