12-20-2006 Council Agenda - Laserfiche WebLink

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7. Payment of Real Estate Taxes. Sellers shall pay all delinquent real estate taxes including penalties and interest. Real estate taxes payable in 2007 shall be prorated between Sellers and Buyer as of the date of closing. Real estate taxes payable in 2008 shall be the obligation of the Buyer. SELLERS SHALL PAY ON THE DATE OF CLOSING all installments of special assessments certified for payment with the real estate taxes due and payable in the year of closing. SELLERS SHALL PAY ON THE DATE OF CLOSING all other outstanding special assessments levied as of the date of this Agreement. BUYER SHALL ASSUME special assessments pending as of the date of this Agreement for improvements that have been ordered by the City Council or other governmental assessing authorities. As of the date of this Agreement, Sellers represents that Sellers have not received a Notice of Hearing of a new public improvement project from any governmental assessing authority, the costs of which project may be assessed against the property. If a special assessment becomes pending after the date of this agreement and before the date of closing, Buyer will assume payment of the pending special assessment without adjustment to the purchase agreement price of the property. SELLER SHALL PAY ON THE DATE OF CLOSING any deferred real estate taxes or special assessments, payment of which is required as a result of the closing of this sale. 8. Damages to Real Property. In the event the property is destroyed, substantially damaged or any part thereof shall be taken by eminent domain, this Agreement shall become null and void, at Buyer's option, and all monies paid hereunder shall be refunded to Buyer. Should Buyer elect to proceed and close the transaction contemplated hereby, there shall be no reduction in or abatement of the purchase price, but Sellers shall assign to Buyer Sellers' rights, title and interests in and to all insurance proceeds or award resulting from such destruction or taking. 9. Sellers' Boundary Line Access, Restrictions, and Lien Warranties. Sellers warrant that there is a right of access to the real property from a public right -of -way. Sellers warrant that there has been no labor or material furnished to the property for which payment has not been made. Sellers warrant that there are no present violations of any restrictions relating to the use or improvement ot'the property. These warranties shall survive the delivery of the deed or contract for deed. 10. Condition of Property. a. Sellers warrant that no hazardous substances or petroleum products have been placed, stored, or released from or on the property by any person in violation of any law, nor of any underground storage tanks having been located on the property at any time, except as follows: None -2- 3