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Agenda - Economic Development Authority - 02/08/2024
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Agenda - Economic Development Authority - 02/08/2024
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3/14/2025 11:55:34 AM
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2/6/2024 1:53:06 PM
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Meetings
Meeting Document Type
Agenda
Meeting Type
Economic Development Authority
Document Date
02/08/2024
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2. Seller shall pay all special assessments levied or pending against <br /> the Property as of the Closing Date. <br /> 3. Seller's own attorney's fees. <br /> 4. One-half the cost of any closing fees. <br /> 5. The cost of real estate broker commission fees as prescribed in <br /> Section 14. <br /> 6. State Deed Tax <br /> 11. At Closing Buyer must pay the Purchase Price to Seller and the following <br /> costs and expenses: <br /> 1. Buyer's portion of prorated property taxes. <br /> 2. Buyer's own attorney's fees. <br /> 3. One-half the cost of any closing fees. <br /> 4. Documentary and recording fees for the deed(s). <br /> 5. The cost of the owner's title insurance policy, if Buyer elects to <br /> purchase an Owner's title insurance policy. <br /> d. Possession. Seller must deliver possession of the Property to Buyer at Closing. <br /> 14. REAL ESTATE BROKERS. Seller and Buyer represent and warrant to each other that <br /> they have dealt with brokers, real estate agents, finders or the like in connection with this <br /> transaction, other than CBRE, Inc. ("Sellers Broker") and Jones Lang Lasalle Brokerage, <br /> Inc ("Buyer Broker"). Seller shall pay Seller's Broker as required by their agreement <br /> 3.5% of final gross sale price and Buyers Broker 3.5% of final gross sales price. Seller <br /> and Buyer agree to indemnify each other and to hold each other harmless against all <br /> claims, damages, costs or expenses of or for any broker's fees or commissions resulting <br /> for their actions or agreements regarding the execution or performance of this <br /> Agreement, other than the fees payable to Seller's Broker, and will pay all costs of <br /> defending any action or lawsuit brought to recover any such fees or commissions <br /> incurred by the other party, including reasonable attorney's fees. <br /> 15. ASSIGNMENT. This Agreement may not be assigned without the written consent of <br /> the non-assigning Party. The Seller recognizes the Buyer intends to assign this <br /> Agreement to an affiliated special purpose entity that will be registered officially with the <br /> State of Minnesota. <br /> 16. THIRD PARTY BENEFICIARY. There are no third-party beneficiaries of this <br /> Agreement, intended or otherwise. <br /> 17. JOINT VENTURE. Seller and Buyer, by entering into this Agreement and completing <br /> the transactions described herein, shall not be considered joint ventures or partners. <br /> 18. CAPTIONS. The paragraph headings or captions appearing in this Agreement are for <br /> convenience only, are not a part of this Agreement, and are not to be considered in <br /> interpreting this Agreement. <br /> Page 8of13 <br />
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