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22. SPECIAL ASSESSMENTS. Special assessments shall be paid as follows: <br /> <br />GM shall pay on date of closing all installments of special assessments certified for payment <br />with the real estate ~xes due and payable in the year of closing. <br /> <br />GM shall pay on date of closing all other special assessments levied as of the date of <br />closing. <br /> <br />CITY shall assume special assessments pending as of the date of closing for improvements <br />that have been ordered by the City Council or other assessing authorities. <br /> <br />GM shall pay on date of closing any deferred real estate taxes (i.e., Green Acres, etc.) or <br />special assessments payment of which is required as a result of the closing of this sale; <br /> <br />CITY shall pay real estate taxes due and payable in the year following closing and <br />thereafter and any unpaid special assessments payable therewith and thereafter, the payment <br />of which is not otherwise provided. <br /> <br /> 23. ACCEPTANCE. CITY understands and agrees that this Agreement is subject to <br />acceptance by GM in writing. <br /> <br />24. INSPECTION. CITY has the right to inspect the property prior to closing. <br /> <br /> 25. WARRANTIES. GM WARRANTS THAT PRIOR TO THE CLOSING DATE <br />PAYMENT IN FULL WILL HAVE BEEN MADE FOR ALL LABOR, MATERIALS, <br />MACHINERY, FIXTURES OR TOOLS FURNISHED WITHIN THE 120 DAYS <br />IMMEDIATELY PRECEDING THE CLOSING DATE IN CONNECTION WITH <br />CONSTRUCTION, ALTERATION OR REPAIR OF ANY STRUCTURE ON OR <br />IMPROVEMENT TO THE GMPROPERTY. <br /> <br />GM WARRANTS THAT GM HAS NOT RECEWED ANY NOTICE FROM ANY <br />GOVERNMENTAL AUTHORITY AS TO VIOLATION OF ANY LAW, ORDINANCE OR <br />REGULATION. IF THE GMPROPERTY IS SUBJECT TO RESTRICTIVE COVENANTS, GM <br />WARRANTS THAT GM HAS NOT RECEIVED ANY NOTICE FROM ANY PERSON OR <br />AUTHORITY AS TO A BREACH OF THE COVENANTS. ANY NOTICES RECEIVED BY <br />GM WILL BE PROVIDED TO CITY IMMEDIATELY. <br /> <br /> 26. RISK OF LOSS. If there is any loss or damage ~o the GM Property between the <br />date hereof and the date of possession, for any reason including fire, vandalism, flood, earthquake or <br />act of God, the risk of loss shall be on GM. GM shall maintain public liability insurance on the <br />property until GM vacates the GM Property. <br /> <br /> 27. UNDERGROUND TANKS. To the best of GM'S knowledge there are no <br />underground tanks on the GM Property. <br /> <br />8 <br /> -249- <br /> <br /> <br />