Agenda Packets - 1997/10/06 - Laserfiche WebLink

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FILE No. 038 10/01 '97 15 57 I D:TOLD DEVELOPMENT 612 420 7574 PAGE 17 • not be unreasonably withheld) convey, encumber or assign the Property or its rights under this Agreement. 5.5 Seller has no notice or knowledge of any planned or commenced public improvement which may result in special assessments or otherwise materially affect the Property or government agency or court order requiring repair, alteration or correction of any existing condition. Except as specifically set forth hereinabove, Buyer is taking title to the Property in "as is" condition. The representations, warranties and covenants set forth in this Section 5 shall be deemed remade as of the closing of the sale and purchase contemplated herein (the "Closing") and shall, • together with the indemnity obligation contained herein, survive Closing. 6. CLOSING. Unless changed as provided herein, the Closing shall be held at the office of the Title Company in Minneapolis, Minnesota or in the office of Buyer's lender's attorney, as designated by Buyer, on or before the date thirty (30) days after the Review Date ("Closing Date"). Buyer shall have the option to accelerate the Closing Date upon thirty (30) days prior written notice to Seller. 6.1 At Closing, Seller shall deliver to Buyer (a) a quit claim deed to the Property subject only to those exceptions to title which Buyer has accepted pursuant to Sections 3 and 4.10 and which describes the Property by legal description identical to that shown on the title insurance commitment and survey, (b) evidence satisfactory to the title company that the deed and other closing documents have been validly authorized, executed and delivered by Seller, (c) an affidavit certifying that (i) there are no mortgages,judgment liens or other encumbrances of any nature whatsoever affecting the Property except as set forth in the title insurance commitment; (ii) there are no rights of possession, use or otherwise, outstanding in third persons by reasons of unrecorded leases, land contracts, sale contracts, options or other documents, and (iii) no other unpaid-for improvements have been made, or materials, machinery or fuel delivered to the Property within the one hundred-twenty (120) days immediately preceding the date of closing, which might form the basis of a mechanic's lien upon the Property, and (d) all other documents required by this Agreement or by the Title Insurance Company to issue a policy in the form described in Section 3. 6.2 At Closing, Buyer shall pay to Seller the balance of the Purchase Price pursuant to Section 2. The following adjustments shall be made at Closing: 6.2.1 Seller shall pay all delinquent real estate taxes, including penalties and interest due and payable, and all agricultural use tax recoupment for years through theyear of closing, if any, and all special assessments due, pending or levied. Seller shall pay or credit on the purchase price, all real estate taxes levied or assessed for years prior to the closing, and a portion of such taxes levied or assessed in the year of closing, prorated through the date of closing. Proration of undetermined taxes shall be based on a 365-day year and on the most recent available tax rate and valuation giving effect to applicable di exemptions, recently voted millage, change in valuation, etc., officials as of that date, and the amounts so computed shall be adjusted within thirty (30) days after the actual tax amounts are available in the year -5-