02-09-2000 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 2000 shall be paid prorated as of the date of closing on a daily basis based upon the calendar year. Real estate taxes payable in 2001 shall be the obligation of the Purchaser. 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. The option to terminate must be exercised within ten (10) days after notice of taking or casualty. 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 buildings, if any, are entirely within the boundary lines of the property. 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. There warranties shall survive the delivery of the deed or contract for deed. 10. Condition of Property. a. Seller warrants that all appliances, fixtures, heating and air conditioning equipment, wiring, and plumbing used and located on the property are in working order on the date of closing. Seller represents that the property HAS AS NO /r ad a wet basement or water in the basement. Seller discloses that the ro• • s AS NOyileaked. Seller warrants rat the property is connected to: city sewe a 0; city wate YES)N0; cable TV O. Page 30