08-08-2007 Council Agenda - Laserfiche WebLink

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required by the Minnesota Pollution Control Agency, including any cleanup or remediation required by said agency, and shall have obtained a closing letter therefore from the Minnesota Pollution Control Agency. If any such contingency has not been satisfied on or before the Closing 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 Closing Date. Upon such termination, neither party will have any further rights or obligations regarding this Agreement or the Property, all Earnest Money will be returned to Buyer, and the parties shall execute a written cancellation of this Agreement. All of 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 or before October 31, 2007 (the "Closing Date "). The closing shall take place at the office of Land Title, Inc. in Little Canada, Minnesota. Seller agrees to deliver possession of the Property to Buyer at Closing. Seller shall keep property insured until closing and shall assume all liability from the continued use of the property until possession is granted to the Buyer. 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) Title Policy. The Title Policy, or a suitably marked up Commitment for Title Insurance initialed by the Title Company, in the form required by this Agreement. (3) Opinion of Seller's Counsel. If Seller is a corporation, partnership, or other entity, and if 4