Laserfiche WebLink
1 .. <br />Respondent is greater than the actual amount of the Acquisition Damages). The final <br />payment of the Acquisition Damages to Stipulating Respondent and the Mortgage Payoff • <br />Amount to the Bank shall constitute full and final payment of all compensation due to <br />Stipulating Respondent. Any such payments shall be made in accordance with payment <br />instructions to be provided by Stipulating Respondent. In the event no such'instructions <br />have been provided to Petitioner as of the Transfer Date, Petitioner shall pay the <br />Acquisition Damages described above by cashier's check payable to Stipulating <br />Respondent and delivered to Allen Barnazd, counsel for Stipulating Respondent, at the <br />offices of Best & Flanagan, Minneapolis, Minnesota, and Petitioner shall pay the <br />Mortgage Payoff Amount as provided in the Mortgage. <br />6. For purposes ofthis-Stipulation in Settlement, Acquisition Damages shall be computed as <br />follows: It Shall Be Two Million Five Hundred Sixty-Five Thousand and no/100 <br />($2,565;000.00) Dollazs less the following: (1) the Mortgage Payoff Amount; and (2) • <br />any unpaid portion of Stipulating Respondent's obligation to pay real estate taxes and <br />installments of special assessments due and payable in 2003 and allocable to the period <br />from January 1; 2003 to the Transfer Date, as provided in paragraph 15 hereof. To the <br />extent such accounts are used to reduce the Mortgage Payoff Amount, Acquisition <br />Damages shall be increased by any escrow or reserve accounts including, but not limited <br />to tax escrow, insurance escrow or any replacement reserve or tenant improvement <br />reserve, which accounts were held by the Bank under the Mortgage. Stipulating <br />Respondent represents that pursuant to the terms of the Mortgage and the promissory <br />note secured thereby, the Bank has been informed of this action and the proposed <br />settlement of this action by Stipulating Respondent. <br />•i <br />r~ <br />' j <br />