07-23-2003 Council Agenda - Laserfiche WebLink

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b. Reservations of minerals or of mineral rights in favor of the State of Minnesota, if any; c. The lien of real estate taxes and special assessments not yet due and payable; d. All covenants, conditions, restrictions, easements, encumbrances and other title matters ascertainable from a review of the applicable county land records as of March 3, 2003; e. A right of reentry for breach of condition subsequent in favor of the EDA. The condition subsequent is Buyer's substantial completion of the Minimum Improvements, as defined in the Development Agreement in accordance with the Construction Schedule attached to the Development Agreement. f The Villas Mortgage, as defined in the Development Agreement; B- and The Assessment Agreement, as defined in the Development Agreement; h. The Development Agreement. (hereinafter, collectively, the "Permitted Encumbrances "). 7. Possession. Upon Buyer's full performance of Buyer's obligations under Section 8(b) below, Seller must deliver possession of the Property to Buyer. 8. Closing. The Parties shall meet at the offices of Briggs and Morgan Professional Association, 2200 First National Bank Building, St. Paul, MN at 9:30 a.m. on August 31, 2003 or on such earlier or later date as the Parties may establish by mutual, written agreement (the "Date of Closing "), at which time: 1455685v6 a. Seller must: (i) above; execute and deliver to Buyer the deed described in Section 6 (ii) execute and deliver to Buyer and Buyer's title insurer, if any, a Minnesota Uniform Conveyancing Form Affidavit Regarding Corporation evidencing the absence of bankruptcies, judgments, or tax liens involving parties with the same or similar names as the Seller and evidencing the absence of unrecorded interests affecting the Property and persons in possession of the Property. The Affidavit will indicate that Seller has not contracted for any labor or materials to be furnished to the Property for which payment has not been made. The Affidavit will indicate that Seller has no knowledge of encroachments or boundary line questions affecting the Property. 4-