Agenda - Council - 04/25/1995 - Laserfiche WebLink

Home

B. Real Estate Taxes: The real estate taxes shall be paid as follows: Taxes fo~ the current year shall be prorated between the parties as of the closing date. The back taxes shall be assumed by the City. : C. Special Assessments: Special assessments shall be paid as follows: The Purchaser shall, as of the date of closing, assume all installments of special assessments certified for payment with real estate taxes due and payable against the property. The purchaser shall assume, on the date of closing, all special assessments that have been levied as of the date of closing. Purchaser shall also assume special assessments pending as of the date of closing for improvements that have been ordered by the City Council or other assessing authority. The purchase price for the Subject Property shall be Twenty Thousand Dollars ($20,000.00) which shall be paid, on exercise of this option by Purchaser, as follows: Cash on September 1, 1995. SECTION TWO PERIOD OF OPTION AND EXTENSION ~ This option may be exercised by giving notice thereof to Seller at 2641 Lake George Drive, Cedar, Minnesota 55011, at any time during the primary period from the date of this instrument until 12:00 o'clock A.M., August t, 1995; or during the extension period, if the option is extended as;herein provided, until 12:00 o'clock A.M., , 1995. The option may be sO, extended by Purchaser giving Seller written notice of extension prior to the termination of the ? primary period, and paying to Seller at the time of the notice, the additional consideration of L ~ Dollars ($ ). SECTION THREE TITLE If the option is exercised, Seller shall, within 60 days after the delivery to Seller of the n6tice of exercise, secure and submit to Purchaser, for examination by its attorneys, evidence of marketable title in the Subject Property by Abstract of Title or a Commitment for Title Insurance issued by a qualified title insurance company doing business in the State of Minnesota. Within 15 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 title of the defects and objections so specified. If Seller fails to clear title to the extent herein required, or to submit evidence of his ability tO do so prior to the Closing Date, and such failure continues for 60 days after the date of exercise I I I I I I I' I, I I I I I I I I I I Page 2 of 5