Resolution No. 15-04 EDA - Laserfiche WebLink

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(3) Real Estate Taxes. Seller shall pay all real estate taxes due and payable for the Property in the years prior to the year of Closing. Real estate taxes for the Property due and payable in the year of Closing shall be prorated on a calendar year basis at Closing, effective as of the Closing Date. To the extent that the Property being purchased consists of a portion of a tax parcel, taxes for that parcel shall be prorated based upon acreage. If Closing shall occur before the tax rate is fixed for the year of Closing, the apportionment of the taxes shall be upon the basis of the real estate taxes for the preceding year, but any difference in actual real estate taxes for the year of Closing shall be adjusted post -closing between the Parties to the actual amount upon receipt of written evidence of the payment thereof. Purchaser shall pay all real estate taxes on the Property payable in the years after the year of Closing. (4) Deferred Taxes. Seller shall pay all "Green Acres" recapture taxes or similar taxes attributable to agricultural or special use valuation or any other deferred taxes with respect to the Property, if any. (5) 13. DEFAULT. Special Assessments. Seller shall pay all assessments that are levied, pending or deferred against the Property as of the Closing Date, except those directly attributable to Purchaser's development of the Property. a. Purchaser's Remedies. (1) If Seller shall default in any of the covenants, terms and conditions of this Contract or shall fail to consummate this Contract for any reason except Purchaser's default or the termination of this Contract pursuant to a right to terminate given herein, Purchaser may at Purchaser's option: (i) waive the contractual obligations of Seller in writing; (ii) terminate this Contract and receive a return of the Earnest Money; and (iii) enforce specific performance of this Contract. (2) In addition to any other remedy that Purchaser may have for Seller's breach of this Contract, if the conditions to Purchaser's obligations have not been satisfied on or before the Closing Date, Purchaser shall have the option of extending the Closing Date for a period not to exceed six (6) months until such time as the conditions have been satisfied. This option is a continuing option and not an election of remedies; therefore, at any time after the originally scheduled Closing Date, if the conditions to Purchaser's obligation to close have not been satisfied, Purchaser may elect to terminate this extension of the Closing and pursue its other remedies against Seller. b. Seller's Remedy. If Purchaser shall fail to consummate this Contract for any reason except Seller's default or the termination of this Contract pursuant to a right to terminate given herein, Seller shall have the right to retain the Earnest Money paid to Seller as liquidated damages 14 DRAFT 109378462-v5-drh lino lakes Purchase and Sale Agreement.docx