07-23-2003 Council Agenda - Laserfiche WebLink

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1455685v6 (iii) execute and deliver to Buyer a non - foreign affidavit in recordable foiui containing such information as is required under IRC Section 1445(b)(2) and any regulations relating thereto; (iv) execute and deliver to the closing agent, with a copy to Buyer, a completed Minnesota Department of Health Well Disclosure Certificate or include on the deed described in Section 7 the statement "The Seller certifies that the Seller does not know of any wells on the described real property" or the statement "I am familiar with the property described in this instrument and I certify that the status and number of wells on the described real property have not changed since the last previously filed well disclosure certificate:" followed by Seller's signature; (v) execute and deliver to the closing agent, with copies to Buyer, and make arrangements to have the closing agent record or file in the appropriate county land records, the affidavits described in Minnesota Statutes, §116.48, Subd. 6 and §115B.16, Subd. 2 if required; and (vi) 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 7 above; (ii) execute and deliver to Seller the Villas Mortgage in the form attached as Exhibit B to secure Buyer's obligations under the $200,000 promissory note The Lodge at Little Canada LLC and Buyer executed in favor or Seller as partial payment of the purchase price for certain property which is adjacent to the Property and which Seller conveyed to The Lodge at Little Canada LLC pursuant to a development agreement and purchase agreement between Seller and The Lodge at Little Canada LLC each dated November 22, 2002; (iii) execute and deliver to Seller the "Assessment Agreement" as defined in the Development Agreement; and (iv) Pay or provide evidence of payment of the following: the State Deed Tax due upon the execution of the deed described in Section 6; the mortgage registration tax due upon the recording of the Villas Mortgage; 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 Villas Mortgage; and Buyer's title insurer's fee to conduct and insure the closing of this transaction. 5