Agenda - Council - 11/22/1994 - Laserfiche WebLink

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SECTION THREE TITLE If the option is exercised, Seller shall, within 60 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 i}~ 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 Pm:chaser 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 f/fils 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 of the option, Purchaser may clear title to the extent so required and charge the cost of clearing to Seller or, at its opiion, may terminate the contract by giving 30 days notice to Seller. Title to b~ conveyed as herein provided shall be marketable title, free and clear of all liens, encumbrances, s~ecial assessments pending and certified, restrictions, and easements and by Seller delivering to Pur~aser a general Warranty Deed. SECTION FOUR GENERAL Taxes and assessments for the current year, utility payments due but not delinquent, rentals under existing le~ses and tenancies, shall be prorated between the parties as of the date of the closing date. In the eV~nt Purchaser exercises this option, the closing of the purchase and sale contemplated by .this Agreement, shall occur 60 days after the date on which Purchaser exercises this option, or such earlier date as may be mutually agreed to by the parties (the "Closing Date"). The closing shal~take place at the Ramsey Municipal Center, 15153 Nowthen Boulevard NW, Ramsey, Minnes~a, or at such other place as may be agreed to by the parties. Upon exercise of this option, Seller shall be allowed 45 days within which to conduct an environmental s ~uyvey 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 market}b~hty of the Subject Property, Purchaser shall be permitted to declare the sale agreement null a~d void and all earnest money and option fees paid herein shall be returned to Purchaser. Page 3 of 5