Agenda - Council - 04/25/2006 - Laserfiche WebLink

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any portion of the Development Property which is registered property; provided, however, Developer shall pay the premium for the policy of title insurance. (d) A standard Seller's Affidavit with respect to judgments, bankruptcies, tax liens, mechanics liens', parties in possession, unrecorded interests, encroachment or boundary line questions, and related matters, properly executed on behalf of City. (e) Any well certificate required by M.S. § 1011.235. The Assessment Agreement. (g) The Lien Agreement. (h) The Agreement to Pay Deficiencies. (i) If requested, a subordination agreement, subordinating the Lien Agreement to a First Mortgage granted against the Development Property by Developer. The terms of any subordination agreement shall be acceptable to the City. At the closing, Developer shall execute, where appropriate, and/or deliver to the City: (j) The Development Permit. (k) The Assessment Agreement. (1) The Lien Agreement. (m) The Agreement to Pay Deficiencies. (n) Cashiers Check in the amount of $50,000.00, payable to the City, in order to compensate the City for the difference between the value of the Development Property and the Public Improvements and the Financial Assistance provided by tl~e City. Section 2.7. Real Estate Taxes, Special Assessments, Utility Bills and Deed Stamps. Real estate taxes due and payable in all years prior to that in which closing occurs, including any amounts otherwise payable in such years which may have been deferred pursuant to the Minnesota Statutes or other applicable law, shall be paid by City. Real estate taxes due and payable in the year in which closing occurs, including any amount otherwise payable in such year which may have been deferred pursuant to the Minnesota Statutes or other applicable law, shall be prorated as of the Closing Date based upon the parties' respective periods of ownership of the Development Property in the calendar year of closing. On or prior to the Closing Date, City shall pay all special assessments, including, but not limited to roadway or other like improvements to the Development Property, whether or not then due, then levied against the Development Property or pending for improvements with respect to which, as of the date of this Agreement, the letting of contracts has been duly authorized by appropriate governmental action. The City shall not make any special assessments in the future for the initial construction of the Public Improvements -183-