11-13-2002 Council Agenda - Laserfiche WebLink

Home Browse Search

(viii) pay or provide evidence of payment of the following: the fees due upon the recording any documents necessary to place record title to the Property in Seller. b. Buyer must: (i) Tender the Purchase Price to Seller pursuant to the provisions of Section 6 above; (ii) execute and deliver to Seller and cause The Village andat Little Canada LLC to execute and deliver to Seller a $200,000 Promissory Note in the form attached as Exhibit C; (iii) Pay or provide evidence of payment of the following: the State Deed Tax due upon the execution of the conveyance described in Section 7; the mortgage registration tax due upon the recording of the mortgage referenced in Section 9(b)(iii); all costs associated with Buyer's financing, if any; all costs associated with Buyer's acquisition of a title insurance commitment and an owners policy of title insurance, if any; the fees due upon the recording the deed from Seller to Buyer and the mortgage from The Village at Little Canada LLC to Seller; and Buyer's title insurer's fee to conduct and insure the closing of this transaction. Buyer has advised Seller that HUD will not fund Buyer's loan until the deed from Seller to Buyer is recorded. Therefore, Seller agrees to tender the executed, original deed to Buyer's title insurer for recording prior to Buyer's payment of the Purchase Price subject to: HUD or Buyer's title insurance company providing Seller with a statement setting forth all conditions precedent to HUD's obligation to fund Buyer's loan; Seller's determination, in Seller's sole and absolute discretion, that there is no significant risk of HUD not funding Buyer's loan; and Buyer providing Seller with a quit claim deed, mortgage or other documentation Seller may reasonable request. 10. Evidence of Title. Seller has no obligation to provide Buyer with an abstract of title, a title insurance commitment, a survey or any other evidence as to the status of title to the Property. Buyer has already examined the status of title to the Property and has agreed to accept title to the Property subject to the Permitted Encumbrances. 11. Real Estate Taxes and Special Assessments. The Parties must pay the real estate taxes (which term, as used in this Agreement, shall include service charges assessed against real property on an annual basis pursuant to Minnesota Statutes 429.101) and special assessments as follows: a. On or before the Date of Closing, Seller must pay all real estate taxes, installments of special assessments and any penalties and interest thereon due and payable in 2002 and prior years and all special assessments levied or pending as of the Date of Closing; 1428339vRed V8 to V7; 11/1/02 4