Agenda - Council - 01/11/2005 - Laserfiche WebLink

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bo Reservations of minerals or of mineral rights in favor of the State of Minnesota, if any. The lien of real estate taxes and special assessments not yet due and payable, i CovenantS, cOnditiOns, restrictions and easements of record. 7. REVIEW PERIOD. Within five (5) days following the execution of this Agreement, SELLER shall provide to BUYER copies of any Environmental Site Assessment reports in its possession relating to the Property and/or any reports, notifications, or correspondence ct' any kind from any goyernmental entities relating to environmental conditions of the Property. BUYER shall have thir~y (30) days from the date hereof (':Review Period") to inspect the I'roperty. SELLER agrees tO permit access to the Property at reasonable times and with advance notice, to BUYER'S autho.rized inspectors. In the event that BUYER reasonably dclermines that the Property is unacceptable to BUYER due to the condition of the Property, BUYER shall give SELLER written notice of such fact as soon as possible and in any event on or befbr¢ thc expiration of the Review Period. If any such unacceptable matter can be corrected by thc mutual agreement of SELLER and BUYER (without any obligation on the part of either SI~I,LER or BUYER to st) agree), then Ihis Agreement shall be amended as appropriate on or bclbrc lh.e end of the Review period. In the event SELLER and BUYER are unable to so agree, ill..IYli;l~ may. at BUYER'S option, terminate this Agreement by written notice to SELLER prior to the expiration of the Review Period. BUYER'S preserving this Agreement in effect shall bc deemed an approval of the Property, and BUYER waives any right to object tk~rtlxer to any el' thc lbregoing. BUYER shall hold any and all materials and information in confidence, sttbjcct to thc State of Minnesota's data privacy laws as applied to BUYER. a Minnesota Municipal Corporation and BUYER shall indemnify, protect, defend and hold SELLER harmlcss fi'om and against any and ail loss, cost, claim, liability or expense arising out of any inspcction or contact made pursuant to thi,s Agreement or otherwise. In the event the transaction docs not close fi)r any reason, BUYER.shall restore the areas of the Property unreasonably disturbed by its Review, to substantially the same condition as existed prior to the BUYER'S emry on thc l>roperty. BUYER shall deliver:to SELLER, at no cost to SELLER, copies of all surveys, reports, audits or similar information obtained during the Review Period. 8. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. Real estate taxes and assessments shall be payable as fblloWs: Real estate taxes due and payable in and tbr the year of closing shall be prorated between SELLER and BUYER to the actual date of' closing. BUYER shall assume on the date of closing, all special assessments levied as of the date of this~Agreement. 2