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01/08/13
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01/08/13
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Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority
Document Date
01/08/2013
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this transaction and Seller's delivery of the Limited Warranty Deed to Buyer, but any <br />action by Seller alleging (i) that one or more of the representations set forth in Section <br />12(a) was inaccurate, when made; or (ii) that Buyer failed to promptly notify Seller after <br />Buyer acquired actual knowledge that a representation set forth in Section 12(a) was no <br />longer accurate in some material respect; must be commenced within six (6) months after <br />the Date of Closing by filing an action in Anoka County District Court or Seller will be <br />deemed to have waived any such claims. <br />b. Covenants of Buyer. <br />i Seller has advised Buyer that Seller has been working with the <br />City and intends to continue to work with the City after Closing on <br />the City's adoption of an Ordinance establishing a Special Service <br />District pursuant to Minnesota Statutes Sections 428A.01 through <br />428A.101, as the same may be amended, or, in the alternative, the <br />establishment of a similar service district pursuant to future special <br />legislation (either a "Service District"). The Service District, if <br />established, will include all or some portion of the property <br />described on Exhibit B but will not include other property without <br />Buyer's consent. Buyer agrees that, at the request of Seller, Buyer <br />will cooperate with and assist Seller and the City in the <br />establishment of a Service District. Buyer's obligation to <br />cooperate and assist includes, but is not limited to, an obligation to <br />join in a petition requesting a public hearing on the creation of a <br />Service District pursuant to Minnesota Statues Section 428A.08, if <br />Buyer is eligible to join in such a petition. Buyer further agrees <br />that Buyer will not file or join in the filing of an objection pursuant <br />to Minnesota Statues Section 428A.02, Sub. 4 or Section 428A.09 <br />and will not appeal to the District Court pursuant to Minnesota <br />Statues Section 428A.02, Subd. 5. Buyer's obligations under this <br />Section 12(b)(i) survive the closing of the transaction contemplated <br />by this Agreement and are binding on any person or entity <br />obtaining any right, title or interest in the Property subject to the <br />Agreement by or through Buyer. Seller may transfer it rights <br />under this Section 12(b)(i) to the City. <br />ii Buyer agrees to indemnify and defend Seller from and hold <br />harmless against any and all claims, causes of action or expenses, <br />including reasonable attorney's fees, relating to or arising from <br />Buyer's or Buyer's employees, agents or contractors presence on <br />the Land prior to the actual date of Closing. Buyer agrees that if <br />Buyer does not acquire title to the Land from Seller pursuant to the <br />terms of this Agreement, Buyer must repair any damage to the <br />Land caused by Buyer or Buyer's employees, agents or contractors <br />and to return the Land to substantially the same condition that <br />existed prior to Buyer's or Buyer's employees, agents or <br />contractors entrance onto the Land. <br />C-9 <br />4937063v3 <br />
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