Agenda - Council - 08/09/1994 - Laserfiche WebLink

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issued by a qualified title insurance company doing business in the State of Minnesota. Within 15 days thereafter Purchaser shall give not.icc in writing to Seller of an,',' defects in or objections to the t~tle as so evidenced, and Seller shall clear the title of the defects and objections so specified. tf Seller fails to clem" 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 of the option, Purchaser may clear title to the extent so required and charge the cost of clearing to Seller or, at its option, ma.,,' terminate the contract by giving 30 days notice to Seller. Title to be conveyed as herein provided sh',dl be marketable tide, free and clear of all liens, encumbrances, special assessments pending and certified, resmctions, and easements and by Seller delivenng to Purchaser a general Warranty Deed. SECTION FOUR GENERAL Taxes and assessments for the current >,ear, 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 ex, em Purchaser exercises this option, the closing of the purchase and sale contemplated by this AFeement, shall occur 60 days after the date on which Purchaser exercises this option, or such earlier date as ma5, be mutual)y a~eed to by the parties (the "Closing Date"). The ciosing shali take place at the Ramsey Municipal Center, 15153 Nowthen Boulevard Ramsey, Minnesota, or at such other place as may be a~eed th, by the parties. Upon exercise of this option, Seller shall be allowed 45 days within which to conduct an environmental survey of the Subject Property. In the event said environmental survey reveals hazardous substances or wastes, pollutants or contaminates, which in Purchaser's sole discretion affect the marketability of the Subject ProperD,, Purchaser shall be permitted to declare the sale agreemem null and void and all earnest money and option fees paid herein shall be returned to Purchaser. SECTION FIVE POSSESSION AND RISK OF LOSS Seller shall continue in possession of the Subject ProperD, until the date of closing and shall maintain ~he same in its present condition, reasonable wear from ordinary use excepted. Possession shall be transferred to Purchaser on the date of closing. R/sk of loss from fire or other casually to the properly shall be Seller's until transfer of possession as herein provided. Seller shall maintain adequate insurance against loss, including extended coverage, during such period. All policies of insurance on the property shall be transferred to Purchaser at close of escrow, at its option. Page 2 of 4