Agenda Packets - 1997/12/08 - Laserfiche WebLink

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DRAFT #1 • 10.0. Closing. The closing shall take place on January 30, 1998 (the "Date of Closing") or on such earlier date as Authority and Developer may mutually agree in writing. The closing shall take place at the office of Title Insurer or such other place as the Authority and Developer may reasonably determine. Possession of the Property shall be delivered on the Date of Closing. 11.0. Authority's Obligations At Closing. On or prior to the Date of Closing, Authority shall: 11.1. Execute, acknowledge and deliver to the Developer a warranty deed, with a right of reverter, to the Property conveying to the Developer marketable fee simple title to the Property, subject to the limitations contained in Sections 4.0 and 5.3 hereof, and all rights appurtenant thereto subject only to the encumbrances approved by Developer in accordance with Section 5.3. 11.2. Deliver to Developer an affidavit of the Authority in recordable form identifying the Authority as the owner of the Property free and clear of all encumbrances except the encumbrances approved by Developer in accordance with Section 5.3, that all work, labor, services and materials furnished to or in connection with the Property have been fully paid for so that no mechanic's, materialmen's, or similar lien may be filed against the Property. • 11.3. In the event the warranty deed described in Section 11.1 does not contain the statement "The Seller certifies that the Seller does not know of any wells on the described real property", Authority shall execute and deliver to Developer a Well Disclosure Certificate as required in Minnesota Statutes, Section 103I.235 indicating that all wells have been properly abandoned and sealed by a licensed well contractor, all as required by the rules and regulations issued to Minnesota Statutes, Section 103I.501(a)(2). 11.4. Execute and deliver to Developer a Designation Agreement relating to the Property which designates the "reporting person" for purposes of completing Internal Revenue Form 1099S. 11.5. Deliver to Developer such other documents as may be required by this Agreement or applicable law. 11.6. Deliver to Developer evidence of Authority's authorization to complete this transaction. 11.7. Execute and deliver to Developer a closing statement consistent with this Agreement. 12.0. DeveIoner's Obligations at Closing. At closing, and subject to the terms, • conditions, and provisions hereof and the performance by Authority of its obligations as set forth above, the Developer shall: SJR133725 MU205-9 8