08-14-1996 Council Agenda - Laserfiche WebLink

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9. Taxes and Assessments. Real estate taxes on the Property payable in the year of closing and the installments of special assessments payable therewith shall be prorated between Owner and Buyer as of the Date of Closing. All other expenses and income, if any, from the Property shall be prorated as of the Date of Closing. Buyer will be responsible for the payment of all unpaid special assessments and pending assessments on the Property. 10. Damage or Destruction. If, prior to the Date of Closing, the Property or any part thereof is damaged or destroyed by fire or any other cause, Buyer shall have the right, at its discretion, to terminate this Agreement by giving written notification thereof to Owner within ten (10) days after Buyer receives actual knowledge of such damage or destruction. In the event of such termination neither party shall have any further right or claims against the other. If no such notice is given to Owner within the 10 -day period, Buyer shall be deemed to have elected to proceed with the closing of the transaction. If Buyer elects to proceed despite any such damage or destruction, there shall be no reduction in or abatement of the purchase price, and Owner shall assign to Buyer all of Owner's right, title and interest in and to all insurance proceeds paid and to be paid and resulting or to result from the damage or destruction, except insurance proceeds paid relating to coverage of contents. Until the Date of Closing, Owner agrees to keep and maintain upon the Property liability and general hazard insurance. 11. Notices. All notices to be given under this Agreement shall be deemed properly given if delivered personally and a receipt obtained therefor, or if mailed by United States registered or certified mail, postage prepaid, properly addressed as follows: If to Owner: If to Buyer: Eugene Delonais 2874 Rice Street Little Canada, MN 55117 City of Little Canada 515 Little Canada Road Little Canada, MN 55117 Attention: City Administrator Each delivered notice shall be deemed to have been given on the date it is delivered, and each mailed notice shall be deemed to have been given on the date it is deposited in the mail. The addresses given above may be changed by ten (10) days notice given in accordance with this section. 12. Successors and Assigns. This Option Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective heirs, successors and assigns. 13. Representations and Warranties. Owner represents and warrants from the date of this Agreement to the Date of Closing that: 0143160.02 Page 34