08-08-2007 Council Agenda - Laserfiche WebLink

Home Browse Search

7. the best follows: (a) Property in the ordinary course of business in accordance with prudent, reasonable business standards, including the maintenance of adequate liability insurance and insurance against loss by fire, windstorm and other hazards, casualties and contingencies, including vandalism and malicious mischief. Seller shall execute no contracts, leases or other agreements regarding the Property during the Executory Period that are not terminable on or before the Possession Date, without the written consent of Buyer, which consent may be withheld by Buyer at its sole discretion. Representations and Warranties by Seller. Seller, to of their knowledge, represents and warrants to Buyer as Authority. If Seller is a corporation, partnership or other entity, Seller represents that it is duly organized and is in good standing under the laws of the State of Minnesota; Seller is duly qualified to transact business in the State of Minnesota; Seller has the requisite power and authority to enter into and perform this Agreement and those Seller's Closing Documents signed by it; such documents have been duly authorized by all necessary action on the part of Seller and have been duly executed and delivered; such execution, delivery and performance by Seller of such documents does not conflict with or result in a violation of Seller's Articles of Organization or Operating Agreement, or any judgment, order, or decree of any court or arbiter to which Seller is a party; such documents are valid and binding obligations of Seller, and are enforceable in accordance with their terms. (b) Title to Property. Seller owns the Property, free and clear of all encumbrances except the Permitted Encumbrances identified on Exhibit B attached hereto (the "Permitted Encumbrances "). (c) Utilities. Seller has received no notice of actual or threatened reduction or curtailment of any utility - 1 0 -