04-11-2001 Council Agenda - Laserfiche WebLink

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7. Real Estate Tax Proration. Seller shall pay all delinquent real estate taxes including penalties and interest. Real estate taxes payable in the year of closing shall be paid prorated as of the date of closing on a daily basis based upon the calendar year. Real estate taxes payable in the following year shall be the obligation of the Buyer. SELLER SHALL PAY ON THE DATE OF CLOSING all installments of special assessments certified for payment with the real estate taxes due and payable in the year of closing. SELLER SHALL PAY ON THE DATE OF CLOSING all other outstanding special assessments levied as of the date of this Agreement. BUYER SHALL ASSUME special assessments pending as of the date of this Agreement for improvements that have been ordered by the City Council or other governmental assessing authorities. As of the date of this Agreement, Seller represents that Seller has not received a Notice of Hearing of a new public improvement project from any governmental assessing authority, the costs of which project may be assessed against the property. If a special assessment becomes pending after the date of this agreement and before the date of closing, Buyer will assume payment of the pending special assessment without adjustment to the purchase agreement price of the property. SELLER SHALL PAY ON THE DATE OF CLOSING any deferred real estate taxes or special assessments, payment of which is required as a result of the closing of this sale. 8. Damages to Real Property. In the event the property is destroyed, substantially damaged or any part thereof shall be taken by eminent domain, this Agreement shall become null and void, at Buyer's option, and all monies paid hereunder shall be refunded to Buyer. Should Buyer elect to proceed and close the transaction contemplated hereby, there shall be no reduction in or abatement of the purchase price, but Seller shall assign to Buyer Seller's right, title and interest in and to all insurance proceeds or award resulting from such destruction or taking. 9. Seller's Boundary Line, Access, Restrictions, and Lien Warranties. Seller warrants that there is a right of access to the real property from a public right -of -way. Seller warrants that there has been no labor or material furnished to the property for which payment has not been made. Seller warrants that there are no present violations of any restrictions relating to the use or improvement of the property other than the existing sewer easement referenced in Addendum "A." These warranties shall survive the delivery of the deed or contract for deed. 10. Condition of Property. a. Seller warrants it has no knowledge of any hazardous substances or petroleum products that have been placed, stored, or released from or on the property by any person in violation of any law, nor of any underground storage tanks having been located on the property at any time. a. Seller represents to the best of its knowledge that during the time it has owned property, no hazardous substance or petroleum product has been placed, stored or released from or on the property by any person in violation of any law, nor have any underground storage tanks been H:\KrisP \CORRESP\Kris' 2001 \Common Bond Purchase Agreement.doc Page 2 of 6 Page 25