Agenda - Council - 02/08/2005 - Laserfiche WebLink

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1. ACCESS TO PROPERTY AND CONTINGENCY. CITY grants permission of access to the City Property for testing and surveying purposes. This Agreement is contingent upon RIVER'S BEND obtaining, at RIVER'S BEND'S expense, soil tests which indicate that the CITY Property may be improved without extraordinary building methods or costs. 2. FLOOD PLAIN: CITY warrants that the CITY Property is not in the designated 100 year flood plain area. 3. PREFERENTIAL TAX TREATMENT. CITY warrants that the CITY Property does not receive preferential tax treatment. (i.e., Green Acres, etc.) 4. DEED/MARKETABLE TITLE.: Upon performance by RIVER'S BEND, CITY shall deliver a General Warranty Deed, conVeying marketable title of the CITY Property, subject to: a. Building and zoning laws, ordinances, state and federal regulations; b. Restrictions relating to use or improvement of the property without effective forfeiture provisions; c. Reservation of any mineral rights by the State of Minnesota; and d. Utility and drainage easements. 5. TITLE & EXAMINATION~ CITY shall, within a reasonable time after acceptance of this agreement, furnish a title insurance commitment to RIVER'S BEND. RIVER'S BEND shall be allowed 10 business days after receipt of the title commitment for examination of title and making any objections which shall be made in writing or deemed waived. If any objection is so made, CITY shall have .10 business days from receipt of RIVER'S BEND'S written title objections to notify RIVER'S BEND of CITY'S intention to make title marketable within 120 days from CITY'S receipt of such:written objection. Ifnotice is given, payments hereunder required shall be postponed pending correction of title, but upon correction of title and within 10 days after written notice to RIVER'S BEND the parties shall perform this Purchase Agreement according to its terms. If no such notice is given or :if notice is given but title is not corrected within the time provided for, this Purchase Agreement shall be null and void, at option of RIVER'S BEND; neither party shall be liable for damages hereunder to the other and eamest money shall be refunded to RIVER'S BEND; RIVER'S BEND and CITY agree to sign cancellation of Purchase Agreement. 6. REAL ESTATE TAXES. Real estate taxes shall be paid as follows: RIVER'S BEND shall pay, prorated fi.om day of closing, real estate taxes due and payable in the year 2005. CITY shall pay real estate taxes due and payable in the year 2004 and prior years. In the event the closing date is changed, the real estate taxes paid shall, if prorated, be adjusted to the new closing date. CITY advises RIVER'S BEND that the taxes due and payable in the year 2005 will be non-homestead classification. The CITY makes no representation concerning the amount of subsequent real estate taxes. 3