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

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ct. BUYER shall ass~ume on the date of closing, special assessments pending as of the date of this Agreement for improvements that have been ordered by the City Council or other governmental assessing authorities. SELLER shall pay on the date of closing, any deferred real estate taxes or special assessments payment of which is required as a result of the closing of this sale. BUYER shall pay real estate taxes due and payable in the year following closing and thereafter and m~y unpaid special assessments payable therewith and thereafter, the payment of which is not otherwise provided 'tbr herein. SELLIi;R maizes no representation Concerning the amount of future real estate taxes or of future special assessments. 9. DAMAGES TO THE PROPERTY. If the Properly is substantially damaged prior to closing, this Agreement sh311 terminate at BUYER'S option and any Earnest Money shall be rcl'unded to BUYER. If the Property is damaged materially but less than substantially prior to closing, BUYER, not later than i5 days from the date of such damage, may declare this Agreement null and void and upon Said declaration SELLER shall immediately refund BUYER'S Earnest MOney in full. 10. SELLER'S REPRESENTATIONS AND WARRANTIES. As an essential part of this Agreement and in order to induce BUYER to enter into this Agreement and to purchase thc Property, SELLER represents and wan'ants to and agrees with BUYER that: There are no leases, purchase options, rights of first refusal, or any other agreements which grant any other party any right of use of occupancy in efl'ect with respect to the Property or any portion thereof. SELLER will convey on the date of closing, all of the Property. including all improvements, fixtures, and trade fixtures comprising the same, free and clear of all liens, security interests, leases, restrictions, charges and encumbrances, other than described or attached hereto as Permitted F. ncum brances~ There are no management, maintenance, supply, utility or service contracts or commitments relating to the Property which will extend beyond the date of iciosing, which are not cancelable without penalty or i~remimn upon not more than 30 days advance notice. To the best of SELLER'S Lnowledge: there is no action, litigation, investigation, condemnation or proceeding of any kind pending against SELLER or the property which could adversely affect the Property, any porlion thereof or title thereto.