10-27-2004 Council Agenda - Laserfiche WebLink

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(a) A Warranty Deed conveying marketable title to the property to the Buyer free and clear of all liens and encumbrances, except the following allowable encumbrances: (i) Building and zoning laws, ordinances, state and federal regulations, provided they do not adversely affect the present use of the property: (ii) Utility, drainage, and other easements of record, provided they do not interfere with the use and location of the proposed improvements and do not render the title unmarketable; (iii) Real estate taxes and special assessments to be paid by the Buyer pursuant hereto; (iv) Easements and restrictions of record; (v) Reservation of any minerals or mineral rights to the State of Minnesota, if any; (vi) Deed Restriction/Reversionary Rights. Within one (1) year from the date of closing, Buyer shall begin construction of a building on the property which consists of approximately 85% office space and 15% warehouse /storage space. The improvements constructed must be consistent with a Conditional Use Permit and City approved zoning, building and site plans. If the Buyer fails to satisfy any of these conditions, the Seller may cancel the sale and the title of the property shall revert to the Seller. Upon reversion to the Seller, the Seller shall refund to the Buyer the purchase price of the property less $2,500.00 and Seller's out of pocket expenses incurred for the transaction and for enforcing its right of reversion. Upon the request of the Buyer and following completion of the required improvements on the site, Seller shall within thirty (30) days prepare and deliver to Buyer a recordable Waiver of Right to Reversion. (b) Funds from the Seller, in cash or some other form acceptable to the Buyer, sufficient to pay the state deed tax on the deed described in subsection 8(a) above; (c) An affidavit by the seller indicating that on the date of the closing there are no outstanding unsatisfied judgments, tax liens, or bankruptcies against or involving the Seller and the individual partners of the Setter, and that, if appropriate, there are no leases, maintenance agreements, or other agreements in force as to the property and that the Seller knows of no unrecorded interest in the property of any kind, together with whatever standard owner's affidavit may be required by the buyer; (d) Funds from the Buyer, in cash or some other form acceptable to the Seller, sufficient to pay the filing fee for the warranty deed described in subsection 8(a) above; (e) Funds from the buyer, in case or in some other form acceptable to the Seller, to pay for the premium for the title insurance policy referred to in Section 5 above; 3 5