Agenda - Council - 01/10/1995 - Laserfiche WebLink

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SECTION THREE TITLE If the Ol~tion is exercised, Seller shall, within 30 days after the delivery to Seller of the notice of exercise, secure and submit to Purchaser, for examination by its attorneys, evidence of marketable title'fin the Subject Property by Abstract of Tire or a Commitment for Title Insurance issued by a qusl!fied title insurance company doing business in the State of Minnesota. Within 10 days thereafter, purchaser shall give notice in writing to Seller of any defects in or objections to the title as so evidenced, and Seller shall clear the rifle of the defects and objections so specified. If Seller f;~s to clear title to the extent herein required or to submit evidence of his ability to do so prior to th6 Closing Date, and such failure continues for 60 days after the date of exercise of the option, Purchaser may clear title to the extent so required and charge the cost of clearing to Seller or, at its o~tion, may terminate the contract by giving 30 days notice to Seller. Title to b~ conveyed as herein provided shall be marketable rifle, free and clear of ail liens, encumbrances, restrictions, and easements, and by Seller delivering to Purchaser a general SECTION FOUR GENERAL Taxes andiassessments for the em'rent year, utility pa ~yments due but not delinquent, rentals under existing lea~ s and tenancies, shall be prorated between the parties as of the closing date. In the event Purchaser exercises this option, the closing of the purchase and sale contemplated by tl~is Agreement, shall occur 60 days after the date on which Purchaser exercises this option, or sucll earlier date as may be mutually agreed to by the parties (the "Closing Date"). The closing shall take place at the Ramsey Municipal Center, 15153 Nowthen Boulevard NW, Ramsey, Minneso~ or at such other place as may be agreed to by the parties. Upon exer~,ise of this option, Purchaser shall be allowed 45 days within which to conduct an environmental sgrvey of the Subject Property. In the event said environmental survey reveals hazardous substandes or wastes, pollutants or contaminates, which in Purchaser's sole discretion affect the marketability of the Subject Property, Purchaser shall be permitted to declare the sale agreement null an~ void and all earnest money and option fees paid herein shall be returned to Purchaser. : SECTION FIVE POSSESSION AND RISK OF LOSS Seller shall °antinue in possession of the Subject Property until the date of closing and shall maintain the same~ in its present condition, reasonable wear from ordinary use excepted. Page 2 of 4