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

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6.2 6.3 6.4 6.5 6.6 6.6 Deed Tax. Selle~ shall pa~ all' slate deed tax regarding each Limited Wan'anty Deed to be delivered by Sell'er under this Agreement. Real Es. tate Taxe.4sl ar!ql SpeCial'Assessments. General real estate taxes payable with respect to thC Property revolved m the Clos~ng in the year prior to the calendar year of the ClOsing !and all prior years will be paid by Seller. General real estate taxes payable Withlrespect to the Property involved in the Closing in the year of the Closing shall be prOrated by Seller and Buyer as of the Closing Date baSed upon a Calendar fiscal year. Buyer shall assume all special assessments levied or pending against the Property involved in the Closing, as of each Closing. Recording Costs.} )seller will:pay the cost of recording all documents necessary to place record title in the condition warranted by Seller in this Agreement. Buyer will paY the cost of re¢ordlCg all¢other documents, including any plat and the Limitedl Warranty Deed. AttorneYs' Fees. Each of the parties will pay its own attorneys' fees, except that a party dffaulting Under this Agreement or any Closing Document will pay the reasonable attorneYs' fees and court costs incurred by the nondefaulting party to enforce its rights regarding such default. Offset. The City may °ffsei against the Purchase Price any liens owing against the ProPerty as ofthe Closing. Title. BUyer agre'es to ;take title to the Property subject only to the Permitted Encumbrances sef forth on the attached .Exhibit E. At each Closing, Seller agrees to cause,any other' encumbrances to be released as to that portion of the Property to be conveyed at isuch Closing. It shall be a condition precedent to Buyer's obligation to close ~thaf. Buy.er:is issued, at Closing, a title policy or a suitably marked title commitment initiaIed by the Title Company obligating the Title Company to issuea title policy, subject only to the Permitted Encumbrances and other matters apprOVed: by BuYer. 7. Operation .P, rior, to Closing. Seller shall execute no contracts, leases o1' othcr agreements regarding the Property be:tween the date hereof and the last possible Closing that are not terminable On or before the Clo~ing Date, without the written consent of Buyer, which consent may be Withheld b'.y BUyer in its s01e discretion. Seller may hereafter enter into mortgages encumbering the Property or permit liens to attach to the Property, provided any holder of any mortgage or lien agrees to release its mortgage or lien as to that portion of the Property to be conveyed at each Closing. 8. IL, epresentati, on.s, and Warranties by Seller. Seller represents and warrants to Buyer that the following are t~e noW and will:be true at each Closing Date (with respect to that portion of the Property involved in such Closing): 8.1 Organiza,tion; Authority. . Seller is. duly organized and is in good standing under the laws of the State of Minnesota; Seller is duly qualified to transact business in 5