Laserfiche WebLink
June 3, 2021 <br />Page 3 <br />9. Prorations, Costs and <br />Deed Taxes: <br />10. Purchase Agreement: <br />11. Real Estate Commission: <br />In the event that Magellan determines for whatever reason and in <br />its sole discretion that any matter whatsoever regarding the <br />Property is not acceptable, Magellan shall notify Seller thereof <br />within the Investigation/Due Diligence Period, in which event the <br />Purchase Agreement shall, at Magellan's option, terminate and <br />Magellan shall be entitled to a full and prompt refund of the <br />earnest money. <br />Magellan s obligation to complete the purchase of the Property <br />will be contingent upon the verification and approval of title, <br />survey and other matters that are customarily found in an <br />agreement for the purchase and sale of real property, as well as <br />obtaining approvals and licenses necessary to construct and <br />operate Magellan's proposed development of the Property and any <br />required zoning approvals. <br />Except as provided below, operating expenses, real estate taxes, <br />service contracts and all other items customarily prorated in <br />commercial transactions of this type shall be prorated at closing <br />and shall be reported after closing as soon as final information is <br />available relative to such prorations. Deed taxes will be the sole <br />responsibility of the Seller. <br />Seller will pay the real estate taxes, special assessments and any <br />penalties and interest thereon due and payable with respect to the <br />Property for all years prior to the year of closing and which are <br />payable in the year of closing, including all real estate taxes and <br />special assessments together with interest thereon which have <br />been deferred. Buyer will pay the cost of recording the general <br />warranty deed. Seller will pay the cost of recording any <br />documents necessary to perfect its own title or which release any <br />encumbrances. <br />Both parties acknowledge that time is of the essence and that they <br />will use commercially reasonable efforts to sign a mutually <br />acceptable Purchase Agreement. Magellan also understands <br />Seller's approval process which will require EDA and City of <br />Ramsey City Council approvals. <br />Jason Palmby, the owner of Magellan Land Development has a <br />real estate broker's license. There are no brokerage commissions <br />involved in this transaction. <br />12. Attorneys' Fees: Each of the parties will pay its own attorneys', accountants' and <br />consultants' fees. <br />3 <br />