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01-28-2004 Additions
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01-28-2004 Additions
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5/1/2012 2:35:07 PM
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e. Exceptions to title, which constitute encumbrances, restrictions, or easements which have <br />been disclosed to Buyer and accepted by Buyer in this Purchase Agreement (must be <br />specified in writing); <br />7. Payment of Real Estate Taxes. Seller shall pay all delinquent real estate taxes including penalties and <br />interest. Real estate taxes payable in 2004 shall be prorated between Seller and Buyer as of the date of closing. Real <br />estate taxes payable in 2005 shall be the obligation of the Buyer. <br />SELLER SHALL PAY ON THE DATE OF CLOSING all installments of special assessments certified for payment <br />with the real estate taxes due and payable in the year of closing. <br />SELLER SHALL PAY ON THE DATE OF CLOSING all other outstanding special assessments levied as of the <br />date of this Agreement. <br />BUYER SHALL ASSUME special assessments pending as of the date of this Agreement for improvements that <br />have been ordered by the City Council or other governmental assessing authorities. As of the date of this <br />Agreement, Seller represents that Seller has not received a Notice of Hearing of a new public improvement project <br />from any governmental assessing authority, the costs of which project may be assessed against the property. If a <br />special assessment becomes pending after the date of this agreement and before the date of closing, Buyer will <br />assume payment of the pending special assessment without adjustment to the purchase agreement price of the <br />property. <br />SELLER SHALL PAY ON THE DATE OF CLOSING any deferred real estate taxes or special assessments, <br />payment of which is required as a result of the closing of this sale. <br />8. Damages to Real Property. In the event the property is destroyed, substantially damaged or any part <br />thereof shall be taken by eminent domain, this Agreement shall become null and void, at Buyer's option, and all <br />monies paid hereunder shall be refunded to Buyer. Should Buyer elect to proceed and close the transaction <br />contemplated hereby, there shall be no reduction in or abatement of the purchase price, but Seller shall assign to <br />Buyer Seller's rights, title and interests in and to all insurance proceeds or award resulting from such destruction or <br />taking. <br />9. Seller's Boundary Line, Access, Restrictions, and Lien Warranties. Seller warrants that there is a <br />right of access to the real property from a public right -of -way. Seller warrants that there has been no labor or <br />material furnished to the property for which payment has not been made. Seller warrants that there are no present <br />violations of any restrictions relating to the use or improvement of the property, except those being processed by the <br />City of Little Canada of which the Buyer is fully aware. These warranties shall survive the delivery of the deed or <br />contract for deed. <br />10. Condition of Property. <br />-2- <br />4 <br />
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