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04-11-2018 Council Packet
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04-11-2018 Council Packet
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6 <br />9.3.2 Assessments. All charges for improvements or services already made to or <br />which benefit the Property, and all levied and pending assessments (general or special) <br />arising out of or in connection with any assessment district created or confirmed prior to <br />Closing Date ("Assessments") shall be paid in full by Seller at Closing. <br /> <br />9.3.3 Tax Amount Unknown. If the Closing shall occur before the tax rate is fixed <br />for the then current year, the apportionment of Taxes shall be made upon 110% of the most <br />current estimate of such Taxes [and Assessment installments], assuming for estimated <br />purposes that the Real Property is fully assessed. Seller shall deposit such sum in escrow <br />and all interest earnings on such deposit will be paid to Seller. Title will retain such deposit to <br />pay Seller's share of actual Taxes [and installments of Assessments (including interest) <br />payable therewith] and shall pay any excess over to Seller. [Seller will pay any deficiency <br />when such general real estate taxes and installments of special assessments (including <br />interest) payable therewith are known.] <br /> <br />9.4 Recording Costs. Seller will pay the cost of recording all documents <br />necessary to place record title in the condition warranted by Seller and requested by Buyer in <br />this Agreement. Buyer will pay the cost of recording all other documents. <br /> <br />9.5 Other Costs. All other operating costs of the Property will be allocated <br />between Seller and Buyer as of the Closing Date, so that Seller pays that part of such other <br />operating costs payable before the Closing Date, and Buyer pays that part of such operating <br />costs payable from and after the Closing Date. <br /> <br />9.6 Attorney's Fees. Each of the parties will pay its own attorneys' fees, except <br />that a party defaulting under this Agreement or any closing document will pay the reasonable <br />attorneys' fees and court costs incurred by the non-defaulting party to enforce its rights <br />regarding such default. <br /> <br />10. Title Examination. Title examination will be conducted as follows: <br /> <br />10.1 Seller's Title Evidence. Seller shall within twenty (20) days after the date of <br />this Agreement, furnish to Buyer, at Seller's cost and expense, the following (collectively, <br />"Title Evidence"): <br /> <br />10.1.1 Title Insurance Commitment. A commitment ("Title Commitment") for an <br />ALTA Form B 1970 Owner's Police of Title Insurance insuring title to the Real Property, deleting <br />standard exceptions and including affirmative insurance regarding zoning, contiguity, <br />appurtenant easements and such other matters as may be identified by Buyer, in the amount of <br />the Purchase Price, issued by Ancona Title, Inc., as agent for Stewart Title Guaranty Company, <br />the title Commitment will commit Title to insure title to the Property subject only to Permitted <br />Encumbrances. <br /> <br />10.1.2 Survey. Seller shall provide a copy of any survey the have under taken <br />since their acquisition of the Property. Any additional survey required by Buyer to satisfy <br />Buyer’s needs shall be the responsibility of Buyer. <br /> <br /> 10.1.3 UCC Searches. A report of UCC Searches made of the Uniform Commercial <br /> Code records of the Secretary of State of Minnesota, made by either said Secretary of <br />State or by a search firm acceptable to Buyer, showing no UCC filings regarding any of the <br />Property. <br /> <br /> 10.1.4 Encumbrances. A copy of every document referenced as an exception to the <br />title of the Real Property (including without limitation the Permitted Encumbrances) as <br />described in the title Commitment.
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