06-10-2015 Council Packet - Laserfiche WebLink

Home Browse Search

contracts for sale of the Property, nor are there any rights of first refusal or options to purchase the Property or any other rights of others that might prevent the consummation of this Agreement. (e) Seller's Defaults. Seller is not in default concerning any of its obligations or liabilities regarding the Property. (1) FIRPTA, Seller is not a "foreign person", foreign partnership", "foreign trust" or "foreign estate" as those terms are defined in Section 1445 of the Internal Revenue Code. (g) Proceedings. There is no action, litigation, investigation, condemnation or proceeding of any kind pending or threatened against Seller or any portion of the Property. (h) Agents and Employees. No management agents or other personnel employed in connection with the operation of the Property have the right to continue such employment after the Closing Date. There are no claims for brokerage commission or other payments with respect to the existing Property, including leases which will survive and remain unpaid after the Date of Closing. (i) Wells. The Seller certifies and warrants that there are no wells on the described Property within the meaning of Minnesota Statutes. Should a well be present on the property, Buyer will be responsible for sealing. (j) Storage Tanks. To the best of Seller's knowledge, there are no above ground or underground tanks located in or about the Property. Should a storage tank be discovered, Buyer assumes responsibility for its removal. (k) All sewage generated by the property goes to a permitted Sewage Treatment Facility. (1) Seller hereby represents that to the best of Seller's knowledge the production of methamphetamine has not occurred on the Property. (m) Buyer hereby acknowledges receipt of lead paint disclosure information. (n) Buyer hereby waives all disclosures required by Minn. Stats. 513.52-513.60. 9. Damage. If, prior to the Closing Date, all or any part of the Property is substantially damaged by fire, casualty, unforeseen elements or any other cause, Seller shall immediately give notice to Buyer of such fact and at Buyer's option (to be exercised within thirty (30) days after Seller's notice), this Agreement shall terminate, in which event neither party will have any further obligations under this Agreement. If Buyer fails to elect to terminate despite such damage, or if the Property is damaged but not substantially, Seller shall promptly commence to repair such