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Agenda - Council - 09/27/2005
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Agenda - Council - 09/27/2005
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Meetings
Meeting Document Type
Agenda
Meeting Type
Council
Document Date
09/27/2005
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and no assumption of any obligation or monetary payment for which SELLER has not been fully <br />indcmnilicd. <br /> <br /> 1 1. CLOSING. Closing shall be at the office of Registered Abstracters, Inc., 2115 - 3rd <br />Avcnttc North, Anoka, Minnesota 55303, or such other office as the BUYER and SELLER may hereafter <br />agree. Closing shall take place September 30, 2005 or such earlier date as the parties hereto may agree <br />upon (thc "Closing Date"). On the Closing Date, BUYER shall deliver the Purchase Price to SELLER <br />and SI~;I,I,I:,R shall execute and/or deliver to BUYER the following (collectively, "SELLER'S Closing <br />l)ocmncnts"): <br /> <br /> a. A warranty deed, conveying the Property to BUYER, free and clear of all liens, <br />security interests, leases, restrictions, charges and encumbrances. <br /> <br /> b. A well certificate and/or a Sewage Treatment System Disclosure as required by <br />Minnesota State law. <br /> <br /> c. If it is determined prior to Closing that the Property contains or contained a <br />storage tank, an affidavit with respect thereto, as required by Minn. Stat. Section 116.48. <br /> <br /> d. A non-foreign affidavit, (FIRPTA affidavit) properly executed and in recordable <br />Ibrm, containing such information as is required by IRC Section 1445(b)(2) and its regulations. <br /> <br />e. An appropriate Federal Income Tax reporting form, if any is required. <br /> <br /> f. Such ftirther affidavits of SELLER, certificates of value or other documents as <br />may be reasonably required by BUYER'S title company in order to record the SELLER'S <br />Closing Documents and issue BUYER the owner's title insurance policy required by this <br />Agreement. <br /> <br /> 12. EVIDENCE OF TITLE. Within ten (10) days after acceptance of this Agreement, <br /> ,l:,R shall furnish BUYER a commitment for an ALTA owner's policy of title insurance covering the <br />['ropcrly issued by Registered Abstracters Inc. <br /> <br /> 13. EXAMINATION OF TITLE. BUYER shall be allowed until the date twenty (20) days <br />after receipt of such title evidence for examination of title and the making of any objections thereto, <br />whid~ ob. jections shall be in writing or they will be deemed to be waived. If any objections are so made, <br />M';l,I ,I';R shall be allowed until the Closing Date to make such title marketable, and SELLER shall use all <br />rcasomlblc elTorts to make such title marketable. <br /> <br /> It: said title is not marketable and is not so made by the Closing Date, as above provided, BUYER <br />shall have the option off <br /> <br /> a. Declaring this Agreement null and void and receiving a refund from SELLER of <br />all Earnest Money paid hereunder; or <br /> <br /> b. Waiving any defects in title and proceeding to close the transaction contemplated <br />by this Agreement. <br /> <br /> IF thc title to the Property is marketable or is made marketable by the Closing Date, and BUYER <br />delimits in any of the agreements on its part to be performed under this Agreement and continues in <br /> <br /> <br />
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