Agenda - Council - 02/22/2005 - Laserfiche WebLink

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5.2 5.1.6 FIRPTA ~AffiC~avit.' A non-foreign affidavit, properly executed, containing such info.rmation as is required by Internal Revenue Code Section 1445 (b)(2) and its regulations. 5.1.7 iRS Form.: A Designation Agreement designating the "reporting person" for purpoges of' completing Internal Revenue Form 1099 and, if applicable, Internal Revenue Form 8594. 5.1.8 Well certificate. ~certificate signed by Seller warranting that there are no "wells!'', on the PropertY within the meaning of Minn. Stat. § 1031 or if there are '~'wells", a well Certificate in the form required by law. 5.1.9 Storage Toc~ksi Irthe prOperty contains or contained a storage tanlc, an affidavit With resPect thereto, as required by Minn. Stat. § 116.48. Buyer's Closing O°cuynen~.: On the Closing Date, Buyer will execute (where applicable) and deliver to Seller the following (collectively, "Buyer's Closing Documents"): 5.2. l Purchase.I~.rice, The cash portion of the Purchase Price, by wire transfer Of U.S. Federal Funds, tobe received in the Title Company's trust account on or before 2:00 p.m2 6n the Closing Date. 5.2.2 Assumption Agreernent: An Assumption Agreement, pursuant to which Buyer wili assume all obligations of Seller under the Contracts and the Permits that accrue after the Closing Date. 5.2.3 Post Closing DocumentS.: The Post Closing Documents referred to in Section 4~32 5.2.4 Title Doc~en~s. S~eh affidavits of purchaser, certificates of value or other documents as may be reasonably required by the Title Company in order to record Seller's Closing Documents and issue any Title Policy ordered by Buyer. 5.2.5 IRS Form. A Designation Agreement designating the "reporting person" for purposes of comPleting Internal Revenue Form 1099 and, if applicable, Internal Revenue Form 8594. 6. Prorations.) Seller and Buyer agree to the following prorations and allocation of costs regarding this Agreemer~t: 6.1 Title Insurance and~Clo~sing Fee, Seller will pay all costs of the Title Commitment (defi~ned below.). Buyer will pay the premium for each Owner's Title Policy (a "Title Policy'S) desired by Buyer. Seller and Buyer will each pay one-half of any reasonable ahd customary closing fee or charge imposed by any closing agent designated by ~he Title Company.