05-11-1999 Council Agenda - Laserfiche WebLink

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been disclosed to Buyer and accepted by Buyer in this Purchase Agreement (must be specified in writing); No other exceptions 7. Real Estate Taxes and Special Assessments. Real estate taxes due and payable in and for the year of closing shall be prorated between Seller and Buyer on a calendar year basis to the actual date of closing, unless otherwise provided in this Agreement. If tax statements for such taxes are not available on the date of closing, the amount to be prorated shall be 110% of the prior year's taxes, and such estimated proration shall be ADJUSTED UPON RECEIPT OF THE ACTUAL TAX STATEMENTS FOR SUCH YEAR (in which case the party entitled to a credit as a result of the adjustment shall receive the amount of such credit from the other party within 30 days of issuance of the tax statements). Seller represents that taxes due and payable in the year 1999 will be non- homestead classification, unless Buyer changes the tax classification for taxes payable in the year following closing by taking possession of the property as Buyer's homestead and filing a new homestead declaration within the time required by law. If the taxes due and payable in the year of closing are PART or NON - homestead classification, Seller shall pay to Buyer at closing Zero Dollars ($0.00), in addition to Seller's prorated share of the taxes. If the taxes due and payable in the year following closing are PART or NON- homestead to file for homestead tax status for taxes due and payable in such year, Seller shall pay to Buyer at closing Zero Dollars ($0.00) as Seller's share of such taxes. 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 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. Page 20