04/26/1999 Council Packet - Laserfiche WebLink

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(b) All legal matters in connection with the performance of Optionee of its obligations under this Option shall be reasonably satisfactory to counsel for Optionor, or such title insurance company described in Section 4.1. SECTION 7. CLOSING. 7.1. Closing hereunder shall take place on one of the following applicable closing dates: (a) Twenty (20) days after Optionor has delivered the abstract of title to Optionee for examination pursuant to Section 3 hereof, provided no objections have been made to title and there are no title defects; or (b) Ten (10) days after the expiration of the one hundred twenty (120) day period permitted for the removal of title objections and title defects as provided in Section 3 hereof, provided, however, that all title objections and title defects have been removed to the satisfaction of counsel for the Optionee, or such title insurance company described in Section 4.1. SECTION 8. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. 8.1. In the event this Option is exercised, real estate taxes due in the year of exercise shall be pro-rated as to the date of closing. All levied and certified special assessments shall be paid by Optionee as of the date of closing. Optionee shall be responsible for all sewer and water connection charges normally collected by Optionor at the time of connection to the municipal utilities. SECTION 9. POSSESSION. 9.1. Possession of the Option Premises to be conveyed hereunder shall be given and the risk of Toss and damage thereto shall pass at the closing, and pending closing shall be borne by Optionor. SECTION 10. MISCELLANEOUS 10.1. (a) Notice; Delivery. Any notice given under this Agreement shall be deemed given on the date the same is hand delivered to the following addresses or is deposited in the United States mail, registered or certified, postage prepaid, addressed as follows: To Optionor: City of Lino Lakes 1189 Main Street Lino Lakes, Minnesota 55014 4