Agenda - Council - 10/23/2007 - Laserfiche WebLink

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(d) Utilities Buyer shall have determined that the Property is or will be, within a time period acceptable to Buyer, serviced by all necessary utilities in order to support Buyer's proposed use, all without cost to Buyer. (e) Environmental Buyer shall have determined that it is satisfied with the results of and matters disclosed by soil tests, engineering inspections, and hazardous waste and environmental reviews of the Property and Buyer shall have obtained a "no- association" letter for the Property from the Minnesota Pollution Control Agency. The "Contingency Date" shall be thirty (30) days after the Effective Date. If any such contingency has not been satisfied on or before the stated date, then this Agreement may be terminated, at Buyer's option, by written notice from Buyer to Seller. Such notice of termination may be given at any time on or before the Contingency Date. Upon such termination, the Earnest Money and any interest accrued thereon shall be released to Buyer and upon such return, neither party will have any further rights or obligations regarding this Agreement or the Property. If not terminated on or before the "Contingency Date" by Buyer, then in such event, all Earnest Money shall be non- refundable, except for Seller's obligations as provided in this Purchase Agreement. All the contingencies set forth in this Agreement are specifically stated and agreed to be for the sole and exclusive benefit of the Buyer and the Buyer shall have the right to unilaterally waive any contingency by written notice to Seller. 4. Closing The closing of the purchase and sale contemplated by this Agreement (the "Closing ") shall occur on (i) the later of the date which is ten (10) business days after the earlier of the Contingency Date; or (ii) the date when Buyer shall give notice to Seller that all contingencies which are to have been satisfied have been waived or satisfied (the "Closing Date"). The Closing shall take place at the office of Barna, Guzy & Steffen, Ltd., 400 Northtown Financial Plaza, 200 Coon Rapids Blvd.,. in Coon Rapids, Minnesota, or at such other place as may be agreed to. Seller agrees to deliver possession of the Property to Buyer on the Closing Date. A. Seller's Closing Documents On the Closing Date, Seller shall execute and/or deliver to Buyer the following (collectively "Seller's Closing Documents "): (1) Deed A Warranty Deed, in form reasonably satisfactory to Buyer, conveying the Real Property to Buyer, free and clear of all encumbrances, except the Permitted Encumbrances hereafter defined. (2) Seller's Affidavit An Affidavit of Title by Seller indicating that on the Closing Date there are no outstanding, unsatisfied judgments, tax liens or bankruptcies against or involving Seller or the Real Property; that there has been no skill, labor or material furnished to the Real Property for which payment has not been made or for which mechanics' liens could be filed; and that there are no other unrecorded interests in the Real Property, together with whatever standard owner's affidavit and/or indemnity (ALTA Form) which may be required title company. —158—