Agenda - Council - 02/23/1999 - Laserfiche WebLink

Home

I i I I I I 15:23 LR~ OFFICES 2140 4TH RUE e 612 42? 5543 N0,469 provided, however, that if BUYER fails to negotiate in good faith concerning the development agreement, SELI,F__R shall be entitled to ttnain the Earnest Money as liquidated a_~mages. d. Buyer's approval ora Phase I envkonmental Report, which Phase I Report is to be obtained at Buyer's expense e. If the contingencies set forth in ~ section have not been satisfied by the Closing Date, BUYER or SELLER may terminate this Agreement by giving written notice to the off,er on or before the Clo~g Date. 'If · ~Xis Agreement is ~ texminated, the Earnest Money shall b~ promplly returned to ~UYE~., except as otherwise rxovided in Section 3 hex.~in. 6. ILEAL '*~"TATE TAXES AND 0-~PECIAL ASSES~NTS. SE.!,LER ~ud BU~2,R shal! pro rate ~ real estate ~xes, ~enalties and i~terest, iffy, paTable in '~999. BILrYER sla;-II pay all real estate taxes due in 2,0C0 ~d th~'ea~r. 6.1 LEVIED ffPlgC~.:'kL ASSESSMENTS. SELLER ~hall pay all [:x.stallments of special assessments cetdfied for payment with tin;: teal estate taxes due and payable [.:~ 1999 and all o~ specip~! assesnnemts levied as of the date of this Agreement. 6.2 FENDING SPECIAl, AS~E$SM.ENT$. SELLER slaall provide ,..eot payment of special assessments pending as of the d~te of this Agteem;at for improvements that have been or,red by the City Council or other govemmenml a.s, es.dng authorities. As of the ~.te of ~s Agreement, SELLER represents that SI*.LI.~R has not received a Notice of Heating of a new public improvement project fi-om any governmental a.t~ssing authority, the costs of which project may be assessed against the Property. If special assessments become pe.uding after the date of this Agreement mO before tbe date of closing, BUYER may, at BUYER'S option: a. Assume payment of the pending special assessment without adjusnnent to the pumhase agreement price of the Property; or, b. Require SELLER to pay the pending special assessment (or escrow for payment of same as provided above) and BUYER shall pay a commensurate increase in the Purchase PI'ice of the Property. which i~:reases shall be the same as the estimated amount of the assessment; Or, c. Declare this Ageemeat void by notice to SELLER, and earnest money shall be rethnded to BUYER. 6.3 DEFERR_Im REAL ESTAIE TAXES. SELLER shall pay on date of closing any deferred real estate utxes o~ special assessments payment of which is requited as a result of the closing of this sale.