Laserfiche WebLink
<br />DRAFT Earnest Money <br />Draft Date: July 19, 2006 <br />Page 2of6 <br /> <br />5. SPECIAL ASSESSMENTS <br /> <br />SELLER SHALL PAY on the date of closing all installments of special assessments, certified for <br />payment with the real estate taxes due and payable in the year of closing. <br /> <br />SELLER SHALL PAY ON DATE OF CLOSING all other special assessments levied as of the date of <br />this Agreement. <br /> <br />SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending as of the date of this <br />Agreement for improvements that have been ordered by the City Councilor any other governmental or <br />private assessing authorities. (Seller's provision for payment shall be by payment into escrow of 1 1/2 <br />times the estimated amount of the assessments.) If a special assessment becomes pending after the <br />date of this Purchase ~greement and before the date of closing, Buyer may, at Buyer's option: (a) <br />assume payment of the pending special assessment without adjustment to the purchase price; or (b) <br />require Seller to pay the pending special assessment (or escrow for payment of same a sum equal to 1 <br />1/2 times the project pending assessment) and Buyer shall pay a commensurate increase in the <br />purchase price of the property, which increase shall bethe same as the estimated amount of the <br />assessment; or (c) declare this Purchase Agreement terminated by written notice to Seller. If Buyer <br />terminates this Agreement, Buyer and Seller shall immediately sign a cancellation of purchase . <br />agreement. Seller shall pay on date of closing any deferred real estate taxes or special assessment <br />payments which are required as a result of the closing of this sale. <br /> <br />6. PRORATIONS <br /> <br />All items customarily prorated and adjusted in connection with the closing of the sale of the property <br />herein including but not limited to rents, operating expenses, interest on any debt assumed by Buyer, <br />shall be prprated as of the date of closing. It shall be assumed that Buyer will own the property for the <br />entire date of closing. <br /> <br />7. DAMAGE TO REAL PROPERTY <br /> <br />If there is any loss to the property between the date hereof and the date of closing, for any reason, the <br />risk of loss shall be to the Seller. If the property is destroyed or substantially damaged before the <br />closing, this Purchase Agreement shall terminate, at Buyer's option, if Buyer gives written notice to <br />Seller of such termination within thirty (30) days of the damage. Upon said termination, Buyer and <br />Seller shall immediately sign a cancellation of purchase agreement. <br /> <br />8. EXAMINATION OF TITLE <br /> <br />Within a reasonable time after acceptance of this Purchase Agreement, Seller shall provide evidence of <br />title to Buyer or Buyer's designated title service provider, which shall include proper searches covering <br />bankruptcies, state and federal judgments and liens, and levied and pending special assessments, as <br />follows: <br /> <br />IF THE PROPERTY IS ABSTRACT, Seller shall provide either (a) a commitment for an owner's policy <br />of title insurance on a current AL T A form issued by an insurer licensed to write title insurance in <br />Minnesota and Seller shall pay the costs of evidence of title for such title insurance policy, and Buyer <br />shall pay the premium for any owner's policy or lender's policy issued by the title insurance company, <br />the title examination fee and the fee for any endorsements or other coverages requested by Buyer; or <br />