12-20-2017 Council Packet - Laserfiche WebLink

Home Browse Search

4 (c) Real Estate Taxes and Special Assessments. On the Closing Date, Seller shall pay all real estate taxes due and payable in years prior to the year of Closing, Seller shall pay all special assessments levied, pending or deferred against the Property as of the Closing Date, including special assessments certified for payment with the current year’s real estate taxes and all deferred assessments. Real estate taxes payable in the year of Closing shall be prorated by Seller and Buyer as of the Closing Date based upon a calendar fiscal year. (d) Recording Costs. Buyer shall pay the documentary fee necessary to record the Warranty Deed, and all other recording fees necessary to place the title in Buyer’s name. Buyer will pay the cost of recording all other documents. 10. Title Examination. Title Examination will be conducted as follows: (A) Seller's Title Evidence. Seller shall, furnish the following (collectively "Title Evidence") to Buyer: (a) Title Commitment. Seller shall at its expense furnish to Buyer within thirty (30) days of the Effective Date, a commitme nt ("Title Commitment") from the Title reasonably acceptable to Buyer for an ALTA Owner's Policy of Title Insurance insuring title to the Property, deleting standard exceptions other than survey and including affirmative insurance regarding zoning, contiguity, appurtenant easements, in the amount of the Purchase Price and subject only to matters waived by Buyer and the Permitted Encumbrances Title shall also deliver to the Buyer copies of all documents listed on Schedule B-2 of the Title Commitment. (b) Survey. Seller shall, within thirty (30) days following the Effective Date, furnish Buyer a current survey ("Survey") prepared by a registered land surveyor licensed to practice in the State of Minnesota certified to Buyer, ALTA Standards, and Title of the Property showing the following: i. Legal description of the Property. ii. Location of all perimeter property lines. iii. Location of all streets adjacent to the Property. iv. Location of all easements and other matters described in the record title to the Property. v. Location of all visible utility lines as they service or effect the Property and improvements (sewer, water, gas, electric and telephone). vi. Location of all encroachments or containing a positive statement that there are no encroachments. vii. Stating all distances, angles, assumed bearings and other calls contained in the legal description and stating the total number acreage of the property to 1/100th of an acre. (B) Buyer's Objections. Within fifteen (15) days after receiving the last of the Title Evidence, Buyer will make written objections ("Objections") to the form and/or contents of the Title Evidence. Buyer's failure to make Objections within such time period will constitute waiver of Objections. Any matter shown on such Title Evidence and not objected to or waived by Buyer shall be a Permitted Encumbrance hereunder. Seller will have 120 days after receipt of the Objections to cure the Objections, during which period the Closing will be postponed as necessary. Seller shall use its best efforts to correct any Objections. Notwithstanding the foregoing, if Seller reasonably believes that the Objection cannot be cured within 120 day period, Seller shall have the right to notify Buyer that the Seller does not intend to cure the Objection. In that event, Buyer will have the option to do one of the following: (a) Terminate this Agreement and receive a refund of the Earnest Money and the interest