08-12-1998 Council Agenda - Laserfiche WebLink

Home Browse Search

Property which is paid to Purchaser or its employees after closing allocable to the period prior to the day of closing shall be paid by Purchaser to Seller upon receipt. All rental and other income from the Property allocable to the period after closing which is paid after closing to Seller or its employees or agents shall be paid by Seller to Purchaser upon receipt. All expenses of or relating to the Property shall be prorated as of the closing date. Any bills received after closing shall be paid by Seller to the extent they are allocable to the period prior to the closing date. All credits to Purchaser of items of income, expenses, taxes or assessments prorated or adjusted at closing shall reduce the cash portion of the purchase price payable at closing. All such credits to Seller shall increase the cash portion of the purchase price payable at closing. In the event any closing pro- ration is based upon incorrect information, adjustment or correction thereof shall be made within sixty (60) days after the date of closing or shall be deemed to be waived. 22. Indemnification. Seller agrees to indemnify and hold Purchaser, its successors and assigns, harmless of and from any and all liabilities, claims, causes of action, penalties, demands and expenses of any kind or nature whatsoever (except those items which by this Agreement specifically become the obligation of Purchaser) arising out of, resulting from, relating to, or incident to the Property up to and including the date of closing or which are in any way related to the ownership, maintenance or operation of the Property, and all expenses related thereof, including, without limitation, court costs and attorney's fees. 23. Voluntary Transaction. Seller acknowledges this transaction is occurring on a voluntary basis as a result of Seller's listing Property with a realtor. Seller waives any and all claims against the Purchaser and assigns which may exist as a result of this transaction, including any associated with the Uniform Acquisition and Relocation Act. 24. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon Seller and Purchaser of their respective heirs, executors, legal representatives, successors and assigns. 25. Time of the Essence. Time is of the essence of this Agreement and closing of the transaction contemplated hereby. 26. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. 27. Entire Agreement. This Agreement constitutes the entire agreement of the parties relative to the sale of the Property. The parties acknowledge there exists no understanding or provisions relative to the sale of the Property except as set forth in this Agreement. This Agreement may not be changed, waived, discharged or terminated except in writing executed by Purchaser and Seller or canceled pursuant to statute. Page 9 of 11 Page 42