Agenda Packets - 1997/10/06 - Laserfiche WebLink

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FILE No. 038 10/01 '97 15:58 ID:TOLD DEVELOPMENT 612 420 7574 PAGE 19 • To Seller at: Director of Economic Development City of Mounds View - Economic Development Authority 2401 Highway 10 Mounds View, MN 55112 Attn: Catherine Capone Bennett Fax No.: (612)784-3462 To Buyer at: Meridian Properties Real Estate Development L.P. c/o TOLD Development Company 6900 Wedgwood Road, Suite 100 Maple Grove, MN 55311 Fax No.: (612)420-7574 9.2 Risk of loss shall remain with Seller until the date of Closing. Seller shall promptly notify Buyer if the Property is substantially damaged by any casualty or if condemnation proceedings are commenced with respect to any part of the Property. If either of the events described above occurs prior to the Closing Date, Buyer may, at its option, terminate this Purchase Agreement by written notice given to Seller within ten (10) days after receipt of notice from Seller hereunder. If this Purchase Agreement is not so terminated, Buyer shall be obligated to close and shall thereafter be entitled to receive and retain iall insurance proceeds or condemnation awards attributable to the event in question. 9.3 Except as expressly provided to the contrary herein, Seller agrees to indemnify, defend and hold Buyer harmless from and against any claim, loss, damage or expenses, including reasonable attorneys' tees, relating to the Property, caused by any action or failure to act of Seller and arising or accruing prior to Closing. • 9.4 Seller shall pay the entire amount of any brokerage commission, finder's fee or other selling commission in connection with the sale of the Property, and Seller shall indemnify and hold Buyer harmless from any claim or loss, including reasonable attorneys' fees, incurred in connection with any such tee or commission. Buyer represents that no broker was involved in this transaction on behalf of Buyer. 9.5 This Agreement may be executed in separate counterparts. When counterparts have been executed and delivered by all parties, they shall constitute one integrated Agreement which shall be binding to the same extent as if all parties had executed the same counterpart. 9.6 This Agreement and any Rider attached hereto constitute the entire agreement between the parties with respect to the subject matter hereof. Neither party is relying upon any representations of the other party or its agents. This Agreement shall be governed by the laws of the State of Minnesota. • 9.7 This Agreement shall be binding on and inure to the benefit of the parties hereto, their respective heirs, successors and assigns. H:\TOM\MOUNDSV.PUR 10.01.97 -7-