Agenda - Council - 08/12/1997 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I Date Page 2 of 4 Pages developed, the street improvement will be paid pursuant to the City's subdivision policies. 5. CONTINGENCY: This Agreement is contingent on the City entering into an Amended Development Agreement with Alpaca Estates Partnership which Agreement provides that said partnership shall (1) deposit with the City sufficient funds to pay the purchase price described herein plus miscellaneous closing costs and (2) convey to the City a permanent easement over, under and across Outlot B, Alpaca Estates 4th Addition, Anoka County, Minnesota. In the event this contingency has not been satisfied as of the closing date herein, this Agreement at the BUYER'S option shall be null and void and all earnest monies paid herein shall be returned to BUYER. 6. STREET NAME: Because of the City's street name grid system, the street's official name shall be Llama Street. However, the City shall take the appropriate steps to cause it to be named "Joe Hipp Drive", on an also known as or "aka" basis. 7. SIGN PERMIT: The City will grant an exclusive easement to SELLER to permanently maintain a sign on the Property at a location agreed upon by the parties, except that the sign location shall be such that it will not cause a safety hazard or unreasonably interfere with the convenience of the traveling public. The SELLER shall not be able to assign this sign permit to third persons. The sign dimensions/performance standards shall be subject to the City's sign code, Section 9.12. 8. DEED/MARKETABLE TITLE: Upon performance by BUYER, SELLER shall deliver a General Warranty Deed conveying marketable title, subject to: (A) Building and zoning laws, ordinances, state and federal regulations; (B) Restrictions relating to use or improvement of the property without effective forfeiture provisions; (C) Reservation of any mineral rights by the State of Minnesota; (D) Utility and drainage easements which do not interfere with existing improvements 9. TITLE & SXAMINATION: SELLER shall, within a reasonable time after acceptance of this agreement, furnish a title insurance commitment to BUYER. BUYER shall be allowed 10 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, SELLER shall have 10 business days from receipt of BUYER'S written title objections to notify BUYER of SELLER'S intention to make title marketable within 120 days from SELLER'S receipt of such written objection. If notice is given, payments hereunder required shall be postponed pending correction of title, but upon correction of