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05/14/13
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05/14/13
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7/18/2025 11:25:17 AM
Creation date
5/15/2013 9:32:28 AM
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Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority
Document Date
05/14/2013
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d. A non - foreign affidavit, (FIRPTA affidavit) properly executed and in <br />recordable form, containing such information as is required by IRC <br />Section 1445(b)(2) and its regulations. <br />e. An appropriate Federal Income Tax reporting form, if any is required. <br />f. Such further affidavits of SELLER, certificates of value or other <br />documents as may be reasonably required by BUYER'S title company in <br />order to record the SELLER'S Closing Documents and issue BUYER the <br />owner's title insurance policy required by this Agreement. <br />11. EVIDENCE OF TITLE. Within a reasonable time after execution of this <br />Agreement, SELLER shall furnish BUYER a commitment for an ALTA Owner's policy of title <br />insurance covering the Property issued by Registered Abstracters, Inc. <br />12. EXAMINATION OF TITLE. BUYER shall be allowed until the date ten (10) <br />days after receipt of such title evidence for examination of title and the making of any objections <br />thereto, which objections shall be in writing or they will be deemed to be waived. If any <br />objections are so made, SELLER shall be allowed until the Closing Date to make such title <br />marketable, and SELLER shall use all reasonable efforts to make such title marketable. <br />If said objections have not been cured by the Closing Date, as above provided, BUYER <br />shall have the option of: <br />a. Declaring this Agreement null and void and receiving a refund from <br />SELLER of all Earnest Money paid hereunder; or <br />b. Waiving any defects in title and proceeding to close the transaction <br />contemplated by this Agreement. <br />If the title to the Property is marketable or is made marketable by the Closing Date, and <br />BUYER defaults in any of the agreements on its part to be performed under this Agreement and <br />continues in default for a period of five (5) days after written notice thereof is given to BUYER <br />by SELLER, then SELLER shall have the remedies described below or under Minnesota law. <br />13. ADDITIONAL BUYER CONTINGENCIES. <br />a. Because BUYER is a public body its final acceptance of this Agreement is <br />contingent on BUYER's adoption of a resolution approving the terms of this Agreement. In the <br />event such an approval resolution is not adopted by BUYER or before May 14, 2013, this <br />Agreement will be null and void and the Earnest Money will be returned to BUYER. <br />b. This agreement is furhter contingent on BUYER in its sole discretion determining <br />that each of SELLER's representations made in Paragrpah 8. herein are true on the Closing <br />Date. If any such representaion is not true on that date, BUYER may cancel this Agreement and <br />and the Earnest Money shall be refunded to BUYER and this Agreement shall be null and void. <br />6 <br />
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