Agenda - Council - 06/27/2006 - Laserfiche WebLink

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a. SELLER has all requisite power and authority under its trust to enter into and to perform this Agreement according to its terms, b. SELLER has duly and validly authorized and executed this Agreement and the consummation of the transactions contemplated thereby will not constitute a default under SELLER'S organizational documents and SELLER is not otherwise in contravention of any law, order, ordinance or governmental restriction or regulation by which SELLER is bound or subject. c. There are no unrecorded contracts, leases, purchase options, rights of fkst refusal, easements or any other agreements or claims of any th/rd party which grant any other party any right of use or occupancy with respect to the Property or any portion thereof or which affect the title to the Property, except as disclosed on the attached scheduled titled "Permitted Encumbrances". d. SELLER will convey on the Closing Date, the Property, free and clear of all liens, security interests, leases, restrictions, charges and encumbrances, other than described or attached hereto as Permitted Encumbrances. e. There are no management, maintenance, supply, utility or service contracts or commitments relating to the Property which wilI extend beyond the Closing Date, which are not cancelable without penalty or premium upon not more than 30 days advance notice. f. All services or material which have been furnished to the Property have been fully paid for or will be fully paid for prior to the Closing Date so that no lien for services or materials rendered (commonly known as mechanic's or materialmen' s liens) can be asserted against the Property. All water, sewer and refuse bins for such services which have been furnished to the Property have been fully paid for or will be fully paid for prior to the Closing Date so that no lien therefore can be asserted against ~e Property. g. SELLER is not in default, nor has there occurred any event which, with the passage of time or notice from a third party, or both, would constitute a default under any underlying financing or covenant affecting the Property or any part thereof, h. SELLER is neither a "foreign person" nor a "foreign corporation" (as those terms are defined in Section 1445 of the Internal Revenue Code of 1986, as amended). i. SELLER warrants that there is a right of access to the Property from a public right of way. SELLER warrants that there are no present violations of any restrictions relating to the use or improvement of the Property. These warranties shall survive the delivery of the deed or contract for deed. j. That there are not now, nor have there ever been underground or above ground storage tanks of any size or type located on the Property nor any Hazardous Substances (defined below) located on the Property in violation of applicable governmental requirements, and the Property has not been used in connection with the generation, disposal, storage, treatment or transportation of Hazardous Substances in violation of applicable governmental requirements. For purposes of this Agreement, the term "Hazardous Substances" includes but is not limited to substances defined as "hazardous substances," "toxic substances," "hazardous wastes," "pollutants" or "contaminants" under federal or Minnesota law. The term "Hazardous Substance" shall also include asbestos, polychlorinated biphenyls, petroleum, including crude oil 3 -359-