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Date of Closing according to the terms of this Purchase Agreement. <br /> (2) ASSUMPTION OF EXISTING INDEBTEDNESS. The Buyer, in its <br /> discretion and in partial payment of the purchase price, may, to the extent <br /> assumable, assume or take title subject to any existing indebtedness <br /> encumbering the Property, in which case the cash to be paid at the time of <br /> closing shall be reduced by the then remaining indebtedness. <br /> (3) DEED/MARKETABLE TITLE. Subject to performance by Buyer, Seller <br /> agrees to execute and deliver a Warranty Deed conveying marketable title to <br /> the Property to Buyer,subject only to the following exceptions: <br /> a. Building and zoning laws, ordinances, state and federal regulations. <br /> b. Reservation of minerals or mineral rights to the State of Minnesota. <br /> c. Utility and drainage easements. <br /> (4) DOCUMENTS TO BE DELIVERED AT CLOSING. In addition to the <br /> Warranty Deed required in paragraph 6.B.(3) above, Seller shall deliver to <br /> Buyer: <br /> a. Bill of Sale for personal property. <br /> b. Affidavit of Seller. <br /> c. Such other documents as may be required by Buyer's title examiner <br /> or title insurance company. <br /> 7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. <br /> A. Seller shall pay at or prior to closing all real estate taxes due and payable in 1997 <br /> and prior years. <br /> B. Seller shall pay at or prior to closing the balance of all special assessments levied <br /> prior to closing. <br /> C. Real estate taxes due and payable in 1998 shall be prorated as of the date of closing <br /> between Buyer and Seller. <br /> D. Seller shall pay all special assessments pending as of the date of this Purchase <br /> Agreement, if any. If the amount of the special assessments is not finally deter- <br /> mined by the Closing Date, Seller agrees to escrow an amount equal to one and one- <br /> half times the estimated amount, which shall be used to pay the special assessments <br /> when levied. Buyer shall assume special assessments that become pending after the <br /> date of this Purchase Agreement, except that Seller shall at all times be responsible <br /> to pay special assessments, if any, for delinquent sewer or water bills, removal of <br /> SJR-148110 <br /> MU205-12 <br />