01-14-1999 Council Agenda - Laserfiche WebLink

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2966558 person. It is further understood the purpose of this clause is to preclude significant improvements to the property made by the Owner under the premise that subsequent purchase by the Buyer will allow recovery of said costs. 4. Purchase Price and Warranty Deed. If this Option is exercised by Buyer, the purchase price to be paid by the Buyer for the Property shall be a price determined by a certified appraiser, who will be mutually agreeable to both Owner and Buyer, minus the $500.00 paid in this Option Agreement. In the event Owner and Buyer cannot agree on an appraiser, the appointment of the appraiser shall be made by the Chief Judge of the Ramsey County District Court. The total purchase price shall be paid in cash to the owner on the Date of Closing. Owner shall, on the Date of Closing, execute and deliver to Buyer a marketable Warranty Deed or Probate Deed conveying to Buyer the Property free and clear of all liens, charges and encumbrances. The Warranty or Probate Deed shall include any ownership or other rights the Owner has to public or private easements upon, near or adjacent to the Property, whether vacated or not, and whether dominant or servient to the Property. 5. Date of Closing and Possession. The term "Date of Closing" shall be a date not earlier than thirty (30) days, nor more than one hundred twenty (120) days after the Exercise Date, subject to the provisions of Section 7 hereof. The time, place and Date of Closing in Ramsey County, shall be determined by and written notice thereof given to Buyer at least ten (10) days prior to the actual Date of Goosing. Buyer shall be entitled to possession of the Property as of the Date of Closing. ULJ.1ti 6. Right of Entry. Buyer shall have the right from and after the date hereof to enter upon the Property for the purposes of examining and surveying the Property and conducting such tests and investigations as Buyer deems necessary, including soil tests and borings. Any of the foregoing shall be at Buyer's cost and Buyer shall indemnify and hold owner harmless from any and all liability associated with or arising out of the foregoing. b. St 7. Title Examination. Within thirty (30) days of exercise of this option by Buyer, the Owner shall furnish a currently certified Abstract of Title or currently certified Registered Property Abstract and Owner's Duplicate Certificate of Title covering title to the Property. Buyer shall be allowed twenty (20) days thereafter to examine title, make objections thereto, and notify Owner in writing of such objections. Any objections shall be made in writing or deemed waived. If any objections are made, Owner shall be allowed up to the Date of Closing to cure such objections. If such objections are not cured prior to the Date of Closing, Buyer shall have the right at its option: (i) To elect to declare this Option terminated, in which event neither party shall have any further right or claim against the other; or (ii) To postpone the Date of Closing up to sixty (60) days after which time, if title objections are not cured by Owner, the Buyer may elect choice (i), above. 0143160.02 Page 107