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Agenda - Council - 04/28/2015
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Agenda - Council - 04/28/2015
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Meetings
Meeting Document Type
Agenda
Meeting Type
Council
Document Date
04/28/2015
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29. "Seller" shall have the meaning assigned to such term in the opening paragraph of this <br />Agreement. <br />30. "Seller's Closing Documents" shall have the meaning assigned to such term in Section <br />8.1 of the Agreement. <br />31. "State" shall mean the State of Minnesota. <br />32. "Survey" means an updated ALTA/ACSM survey of the Real Property prepared by a <br />surveyor acceptable to Buyer in its sole discretion. <br />33. "Title Commitment" means a commitment for an ALTA Owner's Policy of Title <br />Insurance insuring fee simple title to the Real Property in the amount of the Purchase <br />Price, which shall (i) commit the Title Company to insure fee simple title to the Real <br />Property subject only to the Permitted Encumbrances, (ii) so long as Buyer obtains the <br />Survey, affirmatively insure Buyer against any and all encroachments or mechanic's liens <br />not of record, (iii) provide that the Title Company will increase its coverage at any time to <br />reflect increase in the property values and/or improvements being made to the Property, <br />upon payment to the Title Company of a standard policy premium for the amount of the <br />increased insurance coverage; and (iv) provide that the Real Property is zoned properly <br />for Buyer's intended use of the Property and that the Real Property is in compliance with <br />all applicable zoning requirements. <br />34. "Title Company" shall mean Commonwealth Land Title Insurance Company or such <br />other title insurance company as Buyer may select in its reasonable discretion. <br />35. "Title Evidence" shall mean the Title Commitment and the Survey, together. <br />36. "Title Objections" shall have the meaning assigned to such term in Section 5.2 of this <br />Agreement. <br />37. "Warranties" shall mean all warranties and guaranties relating to the Property. <br />B. Notices. Notices, as provided in this Agreement, shall be given to the parties at the <br />following addresses, or such other address as any of the parties may reasonably notify the other <br />parties of in accordance with this Agreement: <br />If to Buyer: CommonBond Communities <br />Prior to August 1, 2014: <br />328 Kellogg Boulevard West <br />Saint Paul, Minnesota 55102 <br />Attention: Vice President of Development <br />Facsimile Number: (651) 291-1003 <br />From and after August 1, 2014: <br />1080 Montreal Avenue <br />Saint Paul, Minnesota 55116 <br />Attention: Vice President of Development <br />
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