07-23-2003 Council Agenda - Laserfiche WebLink

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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. Seller and Buyer must prorate the real estate taxes due and payable in the year 2003 to the Date of Closing. Seller is responsible for paying the entire amount of any installment of special assessments certified for payment with the real estate taxes due and payable in the year 2003. d. Notwithstanding the foregoing, the Buyer will reimburse Seller for any special assessments paid by Seller that are described in Section 6.8 of the Development Agreement. 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 B 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. 1455685,2 14. Contingencies. a. Seller's Contingencies. Seller's obligations under this Agreement are contingent on: (i) Buyer's performance of its obligations under the Development Agreement relating to the Property; and (ii) [_ Seller's acquisition of fee title to the Property. ] [APPLIES TO LOT 5 ONLY]. c 6