10-27-2004 Council Agenda - Laserfiche WebLink

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4. Place of Closing. The place of the closing shall be at the office of the Buyer's attorney, Lawson, Marshall, McDonald & Galowitz, P.A., 3880 Laverne Avenue North, Lake Elmo, MN 55042, or at such other location on which the parties can mutually agree. 5. Title and Remedies. In lieu of all other evidence of title, the Seller within sixty (60) days prior to the closing, shall furnish to the Buyer a Registered Property Abstract. Buyer shall order said Registered Property Abstract. The cost of said Registered Property Abstract shall be the Seller's expense. The Seller's only obligation shall be to pay for the Registered Property Abstract, and the Buyer shall be responsible for the cost of the owners title policy. If any title objections are made by Buyer, the Seller shall be allowed one hundred twenty (120) days from the date of said objections to remove those objections. The closing may be postponed pending removal, waiver or the Seller's undertaking to remove said objections. On removal or waiver of the objections and on written notice to the Buyer, the closing shall occur, and this Agreement shall be performed by the Buyer and the Seller. If such objections are not removed within these One Hundred Twenty (120) days, the Buyer at the Buyer's election, made by notice given to the Seller within five (5) days after the One Hundred Twenty (120) day period, may waive the objections and take title as is or may declare this Agreement void, and if so voided, all earnest money and other monies paid by the Buyer shall be refunded, and neither party shall be liable for damages hereunder or shall otherwise be obligated to the other. If there are title objections other than the allowable encumbrances and the standard exceptions contained in title insurance policies or if any other objections are removed or undertaken to be removed within the One Hundred Twenty (120) days or if the Buyer elects to waive the objections, and the Buyer shall default in any of the Buyer's agreements herein, then the Seller may specifically enforce or may terminate this Agreement, and if terminated, all payments made by the Buyer shall be retained by the Seller as liquidated damages. In no event shall liquidated damages for Buyer's default exceed the amount deposited by Buyer herein. This provision shall not be interpreted as depriving or affecting in any way whatsoever either party's right to specific performance of this Agreement, provided the party has not previously chosen to terminate the Agreement. 6. Real Estate Taxes and Assessments. The Buyer shall pay the real estate taxes relative to the property due and payable in the year following the year of the closing and in subsequent years, and any installments of special assessments payable therewith and thereafter. The real estate taxes and any installments of special assessments due and payable in the year of the closing shall be prorated between the Seller and Buyer from January 1 of that year to the closing. For purposes of proration, it shall be assumed that the Buyer will be in possession of the property on and as of the entire day of the closing. Real estate taxes due and payable in years prior to the closing and installments of special assessments payable therewith shall be paid by the Seller on or before the closing. The Seller has made, and make, no representations or predictions concerning the amount of real estate taxes or special assessments that may be levied against the property. Seller agrees to pay any taxes which have been deferred under the so- called "Green Acres Act ". 7. Closing Documents. Subject to performance by the Buyer and the Seller of their respective obligations hereunder, the Buyer and the Seller agree to fully execute as necessary and to deliver at the closing the following: 2 4