Agenda - Council - 09/09/1997 - Laserfiche WebLink

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LAW OFFICES 2140 4TH RUE ~ 6&2 42? 5545 NO.229 ~03 Dated: September , 1997 Page 2 of 6 Pages Earnest money of $1,000.00 and $174,000.00 cash on or before October 31, 1997, the date of closing. 1. ACCESS TO PROPERTY AND CONTINGENCY: SELLER grants permission of access to the Property for testing and surveying purposes. This Agreement is contingent upon BUYER obtaining, at BUYER'S expense, soil tests which indicate that the Property may be improved without extraordinary building methods or costs. 2. FLOOD PLAIN: SELLER warrants that the Property is not in the designated 100 year flood plain area. 3. PREFERENTIAL TAX TREATMENT: SELLER warrants that the Property does not receive preferential tax treatment. (i.e., Green Acres, etc.) 4. DEED/MARKETABLE TITLE: Upon performance by BUYER, SELLER shall deliver a General Warranty Deed, conveying marketable title, 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. 5. TITLE & EXA~4INATION: SELLER shall, within a reasonable time after acceptance of this agreement, furnish a title insurance commitment to BUYER. ~UYER shall be allowed 10 business days after receipt of the title commitment for e×amination 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 title and within 10 days after written notice to BUYER the parties shall perform this Purchase 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 Purchase Agreement shall be null and void, at option of BUYER; neither party shall be liable for damages hereunder to the other and earnest money shall be refunded to BUYER; BUYER and SELLER agree to sign cancellation of Purchase Agreement. 6. REAL ESTATE TAXES: Real estate takes shall be paid as follows: BUYER shall pay, prorated from day of closing, real estate taxes due and payable in the year ~97.