02-23-2000 Council Agenda - Laserfiche WebLink

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4. The "Date of Closing" shall be on or before February 29, 2000 at a time and location mutually acceptable to both Owner and Buyer. 5. On the Date of Closing, and upon payment of the remaining Purchase Price specified at Section 3(b) above from Buyer, Owner will deliver to Buyer the following documents in lieu of the Warranty Deed or Probate Deed referred to in Section 4 of the Option Agreement: a. A trustee's deed conveying the Property to the Buyer, together with a certificate of trust prepared in accordance with Minnesota Statues Section 501B.56 and an affidavit of trustee prepared in accordance with Minnesota Statues Section 501B.57. b. A so- called ALTA affidavit modified to reflect the best knowledge of one of the three trustees of the revocable trust comprising the Owner. 6. Owner has delivered, and Buyer has examined, an abstract of title to the Property in accordance with Section 7 of the Option Agreement. Buyer acknowledges and agrees that it has raised no objections to title, does hereby waive any and all right to raise any such objections and accepts title to the Property subject to all matters reflected in that certain title insurance commitment prepared by Old Republic Title Insurance Company as Application No. T- 006942 with a Commitment Date of October 18, 1999, a photocopy of which is attached hereto and made a part hereof as Exhibit "B ". 7. Wells on the Property are disclosed by Owner on the Well Disclosure Certificate attached hereto as Exhibit "C ". 8. Individual sewage treatment systems on or serving the Property are disclosed by Owner on the disclosure statement attached hereto as Exhibit "D ". Owner and Buyer hereby covenant and agree that Owner shall have no responsibility or liability of any kind whatsoever with regard to any individual sewage treatment system on or serving the Property, specifically including but not limited to, any costs relating to bringing the system into compliance with the individual sewage treatment system rules and regulations. 9. Owner represents the dwellings located on the Property were constructed before 1978. A Lead Paint Addendum for Housing Constructed before 1978 is attached hereto as Exhibit "E ". 10. Buyer may, at its option, assign all of its right, title and interest under the Option Agreement, as amended by this Amendment, to Town and Country Center, LLC, a Minnesota limited liability company (the "Assignee "). Buyer shall deliver a copy of the fully executed assignment document to Owner no later than five (5) business days before the Date of Closing to assure Owner sufficient time to prepare the appropriate conveyance documents in favor of the Assignee. In the event Buyer fails to deliver such assignment document to Owner within said five (5) day time period, then the Date of Closing shall be extended day for day for each day of delay in so delivering the assignment document. In no event shall such assignment relieve Buyer 262864v2 Page 111