07-23-2003 Council Agenda - Laserfiche WebLink

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9. 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. 10. 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 (including any penalties and interest thereon) due and payable in 2002 and prior years and must pay -off any levied special assessments; b. Buyer agrees to accept title to the Property subject to all real estate taxes due and payable in 2004 and thereafter and any special assessments levied after the Date of Closing. c. The real estate taxes and installments of special assessments due and payable in 2003 have been paid. 11. Seller's Representations. Seller represents to Buyer that Seller has the legal and corporate authority to enter into this Agreement and to sell the Property and that the individuals executing this Agreement on behalf of Seller have the legal and corporate authority to execute this Agreement on behalf of Seller and to bind Seller. Seller represents to Buyer that, to the best of Seller's actual knowledge, all wells located on the Property are described on the attached Exhibit C and that, to the best of Seller's actual knowledge, there are no individual sewage treatment systems on or serving the Property. 12. Buyer's Representation. Buyer represents that Buyer has the legal and corporate authority to enter into this Agreement and to purchase the Property and that the individuals executing this Agreement on behalf of Buyer have the authority and the legal capacity to execute this Agreement on behalf of Buyer and to bind Buyer. 13. Buyer's Inspection. From and after the date of this Agreement, Buyer may enter on to the Property to inspect the Property and to determine the condition of the Property. Buyer acknowledges that Buyer is purchasing the Property in reliance on Buyer's judgment regarding the condition of the Property. Buyer is not relying on any written or oral representations, warranties or statements that Seller or Seller's agents have made regarding the condition of the Property, and Buyer is purchasing the Property in "AS IS" condition. 14. Contingencies. a. Seller's Contingencies. Seller's obligations under this Agreement are contingent on The Lodge at Little Canada LLC's performance of its obligations under the development agreement dated November 22, 2002 between Seller and The Lodge at Little Canada LLC. Seller may exercise one or more of the contingencies described in 1455685v6