Agenda - Council - 07/12/1994 - Laserfiche WebLink

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issued by a qu~dified 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 rifle as so evidd~nced, 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 tlae Closing Date, and such failure continues for 60 days after the date of exercise of the option, Purchaser ma), clear title to the extent so required and charge the cost of clearing to Seller or, at its {vption, ma5, terminate the contract by g/ring 30 days notice to Seller. Title toibe conveyed as herein provided shall be marketable title, free and clear of all liens, encumbrances, lspecial assessments pending and certified, restrictions, and easements and by Seller delivering to P~rchaser a general Warranty Deed. SECTION FOUR GENERAL Taxes aOd assessments for the current year, utility payments due but not delinquent, rentals under existing !eases and tenancies, shall be prorated between the parties as of the date of the closing date. In the {vent Purchaser exercises this option, the closing of the purchase and sale contemplated b~ this Agreement, shall occur 60 days after the date on which Purchaser exercises this option, or s,~ch earlier date as may be mutually agreed to by the parties (the "Closing Date"). The closing sh:411 take place at the Ramsey Municipal Center, 15153 Nowthen Boulevard NW, Ramsey, MinneSota, or at such other place as may be a~eed to by the parties. Upon e:~ercise of this option, Seller shall be allowed 45 days within which to conduct an environmental ~urvey of the Subject Property. In the event said environmental survey reveals hazardous subs~nces 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 sate agreement null gnd void and all earnest money and option fees paid herein shall be returned to Purchaser. SECTION FIVE POSSESSION AND RISK OF LOSS Seller sh~l continue in possession of the Subject Property until the date of closing and shall maintain the sa[me in its present condition, reasonable wear from ordinary use excepted. Possession shall [be transferred to Purchaser on the date of closing. :. Risk of 10ss from fire or other casualty to the property shall be Seller's until transfer of possession as hdrein provided. Seller shall maintain adequate insurance against loss, including extended covera, ge, during such period. All policies of insurance on the property shall be transferred to Pul, chaser at close of escrow, at its option. Page 2 of 4