Agenda - Council - 09/25/2007 - Laserfiche WebLink

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7. . Seller Warranties. Seller warrants and represents to Buyer that: (a) Seller has not received any notice of a condemnation, enviroIimental, zoning or . other regulation or proceeding being instituted or planned which would detrimentally affect the use and operation of the Property for its intended purpose; . {b) Seller has not received any notice of hearing of a public improvement project from any governmental assessing authority, the costs of which may be assessed against the Property; (c) Seller does not know of any wells on the Property except as. may .otherwise be . disclosed in the Documents (this statement being made pursuant to the disclosure requirements of Minnesota Statutes section 1031.235); (d) Seller does not know of any individual sewage treatment systems on the Property or serving the Property except as may otherwise be disclosed in the Documents (this statement being made pursuant to the disclosure requirements of :Minnesota Statutes section 115.55); (e) Seller does not know of any underground or aboveground storage tanks currently on the Property, or any underground or aboveground storage tanks formerly on the Property that had a release for which no corrective action was taken. except as may otherwise be disclosed in the Documents or affidavit filed of record. copies of which will be supplied to Buyer (this statement being made pursuant to the disclosure requirements ofrvrinnesota Statutes section 116.48); 8. AS IS PURCHASE. Seller makes no representations or warranties with respect to the Property described herein, including but not limited to the environmental condition of the same, the condition of any improvements thereon, or the zoning of said Property or applicable governmental regulations covering Buyer's intended use .of said Property. By dosing hereunder, Buyer shall be deemed to .have accepted said Property "as is", "with all faults", .and subject to all applicable governmental regulations. 9. Condemnation.. If, prior to the Closing Date, eminent domain proceedings are commenced against all or any part of the Property, Seller shall immediately give notice to Buyer of such fact and at Buyer's option (to be exercised within thirty days after Seller's notice), this Agreement shall terminate, in which event neither party will have further obligations under this Agreement and the Earnest Money together with any accrued interest, shall be refunded to buyer. If Buyer shall fail to give such notice then there shall be no reduction in the Purchase Price, and Seller shall assign to Buyer at the Closing Date all of Seller's right, title and interest in and to any award made or to be made in the condemnation proceedings. Prior to the Closing Date, Seller shall not designate counsel, appear in, or otherwise act with respect. to the condemnation proceedings without Buyer's prior written ~onsent. -372-