08-11-2004 Council Agenda - Laserfiche WebLink

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(4) If the State of Minnesota is acquiring all or a major portion of the property, mortgages (if any) on the property shall be satisfied in full by the State of Minnesota. The amount paid by the State of Minnesota to satisfy. said mortgage(s) shall be deducted from the amount to be paid to the owners under the terns of this agreement. The amount paid by the State of Minnesota to satisfy the mortgage(s) shall include interest on the mortgage(s) to date that payment is made to the mortgage holder. (5) If the State of Minnesota is acquiring only a minor portion of the property, and the property is encumbered by a mortgage, it shall be the responsibility of the owners to furnish a partial release of mortgage. The mortgage holder will be included as a payee along with the owners on the check drawn in payment for the property. Any fee charged by the mortgage holder for the partial release of mortgage must be paid for by the owners. (6) The owners will pay all delinquent (if any) and all current real estate taxes, whether deferred or not, which are a lien against the property. Current taxes shall include those payable in the calendar year in which this document is dated. The owners will also pay in full any special assessments, whether deferred or not, which are a lien against the property. The owners' obligation to pay deferred taxes and assessments shall continue after the sale and shall not merge with the delivery and acceptance of the deed. (7) If encumbrances, mechanics liens or other items intervene before the date the instrument of conveyance is presented for recording and same are not satisfied or acknowledged by the owners as to validity and amount and payment thereof authorized by the owners, said instrument of conveyance shall be returned to the owners. (3) Payment to the owners shall be made in the due course of the State's business after payment of taxes, assessments, mortgages and all other liens or encumbrances against said real estate. The owners will not be required to vacate the property until the owners have received payment. (9) No payments shall be made of any part of the consideration for said sale until marketable title is found to be in the owners and until said instrument of conveyance has been recorded. (10) The owners hereby acicnowledge receipt of a copy of the instrument of conveyance executed by them on this date, and a copy of this offer and memorandum. (1 1) It is understood that unless otherwise hereinafter stated the State acquires all appurtenances belonging to the premises including: OWNERS: CITY OF LITTLE CANADA BY: ITS: MAYOR AND: ITS: CLERK (Address of' Owner where acceptance is to be mailed.)