04-11-2001 Council Agenda - Laserfiche WebLink

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placed on the property. 11. Disclosure of Notices. Seller has not received any notice from any governmental authority as to violation of any law, ordinance or regulation affecting the property. If the property is subject to restrictive covenants, Seller has not received any notice from any person as to a breach of the covenants. 12. Possession. Except by addendum, possession of the property shall be granted by Seller to Buyer on the date of closing. 13. Title and Examination. Seller shall, within a reasonable time after acceptance of this agreement, furnish an abstract of title, or a registered property abstract, certified to date to include proper searches covering bankruptcies, state and federal judgment and liens, and levied and pending special assessments. Buyer shall promptly notify Seller in writing of any title objections. If Seller fails to cure title defects by the date of closing and the parties are unable to agree on an amount to be escrowed to secure the correction of any defect, this Purchase Agreement shall be null and void, at option of Buyer; neither party shall be liable for damages hereunder to the other and earnest money shall be refunded to Buyer; Buyer and Seller agree to sign cancellation of Purchase Agreement. Buyer agrees to accept an owner's title policy from Commonwealth Land Title in the full amount of the purchase price in lieu of an abstract of title if the property is subject to a master abstract or if no abstract of title is in Seller's possession or control. If Buyer is to receive such policy (1) the title examination period shall commence upon Buyer's receipt of a current title insurance commitment and (2) Seller shall pay the entire premium for such policy if no lender's policy is obtained, and only the additional cost of obtaining a simultaneously issued owner's policy if a lender's policy is obtained (Buyer shall pay the premium for the lender's policy). TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS AGREEMENT. 14. Notice. Any notice required or permitted by this Purchase Agreement or the purchase money mortgage shall be considered to have been given and received if personally delivered to the parties or their agents personally or deposited in the United States mail postage prepaid by certified or registered mail addressed to the parties at the following addresses: Buyer: Seller: CommonBond Communities Attn: Mr. Doug Mayo 328 Kellogg Boulevard West St. Paul, MN 55102 -1900 City of Little Canada Attn: City Administrator 515 Little Canada Road East Little Canada, MN 55117 15. Indemnification. Seller agrees to indemnify and hold Buyer, its successors an and from any and all liabilities, claims, causes of action, penalties, demands and expenses of any kind or nature H: \KrisP \CORRESP\Kris' 2001 \Common Bond Purchase Agreement.doc Page 3 of 6 Page 26