Agenda - Council - 09/28/2004 - Laserfiche WebLink

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The term "Property" as used in this Agreement shall include all improvements, fixtures, including any trade fixtures and, now existing on the Date of Closing, together with all hereditaments and appurtenances to the Property including but not limited to all mechanical, electrical, heating, air conditioning, drainage, sewer, water, plumbing and roofing systems, if any. The parties do not contemplatc thc conveyance of any personal property pursuant to this Agreement. 3. ACCEPTANCE. The acceptance date of this Agreement is the date it is delivered by thc last party signing to the other party. 4. PRICE. The Purchase Price for the Property is Five Hundred Thirty Two Thousand and 00/100 Dollars ($532,000.00), ("Purchase Price"), payable in full at Closing. The Purchase Price is intended to include SELLER'S $1,500.00 appraisal fee and $500.00 attorney fees incurred in SELLER'S contemplation of the BUYER-CITY'S possible eminent domain action to acquire the Property. 5. EARNEST MONEY. deposit with SELLER the amount hereunder ("Earnest Money"). Concurrently with the execution hereof BUYER shall of Two Thousand Dollars ($2,000.00) as Earnest Money 6. DEED/MARKETABLE TITLE. Conveyance Terms. Upon BUYER'S full performance of BUYER'S obligations under this Agreement, SELLER shall execute and deliver to BUYER, on the Date of Closing, a Warranty Deed conveying fee title to the Property to BUYER, subject only to: a. Building, zoning and subdivision statutes, laws, ordinances and regulations. Reservations of minerals or of mineral rights in favor of the State of Minnesota, if any. c. The lien of real estate taxes and special assessments not yet due and payable. ct. Covenants, conditions, restrictions and easements of record. 7. REVIEW PERIOD. Within five (5) days following the execution of this Agreement, SELl,ER shall provide to BUYER copies of any Environmental Site Assessment reports in their possession relating to the Property and/or any reports, notifications, or correspondence of any kind from any governmental entities relating to environmental conditions of the Property. BUYER shall have sixty (60) days from the date hereof ("Review Period") to inspect thc Property. SELLER agrees to permit access to the Property at reasonable times and with advance notice, to BUYER'S authorized inspectors. In the event that BUYER reasonably determines that the Property is unacceptable to BUYER due to the environmental or buildable condition of the Property, BUYER shall give SELLER written notice of such fact as soon as possible and in any event on or before the expiration of the Review Period. If any such unacceptable matter can be corrected by the mutual agreement of SELLER and BUYER (without any obligation on the part of either SELLER or BUYER to so agree), then this Agreement shall be amended as appropriate on or before the end of the Review Period. In the event SELLER and BUYER are unable to so agree, BUYER may, at BUYER'S option, terminate this Agreement by 2