07-28-1982 Council Agenda - Laserfiche WebLink

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(b) Real estate taxes and installments of special assessments and interest payable in 1982 and thereafter. (c) Utility and drainage easements which do not interfere with present improvements. (d) Restrictions of record. (e) Reservation of minerals or mineral rights of the State of Minnesota. (f) A sign lease with Naegele Outdoor Advertising Company of the Twin Cities, Inc. attached hereto as Exhibit B. 2. Condition of the Property. Purchaser represents that it has inspected the Property and is familiar with the condition thereof and will accept the same "as is ". No repre- sentations or warranties with. respect thereto have been made by Seller or anyone on its behalf. 3. Real Estate Taxes and Assessments. Purchaser shall promptly pay and discharge all real estate, personal property taxes and other taxes, water rates, sewage charges, special assessments and other governmental charges ( "Taxes ") levied, imposed or assessed by any governmental authority or other taxing bodies against the Subject Property or any part thereof which are due and payable in 1982 and subsequent years, said payments to be made on or before the last day before the Taxes become delinquent. Upon failure of Purchaser to pay the Taxes or any part thereof as required under the provisions of this Paragraph 3, Seller shall have the right, but not the obligation, to advance its own funds to pay the Taxes and Pur- chaser shall repay the same, forthwith upon the Seller's written demand. The Purchaser agrees that in no event shall it permit the Subject Property, or any part thereof, to be sold or for- feited for nonpayment of Taxes. 4. Liability Insurance and Indemnification. (a) Purchaser shall procure and maintain for the benefit of Purchaser and Seller public liability insurance insuring Seller and Purchaser from all claims for injury to or death of one or more persons in the aggregate amount of not less than $1,000,000.00 and for damage to property in the amount of not less than $500,000.00. Certificates of such insurance shall be deposited with Seller at the com- mencement of this Contract and at least 30 days prior to the termination date of any policy. Each such policy shall contain an undertaking by the insurer to give the Seller not f) )