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

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12. BUYER'S INDEMNITY. BUYER will indemnify SELLER, its successors and assigns, against, and will hold SELLER, its successors m~d assigns, harmless from, any expenses or damages, including reasonable attorneys' fees, that SELLER incurs because oft. he breach of any of the representations and warranties contained in Paragraph I 1, whether such breach is discovered before or after closing. Each of the representation and warranties herein contained shall survive the Closing. Wherever herein a representation is made "to the best knowledge of BUYER", such representations is limited to the actual knowledge of BUYER. Consummation of this Agreement by SELLER with knowledge of any such breach by BUYER will not constitute a waiver or release by SELLER of any claims due to such breach. BUYER shall have the right to assume defense of any claim asserted by a third party against SELLER for which BUYER is indemnifying SELLER under this paragraph 12 with counsel reasonably acceptable to SELLER so long as BUYER is diligently defending such claim; provided that SELLER may participate in such proceeding at SELLER'S expense unless there is an actual or potential material conflict of interest (which is not waived by the parties) of the counsel for BUYER representing both BUYER and SELLER in which event BUYER shall also pay the legal fees and expenses of SELLER in connection with such claim or proceeding. Neither BUYER nor SELLER shall settle any such claim without the consent of the other (which consent shall not be unreasonably witltheld, conditioned or delayed), unless such settlement requires no admission of liability on the part of the other and no assumption of any obligation or monetary payment for which SELLER has not been fully indemnified. 13. CLOSING. Closing shall be at the office of REGISTERED ABSTRACTERS, INC., 2115 - 3rd Avenue North, Anoka. Minnesota 55303, or such other office as the BUYER and SELLER may hereafter agree. Closing shall take place within one hundred twenty (120) days from the date of this Agreement or such earlier date as the parties hereto may agree upon (the "Closing Date"). On the Closing Date, BUYER shall deliver the Purchase Price to SELLER and SELLER shall execute and/or deliver to BUYER the following (collectively,~ "SELLER'S Closing Documents"): A warranty deed, conveying the Property to BUYER, free and clear of all liens, security interests, leases, restrictions, charges and encumbrances. bo A well certificate and/or a Sewage Treatment System Disclosure pursuant to Paragraph 10.k(5). If the Property contains or contained a storage tank, an affidavit with respect thereto, as required by Minn. Stat. Section 116.48. A non-foreign affidavit, (FIRPTA affidavit) properly executed and in recordable form, containing such information as is required by IRC Section 1445(b)(2) and its regulations. e. An appropriate Federal Income Tax reporting form, if any is required. Such further affidavits of SELLER. certificates of value or other documents as may be reasonably required by BUYER'S title compm~y in order to record the SELLER'S Closing Documents and issue BUYER the owner's title insurance policy required by this Agreement. 6 -268-