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

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issued by a qualified title insurance company doing business in the State of Minnesota. Within 15 days thereafmriPurchaser shall give notice in writing to Seller of an), defects in or objections to the title as so evidenced, and Seller shall clear the title of the defects and objections so specified. If Selle~ fails to clear title to the extent herein requirM 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 of the option, PurChaser may. clear title to the extent so required and charge the cost of clearing to Seller or, at its Sption, ma), terminate the contract by giving 30 days notice to Seller. Title to be conveyed as herein provided shall be marketable tide, free and clear of all liens, encumbrances, ~pecial assessments pending and certified, restrictions, and easements and by Seller delivering to Purchaser a general Warranty Deed. SECTION FOUR GENERAL Taxes a0d assessments for the current year, utility payments due but not delinquent, rentals under existing leases and tenancies, shall be prorated between the parties as of the date of the closing date. In the eivent Purchaser exercises this option, the closing of the purchase and sale contemplated b~ this Ageement, shall occur 60 days after the date on which Purchaser exercises this option, or s~ch earlier date as may be mutually a=m-eed to by the parties (the "Closing Date"). The closing shall take place at the Ramsey Municipal Center, 15153 Nowthen Boulevard NW, Ramsey, Minnesota, or at such other place as may be ag-reed to by the parties. Upon ex}rcise of this option, Seller shall be allowed 45 days within which to conduct an environmental slurvey of the Subject Property. In the event said environmental survey reveals hazardous subst',tnces or wastes, pollutants or contaminates, which in Purchaser's sole discretion affect the marke~tability of the Subject Property, Purchaser shall be permitted to declare the sale agreement null 4nd void and all earnest money and option fees paid herein shall be returned to PurchaseL SECTION FIVE POSSESSION AND RISK OF LOSS Seller shall continue 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. Possession shall be transferred to Purchaser on the date of closing. Risk of ld)ss from fire or other casualty to the property shall be Seller's until transfer of possession as he}ein provided. Seller shall maintain adequate insurance against loss, including extended coveraae,& during such period. All policies of insurance on the property shall be transferred to Pu~haser at close of escrow, at its option. Page 2 of 4