Agenda - Council - 01/10/2006 - Laserfiche WebLink

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R.H. obtaining, at ILH.'S expense, soil tests which indicate that the Property may be improved without extraordinary building methods or costs. 2. FLOOD PLAIN. CITY warrants that the property is not in the designated 100 year flood plain area. 3. DEED/MARKETABLE TITLE. Upon performance by R.H., CITY shall deliver a General Warranty Deed, conveying marketable title, subject to: Building and zoning laws, ordinances, state and federal regulations; Restrictions relating to use or improvement of the property without effective forfeiture provisions; Reservation of any mineral fights by the State of Minnesota; and Utility and drainage easements. 4. TITLE & EXAMINATION. CITY shall, within a reasonable time after acceptance of this agreement, furnish a title insurance commitment to R.H.. R.H. 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 R.H.'S written title objections to notify 1LH. of CITY'S intention to make title marketable within 120 days from CITY'S receipt of such written objection. If notice 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 R.H. 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 ILH.; neither party shall be liable for damages hereunder to the other and eamest money shall be refunded to R.H.; 1LH. and CITY agree to sign cancellation 0f Purchase Agreement. 5. REAL ESTATE TAXES. Real estate taxes shall be paid as follows: R.H. shall pay, prorated from day of closing, real estate taxes due and payable in the year 2006. CITY shall pay real estate taxes due and payable in the year 2005 and all previous 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 warrants taxes due and payable in the year 2006 will be non-homestead classification. The CITY makes no representation concerning the amount of subsequent real estate taxes. 6. SPECIAL ASSESSMENTS. Special assessments shall be paid as follows: CITY shall pay on date of closing all installments of special assessments certified for payment with the real estate taxes due and payable in the year of closing. R.H. shall assume on date of closing all other special asse}sments levied as of the date of closing. 3 -193-